Daily Archives: July 17, 2021

Hong Kong Regulator Warns About Unregulated Cryptocurrency Trading Platforms and Binance

Hong Kong Regulator Warns About Unregulated Cryptocurrency Platforms and Binance

Hong Kong’s Securities and Futures Commission (SFC) has issued a warning about unregulated cryptocurrency trading platforms, particularly Binance. The regulator said that the crypto exchange is offering the trading of “stock tokens.”

The SFC issued a statement Friday warning the public about unregulated crypto trading platforms. The regulator addressed Binance in particular, stating that the global crypto exchange may be offering trading services in “stock tokens” to Hong Kong investors. The SFC detailed:

The SFC wishes to make it clear that no entity in the Binance group is licensed or registered to conduct ‘regulated activity’ in Hong Kong.

“Stock tokens are virtual assets that are represented to be backed by different depository portfolios of underlying overseas listed stocks,” the SFC detailed.

The regulator noted that “In Hong Kong, stock tokens are likely to be ‘securities.’” For those that are considered securities, “marketing and/or distributing such tokens – whether in Hong Kong or targeting Hong Kong investors – constitute a ‘regulated activity’ and require a licence from the SFC unless an applicable exemption applies,” the announcement explains.

Thomas Atkinson, the SFC’s Executive Director of Enforcement, commented:

Investors should be wary of the risks of trading virtual assets on an unregulated platform. If the platform ceases operation, collapses, or is hacked, investors may face the possible risk of losing their entire investments held on the platform.

The SFC noted that it “has received complaints from investors who experienced difficulties in withdrawing fiat currencies or virtual assets from their accounts opened with unregulated platforms.”

Besides Hong Kong, an increasing number of regulators have issued warnings about Binance, including the U.K., Japan, Italy, Thailand, Lithuania, and the Cayman Islands.

What do you think about the Hong Kong regulator’s warning? Let us know in the comments section below.

Busking for Bitcoin: Report Finds Street Performers Depend on Digital Payments

Street performers, or buskers, are leaning more toward digital platforms these days compared to the old method of accepting loose change. A report recently published by economists at RMIT University in Melbourne, Australia has found that in certain areas, buskers get more donations via digital payment methods like Paypal and bitcoin from people passing by, than by traditional means.

Buskers Leaning Toward the Digital World

Economists at RMIT University in Melbourne and data collected from The Busking Project indicate that digital methods of payment are becoming the norm for street performers. According to statistics from the study, the research combed through the payments stemming from 3,500 buskers from 121 countries.

Street performers getting payments via digital avenues have been leveraging different methods for quite some time. A myriad of stories and forum posts show bitcoiners have been busking for bitcoin throughout the last ten years.

In April 2018, ABC interviewed a busker named Josh Thompson who was “busking for bitcoin.”

At the time, Thompson said in Australia people passing by were “hesitant to make electronic payments to buskers.” However, Thompson remarked that it wasn’t the case everywhere, as other regions were more receptive to paying by digital means than loose change.

“In Europe and the UK, with apps and Paypal and everyone getting into bitcoin, people actually are paying buskers with digital currency,” Thompson said.

The most recent study compiled by RMIT economists was led by Dr. Meg Elkins, a senior lecturer in the School of Economics, Finance, and Marketing at RMIT. Elkins detailed that the report’s findings suggest street artists have more of an “entrepreneurial” spirit these days.

“Buskers performing in public for coin is a centuries-old practice, but they have to move online as our society becomes increasingly cashless,” Elkins said. The economist further added:

We know many street performers become personalities in their own right and we wanted to uncover how they could use digital payment systems to increase their online earnings and create more sustainable careers.

Digital Payments Simplify the Process

The Busking Project itself is an application that street performers and fans use to connect. The platform enables tipping from bank transfers in a few different fiat currencies. However, a few of The Busking Project’s blog posts highlight the use of bitcoin for payments as well.

In one particular article, The Busking Project gives the reader six digital methods to choose from and one of them is bitcoin. In the bitcoin section of the post, the author says the digital currency is: “My absolute favorite way to get tipped.”

The author of the post, written in 2017, further highlights that bitcoin (BTC) “transaction fees are getting higher” and “it’s in the early adoption phase.” The author adds that bitcoin is well worth learning about and BTC’s value could rise over time.

“So, if you get paid with bitcoin and keep it in your bitcoin wallet, you could end up making more than the tip amount,” the author of the six digital payments article adds.

The RMIT economist believes digital payments and QR codes are an excellent way for buskers to get paid. RMIT’s study also shows circus acts obtained the largest donations. The probability of musicians getting donations is the highest, but musicians get the smallest payments as well.

“In the future, we could see QR codes as part of the street performance, which would simplify the payment process even further,” Elkins remarked. The RMIT report’s author concluded:

More than 40 QR code trails are underway across Europe, the US and Australia. Digital platforms can potentially allow street performers to generate more generous donations beyond cash tips.

What do you think about buskers getting more in digital tips than by the traditional spare change method? Let us know what you think about this subject in the comments section below.

Binance Quits Stock Token Trading as Hong Kong Adds to Mounting Regulatory Pressure

Binance Quits Stock Tokens Trading as Hong Kong Adds to Mounting Regulatory Pressure

Cryptocurrency exchange Binance has announced it will no longer support the trading of stock tokens. The decision comes against the backdrop of an ongoing regulatory crackdown, with Hong Kong becoming the latest to declare that the platform is not licensed to provide such services in its jurisdiction.

Stock Tokens No Longer Available for Purchase on Binance.com

Binance, the world’s leading digital asset exchange by daily volume, is ceasing support for stock tokens. The coin trading platform explained that the move is part of its continuous evaluation of products, but it also comes amid an increasing pressure on the exchange from regulators around the world. On Friday, the crypto company said:

Today, we are announcing that we will be winding down support for stock tokens on Binance.com to shift our commercial focus to other product offerings.

The exchange pointed out that the suspension is “effective immediately,” with stock tokens already unavailable for purchase on Binance.com. The platform will not support any stock tokens after Oct. 14, 2021 but investors will be able to hold and sell them over the next 90 days.

The announcement further details that “all stock token positions on Binance.com will be closed at 2021-10-15 13:30 (UTC).” Binance said the closing prices will be based on actual executed prices after the market opens for trading on Oct. 15. It warned these may be different from the rates registered a day earlier. A Binance spokesperson was quoted by the Wall Street Journal as stating:

We believe that shifting our commercial focus to other product offerings will better serve our users for the long term.

Residents of the European Economic Area (EEA) and Switzerland will have an option to transfer their stock tokens to a new portal to be launched by CM-Equity AG in early October. The transition will be subject to additional know-your-customer (KYC) procedures, Binance added, noting that all stock tokens listed on Binance.com are products issued and sold by the Germany-based CM-Equity.

Hong Kong Securities Commission Warns Against Stock Token Purchases on Binance

Binance’s decision coincides with a growing number of regulators expressing concerns over the exchange offering tokenized stocks among other products and services without authorization. The list includes regulatory bodies in Italy, Lithuania, the U.K., Japan, and Germany where the Federal Financial Supervisory Authority, Bafin, said earlier this year that tokens linked to stocks of companies like Tesla represent securities, if they can be transferred and traded on a cryptocurrency exchange.

Binance Quits Stock Tokens Trading as Hong Kong Adds to Mounting Regulatory Pressure

Hong Kong’s Securities and Futures Commission (SFC) became the latest agency to issue a warning against Binance. On Friday, the regulator said it’s “aware that Binance has offered trading services in stock tokens in a number of jurisdictions and is concerned that these services may also be offered to Hong Kong investors.” The SFC emphasized that “no entity in the Binance group is licensed or registered to conduct ‘regulated activity’ in Hong Kong.”

The commission elaborated that stock tokens are likely to be “securities” under the Securities and Futures Ordinance of the Chinese special administrative region. And if that’s the case, they should be subject to the regulatory remit of the SFC.

The regulator warned that the marketing and distribution of such tokens, “whether in Hong Kong or targeting Hong Kong investors,” constitute a “regulated activity” and require a license. Anyone offering stock tokens in the city without registration may face criminal charges, the securities commission stressed, urging potential investors to be “extremely careful” with stock token purchases on unregulated platforms.

What’s your opinion about the current regulatory pressure on crypto exchange Binance? Tell us in the comments section below.

Dogecoin’s Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%

Dogecoin's Downward Slide: 2 Month Stats Show Meme-Based Crypto Is Down 76%

The infamous meme-based crypto asset dogecoin has had an incredible 12 months, rising more than 5,578% against the U.S. dollar. Dogecoin also ignited significant demand for a number of canine-themed cryptocurrencies this year as billions of dollars have funneled into these meme-coin economies. However, in recent times the original dogecoin has faltered, and over the last three months has shed 46.24% of its value.

Despite Being Down 76% Since the Meme Token’s All-Time High, 12-Month Stats Show Dogecoin Is Still up Over 5,000%

For many years, dogecoin (DOGE) spent its life trading below a U.S. penny — from 2014 all the way until January 2021. But much to the co-creator of dogecoin’s dismay, DOGE has surged in value during the last year against the U.S. dollar, gaining a whopping 5,578%.

Against bitcoin (BTC), DOGE has jumped 1,551% over the last 12 months. Still, after all those gains dogecoin has slid immensely in value following the rest of the crypto market’s downturn.

Dogecoin's Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%On Saturday, July 17, dogecoin (DOGE) has been trading for $0.17 per unit after reaching $0.737 per unit two months ago. The well-known meme crypto is now down more than 76% from the crypto asset’s all-time high (ATH). Seven-day statistics show DOGE has lost 18% this week, and 30-day stats show a loss of more than 43% during the last month.

Dogecoin still has a very large market capitalization with $23 billion at the time of writing. The DOGE market cap is much larger than the coin’s ERC20 competitor, shiba inu (SHIB), which has a $3.3 billion market valuation today.

Baby Doge Sheds 63% This Week, Yooshi Token and Elondoge Gather This Week’s Double-Digit Meme Token Gains

In terms of percentages down from the ATH, dogecoin is down a lot more than many coins in the top twenty positions. Compared to dogecoin’s competitors like SHIB, dogecoin lost more weekly gains than SHIB’s 15% losses this past week.

However, baby doge (BABYDOGE) has lost a massive 63.2% this week. All the canine meme tokens have seen deep losses and only a few meme tokens have done well. A meme-crypto asset called yooshi (YOOSHI) has been the only big gainer, gathering 57% this week.

Dogecoin's Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%

YOOSHI is not a dog coin, as it looks more like a frog, but the token community that claims to boast 220K members aims to create a metaverse, NFTs, and also to give to charity. Finally, a relatively unknown dog coin called Elondoge token (EDOGE) has gained double digits this week with a 28% rise.

It’s hard to say what the meme-based token economy will do from here, but it seems these coins are falling victim to the overall market sentiment no matter how colorful they are.

What do you think about dogecoin’s market performance in recent times and the other meme-based crypto assets? Let us know what you think about this subject in the comments section below.

US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC

US Treasury Secretary Yellen Outlines Plans to Regulate Stablecoins in Collaboration With the Fed, SEC, CFTC

U.S. Treasury Secretary Janet Yellen will convene a meeting with the Biden administration’s working group on financial markets to discuss stablecoin regulation. “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities,” said Yellen.

US Government Discussing Stablecoin Regulation

U.S. Treasury Secretary Janet Yellen announced Friday her plans to discuss the regulation of stablecoins. She will convene a meeting on July 19 of the President’s Working Group on Financial Markets (PWG) to discuss the matter. The meeting will also be attended by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

Yellen explained, “Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system.” The treasury secretary detailed:

In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.

According to the announcement, “The PWG was established to enhance the integrity, efficiency, orderliness, and competitiveness of U.S. financial markets.”

Yellen is a member of the PWG, along with the chairman of the Board of Governors of the Federal Reserve System, the chairman of the Securities and Exchange Commission (SEC), and the acting chairman of the Commodity Futures Trading Commission (CFTC).

The discussion will build on the PWG’s “Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins,” published in December 2020.

Among other things, the document explains that “Depending on its design and other factors, a stablecoin may constitute a security, commodity, or derivative subject to the U.S. federal securities, commodity, and/or derivatives laws.” It further stresses, “Stablecoin participants and arrangements must meet all applicable anti-money laundering and countering the financing of terrorism (AML/CFT) and sanctions obligations before bringing products to market.”

The Treasury’s announcement adds:

The PWG will examine the current regulation of stablecoins, identify risks, and develop recommendations for addressing those risks. The PWG expects to issue written recommendations in the coming months.

What do you think about the comments by Treasury Secretary Janet Yellen? Let us know in the comments section below.

Youtube Superstar KSI ‘JJ’ Says He Made Then Lost Millions Investing in Bitcoin

Youtube Superstar KSI 'JJ' Says He Made Then Lost Millions Investing in Bitcoin

Youtube superstar and rapper KSI, also known as JJ, has shared that he made millions of pounds investing in bitcoin and “lost it all” when the market “crashed.” Nonetheless, he still believes that bitcoin is the future and “eventually you’re going to get a $100,000 bitcoin, a $500,000 bitcoin, and a $1 million bitcoin. It’s going to happen.”

KSI Shares His Experience Investing in Bitcoin

Famed rapper and popular Youtuber KSI shared his experience investing in bitcoin on the Private Parts podcast, published Thursday.

KSI, whose real name is Olajide Olayinka Williams Olatunji, is also known as JJ. In 2019, he was ranked second by The Sunday Times in its list of the top 100 U.K. influencers. He is also part of the British Youtube group known as the Sidemen. The British influencer recently became a vocal fan of cryptocurrency.

He was asked about a rumor of him putting “a lot” of money into bitcoin. KSI then revealed that he invested £2 million ($2.75 million) in BTC around November or December last year but later lost money when the bitcoin market crashed. He said:

Yeah, I put £2 million into bitcoin. Well, I said bitcoin … [But] This was in cryptocurrencies. I made £7 million, and now I’ve lost it all.

“I got lucky with the £7 million, but I should have been smart and taken that money out into fiat and then just wait for everything to drop and go back into it again,” he opined, admitting that he got carried away with the bull market.

KSI added: “It’s been a full journey, but I had to experience it. I had to really delve into the whole crypto space, and you know, I fully understand that now. I put money in things where I essentially leveraged myself and I kind of over-leveraged myself to a point where I lost money, because I got liquidated, so I put a lot of money into something I got liquidated because of the bitcoin crash.”

Commenting on losing millions of dollars investing in cryptocurrencies, the Youtube star said, “I was like, ok, well big whoop,” elaborating:

It is what it is. I’ll move on. There’s no point crying over spilt milk, and I realized that during the bear market is when you want to invest in things.

He was also asked whether investing in bitcoin was like gambling. He replied: “No, I don’t think it is. I don’t think it is gambling. It’s not gambling. No, no, no, no. Bitcoin is here to stay. It is the future. It’s just that no one wants to accept it … Same with Ethereum. Yes, of course, it all fluctuates, but it’s going up.”

KSI elaborated:

If you stand back and look at the whole picture, it’s slowly going up and eventually you’re going to get a $100,000 bitcoin, a $500,000 bitcoin, and a $1 million bitcoin. It’s going to happen.

The famed rapper further opined: “Maybe it might take 5, 10, 15, 20 years, but it’s going to happen, you’ve got to remember, bitcoin doesn’t have inflation … That’s what’s so great about it, it’s not controlled by a centralized bank.”

What do you think about KSI’s experience investing in bitcoin? Let us know in the comments section below.

DeNations Hosts NFT Art Exhibition, Celebrating Genesis Block of the DeNations Art Chain

PRESS RELEASE. Defi and blockchain-powered Metaverse, DeNations launches NFT art minting platform, giving away free yield-bearing NFT art to NFT art collectors

DeNations is a blockchain-powered metaverse platform based in Hong Kong that everyone can own nations, build cities/civilizations, and earn tokens.

In DeNations, ownership of core assets is represented by Ethereum NFT (Non-Fungible Token). Players can register their NFTs at DeNations’ metaverse platform (http://play.denations.com), run their nations and earn token (DENA) profits.

These NFTs are currently trading on OpenSea and DeNations was ranked 4th in terms of trading volume under the Virtual World category.

As DeNations is becoming noticeable each day, it has recently released a new collaboration project called DeNations Art Chain, a decentralized ecosystem where various talented artists can easily and sustainably produce valuable NFT arts.

A contemporary artist Jeon Byeong Sam is chosen as an artist of the Genesis Block of DeNations Art Chain. He has developed a global reputation with large-scale media installation art and also been creating works of art that represent the relationship between the seen and unseen within the realms of the analog and digital. Collaborated with DeNations Art Chain, he recreated the 193 ‘National Flags’ through his series, which symbolizes and conveys the notion of the theme “Things You See Only When They Disappear.”

Flags of each country are created as digital images; the original shape of the flag disappears and is reborn as an abstract striped image throughout the process of decomposing and recombining one pixel at a time. These artworks will be issued as Non-Fungible Token (NFT) in the blockchain.

To commemorate these works, the DeNations and the artist hosted an offline exhibition, under the title of that exclusively reveals 207 NFTs and 207 pieces of physical arts that related to each other. The first drop is on 14th July UTC 8:00 AM; a unique edition of 15 national flags will be disclosed. 207 Physical arts that were exhibited, will be shipped to the buyer of unique edition after the exhibition.

In order to let more people get familiar with the concept of NFT, Defi, and metaverse by having their own NFTs in their wallets, DeNations holds an online event where everyone can claim a free Art NFT. This Special Art NFT has two major in-metaverse functions: “Art Farming” and “DGDP Boosting.” Unlike the other common NFTs, NFTs of the Art Chain Block are profitable under the support of the DeNations metaverse ecosystem.

By observing how the disparate concepts of art, blockchain technology, nations merge together harmoniously, we are witnessing the beginning of another surrealistic world. DeNations Art Chain project and Jeon Byeong-Sam’s artworks will be a meaningful step in the art history and blockchain industry. Moreover, this exhibition will be the world’s first NFT art exhibition sponsored by the blockchain-based Metaverse.

Please contact [email protected] for further queries.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

German Bank Comdirect Now Offers 11 Cryptocurrency ETPs in Savings Plan

German Bank Comdirect Now Offers 11 Cryptocurrency ETPs in Savings Plan

German bank Comdirect, with about three million customers, is now offering 11 cryptocurrency exchange-traded products (ETPs). “Comdirect has succeeded in significantly bridging crypto investments to retirement plans, something that our clients have longed for a while,” the bank said.

German Bank Offering Crypto ETPs to Clients

German direct bank Comdirect AG is now offering 11 cryptocurrency exchange-traded products (ETPs) from 21shares AG. The bank provides online brokerage, banking, and advisory services in Germany.

Announcing that its exclusive partnership with Comdirect was effective Tuesday, 21shares detailed:

In this innovative partnership, 21shares was retained as the sole provider of physically-backed crypto ETPs to the online broker’s savings plan program (Spar plan).

The 11 ETPs are currently listed in Germany and are now available on the Comdirect platform at zero commissions, the announcement adds. The ETPs offer investments in bitcoin, ethereum, XRP, bitcoin cash, polkadot, stellar, cardano, solana, and more.

Hany Rashwan, CEO of 21shares, explained that his company was “the first crypto issuer to list a fully collateralized, 100% physically-backed bitcoin ETP on most German exchanges back in 2019.” In addition, it is currently “the only issuer to admit four crypto ETPs on Xetra alone.” The company has also listed “the world’s first physically-backed crypto ETP on the SIX Swiss Exchange in 2018,” he said, elaborating:

We are very excited to offer German clients who wish to add bitcoin and other crypto assets to their savings plan a compelling option to do so thanks to Comdirect, an option that was not available for any crypto products until now.

Comdirect’s product manager and crypto saving plan initiator, Rene Louis Delrieux, noted that through Comdirect, “investors are now able to use crypto ETPs by 21shares which fits the needs of our demanding clients and ensures market participation. This additional service adds flexibility for immediate use.” She opined:

Together with our partner 21shares, Comdirect has succeeded in significantly bridging crypto investments to retirement plans, something that our clients have longed for a while.

What do you think about Comdirect offering cryptocurrency ETPs in its savings plan? Let us know in the comments section below.

Bybit Extends Its Reach With Spot Trade Offering

Adding to the exchange platform’s existing cryptocurrency derivatives products, Bybit will now offer spot cryptocurrency trading in four pairs, with additional pairs set to be rolled out in the near future.

Bybit Adds Spot Trading

The recent weakness in crypto prices and transaction volumes hasn’t stopped the industry’s exchanges from competing for order flow. Despite the lull, platforms are continuing to roll out new features and products as innovation abounds.

The latest to introduce new offerings is Bybit, which has opened up trading in spot pairs. The derivatives exchange, which regularly ranks in the top ten crypto derivatives exchanges by volume, has now added support for four spot trading pairs, including BTC/USDT, ETH/USDT, EOS/USDT, and XRP/USDT. Other popular pairs will also be gradually added to the platform.

This complements Bybit’s existing offerings, especially derivatives trading, by offering a method for traders to hedge positions in the spot market without having to change trading venues. The latest introduction of spot trading only adds value to the crypto ecosystem, in general, in terms of added liquidity and fungibility for miners and derivatives traders.

An Eye on Volumes

Crypto derivatives have been a hot topic, with total derivatives transaction volumes exceeding spot market values back in June. This contrasts the first few months of the year when spot trading volumes overtook derivatives turnover. Accordingly, exchanges that formerly dealt strictly in derivatives, are adding spot offerings to bring more opportunities and utility to clients.

The move by Bybit mirrors the strategy of other competing derivatives exchanges that have recently embraced spot trading, including Bitmex’s decision to add support for spot pairs back in April and Bit.com’s similar move in June. Although these exchanges haven’t cracked the top 100 exchanges in terms of spot trading volume, they are nevertheless expanding their offerings.

Are you excited about the expanding offering for spot crypto trading? Let us know in the comments section below.

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage

Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders are now forced to make a new application each they need to place an order. In addition, this change also effectively rules out daily arbitrage trades.

Loophole Plugged

As the publication Moneyweb’s report explains, some South African crypto traders have been known to “profit from differences in the prices of crypto assets on local and overseas exchanges.” The price differences have ranged between zero and three percent in recent months.

However, according to the report, South African crypto traders can exploit such differences using their nearly $700,000 (10 million rands) annual foreign investment allowance (FIA). They can also profit from these price differences using their special discretionary allowance (SDA) of approximately $70,000 per year. For traders using their FIA allowance, however, a tax clearance from the South Africa Revenue Services (SARS) is needed.

Once this initial approval is given, crypto traders would be able to get subsequent approvals “by going online and hitting a Pin ‘refresh’ button on the Sars website.” However, SARS has now updated its e-filing system, and now “each time the refresh button is hit, the Pin remains unchanged.”

Changes to Affect the Frequency of Trades

In the meantime, the Moneyweb report further reveals that one South African crypto exchange, Valr, has already informed its clients of the changes. Valr said:

The implication of this is that refreshed FIA Pins will not be accepted as valid Pins for the purposes of arbitrage trading and an entirely new FIA application will need to be made in order to conduct further arbitrage trading under FIA once the original FIA Pin is exhausted.

In addition, the exchange’s CEO, Farzam Ehsani, was quoted warning clients that they now need to “wait for each FIA application to be approved before trading.” However, Jon Ovadia, CEO of Ovex, a cryptocurrency broker, is also quoted dismissing fears that the changes to the e-filing system will affect his firm. He said:

We never used the automatic Pin renewal system as we know Sars did not like this system [even though it made it available to the public].

What are your thoughts on the changes that have been made by the SARS? Tell us what you think in the comments section below.