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South Korea To Soon Legalize ICOs As Bitcoin (BTC) Rushes Towards $10,000

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The markets are on a steady rise to the much anticipated $500 Billion total market capitalization. Bitcoin (BTC) is a few dollars shy of the $10,000 mark and is currently trading at $9,948 and up 2.6% in 24 hours on this find Saturday. Ethereum (ETH) is also up and by 3.51% and currently trading at $825 at the moment of writing this. Ripple (XRP) is a few cents shy of the $1 mark and currently trading at $0.916. Bitcoin Cash (BCH) is silently doing wonders as it trades at $1,713 and up 12.95% in 24 hours.

Observing Bitcoin once again, this current levels of trading are $52 shy of the much anticipated $10,000 value that would signify a return of good volumes in the markets and a bullish trend for the King of Crypto. Earlier reports by Ethereum World News, had suggested that a confirmation of Bitcoin’s Bullish Trend would be seen when the coin hits $12,000. The last time BTC was at $12,000 levels was around December 3rd last year. What then resulted from this was BTC reaching its peak value of $20,000 on the 17th of December, 14 days later.

The last time BTC was at $10,000 levels and in a bullish trend, was on November 28th: 5 days before the $12,000 value.

Could we be headed for a repeat performance? Only time will tell.

In other news, the South Korean government has no other choice but to start legalizing ICOs in its jurisdictions. Representative, Hong Eui-rak, of the ruling Democratic Party of Korea, has obtained the support of 10 lawmakers to challenge the current ban on domestic ICOs. With the recent handshake gesture between the two leaders of North and South Korea, the region is sure to experience an economic boom as both countries reopen ties. President Moon Jae-in and President Kim Jung Un have come together in a show of dedication of a lasting peaceful solution in the peninsula.

The reduction of global tensions in the region can be used to explain the current market rally together with news of the South Korean government opting to reopen its doors to ICOs.

2018 has been a tumultuous year for cryptocurrencies with South Korea first flirting with the idea of a total ban on crypto currencies only to do a 180 degree turn with the above announcement. The country wants to regulate the crypto space in its country.“The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses,” Rep Hong Eui-rak added.

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Crypto market overview: The top three coins face minor bearish correction

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  • Bitcoin bulls managed to keep the price above $10,500.
  • Bitcoin SV (BSV) was the biggest winner among the top 20 coins.

The market faced slight bearish correction this Friday as the top three made minor losses. Let’s take a closer look at how the top three did and then reveal the biggest winners and losers of the day, among the top 20 coins.

Top three coins

  • Bitcoin: BTC/USD fell at the $10,650 resistance level and went down to $10,528. The bulls did manage to keep the price above $10,500.
  • Ethereum: ETH/USD went down from $225.85 to $220.65 this Friday. ETH/USD has significant market resistance at $226.
  • Ripple: XRP/USD went down from $0.321 to $0.320 this Friday. The asset reached a maximum of $0.3227 and a minimum of $0.31.

Biggest winners and losers (top 20 coins)

  • Bitcoin SV (BSV) was the biggest winner among the top 20, as it went up by 8.26% and is priced at $146.33.
  • Tron (TRX) went up by 8.07% and is priced at $0.028
  • Stellar (XLM) went up by 5.41% and is currently priced at $0.093.

source:.fxstreet

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Anchorage Chose South Dakota for Its Crypto Custody – Here’s Why

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During a tense Senate Banking Committee hearing on Tuesday, in which Facebook blockchain lead David Marcus was skewered over the social media company’s ambitious Libra project, Sen. Mike Rounds (R-S.D.) started his remarks with a brief announcement:

“Mr. Marcus, thanks very much for appearing here before us today. Before I begin my questions, I just want to take a moment to commend the South Dakota Division of Banking for their forward-thinking and willingness to allow for innovation in the digital currency space. Another founding member of the Libra Association, Anchorage, just received permission from the Division of Banking to become a South Dakota chartered trust company.”

Observers may have found it odd given the tenor of the hearing, but indeed, Rounds had it right. “Anchorage, which is a Silicon Valley crypto startup,” he said, “has chosen to open its second headquarters in Sioux Falls.”

Amidst the fear, uncertainty and doubt hanging over the hearings, Anchorage was improbably enjoying its moment in the sun.

The startup recently raised a $40 million Series B on the promise of crypto custody services for institutional investors that are “both more secure and more usable.” Anchorage’s technology avoids the traditional dichotomy of internet-connected hot wallets and offline cold storage in favor of specialized hardware security modules (HSMs). The company’s custom HSMs “will process a given transaction only when certain criteria are met,” according to a company blog post from April.

In June, Anchorage also snagged a seat at the table of the Libra Association alongside some of the world’s most powerful brands. (Anchorage investors Andreessen Horowitz and Visa are also founding members of Libra’s initial 28-company consortium.)

CoinDesk spoke with Anchorage CEO Nathan McCauley the day after the Senate hearing about why shopping jurisdictions made sense and what the benefits of launching a subsidiary in South Dakota are expected to be.

While Wyoming is perhaps the most notable state to court the crypto industry, others have also joined in. Montana passed a crypto-friendly securities law in May. In South Dakota, Anchorage is following in the footsteps of fellow crypto custodian BitGo, which got the green light from state regulators in 2018.

Below is an edited transcript of our discussion.


The cost of living is among the lowest in the U.S. and there are no income taxes, but are there specific reasons you selected South Dakota for your new Anchorage Trust subsidiary?

South Dakota knows trust administration, and that kind of institutional memory means abundant access to legal counsel, auditors, office space and talent. There were others states we talked with where a trust company hadn’t been created in over a decade, and “over a decade” was considered recent.

From top to bottom the state is really interested in seeing innovation happen. The South Dakota Trust Charter allows companies to operate on a national level so you can serve clients from every state. There is regulatory clarity that allows crypto natives to increase yields for clients through banking, staking and other kinds of participation. And surprisingly, South Dakota is one of the largest holders of institutional assets in the country, more than $3 trillion, according to the FDIC, three times the size of New York, followed only by Ohio.

It’s also a really nice business climate. We’re hosting a ribbon-cutting ceremony in a few weeks and the local chamber of commerce is helping put it together.

How long did it take to get the charter?

We were motivated to do it quickly because from the get-go we knew we wanted to be a qualified custodian for our institutional-investor clients. Initial contact was late December. We met with the Division of Banking three or four days before Christmas and we received our charter on July 16, so it took six, seven months.

Who else is part of the South Dakota crypto community?

BitGo and Kingdom Trust are here as well.

What challenges do you foresee at the federal level?

SEC broker-dealer guidance continues to be a work in progress. We’re in good shape because of our licensure but more regulatory clarity is needed for the industry.

Any plans to expand internationally?

Right now our focus is on the United States because the U.S. remains the center of gravity for institutional investment, but we’re open to conversations with folks from the EU and Asia as many of them are interested in working with a U.S.-based custodian.

You recently deepened your ties with fellow Libra Association members Visa and Andreessen Horowitz, which are both investors in your Series B round. What are you most excited about going forward?

The investment from Visa is an important part of our story because it speaks to the kind of investor we’re attracting and the growing interest in cryptocurrency. It’s also very exciting that social networks like Facebook are getting involved in cryptocurrency to make financial services available to a larger portion of the population in a user-friendly way.

We’re just thrilled to be part of it.

source:.coindesk.

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BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?

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The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States.

Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would be implementing and enforcing “very strong” regulations in the near-future.

Crypto Trading Platform BitMEX Under Instigation by CFTC

Earlier today, news broke that BitMEX is currently being investigated by the United States Commodity and Futures Trading Commission (CFTC) for allowing Americans to utilize the platform without having the proper licensing and registrations.

The news, which was first reported by Bloomberg, came closely on the heels of comments from top officials within the US government, who offered a less-than-positive perspective on the crypto markets, deeming them as markets rife with crime and fraudulent activity.

HDR Trading Limited, BitMEX’s parent company, declined the opportunity to comment on the investigation, but BitMEX CEO, Arthur Hayes, has previously stated that the company does ban users from the US who attempt to undermine the company policy – which technically does not allow US residents to access the platform.

It remains unclear as to where this investigation could lead, or as to what the consequences could be. But prominent critic of both crypto and BitMEX, Nouriel Roubini, noted in a recent tweet that be believes the allegations set forth by the CFTC are just a “fraction of the sleeze going on in BitMEX.”

US Government About to Crackdown on the Nascent Markets

The CFTC’s probe of BitMEX comes just one day after US Treasury Secretary, Steven Mnuchin, told CNBC in an interview that the government would begin policing crypto with “very, very strong” regulations.

Mnuchin further added that the goal of these regulations would be to ensure that Bitcoin and other cryptos don’t become the equivalent of “Swiss-numbered bank accounts.”

Because it is not possible to actually regulate decentralized cryptocurrencies themselves, it is highly probable that the first target of regulators will be crypto exchanges, as many of them have been operating in the shadows beneath the nose of regulators.

In other countries that have more progressive regulations, like Korea, federal regulators first started targeted crypto exchanges, forcing them to adhere to the strict rules that govern the banking industry.

Although it still remains clear as to when and how the US will go about slapping the “very strong” regulations on the markets, it is likely that more exchanges will begin facing increased scrutiny from groups like the CFTC in the near-future.

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