🗞Daily Crypto News Alerts

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Daily crypto news alerts for 31st December, 2020

🗞Serbia legalizes the issue and trade of digital assets in the country

On December 29, Serbia adopted the "Law on Digital Assets", which allows the issuance and trading of digital currencies, as well as the provision of cryptocurrency services in the country.

According to local media reports, the bill was presented in October and will enter into force six months after approval. Under the new legislation, digital asset service providers will be able to legally operate in the country after obtaining permission from the Serbian Securities Commission and the National Bank of Serbia (NBS).

Firms must obtain approval from supervisory authorities within six months before the law comes into force. According to the new rules, digital assets can be issued in Serbia with or without an approved technical document. However, a crypto asset with an unapproved technical document cannot be promoted in the country and various restrictions will be imposed on it.

In terms of trading, exchanges need to obtain a license that allows them to work with cryptocurrencies. In addition, the law allows the secondary trading of digital assets that have been issued in Serbia and have an approved official document. OTC trading and the use of smart contracts in secondary trading are also allowed.

However, the provisions of the new law do not apply to cryptocurrency transactions that take place between a limited number of people who accept digital assets "as a reward, without the possibility of transferring or selling them." The law also does not apply to cryptocurrency miners.

Financial institutions controlled by the NSB are still prohibited from using digital assets, but such firms are allowed to hold cryptographic keys. Organizations controlled by the NSB cannot convert their assets into virtual currencies or “digital asset-related instruments”. In addition, such companies are prohibited from providing cryptocurrency services and cooperating with firms offering such services.

As a reminder, Serbia has not always been friendly towards cryptocurrencies. In 2014, Bank of Serbia stated that it did not consider Bitcoin to be legal tender. However, given the development of technology in the country, the Serbian government has revised its approach to digital assets. According to the Blockchaincenter.net portal, users from Serbia are showing great interest in altcoins.


🗞SkyBridge Capital invested $182 million in bitcoin

SkyBridge Capital, founded by former Donald Trump press secretary and ex-White House communications director Anthony Scaramucci, has invested $182 million in bitcoin.

Last week it became known that the investment company SkyBridge Capital filed an application with the US Securities and Exchange Commission (SEC) to register a fund for bitcoin called "SkyBridge Bitcoin Fund L.P." Investors will have access to the fund from January 4, and the minimum investment amount will be $50,000.

SkyBridge Capital views BTC as a new asset class that has become less risky in recent years. Bitcoin has a positive trend in supply and demand. In addition, the first cryptocurrency began to be in demand among retail and institutional investors.

This is due to low interest rates on deposits and "unprecedented money printing", creating conditions for the growth of inflation. As a result, the value of scarce assets - gold, real estate and art objects - increases. SkyBridge Capital believes that Bitcoin is one of these assets.

“Bitcoin is digital gold. It's even better than regular gold, ”the company said.

SkyBridge Capital management is confident that hedge funds, public limited companies, insurance companies, pension funds, banks and brokerage firms will invest in bitcoin in the near future. Scaramucci said companies need to realize now that bitcoin is a store of value.

SkyBridge analysts have conducted research and have suggested that given the amount of money in circulation, BTC will become a strong asset class in the next ten years. The company joined the ranks of the first institutional investors to consider Bitcoin as a hedge against risk.

Larry Fink, CEO of BlackRock investment firm, also believes that Bitcoin can indeed become an international asset. And the managing director of Citibank has suggested that by December 2021, the first cryptocurrency will reach $318,000.


🗞DeVere Group CEO Sells Half of Bitcoins Amid Record Growth

The head of the consulting company deVere Group, Nigel Green, liquidated half of his assets in bitcoin on December 25, when the price of the first cryptocurrency exceeded the $24,500 mark. Forbes writes about this.

Green attributed his decision to the growth of bitcoin in 2020 by more than 200%. According to him, cryptocurrency should be perceived like any other investment asset: buy on a decline and sell on highs.

“I thought it was time to take profit. There is no need to misinterpret my decision. It is not caused by a lack of faith in bitcoin or the concept of digital currencies, ”Green said.

He also pointed out the interest in the first cryptocurrency from the institutional side. The deVere chief expects investors to look to the digital asset amid "well-founded concerns about inflation."

“Many traders, like me, see record prices as a selling opportunity, so you can expect to see some decline in the short term. But the long-term trajectory of bitcoin, it seems to me, is clearly directed up, ”added Green.

Recall that in November, deVere Group surveyed 700 millionaires and found that 511 of them already own or plan to add Bitcoin, Ethereum and XRP to their portfolio.

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