Today’s Highlights: Coinbase adds 10 customers for its new crypto custody service, Thai securities firms team up for crypto exchange launch, Kraken responded to a recent article by Bloomberg, new report warns EU policymakers not to ban bitcoin and Russian Military Is building a blockchain research lab.
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Olga Kharif & Benjamin Bain – Bloomberg (subscription)
Coinbase, the world’s largest crypto exchange with more than 20 million active users, launched a custodian solution for large-scale institutional investors that could potentially attract billions of dollars worth of new capital into the crypto market.
FAO: Don’t say we didn’t warn you about this. The cryptoverse is gradually opening up to institutional traders. Oh, markets are up again too. Other major firms offering custodial services are itBit and Xapo.
Frank Chaparro – Business Insider (subscription)
There is a dearth of middlemen in the crypto investing world, and it is causing a big headache for crypto investors and is likely keeping out billions in mainstream institutional money. On Wall Street, middlemen called brokers sit between institutional investors, like a hedge fund or money manager, and exchanges and other trading venues. Such operations are hard to come by in the crypto world because the barriers to entry are high.
Nuntawun Polkuamdee – Bnagkok Post
Wolfie Zhao – CoinDesk
A group of traditional securities firms in Thailand is planning to jointly launch a new cryptocurrency exchange. According to the Bangkok Post on Monday, the Association of Securities Companies (ACE) – a body that represents the country’s securities firms – said it is in talks with regulators about allowing established financial firms to offer crypto exchange services.
DNT: Read also, in ou yesterday’s edition, about how Thailand managed to boost crypto by its Digital Asset Business Decree, which defines both cryptocurrencies (a medium of exchanging goods) and digital tokens (rights to participate in an investment, or to receive specific goods).
FAO: A perfect example of how regulating a trading environment can lead to its healthy development.
Tim Copland – News BTC
Crypto exchange Kraken has responded to a recent article by Bloomberg that argues Tether is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.
DNT: The Bloomberg article is “Crypto Coin Tether Defies Logic on Kraken’s Market, Raising Red Flags” and was published on June 29. You can access the story here, Cryptocurrencies section.
Christine Masters – Cryptovest
Bitcoin still managed to add $500 within days, showing that falling through the $5,800 level is delayed, at least in the short term. BTC saw enough optimism over the weekend to recover the $6,300 level. Here are five reasons BTC is showing price strength.
Cryptocurrency mining profits are on the way down, resulting in declining demand for hardware, such as high-end graphics cards. Sources suggest that GPUs could drop by as much as 20% within the upcoming month.
Chris Dolmetsch – Bloomberg (subscription)
Ana Alexandre – Cointelegraph
Two Nevada citizens agreed to settle a lawsuit filed by the U.S. SEC, which accused them of profiting from the illegal sale of stocks of UBI Blockchain Internet Ltd., Bloomberg reported.
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Wolfie Zhao – CoinDesk
A group of European banks announced they have completed first live blockchain-based financial trades across borders via their jointly developed we.trade blockchain platform. Built on IBM’s Blockchain Platform and its Hyperledger Fabric technology, we.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit, in a bid to boost the efficiency of cross-border financial transactions.
Aaron Wood – Cointelegraph
Japanese financial regulator the Financial Services Agency is considering to change the legal basis for how it regulates cryptocurrency exchanges, local media Sankei reports (Ed. note – link in Japanese). The FSA reportedly is considering to regulate crypto exchanges by the Financial Instruments and Exchange Act (FIEA), instead of its current legal foundation, the Payment Services Act.
FAO: Anything that can bring more clarity is welcome. Don’t forget to add cybersecurity standards to existing and future regulation.
Stephen O’Neal – Cointelegraph
To navigate through the complexities surrounding crypto regulation in the region, here’s a guide covering the majority of Eastern European countries, from Russia to Macedonia.
Shaikh Zoaib Saleem – Livemint
The three-month window for RBI-regulated entities to wind up relations with individuals, firms dealing in crypto assets ends on 5 July. If you haven’t exited already, now is the time.
Allen Scott – Bitcoinist
New research analysis on cryptocurrencies for the Economic and Monetary Affairs Committee of the EU parliament cautions lawmakers neither to ignore nor “attempt to ban” virtual currencies.
Muyao Shen – CoinDesk
The Russian Ministry of Defense is launching a research lab to analyze how blockchain technology can be used to mitigate cybersecurity attacks, a local newspaper reported. The nation’s military technology accelerator, referred to as the ERA, is launching a special scientific lab to determine whether blockchain technology can be used to identify cyber attacks and protect critical infrastructure, according to Russian daily Izvestia (Ed. note – link in Japanese).
Muyao Shen – CoinDesk
Zug, a city in Switzerland known as the “Crypto Valley,” has successfully completed its first test of a local blockchain-based voting system. The city’s head of communications, Dieter Müller, claimed that “the premiere was a success.”
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Veronika Rinecker – Cointelegraph
Crypto and blockchain companies from the European Economic Area (EEA) can now conduct business through the fully licensed German solarisBank.
FAO: Useful information which definitely needs to circulate since there are several hundreds of potential companies in Germany alone.
Eri Sugiura – Nikkei Asian Review
Blockchain technology is spreading beyond cryptocurrency, in sectors closer to consumers, making use of its ability to ensure the authenticity of products or information.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News