Day: September 7, 2017

Popular Bitcoin wallet provider, Blockchain has announced a tie-up with Indian exchange Unocoin.

The first registration of a fund manager to operate a bitcoin investment fund in Canada has been approved by the British Columbia Securities Commission. First Block Capital Inc is also registered as an investment fund manager and exempt market dealer in Ontario.

Also read: Bank of Russia Considers It Premature to Permit Digital Currencies, Warns of ICO Risks

Bitcoin Fund Manager’s Registration Approved

The British Columbia Securities Commission (BCSC) announced on Wednesday “the first registration of an investment fund manager in Canada solely dedicated to cryptocurrency investments.” The announcement read:

The BCSC has granted First Block Capital Inc. registration as an investment fund manager and an exempt market dealer in order to operate a bitcoin investment fund.

Canadian investment firm First Block Capital announced the launch of the country’s first bitcoin trust in July. “The Canadian Bitcoin Trust is an open-ended unit trust that enables investors to get exposure to the price of bitcoin without having to worry about buying and securing bitcoin, which has been a challenge for investors,” said co-founder Sean Clark at the time.

The trust can be accessed through funding portal Frontfundr. “The only investments of the Trust will be direct investments in bitcoin,” its listing page describes. Xapo Ltd is listed as the custodian.

Initiative to Attract Crypto Fund Managers

In January, the BCSC launched the Tech Team as part of its fintech outreach initiative to support fintech businesses seeking to offer innovative products, services and applications in Canada.

Zach Masum, leader of the Tech Team encourages potential new registrants or existing fund managers to contact his team “if they are considering pursuing cryptocurrency investments in their funds.” He noted that “the Tech Team can help ensure compliance with securities regulation, which can help save time and potential costs later on.” Commenting on Wednesday’s announcement, he said:

Cyptocurrency investments are a new and novel form of investing in Canada. We have seen from the market and from investors that there is a strong appetite for access to these kinds of investments. This first registration allows access to bitcoin investments, while providing the BCSC with unique mechanisms to monitor operations in a rapidly developing area.

“The conditions of registration imposed on First Block Capital were crafted to give flexibility to allow them to operate under the present regulatory framework,” the Commission detailed, adding that it will give them tools “to evaluate the identified risks of this innovative fund type.”

Provincial Regulatory System

In Canada, securities regulation is independently managed by its 13 provincial and territorial governments, with each having a securities commission or equivalent authority.

There is no regulatory authority at the federal government level. However, the majority of the provincial security commission operates under a passport system, meaning the approval of one commission can easily translate to the others with simple filings. Every province and territory in Canada is part of the passport system except the country’s largest capital market, Ontario.

Concerns over the provincial regulatory system have prompted the federal government to work on establishing a national securities regulatory system. The national regulator is expected to be introduced by June 30, 2018.

The BCSC revealed in Wednesday’s statement that “First Block Capital is also now registered as an investment fund manager and exempt market dealer in Ontario; the BCSC is its principal regulator.”

What do you think of the BCSC approving First Block Capital? Let us know in the comments section below.

The post Canadian Securities Commission Grants Bitcoin Fund Manager Registration appeared first on Bitcoin News.

Ukraine’s justice ministry has begun testing the use of a blockchain to digitally auction seized assets, according to a report.

CHICAGO, Ill. — September 6, 2017 – Sparkle Coin, Inc. today introduced its eponymous cryptocurrency, the first of its kind backed by diamonds, as the initial step toward the company’s goal of creating more efficient global economic growth to promote societal advancement by developing a platform that brings cryptocurrencies into the mainstream business and consumer markets. … Continue reading SPARKLE COIN, INC. LAUNCHES NEXT GENERATION CRYPTOCURRENCY

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$50 mln venture fund will be focused on helping early stage Blockchain based companies.

Following the token sale ban by the People’s Bank of China (PBOC), more than 40 Initial Coin Offering (ICO) platforms are reportedly suspending their ICO services. Banks have also been instructed to stop providing service to ICO platforms. However, some token sale prices have slightly recovered as speculators returned, while many ICO platforms face challenges in refunding investors.

Also read: Four ICO Startups Refund Investors Hours After China Bans Token Sales

40+ Platforms Suspending Services

Following the announcement by the PBOC and six government departments which called for the immediate cessation of all ICO tokens within the country, the National Internet Finance Association of China called for the rectification of 60 ICO platforms, First Financial Daily reported.

On the morning of September 5, the news outlet wrote that “more than half have entered the ‘retreat’ process, delisted the ICO tokens or suspended services.” By 6 pm Beijing time, more than 40 ICO platforms are closing down, according to China Daily. Some have suspended registration while others have permanently stopped operations to varying degrees.

In addition, an insider told a China Securities Journal reporter that the regulators have instructed Chinese banks and payment agencies to immediately stop providing services to ICO platforms, both directly and indirectly. These services include account opening, registration, trading liquidation, settlement and other payment services. Among other measures, transactions in existing personal accounts of ICO platforms should be examined and monitored for anti-money laundering compliance. Suspicious transactions found should also be reported, the regulators said.

Speculators Returned Briefly

Within 24 hours of the PBOC’s announcement, roughly 90% of all tokens were trading downward. However, some prices soon recovered slightly, according to First Financial Daily, adding that the wild fluctuations had attracted speculators to re-buy bitcoin and ether as they tried to bargain-hunt. Although the ICOs were banned, investors still believe in the blockchain technology behind Bitcoin. “I think it is still very reliable, the fall should also rise,” an investor told the news outlet.

The price of NEO (formerly known as Antshares) tokens, for example, fell from $27.14 on September 4 to a low of $19.70 before rebounding to $24.44 the next day. The price was $21.5 at press time.

Similarly, the price of EOS tokens rebounded 44%, after falling sharply to a low of $0.72, to a high of $1.04 before falling again to $0.90 at press time.

Challenges of Refunding Investors

As ICO platforms try to comply with the PBOC’s mandates, some are facing challenges in refunding investors. News.Bitcoin.com recently reported that some platforms started refunding investors hours after the token sale ban announcement.

Xiao Sa, a member of China Science and Technology Financial Law Research Association, explained the potential problems of refunding. He described three situations ICO issuers may be in. If bitcoin or other digital currencies have been raised but no tokens have been issued, refunds can easily be done in the original form of investment. If tokens have been issued but the funds have not been used and there has been no online transaction, he suggested the ICO sponsors take the initiative to disclose the project’s situation and arrange to refund investors.

However, if the fundraising is complete, tokens have been issued and there have been online transactions, the ICO sponsors could repurchase the tokens, he detailed.

What do you think will happen to ICOs with so many platforms shutting down? Let us know in the comments section below.

The post 40+ ICO Platforms Closing in China appeared first on Bitcoin News.

A Russian political group formed by President Vladimir Putin is planning to advance a green-friendly cryptocurrency concept.

Robert Shiller has presented mixed signals about Bitcoin after he called it “the best example of a bubble.”

There are many different interesting developments in the cryptocurrency world to take into account. While most people focus on the Bitcoin and Ethereum price, it is important to keep track of Bitcoin Cash as well. For some unknown reason, its value is currently up by 21.42% compared to 24 hours ago. There have been some recent developments which may have caused this sudden price jump.

Bitcoin Cash Price is Soaring

Ever since Bitcoin Cash was launched, its value has fluctuated quite a bit. During the first few days, the Bitcoin Cash price went as high as $860 – according to Coinmarketcap – and reached a low of $300 not too long after. Those wild fluctuations are to be expected in the early days of a new currency launching. Especially when all Bitcoin holders received an equivalent amount of BCH tokens through their wallet or supporting exchange.

Now that most people are done liquidating their “free’ BCH tokens, the Bitcoin Coin Cash price can start to stabilize. There has been some volatility over the past few weeks, although the value has remained relatively stable around the $585 mark for most of the time. Right now, the same BCH token is worth $683.14, which indicates there is a growing demand for Bitcoin Cash as we speak.

More specifically, this value represents a 21.42% increase in USD value over the past 24 hours. Bitcoin Cash is also gaining on Bitcoin, as it regained 23.72% of its value in this market during the same 24 hours. A pretty interesting development, to say the least. Now that services such as GreenAddress support Bitcoin Cash, it is evident the ecosystem will keep on growing for quite some to come. More support by service providers means BCH is not going away anytime soon, which is a positive sign.

There is also over $1bn in trading volume to accommodate this sudden price jump. Most of that trading volume originates from the Bithumb exchange, which will come as absolutely no surprise. It is not the first time traders on Bithumb are trying to push the price of a specific cryptocurrency up. With over $447m in trading volume, it is evident the Koreans are dictating the Bitcoin Cash price right now. No other exchanges come even close in trading volume, although all platforms maintain the same price, with the exception of Huobi.

People who have held onto their initial Bitcoin Cash tokens will be quite pleased with this news. Given the surge in trading volume, it is certainly possible Bitcoin Cash will surpass $700 sooner or later. Maintaining that high price will be a big challenge, though, as the Bithumb exchange may switch over to increasing trading volume for other currencies in the coming days. There is merit to Bitcoin Cash, mind you, as the block size increase shows there is plenty of room for more transactions on the network.

For the time being, it is unclear what the future will bring in terms of the Bitcoin Cash price. Things are looking pretty positive for now, though. If this value can be maintained, the currency is slowly setting higher lows in quick succession. It is also more profitable to mine Bitcoin cash right now, as the difference is 6.5% compared to mining Bitcoin itself. Rest assured there will be a lot more attention on Bitcoin Cash moving forward, as this price trend may only be a sign of things to come in the near future.

Who is behind a Dubai-based company that allows investors to purchase property with Bitcoin

Israel’s largest bank is working with software giant Microsoft to develop a blockchain-based platform for creating digital bank guarantees.

Ethereum creator Vitalik Buterin has finally begun formalizing his vision for proof-of-stake in a series of long-awaited white papers.