Day: July 3, 2018

40% of Companies in Regulatory Sandbox Deploying Distributed Ledger Technology

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The U.K. Financial Conduct Authority (FCA) has unveiled the 29 successful companies to apply to the fourth cohort of the regulator’s sandbox, whereof 40 percent are using distributed ledger technologies (DLT), according to an announcement published July 3. The regulatory sandbox is an initiative designed to help organizations test various products and services in a live market environment with appropriate consumer protection but without restrictive regulation. The sandbox is a part of the “Innovate” initiative launched in 2014 intended to promote competition. To date, Innovate has reportedly received more than…

Indian Supreme Court Continues to Uphold Central Bank’s Ban on Crypto Dealings

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The Supreme Court of India has ruled not to grant interim relief to those affected by the Reserve Bank of India’s (RBI) ban on banks’ dealings with crypto-related businesses, Quartz India reports today, July 3rd. The Supreme Court has thus yet again refused to stay RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders within three months, due to take effect July 6th. The central bank’s controversial blockade has prompted both public and industry-led petitions, with some appealing to…

Hong Kong Continues Taking Regulatory Action, Hopes to Become International Blockchain Hub

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On June 27, Hong Kong’s Securities and Futures Commission (SFC) declared in their annual report that they will “keep a close watch” on crypto and Initial Coin Offerings (ICO). According to the watchdog, the new technology “comes with risks,” which is why they plan to “intervene when appropriate.” Indeed, the SFC has stepped in with more definite regulatory policies this year, taking action against local crypto exchanges, ICOs and warning the public about potential risks related to investments in the crypto market. Meanwhile, Hong Kong continues to nurture financial, cross-border…

Singapore Startup Launches Exchange to Combine Tokens and Fiat Transactions

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Singapore-based startup Cryptology is aiming to make crypto transactions simpler and cheaper by building a “next generation” cryptocurrency exchange, which would be among the few that combine crypto and fiat transactions on a user-friendly platform, and offers the additional option of a mobile app. The company also expects to have an edge over rivals by partnering with a payment system that will help seamlessly integrate fiat and crypto transactions and lower fees for users. Web version and mobile app The company says that the web version of the platform is…

Crypto Markets Hold Recent Gains, Bitcoin Gaining Momentum Over $6,500 Price Point

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Crypto markets are consolidating their recent gains, today, July 3, as data from Coin360 shows, with Bitcoin (BTC) trading above $6,500. Markets took an upswing starting June 30, and have since stabilized their growth, with most of the top coins seeing small gains and losses on the day to pres time. Market visualization from Coin360 Bitcoin is trading currently around $6,560 at press time, down just 1.5 percent over the 24-hour period. The leading cryptocurrency has seen an intraday high of $6,687, holding comfortably above the $6,300 resistance level, which…

Major European Banks Complete Live Trades on IBM Blockchain

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After undergoing development for over a year, the first live trades have occurred on the IBM-powered trade finance blockchain platform, we.trade. Through four banks, 10 firms were able to execute 7 trade transactions across 5 countries in the last 5 days. These are the first such trade transactions employing blockchain technology to be considered commercially viable. We are delighted to confirm that the https://t.co/yCDOCpSema blockchain platform has completed multiple real-time customer transactions. https://t.co/UuRhPztDz4@DeutscheBank @HSBC_UK @KBC_BE @natixis @Nordea @Rabobank @bancosantander @SocieteGenerale @UniCredit_PR pic.twitter.com/jIlBThc33c — we.trade (@we_dot_trade) July 3, 2018 The we.trade…

Kraken Crypto Exchange, Community Blast Bloomberg Article on Tether ‘Red Flags’

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Major crypto exchange Kraken has issued a scathing response to a recent Bloomberg article about stable cryptocurrency Tether (USDT) allegedly “defying logic” on Kraken’s platform. The article in question, titled “Crypto coin Tether defies logic on Kraken’s market, raising red flags,” was published on Bloomberg June 29, with comments and analysis from several academics and Andrew Rennhack, a former professional poker player. Its authors allege that the price of Tether might be manipulated on Kraken, citing “oddly specific order sizes” and the fact that “huge trades move prices about the…

Five Nations Launch Tax Enforcement Alliance to Tackle Crypto, Cybercrime ‘Threat’

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The US Internal Revenue Service (IRS) has launched an international taskforce together with tax enforcement authorities from four other countries to take on cryptocurrency-enabled crimes, according to a press release published Monday, July 2. The new coalition, dubbed ‘The Joint Chiefs of Global Tax Enforcement,’ or ‘J5,’ comprises tax enforcement agencies from five countries in total –– Australia, Canada, the Netherlands, and the United Kingdom, alongside the U.S. As part of J5, the agencies will cooperate on intelligence and criminal investigations “to reduce the growing threat to tax administrations posed…

As Hundreds of ICOs Fail, Bitcoin Gains More Dominance Over the Market

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Over the past three months, bitcoin, the most dominant cryptocurrency in the global market, has gained more dominance over the market amidst the third worst correction in the market’s history. 35% to 42% in Two Months In May, the dominance index of bitcoin was at around 35 percent, during a period in which the cryptocurrency market initiated a large corrective rally to previous support levels. However, as hundreds of ICOs died out and the bear market came about, the dominance of bitcoin started to rise. From May to July, within…

Gaming Company Allows Players to Win Cryptocurrency in Its New First-Person Shooter

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On June 21, the WAR FIELD company unveiled its ‘first-person shooter’ game that allows players to win cryptocurrency. Players can use WAR FIELD’s Golder (GLDR) — an ERC-20-compliant, Ethereum-based cryptographic token — to bet on their character’s “life.” Living a gamer’s dream Although monetizing gameplay isn’t a new move, WAR FIELD says the idea is attractive for gamers who are interested in making some extra money. “What could be better than getting paid to play video games? It’s been a gamer’s dream,” says Andrius Mironovskis, founder and CEO of WAR…