Binance To Start Testing Crypto-Fiat Exchange In Singapore

The largest cryptocurrency exchange in the world in terms of market volume, Binance will be testing Crypto-to-fiat trading in Singapore.

Its CEO revealed this initiative after, apparently leaking the project while speaking in a blockchain event led by crypto assets-specializing firm Cumberland which was also attended by another cryptocurrency disruptor Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini.

The full details of the exchange have not yet been released but since it will be operating out of Singapore it is presumed that digital assets will be paired with Singapore Dollar.

The exchange starts beta testing on yesterday September 18, 2018 and will be launched, if everything goes well, on a later undisclosed date.

It has been widely known that Singapore is one of the most cryptocurrency friendly country in the world and is the third most favorable country for Initial Coin Offering (ICOs) in terms of number of top global ICO projects.

Tim Drapers Predicts $80 Trillion Crypto Market In 15 years

Known Bitcoin Maximalist and Crypto Bull Tim Draper predicted that the crypto market will rebound to $80 trillion within 15 years.

The venture capitalist shared his prediction at the DealStreetAsia PE-VC Summit in Singapore last Wednesday.

He states that the blockchain and cryptocurrencies will have a more profound effect on industries that we would have ever imagine.

He compares the potential of the said industry to the internet boom in the 90’s.

He also sees similar market movements of the internet during its early days in which has experience downward moves in the beginning which is then followed by a recovery.

These periodic crashes are always followed by an even bigger recovery each time.

It seems that the famous Venture capitalist is predicting a similar growth rate of cryptocurrency of that to the internet usage which has increased usage by more than 100 times within a timeframe of 15 years between 1995 and 2010.

Europe Looks Promising For ICO

The European Union is becoming a very good alternative to the United States in terms of Initial Coin Offering (ICO) projects after France passed it what others describe as the most progressive legislation the cryptocurrency community has ever seen.

With this new legislation, Paris might as well take leadership roles alongside Berlin in ICO projects.

As part in making France a very appealing destination for ICO projects, they will enjoy a guaranteed bank account after complying with optional licensing requirements.

They will also be given access to institutional investors such as hedge funds, pension funds and asset managers.

What sets the legislation in France apart is a world first where regulators gives ICO issuers the ability to operate without a license but giving a very attractive incentive if they get the license.

This is very different to America's approach where ICOs have to comply with century old laws that any ways makes the ICO not very viable from business model perspective.

France Passes ICO Legislation

French politicians may have passed into law what many says is the most progressive and the most innovative legislative framework on Initial Coin Offerings (ICOs).

With its passage, makes them the world’s first national legislative body to pass a law on ICOs.

The Autorite des Marches Financiers (AMF), the French equivalent to SEC or FCA will be tasked to assess whitepapers and will decide to provide them with license, Visa and publish them in a whitelist.

The exact requirements by this new law are not fully clear but the aim seems to be permissive as they say the focus is on establishing certain rules of a nature to avoid obvious abuses and ensure investors are well informed and protected.

What makes the law more interesting is the fact that licenses are not required to do ICO.

In this sense regulators would test whether the market would in fact put a premium on the AMF license.

The framework pretty much embrace ICOs with the general idea describable as a voluntary contractual arrangement between ICO issuers and investors but with some oversight by the AMF if they like.

Zimbabwe Finance Ministers Wants To Treat Bitcoin Similar To Switzerland

Mthuli Ncube, Zimbabwe’s new finance minister has suggested that the country should embrace bitcoin at a state level in a manner that is similar to that of Switzerland.

He states that Zimbabwe should be investing in understanding innovations and contemplates that central banks are too slow in investing in these new technologies.

The Reserve Bank of Zimbabwe (RBZ) has meanwhile been taking risk-averse stance on cryptocurrency, banning all domestic banking institutions from servicing cryptocurrency businesses in a similar manner to India and Iran.

Ncube feels that turning away from cryptocurrencies now will mean missing out on the opportunities and benefits that may present themselves in the future.

He states that if other countries sees value in cryptocurrencies perhaps the country should also take a very close look at it and try to catch up and find ways how to understand it, regulate it and leverage it for its benefit.

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