Austria Plans to Regulate Crypto Like Gold

Austria’s finance ministry intends to regulate cryptocurrencies similarly to how it currently governs gold and derivatives trading  
23 February 2018   841

Crypto regulators all over the world are worried about the decentralized nature of blockchain transactions. According to them, it makes them ideal tools for money laundering. In fact, most of the illegal transactions are still denominated in US dollars.

Hartwig Loeger, Austria’s finance minister stated that rules currently governing precious metals and derivatives trading will enable the government to prevent cryptocurrencies from being used to launder illegal funds.

Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That’s an important aspect for the changes we support. We need more trust and more security.

Hartwig Loeger

Austria’s finance minister

In his opinion, ICOs should be essentially treated as securities and seek regulatory approval before they begin accepting contributions. He also stated that it was vital for the European Union to pursue an international regulatory framework on cryptocurrency.

On Friday, Loeger planned to discuss the issue with Portugal’s finance minister.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   100

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.