<h1>Former CFTC Commissioner Offers Praise For Bitcoin Futures</h1>

Source : <h1>Former CFTC Commissioner Offers Praise For Bitcoin Futures</h1> To Bart Chilton, ex-commissioner of the Commodity Futures Trading Commission, bitcoin futures are a sign of appropriate regulation. As the financial world grants legitimacy to cryptocurrency, moderation of financial instruments will be necessary.

Regulator of Netherlands warns investors of ICO-related risks

Source : Regulator of Netherlands warns investors of ICO-related risks The financial authorities of the Netherlands noted that Initial Coin Offerings are surrounded by extreme rush and call investors to be vigilant, although they acknowledge that regulation of this market is not their responsibility if tokens are not classified as securities.

The Facts about Globitex from Managing Director Liza Aizupiete

Source : The Facts about Globitex from Managing Director Liza Aizupiete Who are the creators of the Globitex exchange? Our team members are Jon Matonis, Liza Aizupiete, Arvis Ermins, Maris Kaneps, Andris Kaneps, Uldis Teraudkalns, Viesturs Tamuzs and many others on the development and support. What is the engine that powers Globitex? The team have a deep know-how on how an exchange should work. We have experience as traders in commodity, spot and derivatives markets and a firm commitment to better the overall Bitcoin trading industry and Bitcoin based crypto currencies. Why is there a need for a Bitcoin exchange with a focus on Institutions and professional traders? No one else is running an institutional Bitcoin exchange so we saw a gap in the market for Globitex. We have made the product we would want to use and that meets our demands for a quality market access for institutions, trading firms and alike. How long has the platform been running in Beta? We have been operational since May 2017. The platform is fully functioning but in limited BETA which simply means that trades are limited in volume. If you need to buy or sell moderate amounts of Bitcoin, and now Bitcoin Cash, you can do it on Globitex BETA and enjoy zero commission fees. While we are in BETA, we accept up to EUR 100,000 deposits per month. Are there plans to launch other coins on the exchange? Yes. Going forward we intend to add other crypto currencies as demanded by the community, starting with most common ones for example Ethereum, Litecoin, and of course our own issued EIP-20 token GBX, which will serve as a commission payment token on our platform when we are fully launched. When do yo expected Globitex to go live? We expect to lift all server-level door locks at the beginning of the year 2018 at the latest. We may be able to launch sooner but keep an eye on the company announcement page to get the news first: www.globitex.com/news. What are the security features of Globitex? We have different integrated security features usable for web platform users and API users. Just to name a few of them: – Two step verification for all web application users – Ability to white list IP addresses you access Globitex application from – Allow only one active web application session Globitex is constantly working on improving our application security level by adding new security features for the clients. What will the fees to trade on Globitex look like? As mentioned, we offer commission-free trading in all our products during the BETA phase. When we open to the wider public our pricing will be based on market maker/taker model, where the market maker will be favoured having 0 or close to 0% fees depending on the traded volume per set period. Our token sale is coming soon offering GBX tokens that can be used on the platform for commission fees among other things. For more information on Globitex see …

Plus…The Facts about Globitex from Managing Director Liza Aizupiete

Can Cryptocurrencies Drive out Money?

Source : Can Cryptocurrencies Drive out Money? According to Reuters, Victor Constancio, the Vice President of the European Central Bank, said on November 9 cryptocurrencies will not serve to be an alternative substitute for money, and central banks are unlikely to create digital currencies independently without placing limitations. Central banks worldwide have been forced to monitor the price of bitcoin which has soared, with some predicting a crash. Thus precautions are necessary to avoid the likely potential threat to stability. Constanico said in Rome: “Their designation is a misnomer as they are not a currency but just a commodity used as a speculative asset and as a restricted medium of exchange in very special circumstances, comprising criminal activities or failed states with collapsed institutions.” The ECB does not view cryptocurrencies as a monetary threat since there are consumer protection concerns and the scalability and adoption digital currencies are rather small at present. Constancio expressed his concerns about the disorder that supporting cryptocurrencies may create for the banking industry as a whole, which drives the argument for why cryptocurrencies are very unlikely to become mainstream. “The use of the blockchain by central banks to create digital currency open to all citizens without limits would be really disruptive,” he said. “This would be a radical political choice that could end banking as we know it and is therefore unlikely to happen.” Since the idea behind the blockchain is a decentralized platform to create independence without the need for intermediaries such as banks, they would be driven out of the market if such technological advances were to lead to widespread adoption. According to the Bank of England’s Quarterly bulletin from 2014, the widespread usage and adoption of Bitcoin involves potential risks to monetary instability and the world’s oldest central bank recognizes that they can potentially become obsolete. The central bank recognizes their lack of control over the current users of cryptocurrencies and their ability to influence the interest rate and the money supply of the ‘crypto economy,’ therefore, weakening the monetary transmission mechanism. The central bank has no power and is unable impact demand for this particular group of people, and is more exaggerated the bigger this group becomes. For example, since the Bank of England or any other central bank cannot control the supply or interest rate of cryptocurrencies, they have no tools to influence demand traditionally to stabilize short-term economic fluctuations: “Potential risks to monetary stability would only be likely to emerge once digital currencies had achieved substantial usage across the economy. If a subset of people transacted exclusively in a digital currency, then the Bank’s ability to influence demand for this group may potentially be impaired.” It could also be possible that widespread adoption of bitcoin would prompt the central banks to engage in open market purchases, similar to how they influence the prices of stocks and other financial assets, in an attempt to affect demand via the wealth effect. The post Can Cryptocurrencies Drive out Money? appeared first on …

Plus…Can Cryptocurrencies Drive out Money?

The Deutsche Bank Connection

Source : The Deutsche Bank Connection Bankers are flocking to the cryptocurrency industry as both principals and employees of related companies, fund managers, and as individual traders. Amid the rush towards this decade’s green financial pastures, one office of one bank stands out, Deutsche Bank Hong Kong. Deutsche Bank’s foray into investment banking began with its acquisition of Bankers Trust. The firm then proceeded to ditch its conservative German roots, and import the biggest swingers in the industry. A clique of Merrill Lynch bankers were brought in. Their ring leader was Anshu Jain. The culture was cowboy. My Hong Kong summer internship interviews in 2007 illustrates this point. The first round of interviews was in Philadelphia. In my second 2-on-1 interview I met the man who’s team I would intern on that summer. I had just returned from my semester abroad in Hong Kong. He asked me why I loved Hong Kong, and I said I loved clubbing. I then rattled of a list of my favourite establishments. He would later tell me, that’s what sealed the deal for me in his mind. That night I took the whole Deutsche contingent to my favorite dingy Philly late night EDM club. It got messy. In 2007, financiers thought they were gods. Hong Kong has never regained the energy I felt that summer. I interned on the Equity Derivatives sales desk. HR nicknamed this desk the Snake Pit, because of the aggressive personalities that worked there. The 2008 graduate training program in London featured similar aggressiveness. Deutsche offered an all expense paid trip to London for three months for all incoming graduates. The Japanese grads were the most intense. One grad got so drunk, and vomited so hard, he was hospitalised with a broken rib. That is a taste of how the youngins were trained at Deutsche. The firm fostered an aggressive culture focused on partying hard, and making money. Unlike more demure banks, no one at Deutsche was shy as to why they were in the game. Making money was the goal, and no one was censured for being too flashy. As the financial services industry entered a secular decline after the 2008 GFC, Deutsche people scattered to the wind. Deutsche lied to the German regulators about the value of its assets in an effort to avoid becoming recapitalised by the taxpayers. In hind side, that was the dumbest move ever. Their competing American banks gladly took TARP funds, paid huge bonus, and repaired their balance sheets. Deutsche limped along, and is one of the worst performing banks since the crisis. The Deutsche Hong Kong reunion was ignited by Bitcoin. For some reason, this particular office is very well represented in the Bitcoin industry. The individuals I will list all went through the graduate training program, and our Deutsche stints all overlapped. Arthur Hayes, CEO of BitMEX, member of the 2008 graduate class. I worked in Absolute Strategies Group, and then Global Prime Finance as a delta one ETF, futures, and …

Plus…The Deutsche Bank Connection

Regulators Investigate ICO Introduction in Europe

Source : Regulators Investigate ICO Introduction in Europe As Initial Coin Offerings begin experiencing growing pains in the United States, regulators in Europe are just starting to take their stance.  Initial Coin Offerings as Securities As the SEC has pointed out in some different situations, the legality of an Initial Coin Offering is determined through select terminology. The rise of terms like, “App Tokens” […] The post Regulators Investigate ICO Introduction in Europe appeared first on The Bitcoin News – Leading Bitcoin and Crypto News since 2012.

Regulators Investigate ICO Introduction in Europe

Source : Regulators Investigate ICO Introduction in Europe As Initial Coin Offerings begin experiencing growing pains in the United States, regulators in Europe are just starting to take their stance.  Initial Coin Offerings as Securities As the SEC has pointed out in some different situations, the legality of an Initial Coin Offering is determined through select terminology. The rise of terms like, “App Tokens” and  “Token Securities” is convenient because it allows startups to bypass many regulations. Another term for some coins is formally called a “security.” If an ICO falls under the latter definition, it is then required to follow the SEC’s standards. In one of the most significant investigations into an ICO, the SEC confirmed that Swiss-based company, DAO, was trading securities. Because the company had not registered with the SEC using this terminology, as well as having large numbers of American investors, they were subject to investigation. In any case, the DAO imploded before any serious misgivings were dolled out.  The report that stemmed from this investigation, however, was the first broad-stroke in American regulation of ICO’s. It has also sparked the interest of relevant financial, legal, and entrepreneurial parties the world over. European Union Prospectus The current status of the European Union provides particular advantages to ICO’s. Just as in the United States, the benefits arrive bundled in new terminology. According to the EU prospectus regime, if a company is offering “transferable securities,” it is only expected to provide an approved prospectus. Even this prospectuses can be exempt from publication if it follows a series of different options. Offers being made to “qualified investors,” high-denomination securities, and applying for a minimum investment from investors, can legally expedite the introduction of an ICO in Europe. This provides less bureaucratic red tape but, “will turn on the nature of the instrument being offered and will require analysis on a case-by-case basis,” according to the law firm, Latham & Watkins LLP. Compared to other jurisdictions, initial coin offerings made under the EU Prospectus Regime can be advantageous for those looking to generate funds on the continent. European Markets and Securities Authorities The European Markets and Securities Authorities (ESMA) announced to both investors and potential ICOs in the EU on November 13. Both echoed much of the concerns made by the SEC but were naturally more specific to European regulations. Two risks were outlined in regards to investors. The first reminded them of the volatility of any given token, as well explaining the likely chance that an ICO falls outside of EU laws and regulations. Similar to the SEC, the risk of “fraud or money laundering” is also prevalent in the EU sector. ESMA described four key points for firms to be aware of. Companies looking to launch a potential ICO must first ensure that they comply with the Prospectus Directive mentioned above, the Alternative Investment Fund Managers Directive (AIFMD), the Markets in Financial Instruments Directive (MiFID), and the Fourth Anti-Money Laundering Directive. The statements were concluded with “firms involved in ICOs …

Plus…Regulators Investigate ICO Introduction in Europe

<h1>ESMA Highlights Risks Of Token Offering Investments, Urges Regulatory Compliance By Firms</h1>

Source : <h1>ESMA Highlights Risks Of Token Offering Investments, Urges Regulatory Compliance By Firms</h1> On November 13, 2017, the European Securities and Markets Authority (ESMA) warned the public of the risks associated with token offering investments and reminded firms to abide by international and domestic legal requirements.

Why ICO Landscape Has Shifted From ‘Bootstrapped’ Projects

Source : Why ICO Landscape Has Shifted From ‘Bootstrapped’ Projects Of course ICOs are securities! The landscape is changing and becoming more professionalized, but landmines still exist. The post Why ICO Landscape Has Shifted From ‘Bootstrapped’ Projects appeared first on The Bitcoin News – Leading Bitcoin and Crypto News since 2012.

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