Bakkt Won't Support Margin Trading

CEO of a trading site shared new information about the platform
21 August 2018   1119

The CEO of Bakkt trading platform Kelly Loeffler said that the site will not support margin trading, and all transactions will be fully secured with assets.

A critical element to price discovery is physical delivery. Specifically, with our solution, the buying and selling of Bitcoin is fully collateralized or pre-funded. As such, our new daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset. This supports market integrity and differentiates our effort from existing futures and crypto exchanges which allow for margin, leverage and cash settlement. 

Kelly Loeffler

CEO, Bakkt

Also, Kelly Loeffler told new details about the upcoming platform. Thus, at the present time, a robust framework for the creation of an exchange is being developed. This framework will have several important characteristics, including compliance with regulatory requirements of regulators, a transparent system of pricing for assets and infrastructure at the institutional level.

Parent company of the New York Stock Exchange (NYSE), one of the world's largest financial corporations Intercontinental Exchange (ICE) in partnership with Microsoft, Starbucks and BCG are engadged in creating Bakkt.

Bakkt's ecosystem will include federally regulated exchanges, custodian services, applications for merchants and users. Bitcoin, as the most liquid crypto currency, will be the first in the listing of the new platform and will be traded in pairs with fiat currencies.

Brazil to Require Exchange to Report on User Transaction

It is reported new rules are aimed at countering tax evasion with cryptocurrency
20 June 2019   102

The Brazilian Federal Revenue Secretariat has obliged both local and international cryptocurrency exchanges to transfer data on user transactions to the agency, Cointelegraph reports.

New rules are aimed at countering tax evasion with cryptocurrency.

In particular, the Secretariat requires local trading platforms to provide information on all transactions of its users, and from global exchanges when the amount of the transaction exceeds 30,000 Brazilian reais (about $ 7,750).

In addition, the exchanges will have to inform the Office of the nationality, place of residence and user registration number, as well as the assets they use.

New rules will come into force in September 2019.

Earlier in June, it was reported that the J5 Group created by the tax authorities of the USA, Australia, the UK, Canada and the Netherlands is currently investigating 60 major international schemes for tax evasion using cryptocurrency.