Dear HybridBlock Community,
Welcome to another edition of our community update. As per usual, we have exchange and new team member updates. We also have some important legal updates from the global blockchain community.
Major HybridBlock Legal Update
On October 29, 2018, we officially filed our regulatory notifications for Basetrade Limited and Hybrid Trade Limited with the Malta Financial Services Authority. In doing so, we are now one step closer to becoming fully compliant with regulatory standards imposed by the Malta Virtual Financial Assets Act in 2018.
As our business and development teams continue to work diligently on the exchange platform, our legal team continuously work on achieving full regulatory compliance, paving the way for HybridBlock’s future.
HYB Token Discounts
When trading on Hybex, HYB token users will receive a 50% discount when trading on hybex.io. Regular trading fees on Hybex are 0.2% per trade, but with HYB tokens users only incur a 0.1% fee.
Trading on BaseTrade
Buying and selling on BaseTrade will offer a similar 50% discount to users that pay with HYB tokens. However, when users on BaseTrade “stake” their tokens, transaction fees will be waived—i.e. zero fee for buying and selling. Base Trade fees page coming soon.
Exchange Customer Support
Hybex has 24/7 customer support. We have staff members ready to help with a live chat feature or through email. Our support team supports Mandarin, Vietnamese, Thai, Bahasa Indonesian, Bahasa Malaysian, and English. With a 99% ticket resolution record, we are confident our team members will be able to get you back to trading quickly and effectively.
New Team Members
HybridBlock continues to expand its team and talent. Every few weeks we will reveal team members to our community so that you can see who’s working behind the scenes.
Non (Socorro Bolipata) Lerer
Having previously worked at the SEC in the Philippines, Non acquired over 19 years of legal and regulatory experience in securities and capital markets, banking and brokerage, and tax. Most recently, she was the chief legal officer at Philippine Dealing System Holding Corp (PDS Group), a financial market infrastructure provider of electronic platforms. During this tenure she also served as head of Communications and HR.
Non also worked at Metropolitan Bank and Trust, and AGILE.
Blockchain Legal Updates
China’s Merchants are Legally Allowed to Accept Bitcoin and Crypto
The Shenzhen Court of International Arbitration (the “Court”) has officially recognised Bitcoin (BTC) as “property” due the fact that Bitcoin (1) has the characteristics of a property; (2) can be controlled by the owner; and (3) has economic value to the owner. On that basis, the Court held that individuals and businesses may own and transfer Bitcoin without falling afoul of existing financial regulations in the China.
Hong Kong Stock Exchange: Existing Financial Regulatory Regime should apply to Blockchain
The Hong Kong Stock Exchange (“HKEx”) has, in a research report published on 18 October, proposed that financial technology (Fintech) firms, including those focused on blockchain and cryptocurrency, are best regulated under the existing financial regulatory regime in Hong Kong to, amongst other things, ensure regulatory consistency and minimize the risk of regulatory arbitrage. The HKEx emphasized that this approach is in line with common international practice.
Spanish Government Approves Draft Law to Require Crypto Investors to Reveal Holdings
Cryptocurrency investors who are subject to Spanish laws (in particular, tax laws) may face mandatory reporting of their cryptocurrency holdings under the draft law proposed by the Spanish Government. These new regulations may apply regardless of whether the holders of the digital assets are based in Spain or offshore. These new draft laws are part of Spain’s efforts to formalise the regulation of the cryptocurrency sector this year.
UK: Gov’t Taskforce Proposes Crypto Regulation Changes, Questions Crypto Definition
The U.K. Cryptoassets Taskforce released an updated report on Oct. 29 that proposes some changes for cryptocurrency regulation and raises concerns over how digital assets are traded and used. The Taskforce has developed a framework that considers three types of cryptoassets. Those include cryptoassets used as a means of exchange, for investment, and to support capital raising and development of decentralized networks through Initial Coin Offerings (ICOs). The Taskforce indicates that although cryproassets pose a range of risks to consumers such as market manipulation and other market-abuse issues, the situation may change in the future.
“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.