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The ambiguity surrounding the legal and regulatory status of Bitcoin, and by extension, the decentralized digital economy, in Europe could soon become a thing of the past.

According to new reports, the European Union (EU) is currently in the final stages of preparing a “historic” proposal for cryptocurrency regulation.

The aim of this proposal is to pass a new law that would fetch cryptocurrency businesses an optimal legal environment while simultaneously helping fix the shady corners of the crypto space.

Meanwhile, the BTC/USD pair made another unsuccessful attempt to move above the resistance area around $11,900 on Friday. This has prompted many analysts to think the alpha-crypto could still be in the process of correcting.

Continue reading for more on these and other big stories from the day:

The European Commission, the legislative body of the EU, has been consulting with experts for almost a year now to define cryptocurrencies in legal and regulatory terms. If everything goes well, the Commission might officially introduce a final proposal sometime in September 2020.

Among other things, the proposal will aim to update the “Markets In Financial Instruments Directive II” to include cryptocurrency and formulate a comprehensive regulatory regime for blockchain-based platforms.

Additionally, the proposed legislation also focuses on a plan to create a unified market for cryptocurrencies so they can be bought and sold across all European countries.

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Bitcoin’s price movement since the August 17 high resembles a completed five-wave formation with an extended third wave. If the price retraces upwards as expected, it will likely increase until the 0.5 – 0.618 Fib levels between $12,016 – $12,123, before resuming its downward movement.

A possible date target for the end of the correction would be in the early hours of August 22, assuming that the retracement will take the same amount of time as the downward move.

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The BAT price had been trading below the 3,000 satoshi resistance area since July 2019. Until now, the price has made five unsuccessful attempts at breaking out. On August 20, the price finally succeeded in doing so.

The closest resistance areas are found at 4,610 and 5,530 satoshis, which are the 0.382 – 0.5 Fib levels of the massive downward move between April – Sept 2019. Technical indicators are still bullish.

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East Asia, led by China, has arguably been the linchpin of the global cryptocurrency market. The East Asian region has recorded 78% higher trading volumes than the next closest region, Western Europe.

The new development comes against the backdrop of the Chinese government’s move to prevent citizens from sending more than 50,000 to overseas addresses in any given fiscal year.

With these strictly enforced restrictions in place, many Chinese nationals are left with no other way but to turn to cryptocurrencies to move large sums of money abroad.

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Computer scientists at the Los Alamos National Laboratory claim that their new AI-based system for spotting crypto-jackers is more efficient than previous methods. The lab focuses on research aimed at improving U.S. national security.

It is managed by Triad, a company jointly founded by the Battelle Memorial Institute, the Texas A&M University System, and the Regents of the University of California.

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U.S. Congressman Tom Emmer has decided to accept cryptocurrency to fund his re-election. As co-chair of the Congressional Blockchain Caucus, Emmer has been a friend to the blockchain world.

He has expressed worry over the Fed’s unchecked currency printing. The Congressman also wrote a letter to the IRS last month regarding the classification of Proof-of-Stake assets.

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The post Cryptocurrency News Roundup for August 21, 2020 appeared first on BeInCrypto.

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