Blockchain Market Update – November 6, 2018

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November 6, 2018 by
Blockchain Market Update – November 6, 2018

Malaysia: According to  Finance Minister YB Lim Guan Eng, Securities Commission Malaysia will be coming up with a regulatory framework for cryptos, ICOs and digital asset exchanges. Will come into effect in Q1 of 2019—Regulation

Deltec Bank & Trust: Chairman Jean Chalopin shared a message that the widely scrutinized letter about stablecoin issuer Tether’s  account at the Bahamas-based institution is authentic. The letter, which Tether published Nov. 1, stated – albeit with a prominent disclaimer – that the company held an account at the bank, and that the account’s balance as of Oct. 31 was over $1.8 billion, enough to back all the USDT tokens in circulation—Exchange

Consumer Chain CDC: Founder Yang Ning is suspected to have run away with investors’ money. CDC’s WeChat account has stopped updating since August. At present, the official website of CDC is undergoing a scheduled maintenance, but there is no indication when it will be completed. Huobi Global has decided to suspend trading and depositing services of CDC after confirming the CDC team violated the rules of Huobi Global whereby the total amount of locked CDC tokens was inconsistent with what was promised in the white paper—Other

MUFG: Japan Digital Design Co., a subsidiary of Japan’s largest bank, partnered with cybersecurity researchers to monitor the stolen funds and believe that they have found the hackers who stole $60 million from Japanese crypto exchange Zaif in an attack earlier this year. They have identified 5 originators of suspicious transactions involved in the hack and provided information to the authorities—Exchange

FINMA: Switzerland’s Financial Market Supervisory Authority strongly warns banks to treat crypto trading as high risk. In a confidential letter, FINMA states its stance on how financial institutions should weigh crypto assets when calculating loss-absorbing capital buffers. They advise banks and securities dealers to assign a “flat risk weight of 800% to cover market and credit risks” against crypto assets—Financial Institution

Venezuela: Supreme Tribunal of Justice has ordered moral damage compensation in a workplace injury case to be paid in petros or the equivalent. Banks have also been ordered to show account balances in petros. Meanwhile, the Venezuelan gov’t has launched the petro savings plan, backed by 4 million of the digital currency. This would allow Venezuelans to save their petros by means of a certificate—Regulation

Bancor: Cross-chain DEX between ETH and EOS is now live. BancorX enables token conversions between more than 110 Ethereum and EOS-based assets. Projects launching on the platform include Everipedia, eosBLACK, BetDice, MEET.ONE, KARMA, Prochain, and Chaince—Project Development

Ethereum: A virtually unknown token is, at times, consuming around 10% of Ethereum’s gas supply. Omniscience Dedication Financial and the ODF token is essentially unknown, with searches leading back to a Mumbai company called Omniscience Capital. The creator of the contract, also unknown, has transacted primarily in two tokens: ODF and CKC, neither of which is assigned a value on Etherscan—Other

Remixpoint: Working with Hinomaru Limousine Co. to start crypto payments for Tokyo limousines. Trial services will start this month and will cover rides between Tokyo’s 23 wards and either Haneda or Narita airports. Service will accept BTC, BCH, and ETH—Project Development

Marshall Islands: Eight senators introduced a vote of no confidence in President Hilda Heine after she announced plans to introduce a cryptocurrency to operate as a second legal tender alongside the US dollar. Cryptocurrency known as Sovereign or “Sov” was to be issued by an Israeli start-up company, which, according to the International Monetary Fund, has “limited financial sector experience”.—Other

“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.

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