Crypto Weekly – February 15, 2018

0
792

The cryptocurrency markets recovered a bit from last week and ETH gained ~20% YTD. The top 5 cryptocurrencies are going strong, IOTA came back into the top 10 and XEM slipped out of the top 10.

Data source: www.coinmarketcap.com as of February 14, 2018 (UTC, EOD)

Regulation:
  • Hong Kong’s Securities and Futures Commission will crack down on the cryptocurrency exchanges functioning without a license or that violate securities laws.
  • Bank of Thailand has issued a statement that prohibits banks from providing services related to cryptocurrency, which also includes the ban on cryptocurrency purchases by customers.
  • Japan’s Financial Services Authority has been conducting raids on various cryptocurrency exchanges after the Coincheck hack to ensure that they are maintaining standards.
  • Arizona State passed a bill which allows residents to pay taxes in bitcoin and other cryptocurrencies
    • Jeff Weninger, a state representative will also look to lay down a regulatory framework for  ICOs.
  • South Korea is working on a licensing system for its cryptocurrency exchanges. The country will reportedly look to implement a BitLicense system that has been applied in New York. It requires exchanges to have certain minimum capital and have detailed reporting.
  • Gibraltar Financial Services Commission is  looking to regulate ICOs and will be working with members of the British overseas territory legislature. Compliance and disclosure and financial crime rules will apply.
Adoption:
  • The Canadian Securities Exchange plans to launch a blockchain based platform for clearing settlement of securities token sales.
  • Saudi Arabian Monetary Authority signed a pilot with Ripple to test the xCurrent platform for payments received and paid into and out of the country.
  • South Korean exchange Bithumb is now accepting customers again since KYC systems  are now in place to meet the regulatory requirements.
  • Taiwan’s city government is reportedly working with IOTA  and Taiwanese startup BiiLabs to institute the city’s citizen ID data on the Tangle blockchain.
  • Microsoft reportedly plans to add blockchain based decentralised IDs on to its Microsoft Authenticator app
A few hiccups:
  • Binance, a cryptocurrency exchange suspended trading  for 24 hours while the systems were upgrading  causing some concerns for users.
  • Italian exchange, BitGrail was hacked and 17 million units of Nano (XRB) amounting to $170 million went missing.
  • Coincheck opened withdrawals, which led to ~$373 million being pulled out by investors in a day. This comes after the ~$530 million hack on the exchange of NEM tokens.
Last 12 months Charts:

Data source: www.coinmarketcap.com

 

 

Contributed by Marvelstone Capital

About the Company

Marvelstone Capital Pte. Ltd. is a data driven Registered Fund Management Company (RFMC) regulated by the Monetary Authority of Singapore (MAS). The principal activities of the company include the management of Hedge Funds and Private Equity Funds. (Biz File No: 201620064C)

DISCLAIMER

Marvelstone Capital Pte. Ltd. distributes content in good faith. The company is not liable to the reader for any implications arising out of the usage of data for any particular purpose. The company makes no representations or warranties for the accuracy or completeness of the data.

Note: The news cycle is Thursday – Wednesday every week.