Swiss Legislative Body Approves Acceptance Of Existing Legislation For Cryptocurrencies

It has been reported that the legislative body of the Swiss government has approved a motion to adapt existing legislation for cryptocurrencies regulation.

This development was reported by an online crypto news outlet last March 20, 2019.

The motion was introduced by Giovanni Merlini a liberal assemblyman and acted upon by the Federal Assembly instructing the Federa council to adapt existing provisions on procedural instruments of judicial and administrative authorities.

With this motion these provisions on procedural instruments can then be applied to cryptocurrencies.

The primary purpose of the motion is to close the perceive gaps in protecting cryptocurrency users form illicit activities and to stifle cryptocurrency related risk.

In addition to this the body wants to determine if businesses that are operating as crypto trading platforms should be equated with financial intermediaries and if proven so should be subject to financial market supervision.

Huobi Launches A New Way To trade Cryptocurrencies

One of the largest cryptocurrency trading platform by trading volume in the world, Huobi has recently announced a new way to trade cryptocurrencies.

The initiative is called Huobi Prime and according to Ross Zhang, the head of marketing for Houbi Group, the new platform aims to offer access to new projects that has real potential and help investors to weed out low-quality token offerings.

Using the new platform will enable users access to coins at below-market prices and new projects and digital currencies that is not yet listed in major exchanges.

Projects that will be listed in the platform will undergo three-rounds offering process with diminishing price discounts each round.

It seems that the new platform is set to compete with Binance’s Launchpad which has previously made three successful token sales on its platform with the average of each token sale event not lasting more than one hour.

Kakao Set To Release Its Own Cryptocurrency Wallet

It has been reported that the South Korean internet giant Kakao is set to introduce its own cryptocurrency wallet to its 44 million users of it messaging service.

While this is not a novel idea as other messaging service has already incorporated cryptocurrencies in the platform the prospect of introducing cryptocurrency to the vast majority of its users how have not dived into cryptocurrency is something we cannot ignored.

In fact in 2018 alone Kakao’s payment processing services, Kakao Pay, has processed over 20 trillion Won in transactions which is about 17.7 billion dollars.

The initiative cements Kakao’s place at the forefront of South Korean technology firms that are delving into the blockchain nascent industry.

This is not only the blockchain related initiative of Kakao as there has been news reports in the past that the South Korean technology giant is currently developing is own blockchain which it hopes to release in mid-2019 called Klaytn.

Largest Swiss Online Retailer Starts Accepting Cryptocurrencies

The biggest online retailer in Switzerland has recently started accepting cryptocurrencies as one of its payment options.

Digitec Galaxius AG is an e-commerce giant in Switzerland and have revealed through a published press release that they will be allowing customers to pay for their purchases with Bitcoin (BTC) and other cryptos.

Other digital currencies that are accepted includes Bitcoin Cash ABC, Bitcoin Cash SV, Ethereum, Ripple, BInance Coin, Tron, NEO and OmiseGO.

This was made possible with their partnership with Swiss e-payments company DataTrans AG and crypto payment provider Coinify which will ensure the instant conversion of crypto into traditional fiat currency.

Like many other retailers around the world the company will not accept cryptocurrencies directly rather it will use a crypto-to-fiat system provided by the aforementioned companies to convert crypto payment into fiat instantaneously.

This is to ensure minimal exposure to the risk of volatility of crypto assets.

Square Wants To Hire Crypto Engineers Paid In Bitcoins

It has been revealed that Square is currently seeking to hire cryptocurrency engineers and a designer to work full-time on open sources contributions to the bitcoin/crypto ecosystem.

Those who are interested with the positions will have the option of being paid with bitcoin.

This was according to Jack Dorsey who is the CEO and Founder ofr Square payment startup and Twitter.

Dorsey states that it is a way of giving back to the open-source community that has been instrumental to the success of his companies.

All of the work done by the new hires will be open source and will not be focusing on Square’s own commercial interest but instead will focus on what is best for the crypto community

It is no secret that Dorsey is a bitcoin bull who predicts that bitcoin will become the internet or world’s single currency in the far future.

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