Sentences with phrase «regulate trading of virtual currencies»

In my opinion, these actions are largely aimed at averting risk and protecting investors» interests while also being an opportunity to further regulate trading of virtual currencies,» Songcheng said at the time

Not exact matches

While futures on virtual currencies must be traded on regulated futures exchanges, trading these products involves a high level of risk and may not be suitable for all investors.

For example, if Bitcoin is not a currency, then Bitcoin forwards and Bitcoin swaps that involve the exchange of Bitcoin for another currency will not fall under the statutory definitions of the more lightly regulated foreign exchange forwards or foreign exchange swaps.10 Likewise, retail trading of Bitcoin derivatives will be limited to designated contract markets, rather than subject to the retail foreign exchange dealer regulations.11 Treating Bitcoin as a commodity that is not a currency dovetails with the stances taken by other U.S. regulators such as the Financial Crimes Enforcement Network (FinCEN)(virtual currency does not have all of the attributes of real currency) 12, the Securities and Exchange Commission (Bitcoin investments are investment contracts because Bitcoin is a form of money) 13 and the Internal Revenue Service (treating Bitcoin as property for tax purposes).14

«To be clear, the CFTC does not regulate the dozens of virtual currency trading platforms here and abroad,» Giancarlo said, clarifying that the CFTC can't require cyber protections, platform safeguards and other things that consumers might expect from traditional securities.

A US federal judge passed a ruling on Tuesday stating that Virtual Currencies such as Bitcoins can be regulated by the U.S. Commodity Futures Trading Commission in a manner similar to that of commodities, according to CNBC

It said while it has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana, it is not legal tender and it is not regulated.

The Reserve Bank of India (RBI) has clamped down on virtual currencies, including Bitcoin, directing all entities regulated by the central bank — mainly banks, finance companies and wallets — not to deal with or provide services to any individual or business entities dealing with or settling virtual currencies, joining the global crackdown on trading of virtual coins.