Shanghai Stock Exchange Considers Blockchain
The Shanghai Stock Exchange (SSE), is considering integrating the technology of a distributed ledger (DLT) into its operations. The stock exchange has unveiled a report that outlines how the DLT can be utilized at various stages in the process of transferring of securities, including registering, insurance of the securities, trading operations settlements that are performed following the trade
WHY IS IT IMPORTANT?
- SSE is the 4th largest stock market in the world with the market capitalization $5,12 trillion (as of December 2017). It is controlled and governed directly by China’s Securities Regulatory Commission and is a non-for profit organization.
- However, according to the report's authors, the potential use of a DLT by a Chinese stock exchange may come across some regulatory difficulties - such as engaging in conflict with existing centralized registration system.
- Currently, exchange is using T + 1 model which is providing transactions only a day after the order has been executed. DLT will help to substantially speed up the operations
Korean Crypto Regulation Struggles Continue
Recently South Korea is doing their best to come up with a legislative framework to regulate domestic cryptosphere. South Korean National Assembly, which will startits work tomorrow, will have two weeks to review all proposed bills on the subject. It is still too early to say that some of the leaked drafts that appeared in the media will become full on laws, but at very least the discussions among high-ranking politicians are likely to lead to some form of a conclusion.
WHY IS IT IMPORTANT?
- South Korea is still trying to develop the solid regulatory base for cryptosphere in the country, as domestic crypto exchanges have become regular targets of cyber thieves.
- Earlier in June Bithumb, one of the largest crypto exchanges in South Korea has lost $31M in crypto due to a cyber attack, while several days later another platform Bitkoex, managed to disclose personal data on their clientele over an encrypted working chat.
Saudi Arabia Grants Fintech Licences
Manafa Capital and Scopeer became the first companies in Saudi Arabia to obtain licenses for facilitation activities in fintech field. The country's regulator approved these documents on a pilot basis. The authorization from the Capital Market Authority (CMA) will allow companies to offer investment and crowdfunding services in the country.
WHY IS IT IMPORTANT?
- Since last year, the country's authorities have become increasingly interested in new technologies but still have not expressed an official position regarding blockchain.
- Last year, the Central Banks of Saudi Arabia and the UAE began to test cryptocurrencies for cross-border payments.
India Gives Cryptocurrencies a Second Chance
Indian authorities are not going to impose a complete ban on digital currencies after ongoing disputes. The anonymous high-ranking official, who has access to the primary sources in the government, stated that cryptocurrencies were recognized as commodities during the internal meeting.
WHY IS IT IMPORTANT?
- The situation around digital assets is actively unfolding in India. On one hand, the Supreme Court of India has the ban on local financial companies to conduct transactions with the cryptocurrency in force. On the other hand, the financial situation in the country literally forces its authorities to turn their attention to the ways of extracting profits from working with new instruments.
- The head of the government committee and the secretary of the Department of Economic Affairs Subash Chandra Garg, said that they have almost completed the development of the legal framework for the cryptosphere. These statements, coupled with the insider information, give hope that threats to the cryptocurrencies in India may come to naught.
Malta Becomes First to Introduce ICCO
Malta-based Palladium blockchain startup has announced the launching of Initial Convertible Coin Offering (ICCO). The project is supported by the largest crypto exchange Bittrex, along with the e-games betting platform— Unikrn Inc. The money earned during ICCO will be used to create a new crypto exchange.
HOW IT DIFFERS FROM REGULAR ICO?
-The startup is launching world’s first regulated coin offering with which investors will be able to transfer tokens to the company’s shares three years after the release of the tokens. This is what makes it different from the traditional ICO.
-The pre-sale of tokens is already underway. The main part of the procedure will take place from the end of July until the end of September. Palladium plans to raise $175M (€150M): 35% will go to the crypto exchange creation, which will be controlled by the Malta Financial Services Authority. Half of the raised funds are planned to be spent on the purchase of a controlling stake in one of the European banks, the rest will be spent on investments in blockchain projects and financial services.
At 17:00 (GMT+1) total cryptocurrency market capitalization stands at $245,02 billion
Nuls (+3,41%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11,4 billion (-0,8 billion per day)
Mining Profitability
- BTC $2,9 for 10 TH/s
- ETH $0,33 for 10 MH/s
- BCH $0,24 for 1 TH/s
- LTC $3,9 for 1 GH/s
- DASH $0,13 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 14 July AVINOC
- 18 July Cryptyk
- 20 July Pool of Stake
- 21 July OSA DC (OSA)
- 23 July Casper API