Bitcoin’s strong bullish rally this week garnered the attention of financial institutions and governments alike, with many personalities tweeting about the same. Though adoption and acceptance of crypto-assets has increased manifold over the past year, regulatory clarity is still a distant reality.
Even though many countries are ‘working on’ regulations, nothing concrete and specific has yet been put forth by any official body. This is alarming as many reports have suggested that cryptocurrencies are popular among fraudsters and terrorists owing to their anonymity and privacy characteristics. Therefore, bringing regulatory clarity would not only further cryptocurrency adoption, but would also regulate frauds and scams to a large extent.
A welcome move in this regard was the fact that leaders who attended the G20 Summit in Buenos Aires, Argentina, in December 2018 had signed a joint declaration to help foster a regulatory framework for cryptocurrencies, while adhering to the Financial Action Task Force [FATF] standards.
According to Japanese media reports, the framework, which has been in the works for over three months, will be tabled at a G20 Finance Ministers and Central Bank governors meeting in June at Fukuoka. The framework would be a ‘new international regulation proposal for virtual currencies,’ and could possibly be the first step towards regulatory clarity at an international level, if accepted.
The meeting will be of utmost importance to the cryptoverse as it will mark the global acceptance of decentralization, both in terms of value and information. However, this would not be the only agenda of the meeting as the leaders will also be focusing on anti-money laundering and anti-terrorism financing. The meeting is scheduled for June 8-9, 2019.
This move will also put an end to regulations laid down by some countries, especially economic sanctions.
However, some investors and companies are not in favor of the move as the privacy aspect of cryptocurrencies would come under attack when the regulations are put in place. Some even speculate that regulatory frameworks could have a detrimental effect on the growth of cryptocurrencies. However, nothing is certain until the framework is officially presented and accepted.
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Basic Attention Token surges by over 6% as Ad Launch nears
The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].
The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.
BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.
Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,
“They are about to launch ads this month hence the pump.”
BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.
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