Key Facts Of The Day 16.08.2018

Investors Are Offered Psychological Help

The past week has become one of the most large-scale losses for the popular cryptocurrency and has led to a significant outflow of capital from the market. This bred panic. Although many experts believe that the market overreacted due to the fact that the Securities and Exchange Commission (SEC) postponed the decision on the approval of bitcoin-ETF.

But all the same, not all investors were ready for this situation. Many Internet users are afraid for their mental health. For example, phones for potential suicides have been published in a popular forum Reddit. Users also posted links to the U.S. Suicide Hotline and the National Alliance on Mental Illness.

One of the reports reads: “If you feel you might be suicidal, and live in the United States, I urge you to call the Suicide Hotline at 800-273-8255 or navigate to for a live chat and additional resources.”

Malta Introduces Virtual Financial Assets Rulebook

The Financial Services Authority of Malta (MFSA) has published a Virtual Financial Assets (VFA) Rulebook. The document refers to the regulation of VFA issuers in accordance with the “Virtual Financial Assets Act” (VFAA). However, representatives of the market reacted rather skeptically to the publication of the rulebook and believe that the document needs to be finalized. The new rules are designed to eliminate legal uncertainty and improve the investment climate in the country. Currently, the MFSA is developing rules, which will complement the VFAA. The law regulates the scope of the ICO. In particular, the document obliges each ICO project to publish a white paper. It should describe in detail every significant aspect of the project that prepares for fundraising. In addition, ICO startups should publicly disclose their financial data.

WHY IS IT IMPORTANT?

1. The Government of Malta notes that legal norms combined with two other laws are aimed at ensuring openness and transparency of the market, protection of consumer rights and industry.

2. Malta is called "blockchain island" for the reason that this country adopts laws and initiatives that promote developing digital currencies on its territory. The state has already attracted several large crypto exchanges, including two largest trading platforms - Binance and OKEx.

Thailand Admits 7 Companies to Crypto

The Securities and Exchange Commission (SEC) of Thailand issued seven crypto companies a temporary permit to work legally in the country. The regulator is still considering their applications for a license. Other companies wishing to work with crypto assets in the country should apply for SEC approval and, before obtaining a license, they do not have the right to start operations.

WHY IS IT IMPORTANT?

1. Earlier, the Thai regulator reported that already 20 companies had applied for a license to work as crypto exchanges.

2. Also, the regulatory regime for ISO is being introduced in the country. Thai projects prior to launching should receive an approval from one of the special portals that will act as financial advisors for issuers of tokens. The portals will monitor compliance with the rules of KYC (Know Your Customer). After the approval, the ICO must receive a SEC authorization within two months.

South Korea Invests in Blockchain

The government of South Korea plans to invest more than $880 million (1 trillion won) in accelerating the development of innovative technologies next year. Investments will be directed to blockchain technology, artificial intelligence (AI) and Big Data.

WHY IS IT IMPORTANT?

1. The government wants to focus on the promotion of big data, AI and on the development of blockchain technology to ensure the security of data management.

2. South Korea is seriously engaged in the introduction of blockchain technology and cryptocurrency. This is confirmed by the large investments that the authorities intend to send in this sphere. In addition, South Korea opens industry research centers, which are designed to provide a comprehensive analysis of the cryptocurrency market in the country and abroad.

3. In July, it also became known that the Financial Innovation Bureau (FIB), a government structure within the Financial Services Commission (FSC), will appear in South Korea. The Office will be responsible for creating policy in the field of сryptoсurrency, fintech and Big Data.

Ripple Enters Chinese Market

The Ripple company announced its intention to bring the business into the field of cross-border payments to the Chinese market. This has been told by the Vice President of EU strategic accounts Jeremy Light to CNBC. The company plans to introduce DLT-technology to accelerate its cross-border payments. According to Light, China is a "country and region of interest” for the development of the crypto industry.

WHY IS IT IMPORTANT?

1. Ripple technology, which is basically a network of electronic money transfers, is universal. It can be set to operate with various types of currencies, including cryptocurrencies and other exchange services (for instance, credit cards, gift cards or certificates, a system of user points), between client devices or external systems in different areas, regions or jurisdictions.

2. In spring this year, the head representative of Ripple in Asia-Pacific region, Sagar Sarbhai, has already reported about the company's intention to enter the Chinese market. According to him, Ripple discusses issues of cooperation with public services and financial institutions of China, tries to settle regulatory and legal relations, and also demonstrates the possibilities of new payment technologies.

At 18:30 (GMT+1) total cryptocurrency market capitalization stands at $208,9 billion

Bitcoin (EXANTE: Bitcoin) $6446 (-1,79%)

Ethereum (ETH/USD) $293 (-2,27%)

XRP (XRP/USD) $0,29 (+0,56%)

Bitcoin Cash (EXANTE: Bitcoin.Cash) $532 (-0,34%)

EOS (EOS/USD) $4,74 (-2,0%)

Ethereum Classic (+18,54%) showed the best growth in the top-10

Ontology (+27,87%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $13,07 (-0,91 billion per day)

Mining Profitability

BTC $2,3 for 10 TH/s

ETH $0,21 for 10 MH/s

BCH $0,24 for 1 TH/s

LTC $3,1 for 1 GH/s

DASH $0,09 for 1 GH/s

Ongoing ICOs:

Expected ICOs:

Click here for the full list of ongoing ICOs.

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