Belgian Authorities Update "Blockchain Blacklist" With 14 New Exchanges

The Belgian Financial Services and Markets Authority (FSMA) has updated their ongoing list of businesses reported to operate cryptocurrency scams. With this most recent addition of 14 websites the “blockchain blacklist” has now expanded to 113 websites to avoid.

The FSMA has been updating their blacklist throughout 2018. In March, the Brussels Times reported that Belgian tax authorities had started hunting for cryptocurrency investors. “Anyone speculating on the cryptocurrency market must pay tax of 33% on gains made, and declare these within the section ‘miscellaneous income’ on their tax return,” the Times reported.

Despite warnings from the FSMA consumers continue to log complaints regarding fraudulent activity on cryptocurrency exchanges. The FMSA has warned consumers to look out for various red flags. FSMA warns:

The principle remains the same: they offer you an investment they claim is secure, easy and very lucrative.They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them.

Further, these organizations:

claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed. In the end, the result is always the same: the victims find themselves unable to recover their money!

The latest websites added to the Belgian Financial Services and Markets Authority’s Blockchain Blocklist include:

  • www.ajassetmanagement.com
  • www.cabinet-finsbury.com
  • www.capital-coventry.com
  • www.capital-secure.com
  • www.capitalmarketing-internationalltd.com
  • www.cashlesspaygroup.com
  • www.cobber-finance.com
  • www.conseil-premium.com​​​​​​​
  • www.cryptomonaies.com​​​​​​​
  • www.direct-ep.com​​​​​​​
  • www.epargnecapital.com
  • www.gbe-capital.com​​​​​​​
  • www.moneo-invest.com
  • www.phoenix-gm.com​​​​​​​

The full list can be found here.

The Swiss Warm to Crypto Investments

The Swiss are shifting more focus to cryptocurrency investments. This is according to a survey taken on behalf of Migros Bank, which revealed that a growing proportion of Swiss residents are invested or actively looking to invest in cryptocurrencies.

The survey which was conducted by market research institute Intervista showed that 7% of savers between the age of 18-55 already hold cryptocurrencies such as ether and bitcoin. Even more encouraging was the finding that 7% of those aged between 30 and 55 plan to extend their crypto portfolios in the future.

Unsurprisingly, the survey found younger participants to be the most bullish on the long term prospect of crypto. According to 13%, aged between 18 and 29, cryptocurrencies will become more "important" in the future.

Less extraordinary were the results of the older generation. Per the survey, respondents aged over 55 were much less likely to own cryptocurrencies, and only 0.5% thought that it was a worthwhile long term investment. 

Switzerland Ups the Ante on Crypto Regs

This uptick in demand for cryptocurrency comes just after Switzerland imposes more stringent crypto regulations. 

Jumping off recommendations issued within both the Financial Action Task Force (FATF) guidance and the EU's 5th anti-money laundering directive (5AMLD), the Swiss Financial Market Supervisory Authority, or FINMA, recently opted to tighten their travel rule.

The rule, which requires crypto firms to disclose customer information for transfers above $1,000, was initially set by FINMA at a threshold of $5,000 (5,000 CHF) but has since lessened to just $1,000 per the FATF and 5AMLD directives. 

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