Jersey’s First Bitcoin Fund & Bitcoin Gets Its Grooveshark

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http://moneyandtech.com/July-11-news-update/

Rome’s Attorney General Luigi Ciampoli gave a warning about Bitcoin on Thursday, urging for regulation to help Italian authorities track and protect against money laundering, financing of terrorism, and mafia activities. At the same time, Colonel Albert Reda of Italy’s Guardia di Finanza financial police authority spoke up about the risks with Bitcoin’s volatility and anonymity, calling it a “potentially powerful tool for money laundering, drug trafficking and arms trafficking.”

Following their recent crackdown on an illegal digital currency exchange, France authorities have announced that they plan to implement new Bitcoin transparency regulations by year’s end for all related financial institutions. What’s more, the country’s finance ministry has also added that they have updated some of their tax regulations to encompass Bitcoin sales, which will be subject to a capital gains tax, similar to the situation in the US and UK.

Shortly after announcing plans to become the first Bitcoin Isle, the island of Jersey has approved the launch of its first regulated Bitcoin fund, The Global Advisors Bitcoin Investment Fund. Setup by Global Advisors Jersey Limited, and approved by the Jersey Financial Services Commission, the fund has garnered strong support from the island’s assistant chief minister of financial services, Senator Philip Ozouf, who says that “Fintech, which broadly defines the emerging digital industry in finance, is a sector that I believe holds significant opportunities for Jersey.”

Japan’s new Bitcoin business advocacy group, The Japan Authority of Digital Asset, has launched with the government’s explicit support, aiming to help establish standards and codes of conduct for its member organizations. The group was formed by Japanese parliament member Mineyuki Fukuda and his IT Committee, after consulting with Japan’s Financial Services Authority and speaking with the country’s resident Bitcoin ATM companies and exchanges, which include digital currency exchange Kraken and its parent company Payward Inc.

Major music streaming service Grooveshark has started accepting Bitcoin for both their monthly and annual subscriptions, after receiving several requests from users to add the digital currency as a payment option. No official statement has yet been heard from the company, but several forum reports of the new payment option have begun surfacing from Grooveshark users in response to their requests.

Prominent porn video site xHamster, the 56th most popular website on the internet, has also reportedly started accepting Bitcoin as a payment option, which has sparked a slightly Not Safe For Work thread on the Bitcoin subreddit.

Bitcoin entrepreneur and nextcoin investor Androklis Polymenis is offering a 500 bitcoin bounty for the return of his lost 1170 bitcoin and 6 million nextcoin, which were stolen when a hacker posed as Polymenis on bitcoin exchange Bter.com and requested the removal of the funds.

Money & Tech is debuting a new series of educational video clips on The More You Know Bitcoin, to offer you more explanation and insight into the fascinating, and often complex, world of digital currency. You can find our first series of these videos at Moneyandtech.com/TMYK-Bitcoin.

http://moneyandtech.com/July-11-news-update/

2 COMMENTS

  1. Who stores 1170 BTC at an exchange, especially after MtGox?!
    Seems like pretending to be the good guy to unsuspecting human key holders is now the popular way of stealing Bitcoin: an employee at EndOfMoney project got talked into sending 100BTC to an attacker recently.

  2. I feel sorry for the guy who lost so much currency. Lessons from guys like him prompted me to have a policy of never keeping significant money on an exchange. I put everything in encrypted paper wallets with a freaky long password that are backed up at home, in the safe deposit box and in my toolbox at work (I'm a mechanic). Not one paper wallet has more than 2 bitcoin in it. I suppose it's possible that I could somehow lose it all but since I'm just a working class guy without huge sums of bitcoin, I'm a pretty low priority target for thieves.

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