Bitcoin

Bitcoin Daily: Bitcoin Tops $10K; Malaysia SC To Expand Digital Wallet Regulations

Bitcoin Rallies Above $8K After Two-Month Low

Bitcoin surpassed $10,000 on Sunday (July 26) for the first time since June, hitting $10,200, Reuters reported.

On June 2, bitcoin hit a high of $10,137, but quickly fell more than $800.

Bitcoin has been negatively impacted by the pandemic over the past few months, halving for the third time in May and slicing the rewards bitcoin miners earn, per Reuters.

Despite obstacles in place from the pandemic, digital currency is still continuing to expand around the world.

The Securities Commission Malaysia (SC) is planning to expand regulations to encompass digital asset wallet providers, adding to its frameworks that currently address Digital Asset Exchanges (DAX) and Initial Exchange Offering (IEO), the SC announced Thursday (July 23).

The SC defined digital wallet providers as “persons who provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the ecosystem in safeguarding the digital assets of the client,” according to the announcement.

The watchdog did not provide specific details about the framework but is asking for digital asset wallet providers and “interested parties” to provide feedback for the intended framework by Aug. 14. The SC also asked providers to reach out to discuss their current business operations.

Meanwhile, in the court case United States v. Larry Dean Harmon, the District Court for D.C. ruled that bitcoin is money.

Harmon was charged in December for running $311 million — or 354,468 bitcoins — worth of illegal transactions.

He was indicted on charges of money laundering, “operating an unlicensed money transmitting business,” and “engaging, without a license, in the business of money transmission,” according to the court case file.

In deciding the rulings of these charges, the case had to figure out if bitcoin is money in D.C.

“The term ‘money,’ as detailed below, commonly means a medium of exchange, method of payment, or store of value. Bitcoin is these things,” Chief Judge Beryl A. Howell wrote in the decision, ruling based on this definition that Harmon did illicitly transfer money.

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