Bitcoin Daily: City of Miami Approves Crypto Coin; Canada Regulators Issue Warnings About Crypto Ads

The city of Miami is the first jurisdiction to put a cryptocurrency in place via CityCoin, which is a city-based token, according to a press release. It’s called MiamiCoin.

The city has voted to approve around $5 million worth of the cryptocurrency. The coin represents a new way to fund government projects, and “elected leaders can use to improve quality of life for city residents,” the release stated.

In other news, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC), both regulators in the country, have put out a joint guidance letter for crypto trading platforms, reminding them about ad requirements, Decrypt reported.

The regulators said the three main areas of concern are ads and marketing that could be considered false or misleading, the existence of “gambling-style contests, promotions or schemes,” and compliance and supervisory challenges of using social media to advertise, according to the report.

These requirements mostly have to do with trading digital assets considered as securities. But they could also apply to crypto assets termed as commodities, the report stated.

Meanwhile, the cryptocurrency market is recovering from last week’s turbulence as bitcoin and ether have regained much of what they lost after China’s recent crackdown, Bloomberg reported.

Bitcoin was at around $44,000 at 1:35 p.m. Monday in Hong Kong, which was almost back at the level it was when the People’s Bank of China (PBOC) made a new ban on transactions and mining in connection with other state agencies, according to the report. That step, according to experts, indicates the more extreme direction in which China might move against crypto.

Jeffrey Halley, senior market analyst with Oanda Corp, said Monday that bitcoin had “shown some resilience” and had recovered much of the losses, the report stated.

Finally, Yellow Card, a Pan-African cryptocurrency exchange, has announced a Series A funding round for $15 million, which is the largest ever by an African cryptocurrency exchange, according to a press release. The company will use the money to keep expanding its services and hiring staff.

“Our mission has always been to make cryptocurrency accessible anywhere and everywhere across the African continent,” Yellow Card Co-Founder and CEO Chris Maurice said in the release. “Now, we have the backing to make that a reality, alongside an amazing team of investors who share our vision.”