Blockchain Market Update – December 3, 2018

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December 3, 2018 by
Blockchain Market Update – December 3, 2018

G20: Joint declaration officially signed by all G20 nations on Dec 2, acknowledging that “necessary reform” is required. G20 has agreed to a regulatory approach in line with Financial Action Task Force (FATF) standards. Section 25 of the official declaration reads: We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed—Regulation

China: Huo Xuewen, head of Beijing Municipal Bureau of Financial Work, warned STO practitioners that Beijing government will treat STO as illegal financial activity and dispel it if they conduct such an activity in Beijing. Regulatory stance stirred up opinions from academia and the legal sphere, where Yang Jinyan, General Manager of Huobi Lvlin, legal consultancy arm of crypto exchange Huobi, notes that Chinese companies seeking overseas investment via STOs must tread lightly in a fully-compliant manner, or otherwise see penalties levied on them—Regulation

Bakkt: Abacus Journal reporting that three separate independent sources from the company offering documents to prove that both Bitcoin and Ethereum will be listed on platform when time to launch comes. While Bakkt has yet to confirm or deny the statements, they expressed willingness to consider adding more digital assets for trading on its platform as they receive customer feedback—Financial Institution

Thailand SECClarified how existing laws can apply to crypto securities. Notably, they stated that Thai companies planning to issue STOs would be guilty of wrongdoing under the Digital Asset Act for avoiding regulated fundraising channels. Still, Thai SEC is not yet decided whether STOs fall under the SEC Act or the Digital Asset Act, with current regulations depending on the STO’s conditions and the details in its white paper. The Thai SEC will have to consider carefully how to respond to each STO—Regulation

Singapore: Monetary Authority of Singapore releases guide for businesses considering an ICO. As per the guide, tokens are exempt to rules if they are worth under 5M Singapore dollars ($3.6 million), they are to be distributed to fewer than 50 investors, and if they are distributed amongst accredited investors. Additionally, the guide recognizes three types of people that sell tokens: those producing the tokens, those that manage an exchange where the token is traded, and those that provide financial advice regarding the token. MAS declares these activities are subject to the law and require that each must acquire the appropriate licenses and approvals before beginning operations—Regulation

CoinGeek: Acquired by Square Mining, a Canadian mining company listed on the Canadian Stock Exchange, for $45.35M. Under the acquisition deal, the mining equipment and personnel of CoinGeek will be handed over to Squire. The company intends to integrate knowledge and expertise of both companies in the development of ASIC chips—Mining

CoinShares: Miners are leaving China in significant numbers and are setting up operations in Scandinavia, Russia, Canada, and the U.S., where cheap, abundant electricity, friendlier regulation, fast internet connections, and cooler climates can be attained. CoinShares estimates that no more than 60% of miners currently remain in China. Of these miners, an estimated 80% have set up operations in Sichuan, with the remaining spread out in Yunnan, Guizhou, Tibet, Xinjiang, Western Inner Mongolia, and Heilongjiang—Mining

Binance: Appears to be closing off some user accounts without prior warning or explanation. Users seem to be mostly affected by geographical location, as most of the complains come from users from Romania, Serbia or Bosnia and Herzegovina—Exchange

MakerDAO DAI: The amount of ETH tokens locked into the DAI stablecoin has risen almost 50% to about 1.4M ETH, about 1.4% of the total current ETH supply. DAI tracking website indicates that roughly $160M worth of ETH is currently locked into the system, propping up 285% worth of collateral. Speculating on the reasoning behind the accelerating usage, one can cautiously observe an increase of DAI contract creation around the time Bitcoin crashed through its critical price level of $6,000, on Nov. 14—Other

EOS.IO: Dan Larimer reveals they are working towards a small hard fork that will allow dApp creators to lease or own CPUs for users, and make it so that most users will not need to rent CPUs by themselves—Project Development

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

Name Price
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Ethereum (ETH)
Bitcoin Cash (BCH)
Litecoin (LTC)
Cardano (ADA)
Dash (DASH)
Monero (XMR)
Stellar (XLM)
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