Virtual currency regulation in the Netherlands

1. Reason: with the rapid development of information technology, real money is far from meeting people's demand for capital flow. If there are enough people to recognize the value of a virtual currency, it may become a substitute unit of material exchange, and the existence of virtual currency will inevitably cause another upsurge in the financial sector
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.

2. Countries all over the world recognize the legitimacy of digital currency trading platform:
in August 2013, Germany recognized the legitimacy of digital currency trading platform
in September 2013, Israel recognized the legitimacy of digital currency trading platform
in October 2013, the governor of the Central Bank of Israel said the inevitable trend of digital currency trading platform
in October 2013, Vancouver, Canada opened the world's first digital currency trading platform Platform ATM
in November 2013, Canada recognized the legality of digital currency trading platform
in December 2013, France recognized the legality of digital currency trading platform
in May 2014, France established digital currency trading platform house
in December 2013, five ministries and commissions of China issued documents, Recognizing the legitimacy of digital currency trading platform
in December 2013, South Korea recognized the legitimacy of digital currency trading platform, Tax free
in December 2013, Poland recognized the legality of the digital currency trading platform and paid taxes
in May 2014, Poland's Ministry of Finance recognized the digital currency trading platform as a financial tool
in January 2014, Singapore recognized the legality of the digital currency trading platform and paid taxes
in January 2014, Italy recognized the legality of the digital currency trading platform, And began to supervise
in February 2014, Australia recognized the legality of digital currency trading platform and paid taxes
in February 2014, Ukraine recognized the legality of digital currency trading platform and supervised
in March 2014, Britain recognized the legality of digital currency trading platform and reced taxes
in March 2014, Japan recognized the legality of digital currency trading platform, In March 2014, Scotland recognized the legality of the digital currency trading platform and supported the transactions in Indonesia
in March 2014, Denmark recognized the legality of the digital currency trading platform and was tax free
in April 2014, Brazil recognized the legality of the digital currency trading platform and paid taxes
in May 2014, the Netherlands accepted the legality of the digital currency trading platform More than 50000 businesses were paid by the digital currency trading platform
in May 2014, California of the United States recognized the legal status of the digital currency trading platform
in July 2014, the Central Bank of Russia courted the digital currency trading platform
in August 2014, the Philippines recognized the legal status of the digital currency trading platform
in September 2014, the Belgian government announced the exemption of the digital currency trading platform transaction VAT < B R / > in October 2014, the Finnish tax bureau announced that bitcoin service VAT will be exempted
in November 2014, Australia recognized that digital currency trading platform is an asset
in November 2014, California of the United States set up the world's first Institute of encrypted digital assets to close

3. Go language has not shown a clear direction since its appearance. Google employees call it an "experimental language", saying that it tries to integrate the development speed of dynamic languages such as python with the performance and security of compiled languages such as C or C + +. A supporter of go language summarizes that go language is as follows: simple, fast, safe, concurrent, happy programming, open source; But go language lacks direction and the attempt of its "synthesizer" will easily lead to its failure to learn from cats and dogs, and become a four unlike. Nevertheless, the editors still think that go language has great potential: many developers are interested in it - not only its original designers have a strong lineup, but also the people involved in modifying the source code. This is likely to help go language find its own direction and open up a new direction of system programming.

4. It is strongly recommended to use plug-ins
both garther and garther mate are good
please find the website that you think is non-toxic for the specific download address www.thewow.cn

5. Let me talk about the opening mode first< There are two ways of opening:
the first way is divided into two situations:
the first situation has never been opened:
the stock account meets the capital of 500000, and the daily average is 500000 for 20 trading days. During this period, the option simulation trading is opened, and each trading method is done once (if it is not clear, your service personnel will tell you), and the most important thing is to exercise the right once. After 20 trading days, open margin trading at the counter (usually two to three working days), and then go to the exam (20 questions), open options
the second situation has been opened:
1. If other securities companies have opened the expiration right, they will open it again, with 500000 capital for 20 trading days, and directly open it on the counter (no test, no simulation)
2. If they have stock index futures trading experience, they will provide the transaction flow certificate, and open it on the counter for 500000 20 trading days No test, no simulation)
option handling fee:
General option handling fee: for the first time, the handling fee commission is 2.5 (including all handling fees). With a certain transaction record, the organization department can rece the transaction fee, and at least 1.8 can be applied for, including all the charges

6. Hello, landlord:
bus line: No.2 → No.306, the whole journey is about 10.7 km
1. Take No.2 from Fudong Road World Trade Center, after 6 stops, to wugao station
2. Take No.306, after 14 stops, to Wujiaochang Xincun station
3. Walk about 580 meters to Changzhou fire station

bus line: No.66 → No.306, the whole journey is about 10.8 km
1 Walk about 60 meters from Fudong Road World Trade Center to Fudong Road Station
2. Take bus No. 66, pass 9 stops, and reach Qingliang bus station (66-1, 66-4 also)
3. Take bus No. 306, pass 8 stops, and reach Wujiaochang Xincun station
4. Walk about 580 meters to Changzhou Railway Station

7. 1、 The tight monetary policy will exist for a long time
since the 1990s, the imbalance of international and domestic economic structure has resulted in the continuous double surplus of China's balance of payments. Since 2002, the situation of double surplus of balance of payments has further developed, resulting in the rapid growth of foreign exchange reserves, and the number of new increases every year is rising. Affected by the expectation of RMB appreciation, most enterprises and residents are not willing to hold foreign exchange. The policy of storing foreign exchange for the people has become the policy of settling foreign exchange for the government, which makes most of the foreign exchange of enterprises and residents become the foreign exchange of financial institutions. In 2001, 93% of the money invested in the increase of foreign exchange reserves turned into foreign exchange, and in 2006, the proportion reached 98%. Under the system of compulsory settlement and sale of foreign exchange, the foreign exchange funds of financial institutions eventually become the assets of the central bank, and the increase of the assets of the central bank indicates the increase of liquidity. At present, the number of loans and securities from the central bank to financial institutions is small, and the foreign exchange reserve is growing unconventionally, which leads to the rapid release of foreign exchange, which exceeds the money supply required by economic growth, and becomes the main cause of the current excess liquidity problem
in order to control the increasingly prominent problem of excess liquidity and avoid the risk of excessive expansion of bank credit, which may lead to overheating of economy and increase of non-performing loans, the central bank began to implement tightening monetary policy since 2002, mainly by raising the deposit reserve ratio and open market operation to recover the excess liquidity of the banking system, Using the window guidance and raising the benchmark interest rate to control the excessive growth of bank loans
as the global economic imbalance is the manifestation of the imbalance between domestic and foreign economies, it is difficult to make great changes in the short term, and the adjustment of domestic economic structure will take time, and it is difficult to be in place without a certain time. The increasing appreciation of RMB is expected to accelerate the entry of investment and speculative funds, The long-term nature of these factors determines that China's double balance of payments surplus will exist for a long time, and the problem of excess liquidity in the banking system will also exist for a long time. Therefore, in a long period of time, the central bank will implement the monetary policy of tightening< Second, the impact of tightening monetary policy on commercial banks
1. The loose capital environment and the monetary base of credit expansion of commercial banks will still be maintained, and the increase of deposit reserve ratio is beneficial to the increase of interest income of banks
it is estimated that to maintain the annual GDP growth of 10%, loan growth of 16% and M2 growth of 16%, about 500 billion yuan of base money will be needed. After 2002, the increment of foreign exchange has far exceeded the amount of basic currency needed for economic and financial development. In order to curb excess liquidity and hedge the part of foreign exchange that is larger than the increment of base currency, the central bank frequently increases the deposit reserve ratio and issues central bank bills. From the perspective of policy implementation effect, the growth of base money has remained at a relatively high level since 2002. In 2000 and 2001, the growth of base money was 287.1 billion yuan and 336 billion yuan respectively, while in 2002-2006, the growth of base money was 528.6 billion yuan, 770.3 billion yuan, 601.5 billion yuan, 548.7 billion yuan and 134.5 billion yuan respectively. The central bank will control the liquidity of excess reserves in the minimum amount when it actively puts in the base money. The current interest free deposit reserve system in various countries also makes commercial banks keep the minimum excess reserve ratio as far as possible. However, e to the passivity of China's base money supply and the special reserve rate system, there is a high excess reserve rate in the current banking system. Increasing the deposit reserve is only to make part of the excess reserve become legal reserve, so it will not have a tightening effect on the bank's deposit and loan business. From the actual operation results, since 2002, the scale of deposits and loans of commercial banks has maintained a rapid growth momentum, the ratio of deposits and loans has been declining, and there is no shortage of funds in the banking system
as the main purpose of the central bank's raising reserve ratio and open market operation in the future is to control the excess liquidity of the banking system, these tightening measures will not affect the overall loose capital environment of commercial banks and the monetary base of the rapid expansion of credit business. In addition, as the current interest rate of the legal reserve is 1.89%, which is higher than the level of 0.99% of the excess reserve, it is beneficial to increase the interest income of banks by increasing the deposit reserve ratio and turning part of the excess reserve into the legal reserve< At present, the capital utilization of commercial banks mainly includes loans, portfolio investment and foreign exchange account. At the end of 2006, these three parts accounted for 62%, 11% and 27% of the total capital utilization respectively. From the perspective of the increment of capital utilization of commercial banks, since 2003, with the increasing issuance of central bank bills, the proportion of central bank bills in the capital utilization of financial institutions is also increasing. From 2003 to 2006, the added value of central bank bills accounted for 4.6%, 22.8% and 16% of the total capital utilization of financial institutions, respectively. The crowding out effect of central bank bills on loans tends to be obvious
as the maturity yield of one-year central bank note is about 2.9%, which is far lower than the yield of one-year loan of 6.39%, the crowding out of central bank note on bank loan will have a negative impact on bank profitability. The targeted issuance of central bank notes is a punitive means. The issuing objects are mainly the banks with more loans, which is to curb the excessive growth of loans. Its yield is lower than that of one-year central bank notes, which has a greater negative impact on bank profits
3. Window guidance will control the excessive growth of loans, but the negative impact on profitability is limited
since 2006, the central bank has implemented window guidance many times, which requires commercial banks to control the excessive growth of loans. Since the beginning of the year, the central bank and the CBRC have jointly held a window guidance meeting to remind all banks to be vigilant against the excessive growth of credit supply and strictly control the loans from over invested instries; The CBRC made it clear that all illegal credit funds should be investigated and dealt with. Under the influence of window guidance, the excessive growth of commercial bank loans will be controlled, but as the overall bank credit will still maintain a rapid growth trend, it will not have too much negative impact on the bank's profit growth
4. The increase of interest rate will help to expand the interest margin of banks and increase the interest income
the increase of interest rate will help to improve the average interest rate of loans. With the rapid development of macro-economy and strong investment demand, the loan demand will not be affected by the increase of interest rate, and the floating level of average loan interest rate will not be reced by the increase of interest rate. In 2006, the central bank raised the benchmark lending rate by 54 percentage points twice in April and August. In the first quarter of 2006, the lending rate was 5.85%, which was 1.05 times of the benchmark interest rate. In the fourth quarter, the weighted average one-year lending rate rose to 6.58%, which was 1.08 times of the benchmark interest rate. In the fourth quarter, it was 73 basis points higher than the first quarter, which was significantly higher than the 54 basis points of the benchmark lending rate. The floating level of the average loan interest rate is not reced by the increase of interest rate, but slightly expanded
the impact of interest rate increase on the average interest rate of deposits is weaker than that of loans. The central bank has not adjusted the interest rate of current deposit for several times, but only increased the cost of fixed deposit. Under the condition of legal upper limit of deposit interest rate, the impact of interest rate increase on the average cost of bank deposit is mainly determined by the structure of fixed deposit. Although the interest rate increase widens the interest rate gap between fixed deposit and current deposit, it may make enterprises and residents choose longer term deposits, and then increase the capital cost of banks. But in fact, because the main purpose of residents and enterprises to choose time deposits is to obtain interest income, and the choice of demand deposits is to meet the liquidity needs, the increase of investment and consumption expenditure is the main factor driving the increase of the proportion of demand deposits. At present, the stock market is booming and the investment of enterprises is growing rapidly, the increase of interest rate will not rece the proportion of bank current deposit, and the bank deposit will still show an obvious trend of current deposit. The increase of interest rate has little effect on the cost of bank deposit
the increase of interest rate will increase the average deposit interest rate of commercial banks, but it will be significantly lower than the increase of average loan interest rate, which will expand the income gap of banks. The effect of interest rate increase on macroeconomic tightening is limited, which is not enough to rece the growth of credit. Therefore, the growth of net interest income of banks will increase after interest rate increase.

8. Retreat and advance again