Crypto Weekly – March 15, 2018

0
481

The top 10 cryptocurrencies were down week on week, even NEO and ETH which were strong for the past couple of weeks sold off. XEM rose on the contrary after its decline found its way back to the top 10 displacing XMR. The Money 20/20 Asia conference in Singapore had a fun segment – the payments race – but bitcoin didn’t come in the top 3 as a payment method. Tough luck!

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

Regulation:
  • South Korea is reportedly in discussion with the country’s tax agency, justice ministry and related government agencies in preparing for a policy for ICOs.
Banking for cryptocurrency exchanges:

Positive news:

  • Coinbase has successfully obtained a banking account with Barclays. This is a great step as many cryptocurrency companies find it challenging to open bank accounts.
    • The company also received a e-money license from UK’s FCA.

On the other hand:

  • Prasos Oy, a Finnish cryptocurrency exchange, is hanging by a last thread as it’s banking accounts with two banks were closed and only one account remains open making it challenging for the business. Regulation in Finland does not stop banks from transacting with exchanges, but potential AML concerns are the primary issue why the banks have closed accounts with the exchange.
More products?
  • CoinfloorEX, a London based exchange, is planning to launch a bitcoin futures contract next month. This contract will deliver the actual underlying, bitcoin.
Security measures:
  • Binance faced a hacking attempt and is now offering $250K (in Binance coins)  to anyone who can provide information the hackers. There was no compromise as the security systems kicked-in in time.  The Hong Kong based exchange has also reserved $10K for future bounties in similar situations.
  • Bitfinex partnered with a market surveillance company Irisium to mitigate market manipulation on its platform.
  • The Belgian Financial Services and Markets Authority published a list of 19 crypto platforms which could be potentially fraudulent after receiving consumer complaints.
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.