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14/02/2018: Biggest Stories in the Cryptosphere

1. South Korea Officially Responds to Previous Petition

The South Korean government has officially responded to the petition signed by almost 300,000 people, calling for authorities not to ban crypto trading. Still, there will be a focus on creating regulations which will make the market more transparent as well as deal with illicit activities. The decision was made public by the Head of the Office for Policy Coordination, Hong Nam-ki, through a video posted online. However, despite the positive news regarding the potential ban, the government has also communicated a difference of opinion among officials. Some agree the government should just regulate the cryptomarket, while others believe there should be a ban. Lastly, strategies to further develop the blockchain industry in the country are also under work.

2. First License Granted in The Middle East Given to Dubai Trading Firm

On Monday, we reported about 50 luxury flats located in Dubai being sold in Bitcoin. Now, more crypto news is coming from the city. Gold investment and trading firm Regal RA DMCC is the first one to receive a cryptocurrency trading licence in the Middle East. The authorisation was granted by the Dubai Multi Commodities Centre (DMCC), which made the announcement yesterday. The company will be allowed to store cryptocurrencies in a vault located in DMCC headquarters. They will be insured, and the vault will not be connected to any network. This decision by the DMCC was motivated by a desire to use technology and innovation to revolutionise the way people do business.

3. Canadian Securities Exchange To Launch Token Fundraising Platform

The Canadian Securities Exchange (CSE) has recently announced the launch of an Ethereum-based securities clearing and settlement platform. Companies will be able to fundraise through debts and equity issuing, using tokenised securities. Investors will receive these securities through Security Token Offerings (“STOs”). The process will be fully regulated, under securities commissions guidelines. It will be the first of its kind in North America. 3D-printing firm Kabuni Technologies Inc., based in Vancouver, has been signed as its first client. It will issue securities tokens which will then be traded on the CSE.

4. Litecoin Could Be The Next Cryptocurrency To Watch

Following the announcement of LitePay, a payment processing startup, being launched in 12 days, Litecoin’s price increased by approximately 30%, amounting to $200, the highest in three years. With a market cap of $11.1 billion, the cryptocurrency is now the fifth largest. The decision to launch LitePay was due to a lack of desire by Bitpay, the bitcoin payment service provider, to accept Litecoin. The main features of the two will be similar. However, some believe the real reason behind the launch is the approaching hard fork (February 19th), which will create Litecoin Cash, as cryptocurrencies will be airdropped in LTC owners’ wallets.

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