New York is “first state in the nation” to have its own Crypto Task Force

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The new task force will be required to submit its first crypto report by December 2020.

New York has become the first state in the nation to have its own cryptocurrency task force, according to a Facebook post published yesterday.

The news was shared by Clyde Vanel, Chair of Subcommittee on Internet and New Technologies and New York state assemblyman. In the post, he said that the New York had become the first state to have its own crypto task force, which will be used to “study how to properly regulate, define and use cryptocurrency.”

New York state Governor Andrew Cuomo signed the bill into law last week, which will henceforth be known as “The Digital Currency Study Bill.”

The members of the task force will be appointed by the Governor, Senate and Assembly, the announcement states, and will include technologists, consumers, institutional and small investors, blockchain businesses and academics.

The team will assemble various reports on the digital currency, crypto and blockchain industries in the state, including the number of digital currencies currently being traded, their market share, and the impact such currencies have on the state and local tax receipts. They’ll be required to submit these reports by 15 December next year.

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.” Vanel said in the announcement.

Julie Samuels, Executive Director of Tech: NYC also believes that the new task force will play a vital role in positioning New York at the centre of the nation’s innovative strategy.

“New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”

Investor Fred Wilson says Crypto will enter “new bullish phase” in 2019

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Despite increased pressure on the crypto sector, he believes it’s going to be a year of progress for business, adoption and smart contracts. 

With the new year now thoroughly welcomed in, businessman Fred Wilson believes the crypto market will bottom in 2019, entering a “new bullish phase,” according to a recent statement.

The early Twitter and Tumblr investor welcomed in the new year on his blog, before laying out his predictions for 2019. They’re not quite the chipper aphorisms smattering the New Years’ cards, but crypto will nevertheless experience several promising developments this new year, according to him.

First up, Wilson predicts that the US will receive a new president by the end of 2019, and that the S&P 500 would likely hit 2,000, where he expects it to stay for most of the year. He also said that it could take most of 2019 to find the bottom on crypto-tokens.

“I expect we will see some bullish runs, followed by selling pressures taking us back to retest the lows. I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.”

How will this ‘bullish phase’ come about? Wilson believes 2019 will be the year in which many promises made in 2017 are fulfilled, specifically the launch of “big name projects,” (such as Protocol Labs’ Filecoin project), and ‘next-gen’ smart contract platforms that will “challenge Ethereum for leadership in this super important area of the crypto sector.”

He continued that he also expects Ethereum’s open source community to “ship a number of important improvements to its system in 2019 and defend their leadership in the smart contract space,” and expects to see “meaningful progress” for stablecoins, cryptoassets and gaming, and earn-spend opportunities overseas.

The crypto sector will see its fair share of pressure, though, particularly from regulators and fraudulent schemes.

“The area I am most concerned about are actions brought by misguided regulators who will take aim at high quality projects and harm them. And we will continue to see all sorts of failures, from scams, hacks, failed projects, and losing investments be a drag on the sector.” he wrote. Even so, he remains “incredibly optimistic” about 2019,

“That is always the case with a new emerging technology that allows anyone to set up shop and get going.” he continued. “Permissionless innovation produces the greatest gains over time but also comes with the inevitable bad actors and actions.”

For Wilson, it’ll be a case of taking crypto with a pinch of salt over this next year. Whether from progress or pressure, he’s convinced “it is going to be a doozy.”  

Binance is Most Trusted Crypto Exchange Despite Light Regulation” says Su Zhu

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Three Arrows Capital CEO, Su Zhu recently said that Binance, the world’s major crypto exchange is the most trusted exchange amongst investors in the crypto community.

Zhu responded to a poll ran by a small crypto exchange on Twitter and said that Binance a lightly regulated exchange has become the most trusted crypto exchange amongst the real users. He further added that one cannot build trust by obtaining government licenses or rubber stamps.

In most of the sectors, regulators impose some strict limitations on crypto trading to avert the use of crypto assets in money laundering and illicit acts. Even if the main platform of the world’s largest crypto exchange focuses on pure crypto-to-crypto trading, it also runs some strictly regulated fiat-to-crypto exchanges in Uganda. And it is soon going to operate one in Singapore with the support of local banks and Singaporean authorities.

Binance especially benefits from the crypto-friendly rules that Malta has imposed to facilitate the development of a local crypto market. Yet as a Europe country, Malta also has some determined financial rules and policies that the crypto exchange have to follow.

Key Focus on Security and Investor Protection
Ever since Binance was launched, it has always focused on security and investor protection. And even today, Binance remains to be in a reputable group of crypto exchanges besides Coinbase and a few other exchanges that have not suffered any sort of security breach and hacking attack since the launch.

Nevertheless, the trust that actual traders and investors have on Binance likely comes from the track record of the firm and the systematic communication betwixt the exchange’s officials and the community.

Binance CEO, Changpeng Zhao is well known for providing frequent updates about potential updates, announcements and changes related to the exchange. For instance, when previously Binance ran an important server and database updates, the CEO and the team of the exchange provided hourly updates, assuring that the investor’s funds remain safe on the platform.

And without any sort of regulatory pressure, the exchange voluntarily collaborated with a blockchain data analysis firm called Chainalysis that monitors transactions and wallets involved in criminal and fraudulent acts.

However, for major exchanges that take steps to prevent the use of crypto assets in illicit acts and which are well equipped with strong internal management systems, a self-regulatory status can be considered to offer regulatory clemency to the swiftly developing crypto market.

UK Parliament Offered To Add Bitcoin As Tax Payment

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The representative of the Conservative Party in the UK Parliament, Eddie Hughes stated the need to adopt Bitcoin to pay taxes and utility bills, The Daily Express reports.



According to Hughes, blockchain technologies are of great interest in society, hence his colleagues in the Parliament have to understand how they work. The speaker, for his part, said that he himself is a crypto enthusiast who has amateur knowledge in the blockchain field.



The idea of ​​introducing Bitcoin to pay for services was prompted by the Royal National Lifeboat Institution, which had started accepting digital currencies as donations. According to Hughes, this example indicates the possibility of using bitcoin as a means of payment in municipal systems.



In his speech, the lawmaker appealed to the recent decision by the authorities of the American state of Ohio to adopt bitcoin so that companies registered within the jurisdiction of the state could use the cryptocurrency to pay taxes.





Hughes concluded that in order to maintain the status of a progressive country, the UK should move one step ahead of events.



As it was previously reported, Tokyo authorities intend to take up the struggle against residents who evade paying taxes on profits received from cryptocurrency trading.