11/07/2018: Biggest Stories in the Cryptosphere

1. CEZA Accepts First Crypto Exchanges For Economic Area

Back in April, we covered the government of the Philippines’ decision to create a designated economic area for blockchain and virtual currencies companies to operate in. The project is being overseen by the Cagayan Economic Zone Authority (CEZA), which also provides the regulatory framework to follow. It has now been revealed that three crypto exchanges have received their licenses. One of them is Hong Kong’s Golden Millennial Quickplay Inc. Ltd. (GMQ). The second one is also from Hong Kong, while the last one from Thailand. The three exchanges are the first to be accepted from a pool of 70 applicants and have all committed to $1 million in investments each (part of the agreement). CEZA expects to raise $3 million in investments.

2. South Korea Wants To Regulate Crypto, ICO, And Blockchain

South Korean lawmakers want to create regulations for cryptocurrencies, initial coin offerings (ICOs) and blockchain. A bill is currently being drafted and will be presented during an extraordinary session at the National Assembly, which will take place from the 13th to the 26th of July. Members belonging to different political parties are all actively interested in the matter. It has not been determined yet if the proposal will become law straight away. Indeed, the topic still divides opinions and there are more important political and economic issues which have a higher priority. During the event, there will also be a policy debate on ‘the security of domestic crypto exchanges’ hosted by Liberty Party Korea (LPK) Representative Song Hee-kyung and the Korea Internet and Security Agency (KISA).

3. Wall Street Trader Says Bitcoin Is Still No1 Crypto Investment

Bart Smith, Susquehanna International Group Head of Digital Asset, said that Bitcoin is still the best choice in terms of cryptocurrency investment. He shared his thoughts during the CNBC’s Fast Money. Smith explained that Bitcoin is a coin that “you can actually use today and that people are functionally using”, and, therefore, represents a more solid investment. Despite the decrease in price, this is still an advantage it has over other cryptocurrencies. Furthermore, last year, Bitcoin futures were also issued. He went on to say that the amount of people sending money abroad is significant. However, intermediaries such as Western Union or banks, in general, are slower and more expensive when compared to Bitcoin.

4. Crypto Company Launches Euro-Pegged Cryptocurrency

The crypto company Stasis has issued a cryptocurrency called EURS which is pegged at 1:1 against the euro. The reserves are periodically verified and this ensures that any amount being issued can be backed. The coin was launched at the Malta Chamber of Commerce buildings. On the same occasion, Prime Minister Joseph Muscat announced the new crypto and blockchain regulation. Stasis CEO Gregory Klumov revealed that institutional investors were especially interested in the stable cryptocurrency. Investors wanting to reduce the volatility of their portfolios are also looking into the coin, as it speeds up their transactions timings when taking part in ICOs.

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