16/10/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Fidelity Has Facilitated Crypto Investment for Institutional Investors

Fidelity Investments has announced the launch of the company Fidelity Digital Asset Services. It will now be easier for institutional investors to invest in cryptocurrency. The fact that the financial services corporation handles over $7.2 trillion in client assets and has 27 million customers, is proof of how significant this news is for crypto. Fidelity’s company will offer custodian services for cryptocurrencies as well as crypto trading on various exchanges on behalf of investors, including hedge funds and family offices. Chairman and CEO Abigail Johnson explained that the company wants to facilitate the process of investing in ‘digitally native assets’ like Bitcoin for investors. Although other companies have been developing or have already launched a similar product, Fidelity is one of the first Wall Street companies to officially offer a digital-assets storing service.

2. Rwanda Launches Blockchain-backed Tantalum Tracker

As part of an initiative aimed at obtaining conflict-free minerals, Rwanda has announced today the launch of the first blockchain-backed tantalum-tracking system in the world. The country’s ‘mining boss’ hopes that the project, which is being carried out in collaboration with British blockchain startup Circulor and miner-refiner Power Resources Group (PRG), will reassure investors. PRG has businesses in Rwanda and Macedonia. Rwanda’s Mines, Petroleum and Gas Board CEO Francis Gatare stressed the importance of demonstrating that the country extracts minerals in a more ethical way. Miners want to reduce threats and blockchain’s traceability ability could help them in doing so. Tantalum an element employed in the electronics industry for products such as phones.

3. Hong Kong Regulator Is Looking Into Crypto Laws

The Hong Kong Securities and Futures Commission (SFC) is looking into the issuing of a regulatory framework to apply to cryptocurrency exchanges doing business in the city. The government agency’s Chairman Carlson Tong Ka-shing affirmed that this will increase investors protection. He also added that implementing a ban on the growing industry would not be wise considering how the internet has led to a more borderless world. The best approach would be to create some regulations so that more safety can be brought to the industry. The SFC is being careful in handling the situation as its jurisdiction only covers securities and, therefore, it may be “technically restricted” on a legal point of view. The crypto exchanges operating in the city, BitMEX and Circle included, have all welcomed the news. It was acknowledged that the firms operating in the city are currently unregulated and they will proactively work with the government.

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