Your Daily Crypto News on Steemit August 03, 2017
Hello Steemians
Your daily Crypto News on Steemit for August 03, 2017
Here you can read every day what is new and happening in the crypto world.
Today's Crypto News Stories:
- Bitcoin.de releases user data to the police
- Central Bank Singapore considering similar regulation like US SEC at token sale
- US stock exchange plans for derivatives trading with crypto currencies
- Nasdaq signs blockckchain deal with Swiss stock exchange
According to motherboard research reports, Bitcoin.de, the largest German Bitcoin trading platform, sent out user data to the police in at least eight confirmed cases without judicial decision.
Bitcoin is still falsely referred to as anonymous in some circles. A few years ago, they thought this was true, but while Data Scientists had searched the data block for data, it was possible to conclude possible connections by linking addresses. Particularly at intersections with traditional systems such as online exchanges, the supposed anonymity becomes brittle - what remains is a half-way (unsafe) pseudonymity.
According to Motherboard court records, the police found in the case of customers of the illegal drug online shop Chemical Love. There should be paid with Bitcoin, whereby the police initiated a backward search.
There were then requests from the police against the German platform Bitcoin.de - which should have been answered quickly. According to the reports, a telephone call should have been used to convince the platform to provide the necessary data for the case, even though it is strictly forbidden to pass the data of the police station, according to Data Protection Officer Johannes Caspar against Motherboard.
As an explanation for the drastic advance of Bitcoin.de, the "trustful cooperation with various authorities" should be mentioned, according to the company spokesman.
Although in all cases according to own statements always a "legitimate interest" before, however, the following facts do not: The police asked because of a certain Bitcoin address with Bitcoin.de, which according to statements at Bitcoin.de should have registered. The platform researched itself, according to motherboard, and for the address clear names, nickname, place of residence, e-mail, telephone number, order quantity, bank connection, account movement, login history and IP addresses. But not only for this one address, but also for seven more.
Many users report that their trust in Bitcoin.de was broken by this story. It is nevertheless understandable that cooperation with the authorities is essential for a functioning legal state.
As an alternative to central Bitcoin exchanges, decentralized exchanges such as https://bitsquare.io/ can be found.
The Monetary Authority of Singapore (MAS) has said that it is to regulate token sales and has announced that it will be handled in parts such as securities.
Depending on the context of the issuance and the respective underlying value, tokens are to be regulated according to securities regulations. A regulatory recall that is very reminiscent of the issued policy on token sales by the US Securities and Exchange Commission (SEC).
The publication of the MAS states:
Accordingly, corresponding token sales would have to issue a securities prospect, just like other financial products or securities, before a token sale occurs. In addition, licensing would have to be sought in order, for example, to offer legal trade to tokens. In the case of violations or non-licensing, penalties are to be expected, according to the Central Bank.
Finally, in its statement, the MAS requires all actors involved in the TokenSales or Exchange platform to seek legal advice in order to meet the required guidelines.
Click the link below to see the full publication from MAS:
http://www.mas.gov.sg/News-and-Publications/Media-Releases/2017/MAS-clarifies-regulatory-position-on-the-offer-of-digital-tokens-in-Singapore.aspx
The Chicago Board Options Exchange (CBOE) has signed a partnership with the Gemini Bitcoin exchange to enable derivatives trading with crypto currencies in the future, according to the Wall Street Journal.
To enable CBOE to launch its derivatives trading, it would like to take advantage of Gemini's data, which has been active on the crypto-currency market since 2015. The CBOE itself wants to start as soon as possible, ideally in this year, with crypto-derivatives.
A comprehensible consideration, after all, derivatives would significantly expand the possibilities in crypto-trading and thus attract a great deal of capital. Financial products with the underlying value of a digital currency could be used to drive hedge strategies, for example, by purchasing short certificates that hedge the portfolio in bearish market phases and reduce volatility. An option that would attract mainly institutional investors.
In addition, however, derivatives can also be used to enable leverage constructions so that the already high volatility would increase further. As a matter of principle, derivative constructions can represent practically everything that is mathematically representable and regulatory-permissible - the imagination is hardly limited.
Accordingly, it is important to wait and see if and when a licensing is issued for the CBOE. If this is the case, this could significantly increase the cash inflow in crypto currencies. It is therefore conceivable that other certificate exchanges and financial service providers will also try to take the new investment class of crypto currencies into their derivatives portfolio and develop corresponding products.
In any case, the odds are not bad for the CBOE, as last week the clearing and trading platform LedgerX has already received permission from the Commodities Futures Trading Commission to settle and retain crypto currency derivatives.
The largest electronic exchange in the US has signed a deal with the operators of the Swiss Stock Exchange for blockchain-based OTC trading.
According to the US Securities and Exchange Commission (SEC), the contract with SIX Swiss Exchange, a subsidiary of SIX Group, was signed on July 26th. Nasdaq itself has been working with the blockchain technology since 2015. Also for the SIX Group the blockchain is no new territory - in October 2016 the group was already researching on a blockchain prototype.
The SEC proposal shows that the Nasdaq and SIX Swiss Exchange cooperation is to further commercialize the block-based Nasdaq financial network:
Click the link below to see the full SEC proposal:
https://www.sec.gov/Archives/edgar/data/1120193/000119312517235667/d430926dex991.htm
Although there is as yet no details about a precise schedule, the news is a clear indication of the aggressive march of Nasdaq towards commercial securities trading via blockchain.
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Lovely regards
@danyelk
👉
Yes, Thanks @danyelk. valuable information given.
Your welcome will do the crypto news every day :)
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