Crypto Weekly – February 22, 2018

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Mixed movement in the top 10 cryptocurrencies by market cap. Bitcoin and EOS rose by 12.6% and 31% respectively. Litecoin (LTC), which was flat over the week rose to 4th place merely due to a 8% decrease in Cardano (ADA). However, there is a new kid on the block – Litecoin Cash.

Data source: www.coinmarketcap.com as of February 21, 2018 (UTC, EOD)

Regulation
  • Switzerland’s Financial Market Supervisory Authority (FINMA) released its guidelines on ICOs and will treat some tokens sold through ICOs as securities if they are not utility tokens, payment tokens or asset tokens.  
  • Israel will treat cryptocurrencies akin to property for tax purposes. Taxes could range between 20-25%.
  • South Korean Financial Supervisory Service governor stated that normal cryptocurrency trading will acceptable and that banks will be encouraged to work with cryptocurrency exchanges.
    • Jung Ki-joon, head of economic policy coordination who also helped regulatory efforts to limit speculation on cryptocurrency reportedly died of a heart attack in his sleep on Feb 20.  
  • The US SEC is keeping a close watch of companies that are investing into cryptocurrency assets and blockchain companies/technology as it sometimes causes spikes in the stock price. The regulator subsequently declared a halt on trading of 3 companies – Cherubim Investments, PDX Partners, and Victura Construction Group until March 2.
Adoption:
  • Ripple has signed on 5 partnerships, including banks and remittance companies.
    • Banks –  Itaú Unibanco (Brazil) and IndusInd (India)
    • Money remittance – InstaReM (Singapore), Beetech (Brazil), and Zip Remit (Canada)
  • R3’s distributed ledger, Corda, on Trade IX’s open TIX platform has moved from the proof-of-concept stage to the pilot stage for trade finance across – risk mitigation, payables, finance, and receivables finance for BNP Paribas, Commerzbank, and ING.
  • Coinbase launched Coinbase Commerce that helps retailers accept cryptocurrency payments from customers.
  • 500 Startups and Huobi Labs are partnering to support startups in the former’s Batch 23 in terms of white papers, marketing, community efforts, and fundraising.
ICOs: Telegram and Venezuela neck to neck.
  • Venezuela’s Petro ICO has reportedly raised $735 million in the first day sale.
  • Telegram has reportedly raised $850 million in the first phase of it’s ICO.

Data source: www.coinmarketcap.com

 

 

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