The cryptocurrency market is broadly still facing declines week on week, except for ETH (↑0.6%) NEO (↑10.1%) and IOTA (↑5.7%). On a year-to-date basis, ETH and NEO are the only cryptocurrencies (from the top few) that have gained. More countries are looking to launch national cryptocurrencies, or at least toying with the idea.
Data source: www.coinmarketcap.com as of February 28, 2018 (UTC, EOD)
- The UK Treasury is conducting inquiries into issues around cryptocurrencies and blockchain technology and its implementation across financial services. It aims to look into the regulation and the protection of consumers as well as enterprises without limiting innovation.
- Korea’s Blockchain Industry Association will be evaluating 21 out of the 33 companies that are part of the association to see if they are complying by the ethical standards set out by the association to limit insider trading and market manipulation.
- Bank of Negara, Malaysia has implemented regulation that requires identification proof and AML for activities performed for cryptocurrency exchanges that offer fiat-to-crypto and crypto-to-crypto services. This is in line with a plans announced in November to roll out such regulation.
- The Thai Digital Asset Exchange , a cryptocurrency exchange , closed trading for two weeks as it awaits the Thai SEC’s guidelines for ICOs and the mandate of the fintech bill to be announced on March 8.
- Georgia State may approve cryptocurrencies as a means to pay for taxes. The bill is yet to be confirmed. If it is to go through, the state will convert cryptocurrency receipts into USD within 24 hours and credit it to the taxpayer’s account.
- French Regulators have curbed the online advertising on cryptocurrency derivatives.
Countries planning to launch their own national cryptocurrencies:
- Turkey is planning to launch its own national cryptocurrency called “Turkcoin”, which would aim tokenize asset-backed securities, which would reportedly yield lower risks than existing cryptocurrencies.
- Iran’s Information and Communications Technology Minister tweeted that the country is planning a cloud based digital currency, but the Central Bank did also release a statement saying that a national currency was not on the cards.
- Venezuela conducts meetings for offerings into the country’s cryptocurrency, Petro, and recently met with Russia. No real clarity on what and if there is a actually a collaboration.
- Rakuten is launching Rakuten Coin for their loyalty program, Rakuten Super Points, which should help customers purchase products across different Rakuten markets.
- Circle, which is backed by Goldman Sachs and Baidu to name a few, acquired Poloniex a cryptocurrency exchange for $400 million.
- Genesis Global Trading launched Genesis Global Capital which will allow investors and businesses to borrow cryptocurrencies. The amounts could be in tranches of $100,000 across various cryptocurrencies over a period of two to six weeks.
- SBI Group will delay the launch for retail investors of its cryptocurrency exchange, SBI Virtual Currencies, as it aims to boost its security measures. The company has already offered account registrations for priority investors.
- Rabobank will launch its cryptocurrency wallet, Rabobit, within the online banking environment. It came to fruition at the bank’s Moonshot program which allows employees to present innovative ideas.
Last 12 months Charts:
Data source: www.coinmarketcap.com
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