Daily News Digest Featured News

Wednesday May 23 2018, Daily News Digest

CBDC models
Source: Bank of England

News Comments

United States


European Union

United Kingdom


News Summary

United States

Coinbase: A bitcoin start-up spreading its bets to dominate cryptocurrency economy (CNBC), Rated: AAA

“We don’t see ourselves as a crypto exchange,” said Coinbase president and COO Asiff Hirji. “We are very focused on the establishment of the crypto economy. We see ourselves as enabler of that future economy.”

Wall Street’s interest in cryptocurrency seems to be increasing. There are now 287 crypto hedge funds, up from 175 a year earlier, according to the latest data from Autonomous Next. Only 20 hedge funds for cryptocurrency existed in 2016. Goldman Sachs is reportedly looking to open a cryptocurrency trading desk, and White said others will be quick to follow.

How Coinbase Secures Funds (Bitrazzi), Rated: A

Thefts in the cryptocurrency space have risen from $3 million back in 2013 to over $500 million in the present year. However, the Coinbase exchange deserves some attention for its 99%+1% system to secure customer funds.

Coinbase users must feel sure that their online wallets will not be hacked, believes Coinbase COO Asiff Hirji. To assure this feeling, Coinbase keeps 99% of customer funds in cold storage.

The other 1%— the liquid funds that Coinbase uses to carry out trades — comes from the company’s reserves. Customer funds are, therefore, never directly exposed to market risk. Lloyd’s of London has privately insured this remaining 1%.

Coinbase Has High Hopes For The Future (Bitrazzi), Rated: A

With 20 million user accounts this year, Coinbase serves as many customers as Fidelity Investments. Headquartered in San Fransisco, the digital exchange giant currently operates in 190 countries and boasts $1 billion of revenue, all achieved in the six years since its inception.

Indeed, in their May 18th blog post, they highlighted their last 90 days’ progress:

Over the last 90 days we have:

  • Increased our support team by over 150%
  • Decreased our average time to first response to < 10 hours for 95% of incoming volume today.
  • Because of these measures, we are able to resolve issues faster and have decreased the backlog by 95%

10. Coinbase (CNBC), Rated: B

Founders: Brian Armstrong (CEO), Fred Ehrsam
Launched: 2012
Headquarters: San Francisco
 $225.3 million (PitchBook)
Valuation: $1.6 billion (PitchBook) 
Key technologies:
Financial services, e-commerce, investing

Circle Adds ‘Buy the Market’ Feature to Crypto Investment App (CoinDesk), Rated: AAA

Payments startup Circle has launched the full version of its crypto investment app.

After a soft launch back in March 2018, the company is making the app with its full suite of services available as of Tuesday.

One of the features going live on Tuesday is the “Buy the Market” tool, which is geared toward newer users, Circle senior product manager Rachel Mayer told CoinDesk.

New Circle Product Targets Mom And Pop Cryptocurrency Investors (Forbes), Rated: A

Fresh off a $110 million fundraising round, cryptocurrency startup Circle Internet Financial has launched a new product aimed at bringing seven different cryptocurrencies to mom and pop investors all in one, fell swoop.

Called “Buy the Market,” the tool is part of the Circle Invest product line that launched earlier this year to bring new investment opportunities to retail investors and is designed to let anyone who passes a basic background check simultaneously buy Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash and Monero with a single transaction.

SoFi will get crypto investing by 2019, says CEO Anthony Noto (CNBC), Rated: AAA

SoFi CEO Anthony Noto says the “modern finance” company wants members to be able to invest in cryptocurrency as soon as 2019.

“We want to accelerate our investment in some new products, one of which is our wealth products, and we want to add cryptocurrency to that,” Noto said on CNBC’s “Power Lunch.”

Verge Cryptocurrency Suffers Its Second Hack in Less Than Two Months (Bitcoin Magazine), Rated: AAA

Cryptocurrency Verge has suffered what executives are claiming is a DDoS attack. The platform is experiencing a serious delay in its blockchain, which has led to security concerns amongst users and worries about the currency’s stability.

CFTC Seeks to ‘Provide Regulatory Clarity’ for Listing Virtual Currency Derivatives (CoinTelegraph), Rated: A

The U.S. Commodity Futures Trading Commission (CFTC) has issued an advisory statement for listing virtual currency derivative products, according to a CFTC press release published yesterday, May 21. The advisory statement is aimed at providing clarity for exchanges and clearing houses.

Small Banks’ New Money Maker: Bitcoin (The Wall Street Journal), Rated: AAA

To many banks, bitcoin and other digital currencies are a mania, or worse. But to a handful of small lenders, they are a moneymaker.

Take Silvergate Bank, a three-branch lender that until recently focused mostly on local businesses in the San Diego area. Last year, its assets nearly doubled to $1.9 billion from $978 million, largely because of business flowing in from crypto-related companies.

Silvergate, which is privately held, said it now banks about 250 crypto companies.

Bitcoin has seen 44 forks since Bitcoin Cash and they are all useless (The Next Web), Rated: A

Bitcoin alone has seen 44 forks of its blockchain since August last year, according to BitMEX Research.

As per Coinmarketcap data, only four of the forks (Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, and Bitcoin Private) see trading volumes of more than $100,000 per 24 hours.

Bitcoin explained by AI will melt your brain (CNET), Rated: B

Bitcoin Cash Tumbles As It Faces Multiple Headwinds (Forbes), Rated: AAA

Bitcoin Cash has suffered a notable decline over the last few days, losing more than 10% of its value as the digital currency struggles with numerous challenges.

Bitcoin Cash fell to as little as $1,167.68 at 08:54 UTC (roughly 5 a.m. EST) today, representing a 10.6% decrease from the price of $1,306.95 that it reached on Sunday, according to CoinMarketCap.

In contrast, the broader digital currency market lost only 5.7% of its value over roughly the same time frame, dropping from $392.2 billion to $369.8 billion, additional CoinMarketCap figures show.

Paul Walsh of MetaCert Talks Cybersecurity Tools for Crypto Traders (Wealth Daily), Rated: A

Today, Paul Walsh joins us to talk about cybersecurity and also the role it’ll play in the evolving blockchain and digital asset market.

The Elephant Introduces Innovative Tokenized Secondary Market Platform (NewsBTC), Rated: A

The project is already fully functional and offers investors shares of over 20 unicorns––high-profile pre-IPO companies like BlaBlaCar and IronSource. These private companies represent $70 million in total, and The Elephant has drawn 2,000 registered investors.

9 Reasons Investing in Cryptocurrencies Is a Bad Idea (The Motley Fool), Rated: A

1. Traditional fundamental metrics are nonexistent

To begin with, cryptocurrencies lack the usual fundamental metrics investors would look for when attempting to assign an appropriate value to an asset.

2. You’re buying the wrong asset

Another issue is that when investors buy digital tokens, they’re really buying into an asset that has no long-term value.

3. Blockchain is years away from being relevant

4. Trading is dominated by emotional investors

Nearly all cryptocurrency investing occurs on decentralized exchanges, which institutional investors traditionally want no part of.

5. The SEC can’t help you

Next, the Securities and Exchange Commission (SEC) has flat-out warned investors that its hands are tied, and there’s little that it can do should fraud occur.

6. Security can be hit-and-miss

Speaking of fraud, cryptocurrency thefts do occur from time to time, even though blockchain is supposed to be a more secure means of transmitting and storing money.

7. Regulation is a double-edged sword

8. Taxes are a nightmare

This means all crypto sales need to be reported as a capital gain or loss — and this includes when you dispose of your digital tokens to purchase goods or services.

9. There’s little understanding of how this all works

A January survey released by cryptocurrency service platform Cobinhood found that only 56% of Americans knew what cryptocurrency is, and four out of five folks had no clue where to buy virtual tokens.

Alex Tapscott’s Taxonomy of Cryptoassets (Crypto Globe), Rated: A

Alex points out that it is kind of ridiculous when people in the media say things like “Ethereum is the new Bitcoin” since they do very different things: Bitcoin was designed as a secure medium of exchange for the internet , whilst Ethereum is a general-purpose platform that lets you build decentralized applications (DApps) and smart contracts. There are currently over 1500 DApps that run on Ethereum.

Ethereum has also become the “proto investment bank” for the entire crypto industry. In 2017, there was around $6 billion of ICO activity happened, and around 50% of that occurred on the Ethereum network using ERC-20 tokens.

Utility Tokens

Examples include:

  •  Golem (GNT), which is a market place for computing power, or in the words of the Golem team, the “AirBnB of computing”;
  • Augur (REP), which is a prediction market, where you can bet on the outcome of future events; and
  • SiaCoin (SC), which provides decentralized cloud-based data storage (think of it as a decentralized Dropbox) by connecting those individuals with surplus hard drive space with those individuals that need data storage space, and the only way to for this data storage service is using SC tokens;

Security Tokens

According to Alex, quite a few of the “utility tokens” launched last year were in fact security tokens since there was no legitimate use for token.

Natural Asset Tokens

These are tokens that are backed by physical assets in the real world. These assets can come from either “established markets” (examples include gold, oil, natural gas, fuel oil, and base metals) or “frontier markets” (examples are carbon, water, and air).

TapJets Adds Ripple And Litecoin For Flight Bookings (Ethereum World News), Rated: A

TapJets will add Ripple (XRP), and Litecoin (LTC) to its payment options. In order to do so, the company decided to drop Verge (XVG) after making a 3-day Twitter poll.


California Congressional candidate goes after fellow Democrat with anti-Bitcoin attack ad (The Next Web), Rated: A

A political hopeful recently aired an anti-Bitcoin attack ad against a rival competing for the Democratic nomination in the upcoming Congressional race for California’s 45th district. The ad, ran by Dave Min, targets Brian Forde’s donors, calling them “Bitcoin speculators that oppose cracking down on drug deals and human trafficking.”

ICO Shareholder Suits Booming, Says SEC Fintech Leader (Forbes), Rated: A

There are a lot of class action shareholder suits against initial coin offering issuers alleging fraud and claiming the offerings were not registered with regulators, Securities and Exchange Commission Distributed Ledger Technology Working Group Chief Valerie Szczepanik said Monday.

When You Hear Blockchain Isn’t Ready For Scale, Here’s What That Means (Forbes), Rated: A

Accounting sub-ledgers record transactions between a business and their customers, suppliers, employees and other participants in business activity. The obvious benefits are instant reconciliation and reduced audit costs. The less obvious benefits come from blockchain smart contracts, which can trigger accounting activities based on transaction terms.

The computational energy required to post a single blockchain transaction is enough to power the average U.S. household for a week. The beauty of blockchain is that trust is replaced with consensus.

Accused ICO Fraudsters Deny $ 25M Crypto Card Scheme (Law360), Rated: B

Law360, New York (May 21, 2018, 4:29 PM EDT) — Two co-founders of cryptocurrency company Centra Tech Inc. on Monday denied charges of conning investors in a $25 million initial coin offering to fund a digital currency payment card they falsely claimed was backed by major payment processors including Visa Inc.


A Blockchain Genomic Data Start-Up Held Its ICO. 15 Seconds Later, It Had $ 35M (Healthcare Analytics News), Rated: AAA

Shivom’s ICO—the cryptocurrency version of an initial public offering—lasted just 15 seconds, according to a press release. And in that time, the newcomer raised an impressive $35 million, arming it with enough capital to have a real shot at bringing a genuine blockchain use case to healthcare, a feat that has eluded innovators thus far.

Revolut, Uphold adds support for Ripple [XRP], price stays the same? (AMBCrypto), Rated: AAA

Revolut announced that they would be adding support for the trading of XRP on their platform. The addition for support was teased by Chad West, Head of Marketing and Communication for Revolut, on Twitter.

Uphold also added to the list of crypto exchanges that offer full support for XRP, including full integration. This means that it is possible for users to transact on and off from external wallets. This feature is aimed for launch on 24th of May.

Bitcoin, Ethereum Prices Drop 3% in Sluggish Crypto Market: Factors and Trends (CCN), Rated: AAA

Over the past 24 hours, the valuation of the cryptocurrency market has dropped from $390 to $373 billion, by more than $17 billion. The bitcoin price dipped below $8,300 and the value of Ether, the native cryptocurrency of the Ethereum network, dropped to $690.

The recent correction of the cryptocurrency market and the short-term decline in the price of bitcoin, Ethereum, and other major cryptocurrencies and tokens can be mainly attributed to three major factors: Bitfinex taxation policy, scandal of South Korea’s two largest cryptocurrency exchanges UPbit and Bithumb, and the initial sell-off of the Mt. Gox trustee’s bitcoin funds.

How Real is the Binance Effect? (The Merkle), Rated: AAA

2018 is considered by many industry experts ‘The Year of the Alts’. As a matter of fact, altcoins, even high market cap ones like Ethereum and Litecoin are way more profitable than Bitcoin over the last 12 months. EOS and Cardano are two vivid examples as shown in this comparison. EOS saw a price increase of 925% during the last year while Cardano grew at a whooping 1160% rate.


A week after the listing Golem had grown 51% while Bitcoin only 5%.


The first week after the listing CloakCoin was up 28% while Bitcoin was up 20%.


One month after the Binance listing Groestlcoin was up 112%. Bitcoin was up 30% during the same time period.


In fact, 10 days after the listing, SysCoin had lost 16% of its value while Bitcoin was down 15%, performing just slightly better. However, 30 days after the listing SYS was up 77% when BTC is saw a 14% increase.


During the first three days, QLC was up 87%. Bitcoin was losing 6% at the same time. 30 days after the listing QLC was enjoying gains of 82% when Bitcoin was gaining a mere 5%.


Cyberattacks Will Hit a Power Grid Near You

In just the past year, researchers have uncovered two unprecedented pieces of malicious code that targeted industrial control systems. One, linked to Russian hackers, cut off up to a third of the electricity to the Ukrainian capital in 2016. Another, of more mysterious origin, shut down an oil and gas facility in Saudi Arabia last year. That second digital weapon had the ability to silently turn off safety systems, which could have led to a lethal fiasco.

The Blockchain Will Rebuild the Internet as We Know It

For internet ideal­ists, the blockchain is an intoxicating technology. Blockchains support cryptocurrencies, yes, but these high-concept databases also allow many online services to have distributed ownership—that is, they don’t have to be controlled by a central authority. Want to ditch Uber? At least three groups are building ride-sharing apps using the blockchain. Care to stop shopping on Amazon? A rudimentary decentralized marketplace called Open­Bazaar is available. Need to store some data? Sure, you can tap into other users’ spare disk space using the blockchain-based Storj. No other architecture offers such a radical alternative to how things work today—one that could bring data- and power-­hoarding megacorporations crashing down, to be replaced by decentralized alternatives.

Once blockchain technologies mature, they will recede into the background to become one of the fundamental systems powering the internet. —Sandra Upson

Blockchain-Driven AI Platform Vows to Solve $ 500 Billion Issue for the Retail Industry (Coin Telegraph), Rated: A

A platform is combining “cutting edge” artificial intelligence (AI) with the “immutable reliability” of blockchain to create a system where retailers and manufacturers can predict whether they are overstocking or understocking products – an issue estimated to cost the industry $500 bln a year.

OSA DC, which stands for Optimal Shelf Availability Decentralized, says its system allows major brands and smaller chains to track product stock, inventories and orders with “pinpoint accuracy.”


Thomas Frey, a renowned author, and futurist, stated that virtual currency is here to stay, noting that he is talking to the FR (Federal Reserve) in September about the issue. Thomas Frey predicts that virtual currencies are going to put out of place about 25 percent of fiat money by the year 2030.

Bitcoin, one of the premier cryptocurrency is selling like real estate, this is according to Thomas Frey. As if you change rights and possession of the asset, selling this kind of virtual coin signifies giving up a distinct digital chunk to somebody else.

Crypto Exchanges Trade Dreams For Reality (Crypto Briefing), Rated: A

There’s been a sea change in the crypto-world, as digital currency moves from the backwater to the mainstream. No longer an eclectic hodgepodge of hopeful libertarians and digital John Galts, the cryptocurrency community is now dominated by corporations which are toning down the rebellion and seeking institutional approval.

7 Things You Should Know About Your Average Crypto Investor (Bitcoin Exchange Guide), Rated: AAA

The cryptocurrency market appreciated more than 1,200% in 2017.

So here are a few things you should know about cryptocurrency investors in 2018:

  1. Users See Themselves As Investors – Most people who place their money (and faith) in cryptocurrencies and ICOs consider themselves investors. Only about 10% of the people we interviewed declared that they were miners, business owners, freelancers, or service providers.
  2. Men Dominate The Market, For Now – About 90% of crypto investors are men.
  3. Millennials Trust Bitcoin – Our cryptocurrency investor study also revealed that more than 50% of cryptocurrency users are less than 44 years old, making the majority of them millennials. Gen-Z is cultivating an interest in investing, as well, with almost 20% of cryptocurrency users younger than 18! The narrowest age category belongs to Baby Boomers, with less than 5% of investors aged 55 or older.
  4. The Average Crypto Investor Has A Bachelor’s Degree – At Least – More than half of them had access to higher education, one-third of them have a Bachelor’s degree and a further 20% hold a Master’s degree.
  5. Most Investors Don’t Use Crypto For Daily Payments – 56% of crypto investors never use their tokens to pay for goods or services. Generally, freelancers, business owners, and service providers are more likely to pay with crypto, as it can facilitate business relationships. Around 11% of crypto buyers use them at least once a month, while 5% use them daily.
  6. The Average Crypto Investor Has Between $1,000 & $10,000 Worth Of Tokens – Then there’s the almost 20% of crypto investors HODLing more than $100,000 worth of tokens each, mainly a direct result of the seismic shift in valuation that most coins registered lately.
  7. Most Crypto Investors Come From North America – 40% of crypto investors live in North America, 25% are European, and another 21% hail from Asia.

Most Cryptocurrency Traders are Young with Little Experience (NewsBTC), Rated: A

Data confirms what most within the cryptocurrency industry already think: the younger the investor, the more into crypto they are. In descending order, the top 9 digital currencies traded by eToro users are Ripple, Bitcoin, Ethereum, Litecoin, Ethereum Classic, Dash, Stellar, and NEO.

European Union

Hurry Up and Register Your EOS Address (CryptoRecorder), Rated: AAA

Registration of your ERC20 EOS tokens ensures that you will be issued with new tokens that run on the EOS blockchain. However, if your tokens are held at Binance, you do not have to worry as the exchange is handling the technical aspect of the swap.

EOS has been riding on the Ethereum ecosystem making it an ERC20 token, With EOS having its native blockchain, tokens on Ethereum will permanently be frozen. According to a press release from the EOS official website;

“Within 23 hours after the end of the final period on June 1, 2018, at 22:59:59 UTC, all EOS Tokens will become fixed (i.e. frozen) and will become non-transferrable on the Ethereum blockchain.”

5 reasons why EOS could be listed on Coinbase (BitGekko), Rated: A

But with a market cap of over 11 billion dollars and its main net platform launching shortly, you’d be a fool to ignore its rising popularity. Let’s examine why EOS could be added to Coinbase/GDAX in the near future.

  1. The EOSIO Main Net is coming
  2. EOS recently confirmed its first enterprise application – Synacor announced that its new email and collaboration platform, Zimbra X, would be the first enterprise application developed on EOSIO.
  3. EOS is in the top 5 cryptocurrencies
  4. EOS has the potential to be more scalable than Ethereum
  5. Coinbase is planning a major hiring spree

EOS Blockchain Built Crypto-Friendly Social Network? (Bitcoin Exchange Guide), Rated: A

The EOSchat is a mobile client for the EOS network that will function as a decentralized social network that integrates many features for the users like being able to use digital currencies, make fast transactions and encrypted messaging features. The software is fully decentralized and it does not require a central server.

Æternity Launches Starfleet Incubator for Blockchain Innovation (Bitcoin Magazine), Rated: B

Æternity, a “blockchain 3.0” platform for scalable smart contracts interfacing with real world data, founded by “Godfather of Ethereum” Yanislav Malahov, is announcing the launch of æternity Starfleet, a series of incubator and accelerator programs to support the global blockchain ecosystem by building a network of innovators, investors and industry enthusiasts.

United Kingdom

Bank Of England Outlines Three Models For A Central Bank Digital Currency (ETH News), Rated: AAA

On May 18, the Bank of England issued a working paper outlining three different central bank digital currency (CBDC) models it is exploring.

The first is called the Financial Institutions Access Model. In this model, banks and nonbanking financial institutions (NBFIs), such as insurers and check-cashing businesses, will have access to bank accounts at the central bank.

The second model, called the Financial Institutions Plus CBDC-Backed Narrow Bank Access Model, is very similar to the first in that only banks and NBFIs will have access to the CBDC.

The third model is called the Economy-Wide Access Model. As the name suggests, under this model everyone that participates in the economy – from individual consumers to large commercial banks – would have access to CBDC accounts at the central bank.

CBDC models
Source: Bank of England

Read the full report here.

BoE research says digital currency would ‘strengthen’ policy transmission (Central Banking), Rated: A

A research paper published by the Bank of England says a central bank digital currency (CBDC) is likely to “strengthen” monetary policy transmission rather than weaken it.


The price of bitcoinethereum and other cryptocurrency is determined by the mood of investors rather than any economic indicators, according to a new study.

Daniele Bianchi, an assistant professor of finance at Warwick Business School, found that the price patterns of the 14 largest cryptocurrencies reflect past returns of investors, combined with the hype and emotion experienced as they watch the value climb or fall.

Ethereum global blockchain ecosystem emerges (Enterprise Times), Rated: A

With the EEA’s release of the Enterprise Ethereum Client Specification 1.0, organizations and global development communities now have a single, open-source, cross-platform standards-based framework. This should speed up business transactions, build greater trust in contracts and create more efficient business models.

BlockEx to List ICO for B21 on BlockExMarkets.com (PR Newswire), Rated: B

BlockEx, the digital asset exchange provider for institutional-grade financial markets participants, has announced that it will list the Initial Coin Offering (ICO) from personal wealth management platform B21 on its BlockExMarkets.com trading exchange.

Government Cryptoassets Taskforce meets for first time (The Stack), Rated: B

The UK government’s Cryptoasset Taskforce met for the first time this week to discuss distributed ledger technology applications in financial services and the need for regulation.

The meeting consisted of senior figures from government and financial regulators, including Katharine Braddick, Director General of Financial Services at HM Treasury, Andrew Bailey, Chief Executive of the Financial Conduct Authority, and Dave Ramsden, Deputy Governor of the Bank of England.


Binance lists ZenCash, price soars (Crypto News Review), Rated: AAA

Since its Binance listing, that became active today, the price of ZEN has shot up nearly 40% in under a day. The same day that Bitcoin, notably, fell below $8000.


Taiwanese Parliament Forms Coalition For Blockchain (ETH News), Rated: A

The Taiwan Parliamentary Coalition for Blockchain (TPCB) aims to unite various Taiwanese political factions under the banner of a better-defined regulatory framework that will help spur the growth of blockchain technology.

The coalition was formed with leadership from a long-standing blockchain advocate in Taiwan politics, Jason Hsu Yu-Jen, an at-large legislator serving as a Chinese Nationalist Party non-constituency member of Taiwan’s 9th Legislative Yuan. Hsu is also known for founding the TEDxTaipei lecture series.


Introducing Monero’s Ethereum-Killer: Tari (Coin Journal), Rated: AAA

Riccardo “Fluffy Pony” Spagni and a team of industry experts have announced a brand new protocol built on top of the Monero network. Designed with never before seen features, Tari is positioned to become more than another “me-too” protocol that enables token creation.

Seoul Mayor Pledges Blockchain Boost in Re-Election Push (CoinDesk), Rated: A

The mayor of the South Korean capital Seoul has pledged increased support for blockchain development as he pitches for re-election in June.


Hebron Resident Indicted for Multi-Million Bitcoin and Credit Card Fraud (CTech), Rated: A

The department of cybercrime at the Israeli State Attorney’s office has filed an indictment Monday against a Hebron resident for carrying out more than 20,000 fraudulent credit transactions, valued at over $280,500 (one million shekels) and laundering money using cryptocurrencies.


What you need to know about buying Bitcoin from an offshore exchange (BusinessTech), Rated: AAA

“However, should a resident natural person wish to purchase cryptos from abroad, SARB’s view is that the only permissible method is by using the individual’s single discretionary allowance (currently R1 million) and/or individual foreign investment allowance (currently R10 million with a Tax Clearance Certificate), per calendar year.”

This means that the SARB will not allow a local company to use the foreign direct investment dispensation to invest in offshore cryptos, he said.

Is digital currency trade shady? (The Star), Rated: A

Digital currencies are a strong indicator of illicit financing, Central Bank Governor Patrick Njoroge said yesterday, a position still held by Central Banks across the globe.

Njoroge said the lack of traceability and a regulatory body for crypto currencies makes it a perfect avenue for unscrupulous deals.


Canada cracks down on unlicensed cryptocurrency companies (CoinGeek), Rated: AAA

The Canadian government, specifically the Ontario Securities Commission (OSC), has decided to crack down on five companies promoting investments and trading in cryptocurrencies sans license. The crackdown on the crypto companies started after the regulator received numerous complaints from customers and would-be investors.

The OSC issued an investor alert, warning the public about BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc., which the regulator said were involved in schemes that target investors in Ontario and encourage them to trade or invest in the cryptocurrency market.


Crypto-friendly Bermuda to host digital-currency-dealing agency brokerage (Property Casualty 360), Rated: AAA

Omega One, an agency brokerage for cryptocurrencies, will open an office in Bermuda to take advantage of the island’s regulations, and work with insurers and the government to help set up a business to securely hold and insure digital currencies on behalf of investors.


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