Boycotts, bans and downfalls: what will March 2018 be memorial for?

The most important event in March was the fall of cryptomarket. Thus, the total cost of Bitcoin and all altcoins decreased by 76%. The price of Bitcoin fell by more than 30% and broke down the level of $ 7,000.

There is no room for crypto and ICO in social networks

In early March, a message appeared that crypto companies are having difficulties working with Google Adwords. Besides, we became aware of the blocking of several websites with crypto thematic. A little later, Google announced its intention to ban advertisements for cryptocurrencies, ICO, crypto exchanges, crypto wallets, as well as recommendations regarding trade in crypto active assets. This ban will come into effect in June, this year.

Let’s remember that in the beginning of the year Facebook and Instagram made a similar decision.

Following Google, the Mailchimp (an automated mailing platform) supported a boycott against crypto companies and started blocking accounts that were somehow related to the cryptosphere without warning. The accounts sending out e-mails which contain information on cryptocurrencies, ICO, thematic events, etc. had been shut down.

Medium, the platform for social journalism,  had also contributed to the complication of the life of crypto companies. This resource introduced several new rules for the publication of information about cryptocurrencies, tokens, etc. One of them is linking an account to another account in one of the social networks that contain a link to the domain. While popular social networks announce their prohibition of content about cryptocurrencies one by one, it is quite possible that soon Medium will also become an inaccessible site for crypto companies.

Moreover, Twitter has also joined the boycott and officially announced the ban on ICO ads and cryptos. And the media giant Snap Inc. has also banned the placement of ICO information in the mobile instant messenger Snapchat.

Many experts believe that the ban on advertising the cryptosphere is not the initiative of social networks and other resources by themselves, but the execution of instructions from regulators. This boycott will undoubtedly complicate the life of crypto companies on the issue of PR and attraction of the customers. But there is a definite moment here: life will become more complicated for scammers who launch ICO only to obtain funds.

Which regulators threatened the crypto industry in March

Every month, one of the regulators comes up with "some sand"  that is put in the wheels of the crypto industry. March was no exception.

For example, the European Securities and Markets Authority (ESMA) stated that it was tightening the policy of regulation of derivatives from crypto tools. As a result, the provision of "contracts for difference," which were related to the cryptocurrency from 5:1 to 2:1, was increased. It means that investors must provide at least 50% of the total contract value.

The Chinese authorities said they planned to make the regulation of cryptomarket even more stringent not only on the territory of the country but also outside its borders. However, they didn’t report what specific measures they planned to introduce.

The National Bank of Kazakhstan also announced the tightening of the regulation of the national currency. It is reported that in the near future it would be prohibited to buy and sell Bitcoins and altcoins for tenge, the national currency. Besides, crypto exchanges and crypto mining are not permitted.

Taxes and accounting

In addition to prohibitions, several questions about accounting for the cryptocurrency and taxation of income received from manipulations, were raised in March. The Australian Tax Service (ATO) has been anxious to find out how to form tax liabilities concerning the cryptocurrency. Tax officials invite the general public to discuss this issue.

The Organization for Economic Co-operation and Development (OECD) appealed to the world financial regulators to develop standards for taxation of cryptocurrencies, as well as for developing technologies.

While the rest are just considering what account for the currency should be, the Ministry of Finance of Belarus has already developed and approved the National Accounting Standard for tokens, according to which accounting depends on the way they (tokens) are received and assigned.

Cryptoexperiment of Venezuela

Venezuelan President Nicolas Maduro said in March that four "exclusive economic zones" with the Venezuelan digital currency El Petro would be formed in the country. Also, the country's leader reported on the start of sales of tokens, which can be bought for dollars, yuan, euro, and roubles.

What will be the result of the crypto experiment of Venezuelan authorities? Will tokens help to evade the sanctions regime?  Time will tell, and Bitnewstoday will follow the developments.

Positive news

The authorities of Bermuda are planning to legalize the launch of ICO on the territory of the country. Currently, an appropriate bill is being drafted. It is assumed that this initiative will attract startups to the island.

Follow the events of cryptomarket and read the latest news on the Bitnewstoday portal.