Cryptocurrency market news
The number of businesses which embrace cryptocurrencies such as Bitcoin, Ethereum, and others is on the rise. NBA teams Sacramento Kings and Dallas Mavericks accept cryptocurrencies. It means that fans who would like to pay for the tickets by crypto money no longer have to exchange the cryptocurrencies for the U.S. dollars.
Moreover, NBA teams are not alone when it comes to using digital currencies as a form of payment. Recently, a luxury condominium complex in Orlando, Florida signed an agreement with BitPay. It means that from now on Grove Resort & Water Park will accept the cryptocurrencies. At first glance, this might seem as minor progress for Bitcoin and digital currencies; however this agreement is another good news for the crypto community. Investors can purchase the condo residences by Bitcoin payments.
It is worth mentioning that this is not the agreement connected with the real estate market. For example, in 2017, BitPay handled almost $20 million in real estate sales. Even though the results fell in 2018 when the company processed around $6 million in real estate development; the interest remains high.
Cryptocurrency’s code of practice
The popularity of digital currencies increased the risk of illegal activities. The Association of Cryptocurrency Enterprises and Startups of Singapore (ACCESS) created a code of Practice. This organization, in cooperation with law firm Linklaters, developed this document to tackle illegal activities.
The purpose of this code of practice is to provide detailed information about the money laundering. However, it covers other issues as well such as financing of terrorist activities by using the digital currencies. Also, it is important to mention that government officials support this code of Practice. The Monetary Authority of Singapore, which is the central bank of Singapore, fully supports this initiative.
Singapore is one of the biggest business hubs in the world. This code of practice will once again underline the importance of Singapore as a global business hub.