This week has been quite uneventful for the traditional financial markets. However, like with everything else, cryptocurrencies have been receiving massive updates and benefits throughout the whole week. Despite the lack of events, there were still moments for the traditional financial markets. Let’s discuss all of the major Market, Legal and currency news of this week.
CySEC to Regulate Cryptos
CySEC, which is arguably one of the most popular financial regulators for Forex brokers, has announced that they are willing to bring cryptocurrencies under the EU AML rules. Which means that cryptocurrencies will be under the full gaze of new anti-money-laundering laws within the European Union. Making the operations of crypto exchanges and Blockchain companies located within the continent a lot more complicated.
A City in Norway Denounces Cash
After a new “free city” was announced in Norway for Libertarians, it needed some adjustments in their economic and social issues. The economic issues were the most pressing, therefore they needed to be targeted ASAP. The “founders” of the city have come up with an amazing framework. The self-proclaimed city has adopted a cryptocurrency as its official and only means of exchange. “City Coin” will be the very first “National currency” which is a cryptocurrency.
Banks Team up to Face Brexit
Major banks such as JP Morgan and Morgan Stanley have shifted their teams on the UK island to include the majority of the European market. This means that previous staff stationed in London, will not work exclusively for the UK anymore. Thanks to the no-deal Brexit probability, banks are being extra careful as they slowly withdraw from the island nation.
South Africa to Regulate Bitcoin Exchanges
The SARB (South African Reserve Bank) has stated that they would gladly review the current regulatory framework that crypto exchanges are abiding by. In their defense, the bank mentioned the fact that it is just for the sake of review and not reform. However, some of the South African Forex brokers have mentioned that regulatory laws have also been previously “just reviewed”, but come back with new amendments. Therefore it is likely that a stricter regulatory framework will be coming to cryptos in South Africa very soon.
Australia Deepens Whistleblower Protection
The ASIC ( Australian Securities and Investment Commission) have accepted a new bill that will soon turn into law, that reforms the current protection policies of Whistleblowers. Whistleblowers are the ones that leak information about illegal activities within the company to authorities and generally help to uphold the law. The law also broadens the understanding of a Whistleblower, which now also includes ex-employees.
GBP/USD on the Rise
Both currencies are being affected by terrible political turmoil, however, their currency pair seems to be doing Ok this week. The British Pound formed strong support near the 1.2800 line and then surged higher against the USD. The GBP/USD pair broke the 1.2880 resistance area to move into a positive zone. However, buyers are hoping for 1.3080 and 1.3110.
EUR/USD Also on the Rise
The Euro recovered recently after forming decent support near the 1.1275 zones against the USD. The EUR/USD pair traded above the 1.1300 and 1.1320 resistance levels, but the pair is likely to struggle near 1.1350.