16/08/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Thai SEC Approves Seven Crypto Businesses and Reviews Two

Thai Securities and Exchange Commission (SEC) has announced it has granted permission to seven firms to conduct business related to crypto in the country. Five will operate as crypto exchanges. These are Bitcoin Co. Ltd. (BX), Bitkub Online Co. Ltd., Cash2coins Co. Ltd., Group Co. Ltd. (TDAX), and Coin Asset Co. Ltd. Instead, Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM) will operate as cryptocurrency dealers. This is “part of a package of transitional rules governing crypto businesses operating in Thailand prior to the first tranche of regulations that came into force May 14”. Thai SEC also previously stated that the number of ICOs wanting to get a license is growing.

2. US Senate Will Look Into Energy Efficiency of Blockchain

Next week, the US Senate will investigate the energy efficiency of blockchain during a hearing titled “Energy Efficiency of Blockchain and Similar Technologies”. The discussion, which will take place on August 21st, is being hosted by the Committee on Energy and Natural Resources. The committee will attempt to determine what impact blockchain technology could have on electricity and if it can bring any benefit. Energy supply computer systems’ online security will also be a topic of conversation. Despite previous hearings focusing on regulating crypto startups, ICOs, and supply chain potential uses, this is the first time that the main topic is blockchain.

3. BMO Leads Blockchain Pilot For Fixed Income Issuance

BMO Capital Markets has announced that they are working with the Ontario Teachers’ Pension Plan on a new blockchain pilot. In this trial, the two firms are testing the possibility of registering a fixed income issuance on a blockchain-backed platform. During the transaction, of “CDN $250 million] 1-year floating rate Deposit Note”, the Bank of Montreal acted as the issuer while the Ontario Teachers’ as the buyer. This is the first Canadian transaction of its kind. With this system, the participants can view transactions, along with verifying the term sheet and payment amounts. The plan is to reduce costs in areas such as compliance and financial reporting.

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