Wallstreet Crypto King Predicts Arrival Of Institutional Investors

Bart Smith, dubbed as the Wall Street Crypto King reveals that institutional investors will come in crypto space when there is more regulatory clarity in place.

Smith operates Susquehanna International Group that has been investing in Bitcoin since 2014.

The average daily trade of the company is said to be around $200 Million a day on bitcoin futures.

The crypto market can be characterized as volatile and loosely regulate, which implies that majority of the investors in it are individuals who does not worry about compliances issues and stakeholder’s opinions.

There might be some banks who are already getting in to the action early and some venture capital firms but it appears that lack of regulatory clarity is holding up a lot of institutional investors from entering the market.

Securities Regulators In Thailand Sets Guidelines for Digital Asset Industry

Thailand Securities and Exchange Commission has announced new regulatory framework for digital assets in the country.

The said initiative will take into effect later this month.

These regulations will consist of identifying exact number of market intermediaries that will be receiving trading licenses with cryptocurrency exchanges and brokerage firms getting an equal number of allocations.

It was also revealed in the new regulations that 7 cryptocurrencies will be allowed for trading which includes: Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Ripple, Stellar and Litecoin.

The commission states that it considered the cryptocurrency liquidity and consensus credibility to list the coins.

This is a landmark move for crypto space in Thailand, seeing the country completely embrace Blockchain especially in the financial sector.

UK Financial Regulator Advices Banks On “Crypto Asset” Management

UK’s Financial Conduct Authority (FCS) has released a statement outlining a guideline on how to handle the risk associated with “Crypto Assets.”

This statement was release on a letter on its website on June 11.

Jonathan Davidson and Megan Butler, Executive Directors of Supervision states that banks should apply highly individual approach to clients as the risk associated with different business relationships can vastly from one investor to another.

The UK agency suggested a number of “good practice” measures in handling customers who seems to be using cryptocurrencies for illegal activities.

This also applies to customers with non-criminal motives.

FCA suggested a couple of “high-risk” indicators, such as clients using state-issued cryptocurrency, as it might be designed to circumvent international financial sanctions and possessing large amounts of initial coin offering (ICO) tokens due high risk of falling prey to fraud.

South Korean Exchange Rewards Six People For Reporting Fraud

One of the major exchange in South Korean has given out rewards to people who reported cryptocurrency related fraudulent activities.

Their where about 10 cases that were reparted and six of them was selected.

The bounty system in Upbit was initiated last March in its bid of identifying fraudulent schemes related to cryptocurrencies. It is said to be focusing on seeking out multi-level, illegal scams and fake initial coin offering.

Upbit reveals that they have decided users who report fraudulent acts even though some of selected reports lack evidence and will not hold in trial to create a sound cryptocurrency ecosystem.

In addition to the fraud notification system, the South Korean exchange has created a system called World-Check in collaboration with Thomson Reuters, a multinational mass media and information firm.

The system is said to enable users to strengthened KYC (Know-Your-Customers) capabilities.

It seeks to be the trusted and accurate source of risk intelligence.

Binance To Offer Fiat-Crypto Trading

One of the world’s largest cryptocurrency exchange by volume has reveals that it will be allowing fiat-cryptocurrency trading this year through a separate Malta-based exchange.

While some news outlets are erroneously reporting that Binance will be offering fiat-crypto trading it must be noted that Binance will remain a crypto-to-crypto exchange and Fiat-Crypto exchange will only be offered separately in a local exchange opening in Malta which Binance owns.

The said local exchange will most likely offer Euro-BTC pair. Binance CEO Changpeng Zhao last week revealed that the exchange has already opened a bank in Malta, leading the way for the introduction of fiat-crypto paris.

He also reveals doing fiat-crypto trading in Uganda and Asia in the future.

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