SEC Suspends Trading of Three Companies With Ties to Cryptocurrency

SEC Suspends Trading of Three Companies With Ties to Cryptocurrency

The U.S. Securities and Exchange Commission (SEC) has suspended trading in the stocks of three companies with ties to cryptocurrency. One of the three is also planning an initial coin offering. The SEC says it is concerned about the nature of the companies’ business operations and the value of their assets.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

SEC Suspends Trading of Three Stocks

The SEC has “suspended trading in three companies amid questions surrounding similar statements they made about the acquisition of cryptocurrency and blockchain technology-related assets,” the agency announced on Thursday. They are Cherubim Interests, PDX Partners, and Victura Construction Group. The three stocks are traded over-the-counter, with a market capitalization of less than $5 million each, according to Factset. The suspension is temporary, beginning on February 16 and ending on March 2.

SEC Suspends Trading of Three Companies With Ties to CryptocurrencyThe agency stated that the three companies issued press releases claiming that they have “acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology, among other things.” However, the SEC says there are questions regarding the nature of the companies’ business operations and the value of their assets.

In addition, Cherubim Interests also announced that it will launch an initial coin offering (ICO). The trading suspension of this company’s shares is also due to its delinquency in filing annual and quarterly reports with the Commission.

Acquisitions and ICO

The three companies’ press releases list the same chief executive officer, Patrick J. Johnson, “who played for the Oregon Ducks and the Baltimore Ravens in the NFL,” wrote the Oregonian.

SEC Suspends Trading of Three Companies With Ties to CryptocurrencyJohnson told the publication that PDX Partners makes iPhone apps, adding that last month the company “acquired $350 million in assets belonging to a private equity firm called NVC Fund Holding Trust, whose portfolio includes ‘cryptocurrency and business financial services’.”

Cherubim Interests and Victura Construction Group have also made similar acquisitions. Furthermore, the former announced on January 3 that it has “executed a financing commitment of $100,000,000 to launch [an] initial coin offering for The Self Sustaining Intentional Communities Coin (Symbol SJT),” adding that “The sale of the coins will generate the capital to create self-sustaining intentional communities across the US and across 57 nations.”

Regulators’ Warnings

In August of last year, the SEC issued an Investor Alert about public companies making ICO-related claims. “The SEC’s Office of Investor Education and Advocacy is warning investors about potential scams involving stock of companies claiming to be related to, or asserting they are engaging in, Initial Coin Offerings (or ICOs),” the agency wrote, adding that “Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams.”

The SEC’s action against the three companies come at the same time another US regulator, the Commodity Futures Trading Commission (CFTC), issued a warning about dump-and-pump schemes involving “thinly traded or new ‘alternative’ virtual currencies, digital coins or tokens.”

What do you think of the SEC’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and SEC.


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Several States Spearhead Bitcoin Adoption in the U.S.

Several States Spearhead Bitcoin Adoption in the U.S.

U.S. states with positive attitudes have advanced towards bitcoin legalization – a process that a growing number of elected officials consider inevitable, if not desirable. Numerous crypto-friendly bills have been introduced, and some of them have received approval in committees and houses of state legislatures. One wouldn’t necessarily think of states like Arizona, Tennessee, and Wyoming as the backbone of a great nation’s economy. How about… pioneers of its future development?

Also read: US Regulator Warns Against Pump-and-Dumps and Advises How to Buy Crypto

Bitcoin Doesn’t Stink – Arizona Will Take It

For some time now legislators in the Grand Canyon State have been thinking how to facilitate residents receiving incomes and profits in cryptocurrency. If bitcoin is good for ordinary citizens and businesses, it should be good enough for the state coffers, local lawmakers have decided. Last week Arizona got closer to accepting cryptos as legal tender for taxation purposes.

Several bills recognizing coins as currencies have been making their way in the State Legislature, as news.bitcoin.com reported. Two of them, SB1091 and SB1145, were aimed at regulating tax payments with digital currency. The SB1091 draft, sponsored by four Republican lawmakers, was endorsed by the Senate on February 8, with a 16 – 13 vote, after passing the Finance Committee in January. If the bill is adopted by the House, Arizona will become the first U.S. state to accept taxes in cryptocurrency in just a couple of years. The new law states:

A taxpayer may pay their income tax liability using a payment gateway, such as bitcoin, litecoin or any other recognized cryptocurrency, using electronic peer-to-peer systems.

It then clarifies that the Department of Revenue “shall convert cryptocurrency payments to United States Dollars at the prevailing rate after receipt and shall credit the taxpayer’s account with the converted dollar amount actually received, less any fees or costs incurred for conversion”. A similar bill was voted down in New Hampshire two years ago with concerns that the state would have to bear responsibility for converting the cryptos on volatile markets. Its sponsor, NH State Representative Eric Schleien (R), explained that there would be no cost and no risk to the state, as conversion would be automatic.

Several States Spearhead Bitcoin Adoption in the U.S.

Another draft law, HB2601, is expected to regulate crowdfunding through initial coin offerings in Arizona. Its first reading in the House of Representatives is scheduled for June 2, 2018, and the second reading should take place on July 2. It is sponsored by Representative Jeff Weninger (R) who is also among the authors of the tax amendments. Recently, he told Fox that state legislators want to “send a signal to everyone in the United States that Arizona is going to be the place to be for digital currency technology”.

Others Have Taken the Same Road

Tennessee is another state that may soon legalize cryptocurrencies and crypto payments. A proposal to do that has come with a bill that would officially recognize cryptocurrency financial transactions and smart contracts in the state. It would also protect ownership rights of information secured on blockchain networks.

We are not just competing with other states in this space, we are competing with the whole world.

That’s what Tennessee House Representative Jason Powell (D) said after a presentation on blockchain technology last month. The Nashville lawmaker also called for adopting a “meaningful legislation” in the Volunteer State, as reported by The Tennessean. “It is really important to say that Tennessee is supportive of this technology and we want to be a leader in this innovation”, Powell added. Local authorities have already indicated that money transmitter licenses will not be required to trade cryptocurrencies in the state.

Wyoming may also become a crypto-friendly jurisdiction and is already taking steps to Several States Spearhead Bitcoin Adoption in the U.S.improve its attractiveness for startups from the sector. Several drafts have been introduced in the state legislature. Respective committees have passed two of them and they are now ready for the House of Representatives.

According to bill 0070, “a person who develops, sells or facilitates the exchange of an open blockchain token is not subject to specified securities laws”, if the token can be exchanged for goods and services. The legislation exempts exchanges from regulations applicable to brokers and dealers. Exemptions for cryptocurrency traders and transactions are also included in a draft to amend the Money Transmitter Act (0019).

Kansas and New Hampshire are two other states that have passed legislation with crypto-related exempts in their money transmitter regulations. In Texas companies are not licensed when offering custodial exchange services to in-state customers, and Montana has no applicable money transmission laws. Authorities in Nevada have promised to create favorable conditions for startups working with blockchain technologies. Most other states have yet to adopt their regulatory frameworks.

Do you think that positive moves towards legalization in individual states will speed up adoption of cryptocurrencies on federal level in the U.S.? Tell us in the comments section below.


Images courtesy of Shutterstock. 


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US Indices on Course For Full House

Futures Point to Full Week of Gains After Sharp Correction

US equity markets could end the week with a full house of gains as long as indices manage to hold onto the small gains being seen in futures ahead of the open.

This would also bring an end to two shocking weeks for equity markets that saw more than 10% quickly wiped off indices, the first time we’ve seen such a move since the start of 2016. While the prospect of higher yields and interest rates, combined with a surge in volatility, have been blamed for the decline, the rebound we’re now seeing reaffirms the belief that fundamentals are still strong which should prevent the situation deteriorating further.

There are a few economic releases that traders will likely be aware of as the week draws to a close. The UoM consumer sentiment reading is always an interesting release, given the importance of the consumer to the US economy. Building permits and housing starts will also be released ahead of the open on Friday. The bulk of companies may have already reporting numbers for the fourth quarter but there are still some more to come today, with 13 due to release earnings including Coca Cola and Kraft Heinz.

US Bond Auction TIPS the dollar

Sterling Resilient After Poor Retail Sales Figures

UK retail sales data for January was once again disappointing, providing further evidence that the post-Brexit squeeze on consumers is heaving an economic impact. While this could be partially reversed as sterling continues to rebound off its lows and wage growth picks up to offset higher living costs – assuming it does – we’re seeing few signs that the squeeze is easing and that’s being reflected in the spending figures.

The pound has actually been quite resilient to the data in the aftermath of the release. While it has since declined against the dollar, this has primarily been driven by the bounce in the greenback. The consumer squeeze and economic implications of it are already known and priced in, traders are far more concerned with wages and inflation and the impact this will have on interest rates, which makes the jobs report next Wednesday far more important.

GBPUSD Daily Chart

OANDA fxTrade Advanced Charting Platform

Bitcoin Struggling to Overcome Psychological Barrier

Bitcoin is once again threatening the psychological $10,000 barrier but as was the case on Thursday, it’s struggling to maintain its push above and once again finds itself falling slightly short. While a break above $10,000 should be no more significant than any other, it would appear to represent an end to the plunge in bitcoin that saw it fall around 70% from its mid-December highs and for this reason, it’s proving a difficult hurdle to overcome.

Bitcoin (CME) Daily Chart

Source – Thomson Reuters Eikon

Those expecting a similar response to breaking above $10,000 that we saw last time – a near 100% increase in less than three weeks – may also be disappointed. We’re not seeing the kind of euphoria that accompanied the break at the end of November when the speculative fomo trade was contributing greatly to its meteoric rise. The crash of the last couple of months has made this less of a one-way move and those that got burned may not be so keen to jump back in.

DAX Gains Ground as Dollar Under Pressure

All of this is assuming that bitcoin will break above $10,000 which is far from certain when you consider the gradual – by its own standard – bounce from its lows. This could quite easily be another corrective move and the lows may be tested once again. The absence of a constant negative news flow is helping but whether this can be sustained is debatable.

Economic Calendar

For a look at all of today’s economic events, check out our economic calendar.

US Markets Regain Composure After Rough Two Weeks

Encouraging Gains in US Futures

It would appear stock markets are starting to regain some of their composure following a couple of very volatile weeks in which US indices fell more than 10% from their record highs.

The Dow and S&P 500 both posted more than 1% gains on Wednesday and futures are seeing similar upside ahead of the open this morning. Volatility has remained quite elevated in recent sessions but we are slowly returning to more normal levels and are far from what we were experiencing last week. It would currently appear that last week’s plunge was just a sharp correction in an otherwise bullish market, although it may be too soon to say that with any real confidence.

Dollar Dives on Confidence, No Support from Fundamentals

US Yields Continue to Rise Which Could Make Traders Cautious

I imagine investors will still be somewhat cautious despite the encouraging rebound we’re seeing which will leave markets a little vulnerable to further drops. The fundamental backdrop remains strong but rising yields on the back of higher interest rate expectations does appear to be spooking investors and with the 10-year Treasury now nearing 3% for the first time in four years, any sharp rises may continue to weigh on equity markets.

US 10-Year Treasury Yield (Reuters) Daily Chart

Source – Thomson Reuters Eikon

We have a lot of economic data coming from the US today and while some of these are notable releases, none stand out as being as potentially market moving as the earnings number a couple of weeks ago or the inflation data yesterday. The Philly Fed and empire state manufacturing surveys stand out as notable releases, as does capacity utilization, jobless claims and industrial production but I would expect the impact of these will be minor compared to yesterday’s releases.

CAC Jumps on Strong Corporate Earnings

Bitcoin Nears Important $10,000 Hurdle

As ever, cryptocurrencies remain a hot topic and bitcoin came close to overcoming an important level earlier this morning, only to fall slightly short and pare its gains. The move above $10,000 may not make the headlines that it did back at the end of November and the reaction it sparks may not be quiet as aggressive as the first two weeks in December, but it could be very significant if it manages it.

Bitcoin (CME) Daily Chart

A break back above an important psychological hurdle – a level that only a few weeks ago was regarded as an important support zone – may signal an end to the sell-off in bitcoin, among others, and begin another more promising climb higher. I would be surprised if the move higher is as aggressive as last time as there isn’t the same euphoria this time around and many speculators will have been burned on the way down, but it could be more healthy if, of course, it happens.

Alternatively, this level could mark the peak in another corrective move in bitcoin and trigger more selling, piling more pressure on the cryptocurrency space. Whether this happens or not may depend on whether we can see a period of light negative news flow, with January producing a constant stream of it which weighed heavily on cryptocurrencies.

Economic Calendar

For a look at all of today’s economic events, check out our economic calendar.

Hong Kong Crypto Traders Turn to U.S. Futures Markets

Hong Kong Crypto Traders Turn to U.S. Futures Markets

An increasing number of Hong Kong-based cryptocurrency traders are reportedly turning to U.S.-based bitcoin futures. The shift away from domestic markets has been spurred by a perception that the American futures markets receive greater regulatory oversight than Hong Kong’s unregulated cryptocurrency exchanges.

Also Read: Bank of Thailand Bans Banks From Cryptocurrency Activities

Demand for Exposure to U.S. Bitcoin Futures Markets Surges Among Hong Kong Traders

Hong Kong Crypto Traders Turn to U.S. Futures MarketsThe chairman of the Hong Kong Stockbrokers Association, Gary Cheung, told South China Morning Post that local futures brokers have reported an increase in trading activity on the American futures markets.

Mr. Cheung described the types of cryptocurrency typical traders seeking to access bitcoin futures markets, stating “There are two types of Hong Kong investors who like to trade US bitcoin futures. There are bitcoin miners and other investors who trade bitcoin and want to use the futures products to hedge. The others are normal futures investors who purely want to take profit created by speculative futures trading.”

Gary Leung, the chief executive officer of TD Ameritrade, also attested to the high demand for exposure to U.S-based bitcoin futures markets among Hong Kong-based customers, stating “We have received a lot of inquiries about bitcoin futures since we started operating in Hong Kong last October when the prices were surging.”

Lack of Regulatory Oversight Deters Investors From Local Exchanges

Hong Kong Crypto Traders Turn to U.S. Futures MarketsDue to bitcoin’s juridical status comprising that of a commodity, cryptocurrency exchanges are not regulated by the Hong Kong Monetary Authority – prompting many traders to explore international platforms that are seen to offer greater regulatory oversight than local exchanges.

Benny Mau of China Securities International Finance Holdings outlined the concerns held by many Hong Kong-based traders, stating “Bitcoin and other digital currencies are basically not regulated in Hong Kong because they are traded like commodities. If the digital currency platforms have a problem or are hacked, the investors may suffer losses because the regulators might not do anything for them. This has discouraged many Hong Kong investors from trading digital currencies in Hong Kong.”

“Instead, they’re trading them on the US exchanges, which are regulated. The futures prices may go up and down substantially but investors do not need to think about the counterparty risk or worry about the platforms having a problem. This is why bitcoin futures in the US are more attractive to Hong Kong investors, Mr. Mau added.”

Shifting Market Conditions

Hong Kong Crypto Traders Turn to U.S. Futures MarketsJasper Lo Cho-yan, a senior vice-president at Haitong International, has suggested that shifting market conditions may also be contributing to the perceived migration of Hong Kong traders away from local cryptocurrency exchanges.

“When bitcoin futures were launched last December, the bitcoin price was rising and everyone was optimistic. Now the price has tumbled and speculators may be finding it harder to make money. In addition, many governments are increasing regulation of bitcoin and other digital currencies. This has raised questions about the outlook for the futures products,” Jasper Lo Cho-yan said.

What is your response to the increasing demand for regulated bitcoin futures products among Hong Kong traders? Share your thoughts in the comments section below!


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Fundamentals Remain Positive Despite Sell-Off

Despite the recent fluctuations and concern about major corrections in global equity markets, Craig Erlam, senior market analyst at Oanda, says fundamentals, like corporate earnings, remain positive.

CAC Climbs on Strong German, Eurozone GDP Reports

Futures Higher But Market Remains Vulnerable

Will it be a Valentines Day Massacre for the Dollar?

Futures Higher But Market Remains Vulnerable

Inflation and Retail Sales Data Eyed Markets Gradually Stabilize

US futures are pointing to a stronger open on Wednesday, building on the small gains posted at the start of the week and offering some hope that stability is slowly returning to the markets.

Given the volatility that we’ve seen over the last week or so, which was initially attributed to higher interest rate expectations following the January jobs report, traders will be closely monitoring the US inflation and retail sales releases today. Both numbers will be released shortly before the open on Wall Street and could be the trigger for further volatility, especially if the CPI exceeds expectations.

While the CPI number isn’t the Federal Reserve’s preferred inflation measure – which could impact how traders respond to it – it is released a couple of weeks earlier than the core PCE price index and so is seen as being indicative of inflationary trends. This means markets can be sensitive to the release, particularly during times of increases sensitivity, like we’re seeing at the moment.

DAX Gains Ground on German, Eurozone Growth

Markets Still Appear Vulnerable to Downside Shocks

Volatility has remained since the initial spike last Monday although the VIX has more than halves since then, so things are calming down a little. That said, investors still appear jittery and equity markets remain some way off their highs. Yields are back at last Monday’s levels and have pushed above them in recent days so this blip hasn’t had any lasting impact on medium-term interest rate expectations, although that could change if we see further episodes.

The dollar has been one of the beneficiaries of the recent volatility, with the increased US interest rate expectations lifting the greenback off its lows after months of significant downside pressure. The dollar index rose briefly above 90 late last week before some profit taking set in and while it remains vulnerable to further selling, I wonder whether we’re going to see more of a bounce in the near-term, particularly if we get some decent numbers today.

US Dollar Index (Reuters) Daily Chart

Source – Thomson Reuters Eikon

Will it be a Valentines Day Massacre for the Dollar?

Bitcoin Making Steady Gains But More Pain May Lie Ahead

Bitcoin has been making steady improvements over the last week, having fallen below $6,000 briefly, roughly 70% from its high reached in December. While cryptocurrency enthusiasts will be encouraged by the period of stability in price and gradual gains during that time, I think it still looks vulnerable to near-term pain before a bottom can be claimed.

I think $9,000 to $10,000 will pose some real challenges for bitcoin but if it can overcome these levels, it will be a very encouraging sign for those bullish on the cryptocurrency. Negative news flow has been a major test for bitcoin so far this year and if that keeps coming, I struggle to see how it can gain any real upside momentum.

Bitcoin (CME) Daily Chart

Economic Calendar

For a look at all of today’s economic events, check out our economic calendar.

U.S. Corporate Customers Barred From Bitfinex’s Margin Markets

U.S. Corporate Customers Barred From Bitfinex’s Margin Markets?

Multiple concerned U.S. corporate customers of Bitfinex have posted on Reddit after discovering that they were unable to access the exchange’s margin trading services. Although Bitfinex has previously indicated that it would no longer allow U.S individuals to access the exchange’s services, Bitfinex’s support portal currently states that the restrictions do not affect U.S. corporate customers.

Also Read: U.S. Regulators Send Tether and Bitfinex Subpoenas

Bitfinex Restricts U.S. Corporate Account Holders From Accessing Margin Markets

U.S. Corporate Customers Barred From Bitfinex’s Margin Markets?In recent days, several Redditors claiming to be U.S.-based corporate customers of Bitfinex have complained that they have suddenly found themselves unable to access the exchange’s margin services.

Last year, Bitfinex announced that it would terminate its services to U.S. retail customers in November. However, the company assured corporate customers that “the restriction affects individuals accounts only” – as currently stated by the FAQ section of Bitfinex’s support portal.

Margin Traders Left Unable to Close Positions

U.S. Corporate Customers Barred From Bitfinex’s Margin Markets?One Redditor posted “We’ve had a corporate account with Bitfinex since early 2017 and [are] approved for both exchange, margin, and funding. […] We’ve been making 6-figure trades on margin and currently have 2 margin positions open. On Feb 7th, […] we were locked out of margin trading. No explanation or warning of why our account can’t trade on margin. Worst yet, we can’t manage our margin positions. Not good in this very volatile market. We’ve received a couple of liquidation warning emails as the market dived down yesterday. We sent a support ticket […] and probably over 7 emails. No response from Bitfinex. It appears that they haven’t even opened any of the emails.”

Later that day, a Bitfinex representative called “bill_bfx” contacted the Redditor, stating that the issue had been “forwarded to the team to resolve for you.” Bill_bfx stated that “a US corporate customer […] should not be using margin trading,” however, noted that “if you have open positions it is not acceptable to block you from closing them.”

The Redditor acknowledged the response and stated he would update the thread if his issue was resolved. As of this writing, no indication has been made that the situation has been resolved, despite bill_bfx responding to the Redditor four days ago.

Corporate Customers Seemingly Caught Unaware

U.S. Corporate Customers Barred From Bitfinex’s Margin Markets?Another Redditor posted “I’ve been lending on Bitfinex for a while. Earlier today, the API responded that US users are no longer allowed to take or lend any currency denomination […] I understand that US retail customers cannot use it but I believe the policy did not apply to corporate customers. Has there been a recent change in policy? Will it be permanent or is this a temporary measure?”

As of this writing, the second Redditor has not received a response from Bitfinex, despite directly questioning bill_bfx about the matter on a different thread. Though Bill_bfx did not respond to the Redditor’s query, however, a day later, Bill_bfx did find time to post a sarcastic response to a trollish comment on the same thread.

Do you think that more exchanges will move to restrict access from U.S. customers? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Dubai Issues License to Cryptocurrency Firm

Dubai Issues License to Cryptocurrency Firm

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Attracting Crypto Businesses

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:

To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.

Cryptocurrencies as Commodities

DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:

DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.

Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:

As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.

First License Issued

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe first license for the Free Zone reportedly went to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.


Images courtesy of Shutterstock and DMCC.


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