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The US SEC and FINRA have outlined regulatory compliance issues for cryptocurrency custodians. According to the joint statement, the organizations have yet to discover a set of circumstances in which a crypto custodian could comply with the SEC’s Customer Protection Rule.
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The SEC said that firms hoping to adapt bitcoin’s technology to uses such as raising capital for private companies could satisfy regulators’ concerns. That means a limited number of crypto firms could be approved as digital-asset brokers in the near future.
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The ShapeShift platform allows users to buy, sell, trade and track multiple cryptocurrencies in a single place, with over 50 digital assets currently supported. It requires a connected hardware wallet, like Trezor or KeepKey, to eliminate counterparty risk.
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The Libra representatives kept selling Libra as a means of providing banking services to 1.7 billion unbanked people around the world. When challenged on how they were going to do that, and asked directly whether they’d figure out how exactly a digital currency would be an answer for people who can’t access credit currently, they said, “The short answer is no.” The phrase “the miracle of blockchain” was used at one point.
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Sheila Bair: “It’s open to question whether Mark Zuckerberg and Facebook are the right stewards for a new global crypto-currency. But by firing this warning shot to government policy makers that such a change is coming and potentially coming soon, they have done a public service.”
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Mu said the PBOC’s research team tested Libra’s code and found it’s “still in an initial stage and the quality of the code isn’t stable.” He also said it’s questionable whether Libra would indeed use blockchain technology, because it can’t meet the high concurrent transaction requirements necessary for retail sales scenarios.
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The PBOC’s blockchain trade finance solution processed over 30 billion yen in FX transactions. The platform is supported at 483 branches of 28 banks in Shenzhen and is currently operating normally. Still, due to an allegedly uneven adoption of financial technology, the business volume is still proportionately small.
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IDG-backed KuCoin has announced the beta launch of its derivatives trading platform, KuMEX. To start, the new platform will offer trading of its so-called Bitcoin Perpetual Contract (XBTUSDM).
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When South Korean investors piled into Bitcoin in late 2017, its price in Korean won soared even higher than the dollar, with Korean traders paying up to fifty percent more than westerners. With this ‘kimchi premium’, as it came to be known, returning to the market, what are the implications for Asian traders and for Bitcoin?
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This week derivatives exchanges LedgerX and ErisX were given the green light to offer physically-settled bitcoin futures contracts, beating VanEck and Bakkt to market.
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The New York Attorney General’s Office (NYAG) has submitted a series of new evidence in its aim to prove the crypto exchange Bitfinex and Tether had served New York customers longer than it claimed.
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Outside of tokenomics, there is a lot more power in the blockchain, especially in regards to smart contracts. Thus, a recent partnership between Google and Chainlink, a company that provides on ramps and off ramps for information necessary to run smart contracts, may hint at Google wanting a bigger slice of the pie.
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Bitcoin is receiving capital flows from two sources: as the primary on-ramp for fiat-based flows and as one of the primary quote currencies in markets for smaller assets. The slowing pace of new assets coming to market through ICOs has kept the growth in global supply muted. Capital and investor interest has remained mostly concentrated in Bitcoin.
