Blockchain Market Update – October 23, 2018

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October 23, 2018 by
Blockchain Market Update – October 23, 2018

VISA: Announces new digital identity product details in preparation for a first quarter 2019 launch of Visa B2B Connect, which aims to give financial institutions a fast and secure way to process cross border business-to-business payments globally. B2B Connect’s digital identity feature tokenizes an organisation’s sensitive business information, giving them a unique identifier that can be used to facilitate transactions on the platform—Project Development

Bakkt: Intercontinental Exchange’s upcoming crypto trading platform will officially launch on Dec. 12, pending regulatory approval and could begin offering physically settled bitcoin futures contracts by then. Bakkt will hold the bitcoins backing the futures contract in the ICE Digital Asset Warehouse, according to the notice, provided the Commodity Futures Trading Commission (CFTC) signs off—Exchange

China: Cyberspace Administration of China published draft regulations requiring entities operating in China that provide blockchain-based information services to register users using real names, censor content deemed a threat to national security and store user data to allow inspection by authorities. Latest development comes after anonymous user posted cover-up of sexual harassment at a top university news onto ethereum blockchain. Unclear when the rules will come into effect—Regulation

Sberbank: Russia’s largest lender and state-owned bank and the National Settlement Depository (NSD) completed their ICO trial within the regulatory sandbox launched by the Central Bank of Russia in April. Following the successful test, Sberbank and the NSD are ready to provide their clients with token sale-related services. Meanwhile, Sberbank is waiting for the bill on digital financial assets to be approved by the Duma so the lender can initiate token sale campaigns for its clients—Financial Institution

ESMA: The European Securities and Markets Authority, the EU’s securities watchdog, recommended regulating most cryptos and ICO tokens under existing financial rules, but notes that more clarification is needed. The Securities and Markets Stakeholders Group (SMSG) reports that the risks in investing in crypto are very similar to those seen in the capital markets, hence, they should fall under the same regulations. The SMSG also comes in favor of the creation of national sandboxes and innovation hubs for token-based startups. However, it suggested that the ESMA should ensure sufficient quality, transparency and legal security of national initiatives.—Regulation

HKEX: The Hong Kong Stock Exchange proposed that fintech firms, including blockchain and crypto firms, are best regulated under existing financial regulations. According to a research report by HKEX’s Chief China Economist Office and Innovation Lab, bringing financial services under existing rules would maintain fair competition, ensure regulatory effectiveness and prevent regulatory arbitrage—Regulation

Bitfinex: Sends 630M USDT into an address known as the Tether treasury, effectively taking them out of circulation, doing so in 6 large transactions over recent days. Bitfinex and Tether are coming into scrutiny after USDT broke parity with USD, even dropping down to $0.85 on the Kraken exchange—Exchange

Russia: After taking out references to “cryptocurrency,” Russian lawmakers have dropped the term “mining” from a bill to regulate digital assets. Additionally, the proposed legislation no longer covers the taxation of mining profits, which will be left under the oversight of the Federal Tax Service—Regulation

Monero: Transaction fees have fallen sharply from $0.54 to $0.021 following Monero’s Bulletproofs update—Project Development

Swissquote: The online bank announces it is the first bank worldwide to offer purchase and custodial services of ICO tokens for clients. They have started their various crypto-related services to account holders since 2016, and began their latest service by allowing them to purchase ICO tokens from industrial diamond manufacturer LakeDiamond. It remains unknown which further ICOs will be endorsed under the scheme—Financial Institution

“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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