2 Weeks Ago

The above question is often asked - now we think we can offer some guidance. Though not in the short term though!

So, why is this the case? Well, Binance - which is one of the world’s biggest Crypto exchange - has a turnover of over $1.5 billion worth of Digital Assets a day, and just announced (despite only 15% of its turnover coming from the USA) that as of September 2019, it will offer a separate Digital Asset exchange for US investors and another exchange for non-US investors. Therefore, it would appear that it is unlikely in the near future that it is going to be possible to have one global exchange that anyone, regardless of where they live, can trade on.

However, with a G20 meeting being held on June 28th  2019 in Osaka, Japan, Crypto-exchanges are on the agenda. Maybe we will see some clearer guidance being given about how Crypto exchanges are to be regulated going forward.

The Financial Action Task Force (FAFT), which is an intergovernmental body established in 1989, and which focuses on money laundering and terrorist financing, will be presenting its recommendations on how Crypto-exchanges ought to be regulated before the G20 meeting. Although, given the traceability and transparency that Blockchain technology offers and the fact that you can, in effect, programme-in checks and balances, could make FAFT obsolete! Such checks are impossible with the current largely paper-based analogue systems and platforms that we currently use, but will FAFT see it this way?

Furthermore, Binance has also been in the news recently announcing that it is going to launch a stablecoin, pegged to £ Sterling, called $BGBP. Binance believes that by offering this new £-backed Digital Asset, it will encourage more people into the Digital Asset sector.

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Crypto
Investing
Digital Assets

3 Months Ago

There are currently eight debit cards that allow soending of Digital Assets using a “flexible friend”:  Bitpay, Shift, Wirex, Cryptopay, Fuzex, Crypto.com, Aximetria and Revolut.

However, there are some issues facing debit cards that offer cypto payment option, due to differences in legal requirements in jurisdictions around the world.

Wirex CEO, Pavel Matveev, highlighted one of the challenges being the need for a “BIN sponsor”. Bank Identification Number (BIN) sponsorship which refers to the company that possesses membership of a card payment network, such as Visa or Mastercard.

He revealed: “Several BIN sponsors were hesitant to work with Wirex at first when they learned that part of our model encompasses cryptocurrencies.” Since then, however, Matveev says that “BIN sponsors have become more receptive to crypto”.

Some countries have banned the use of Digital Assets to pay for goods such as China, Columbia, Ecuador, Bolivia and Vietnam, while others like USA, Canada and Australia are more supportive. There have been reports that Russia has banned the use of Digital Assets, but recently Deputy Finance Minister Alexei Moiseev was quoted as saying, ‘Using cryptocurrency debit cards to pay for goods and services does not contradict Russian law’.

Despite the challenges and confusion it appears not to have stopped Baanx from looking to launch a new Fiat and Crypto enabled debit card with Near Field Communication (NFC).

NFC technology enables point of sale payment with any supported cryptocurrency, instantly converting into fiat currency to pay for goods and services.

The ability to use Digital Assets with a Debit card could significantly increase the number of people involved in Digital Assets, as more and more people turn away from using cash and rely on debit and credit cards.


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Crypto
Digital Assets
https://coinnewstelegraph.com/crypto-debit-card...d-species/
Yes, $2 Trillion was laundered by regulated banks last year according to a recent report, yet banks remain resistant to offer banking services to firms involved in Cryptos.

Despite claims that 90% of all US$ banknotes have traces of Cocaine on them, banks and regulators still believe those in our society that want to carry out nefarious activities are using Crypto, not cash. But why would someone carrying out a criminal activity want to use a form of payment that leaves a digital footprint - a Crypto, when cash leaves no traces and banks seem to still be accommodating these activities?

Since 2008 banks have been fined over $26Billion JUST for KYC/AML non-compliance, with the USA regulator being the most active. While in Europe the UK’s FCA has imposed the largest number of fines. It is no surprise that many claim the current system needs to change, and while it was refreshing to see the FCA being proactive creating the FCA sandbox in 2016 where it allows regulated companies to trial new technology, which hopefully can improve the robustness of the financial system, more recent moves have called their ongoing commitment to innovation into question.

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Banking
Crypto
Cryptocurrency
https://www.btcwires.com/c-buzz/regulated-banks...-adoption/

4 Months Ago

Guy Hirsch, Managing rector of eToro U.S., sees the increased interest and investments in Digital Assets as a clear “generation shift."

He stated via press release: “we’re seeing the beginning of a generational shift in trust from traditional stock exchanges to crypto exchanges. At the heart of this change are the asset classes themselves.

Younger investors’ experience with the stock market has seen a great deal of loss of trust, with the fall of Lehman brothers...” One of the benefits of people investing in digital assets is that companies can know who their actual shareholders are and so have a relationship with them, and reward so offer them shareholder perks e.g. discounts off goods and services. This is almost impossible when shares are held as they currently are, in nominee structures.

Potentially companies could have no need for share registrars saving them money, as shareholders records can be updated in Real Time, which in turn would help regulators know who owns what which at the moment is impossible for a listed quoted company.

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Asset Management
Blockchain
Crypto
Digital Currency
Investment
Regulators
https://www.ccn.com/bitcoin-is-the-gateway-drug...illennials
Signature bank of New York has announced that it is now offering bank accounts for businesses based in Bermuda that deal in Digital Assets.

There are believed to be over 60 companies that initially this will be of great assistance to, as despite the Bermuda government changing it’s law no locally based bank offer accounts in the Crypto sector. However, Signature bank claims that they are signing up companies that are also not involved with Cryptos.

The lack of banking facilities is a major hurdle facing businesses that deal in Digital Assets globally as it is extremely difficult to get a bank account in many jurisdictions around the world.

In the UK Clearbank  which is the first bank in over 250 years to be granted clearing bank status, is one of the is one of the few banks to offer bank accounts to firms engaged in Digital Assets but the company needs to be FCA regulated or in the process of applying to the FCA to be accepted by Clearbank.

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Banking
Blockchain
Crypto
Digital Currency
https://coinfomania.com/signature-bank-services...n-bermuda/
Banco BTG Pactual is to launch a Digital Asset linked to distressed Real Estate and aims to raise $15m.

BTG will pay investors a share of the rental income from the property and expects the returns to be approximately 15% p.a. BTG claim they decided to launch the token as Crypto investors are looking for high-risk investments. The bank is going to provide liquidity using their own capital and at $15m is a  sign this large Brazilian bank is just putting a toe in the water to test the appetite for this type of offer.

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Banking
Crypto
https://www.bloomberg.com/news/articles/2019-02...cked-token
Samsung, the world’s largest mobile phone manufacturer’s new Galaxy S10  has built-in security with secure storage which houses your private keys for blockchain-enabled mobile services.

It also looks like it will allow the use of digital signatures and payments to merchants/shops as well as storing your Crypto currencies. The S10 comes with an upgraded camera system that features “advanced intelligence,” not sure what this means, but rather cool Samsung claim the S10 has the ability to charge other phones wirelessly!

Unfortunately, at $1,995 it is no bargain, but it will enable those on the move to carry out Crypto transactions potentially in a secure manner. The S10 follows on the heels of
HTC EXODUS Blockchain enabled phone, and the Finney Crypto phone that has a cool pop up cold wallet feature from SIRIN Labs. Samsung have been champions of the mass production of high tech consumer electronics, so how long will it be before they start selling more Crypto friendly ways to make dealing in Digital Assets more user friendly?

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Crypto
Manufacturing
Smartphones
https://www.ccn.com/samsung-galaxy-s10-bitcoin-...to-support
Musk this week while being interviewed claimed “Bitcoin’s structure is quite brilliant, but it would not be a good use of Tesla resources to get involved in crypto”

Musk knows a thing or two about money transfers, having been a leading light at PayPal, so he is better placed than most to understand the costs and limitations that traditional payments systems face. Musk also said, “Paper money is going away and crypto is a much better value for a transfer of value than pieces of paper, but, it's very energy intensive to create bitcoin at this point."

Elon Musk, while controversial, has a keen eye for disrupting industries: look at what he has done with solar power, launching satellites and of course electric cars, so it is unlikely to ignore Blockchain technology...

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Bitcoin
Blockchain
Crypto
https://www.youtube.com/watch?v=fKeK68wK0UQ
KT Corporation which is South Korea’s largest telecoms company is set to launch a Cryptocurrency which will be called the K-Token and initially will be rolled out as a pilot project in a city called GIMPO. 

The intention is that K-Token will be used in shops for transaction and will enable the funds to be converted into fiat and transferred to one bank account without incurring fees using QR codes. We are seeing more and more examples of organizations using Digital assets like the K- Token powered by Blockchain technology entering everyday lives.   like this are a long way from the volatile initial Crypos like Bitcoin and as importantly will be much more user-friendly to use, thus addressing two key barriers to more wide-scale adoption of Digital Assets. K-Token is an interesting experiment which if successful could be copied by towns and cities globally who want to build local communities using Digital Assets for commerce.

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Crypto
Telecommunications
Digital Assets
https://www.dcforecasts.com/south-korean-teleco...ocurrency/

5 Months Ago

NASDAQ is the worlds 2nd biggest stock exchange developed a range of surveillance technology to ensure that good market practices are upheld and regulators and traders can have confidence in prices and general trading.

Such monitoring services are now being deployed by at least seven Crypto exchanges and one suspects many regulators will want to question what systems other Crypto exchanges have in place similar to what NASDAQ offers. Such surveillance systems are further signs of Digital Assets maturing and embracing the infrastructure required so that governments, regulators and traditional investors will draw comfort and be more engaged in this new asset class.

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Crypto
Regulators
Digital Assets
https://www.financemagnates.com/cryptocurrency/...ance-tech/