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Austrian Financial Authority Calls for Crypto to Be Treated Like Securities

Board directors of the Austrian Financial Market Authority (FMA) are proposing tighter cryptocurrency regulations, reports a Dutch news outlet. The proposals are driven by Klaus Kumpfmüller and Helmut Ettl who are asking for a threshold dependent requirement of 2 million euros for ICO’s. Distributors of cryptocurrencies will come under the current legislation for securities. Austria …

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Board directors of the Austrian Financial Market Authority (FMA) are proposing tighter cryptocurrency regulations, reports a Dutch news outlet.

The proposals are driven by Klaus Kumpfmüller and Helmut Ettl who are asking for a threshold dependent requirement of 2 million euros for ICO’s. Distributors of cryptocurrencies will come under the current legislation for securities.

Austria has been considering regulating cryptocurrencies for some time along with its European neighbors, most of who are at different stages of applying tighter rules for digital currency in their jurisdictions. This drove Austria to use the model for its existing rules applicable to the trading of gold and derivatives as there is a lack of an active system relating to cryptocurrencies in place. The government’s main concern is curbing the use of cryptocurrencies for money laundering,

Ettle complained that there were no existing regulations on cryptocurrency in place, as there were with financial institutions, and he says that this should change, arguing, “For the purchase and sale of foreign currency you need a mini-bank license.”

In the absence of restrictions in Austria concerning cryptocurrency, the FMA submitted around 30 statements regarding suspected legal violations in connection with cryptocurrencies and ICOs to the public prosecutor’s office last year.

Change has been made more difficult due to accusations by the FMA that Austrian Finance Minister Hartwig Löger has plans to strip them of some of their authority for lack of “regulatory responsibility at the ministerial level,” according to the minister.

However, Loger and the FMA do agree on aspects of regulatory control when it comes to cryptocurrencies with FMA board members participating in a Fintech Regulatory Council, earlier proposed by the minister. Such a body is sure to address FMA’s major concerns which center around money laundering concerns.

Austria’s National Bank governing board member Kurt Pribil caused a stir earlier this year when he said, “Bitcoin etc. are by no means currencies, because there is definitely no real value,” adding, “Shares and bonds are also volatile, but there are values behind them – there is only greed and the principle of hope behind bitcoin.”

 

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Blockchain Technology Will Accelerate Space Exploration

Blockchain technology will accelerate space exploration by making the supply chains which produce the components for space missions more efficient. The National Aeronautics and Space Administration (NASA) is embracing blockchain technology, which will eventually result in the shortening and strengthening of space exploration supply chains. Space exploration is extremely expensive, with NASA alone spending approximately …

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Blockchain technology will accelerate space exploration by making the supply chains which produce the components for space missions more efficient. The National Aeronautics and Space Administration (NASA) is embracing blockchain technology, which will eventually result in the shortening and strengthening of space exploration supply chains.

Space exploration is extremely expensive, with NASA alone spending approximately USD 1.32 trillion when adjusted for inflation since its inception in 1958. And this is only the money that NASA spends on space exploration, not including the expenditures of the European Space Agency, Russia, China, or private corporations like Space-X, which also have major space programs. So far, mankind has only managed to get to the Moon, the closest celestial body by far. Costs will go up dramatically for interplanetary and interstellar exploration.

The reason space exploration is so expensive is that it requires many complex pieces of technology to make a mission successful, such as spacesuits, rockets, laboratories and spacecraft. These complex pieces of technology require materials from all over the planet during the manufacturing process, and this is where blockchain would be extremely useful.

With a blockchain-based ledger, materials for space exploration can be tracked in a transparent and immutable ledger. Even the most powerful computers in the world can’t hack a blockchain ledger, so this ledger would produce trust between manufacturers, distributors, and clients. The blockchain-based ledger would reveal inefficiencies in the space exploration supply chain, allowing NASA and other organizations to cut out unnecessary middlemen, shortening the time needed to produce space technology in addition to saving money. Also, any fraud in the supply chain would be obvious and easily traceable, and therefore could be eliminated.

A single missing component can stall the launch of a space mission, costing it dearly if the mission misses its launch window and has to wait for long periods for the next window – a possibility for interplanetary missions. If every component is tracked in a blockchain ledger, it would help ensure every component is in place so missions can launch on schedule.

 

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Bitcoin and a new Quarter – More of the Same? – Yahoo Finance


Yahoo Finance

Bitcoin and a new Quarter – More of the Same?
Yahoo Finance
Bitcoin gained 2.95% on Saturday, following Friday’s 6.12% rally, to end the day at $6,391.6, taking Bitcoin to a 3.96% gain for the current week. Friday’s late in the day rally spilled over to the early hours of Saturday morning, leading Bitcoin


Yahoo Finance

Bitcoin and a new Quarter – More of the Same?
Yahoo Finance
Bitcoin gained 2.95% on Saturday, following Friday's 6.12% rally, to end the day at $6,391.6, taking Bitcoin to a 3.96% gain for the current week. Friday's late in the day rally spilled over to the early hours of Saturday morning, leading Bitcoin ...

World’s leading Blockchain technology experts to come together at Japan Blockchain Conference

The Blockchain Conference of 2018 was held in Tokyo, Japan, at the Tokyo International Forum, from June 26th through the 27th. Organised by the General Incorporated Association Global Blockchain Council, the event was one of the biggest blockchain conferences in Japan, housing some of the biggest names in blockchain business, including Sam Cassatt, the Chief …

The post World’s leading Blockchain technology experts to come together at Japan Blockchain Conference appeared first on BitcoinNews.com.

The Blockchain Conference of 2018 was held in Tokyo, Japan, at the Tokyo International Forum, from June 26th through the 27th. Organised by the General Incorporated Association Global Blockchain Council, the event was one of the biggest blockchain conferences in Japan, housing some of the biggest names in blockchain business, including Sam Cassatt, the Chief Strategy Officer (CSO) for ConsenSys, the founder of bitcoin.com, Roger Ver, and the co-founder of Galaxy Digital, David J Namdar, will be among the big names attending the conference.

Who is Sam Cassatt?

Sam Cassatt previously worked as the CTO of Atmospheir, a mobile identity company and volunteered with Engineers Without Borders in South Africa, and currently works as the CSO for ConsenSys, who lead the development of the Ethereum ecosystem. His previous experience in venture capital, software development methodology, enterprise architecture and growth strategy, Cassatt is a vital piece of the company-wide strategy in the fast paced blockchain economy. As well as his role as CTO, he also advises several businesses in the technology space as well as a member of the investment committee at Venture One.

Who is Roger Ver?

Roger Ver found initial success in Silicon Valley, founding several companies, eventually moving onto Bitcoin in 2011. Ver was the first person in the world to invest in bitcoin related business startups, way ahead of the traditional capital firms became involved. Alone, Ver helped to fund the whole of the first generation of bitcoin businesses, and has current investments in bitcoin.com, blockchain.com, bitpay.com, kraken.com and various other companies.

Who is David J Namdar?

David J Namdar is a co-founder of, and currently serves as the Head of Digital Assets for Galaxy Digital. His previous experience includes a decades worth of international business and financial market experience, and has been involved with small start-ups to large corporations. Namdar has also had experience in private and public equities, derivatives, and foreign currencies and in using fundamental and quantitative analysis to invest on a global scale. His expertise in blockchain technology, currency investments, and the emerging decentralised economy has helped him to land where he is today.

Conference Overview

Organizer

General Incorporated Association Global Blockchain Council

Dates and Times

9:00-18:00, June 26 (Tue.) – 27 (Wed.), 2018

Venue

Hall E (1) + (2) of Tokyo International Forum

5-1, Marunouchi 3-chome, Chiyoda-ku, Tokyo 100-0005

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Crypto Week In Review: Institutional Investors are On-Boarding, Bithumb Recovers $16 Million

The week did not leave much to be desired for, with the market seeing a variety of positive institutional news amidst volatile price movements. Institutional Investment Dominates The News Cycle The presence of traditional institutions has been an important topic of discussion in the cryptocurrency community. Many analysts expect that widespread institutional investment will usher in

The post Crypto Week In Review: Institutional Investors are On-Boarding, Bithumb Recovers $16 Million appeared first on NewsBTC.

The week did not leave much to be desired for, with the market seeing a variety of positive institutional news amidst volatile price movements.

Institutional Investment Dominates The News Cycle

The presence of traditional institutions has been an important topic of discussion in the cryptocurrency community. Many analysts expect that widespread institutional investment will usher in a new level of cryptocurrency adoption and innovation, quickly reaching and surpassing all-time highs.

Announcements made this week have shown the growth of the institutional environment around cryptocurrencies and related technologies.

Circle Sees 30% Growth in Investment On OTC Trading Service

Despite worrying prices, Circle has recently announced growth statistics for its OTC trading platform, meant for institutional investment.

The figures which Circle announced took many by surprise, with the Goldman-Sachs backed company seeing a 30% increase in institutional investors joining its platform in May alone. Due to this large influx of customers, Circle has been making moves to improve its service, offering support for high-frequency trades and larger orders.

Jeremy Allaire, The CEO of Circle, said:

“A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.”

Additionally, Circle has seen a 15 times increase in volume in comparison to one year ago, with the platform facilitating $2 billion worth of trades each and every month.

Blockchain Launches Versatile Platform Aimed At Institutional Investors

Blockchain, the popular cryptocurrency infrastructure provider, has just revealed the creation of Blockchain Principal Strategies (BPS). BPS, run by experienced analysts, managers, and traders from well-known financial establishments, is aimed at supporting firms joining the space. The platform is expected to offer research services, high-liquidity OTC trading, and early-access to ICOs.

Peter Smith, CEO at Blockchain, hopes that this new product will help to fill a growing gap in this “immature” institutional investment environment.

And many think it will, as BPS offers services that will become increasingly important as the market continues to expand, drawing the interest of Wall Street.

Andreessen Horowitz Launches $300 Million Crypto Fund

Andreessen Horowitz, a world-renowned venture capitalist firm, has just publicized that it has raised $300 million for investments in the cryptocurrency space.  The VC fund plans on investing in a variety of cryptocurrency projects, from large names like Ethereum to newer coins which have potential.

Charles Dixon, a general partner at AH, expressed the firm’s hopes for the industry, stating:

“We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more, There’s potential in the technology, and some of the downturns can be the best investments.”

It is widely expected that this fund will be the first of many, with many other venture capital firms expected to follow suit, issuing similar investment strategies.

Market Sees Tumultuous Week Of Gutwrenching Price Action

Last week saw the $30 million hack of Bithumb, leading to a rapid move downwards, with Bitcoin quickly losing 3%. Although Bithumb recently announced the recovery of half of the lost funds, bearish sentiment has remained. 

Bitcoin has hit $5800 multiple times throughout the week, finding some resistance on those levels. Ran Neu Ner, the founder of OnChain Capital, has called for a further short-term downtrend, seeing $5350 as the next level on the way down.

Chart Courtesy Of TradingView

However, Bitcoin has recently bounced off the $5800 price level, seeing an unexpected $600 surge coupled with a bump in trading volume. At the time of writing, it is still unclear as to what caused such a price movement. Some think its the notorious ‘Bart Simpson’ pattern, where Bitcoin sees a quick move upwards, followed by a move down, ’emulating’ the hair of the popular T.V. character.

However, others think that Bitcoin is beginning to break from bearish price movements, finding support at $5800 and bouncing off the lows.

Whether it be a reverse in technicals or an increase in positive fundamental news, things may be beginning to look up for the industry, which has been continually beaten down for months.

 

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What Does Crypto Care if Zooko Is a Millionaire?

The creator of zcash has prompted controversy after revealing details about his salary at a conference focused on the privacy-centric blockchain tech.

The creator of zcash has prompted controversy after revealing details about his salary at a conference focused on the privacy-centric blockchain tech.