The top news in the last 24 hours are shown below:
Financial Conduct Authority Next Coin Market Warning
On Wednesday, the Financial Conduct Authority (FCA), a regulatory branch of the UK Government published a notice that refers to suspicions surrounding Next Coin Market, a cryptocurrency trading platform that promises to allow users to trade Bitcoin securely.
Unexpected Bitcoin Whale: North Korea May Own Millions In Crypto
In a recent U.N. Security Council meeting, a panel of industry experts claimed that North Korea could have upwards of $670 million worth of currencies that isn’t the nation owns. This stockpile purportedly includes cryptocurrencies, presumably like Bitcoin and Ethereum. According to the Nikkei Asian Review, which broke this news, the Security Council’s North Korean sanctions team were informed that digital assets “provide the Democratic People’s Republic of Korea with more ways to evade sanctions, given that they are harder to trace,” and are relatively easy to launder across borders and through individuals deemed suspicious.
Samsung Pay Considers Integrating Cryptocurrencies For Its Users
South Korea-based tech giant Samsung is taking bold measures in getting cryptocurrencies to the smartphone ecosystem. Recently, the company launched its Galaxy S10 handset featuring a built-in Blockchain Wallet. Also, Samsung’s proprietary defense platform, Samsung Knox houses the private key for the secure storage of digital assets. Furthermore, Samsung has supposedly partnered with leading blockchain protocols Enjin for its blockchain wallet. In another development, Samsung is likely to integrate cryptocurrencies on its popular mobile payments platform Samsung Pay. Currently, the Samsung Pay payments application has over 10 million active users globally.
Is Morgan Stanley Following Fidelity by Forming New Crypto Initiatives?
Sources close to Morgan Stanley suggest that their clients are growing impatient with the seemingly endless wait for a crypto option. They also said that a small percentage of the company’s clients are always inquiring about their foray into digital assets. Morgan Stanley’s arch rival Goldman Sachs has been more open about its investments in cryptocurrency sector. It has already invested in BitGo and Circle while Stanley hasn’t made any significant moves in the industry yet.
Samsung Unveils Galaxy S10 dApps, Believed to Save the Dwindling Crypto Market
The wallet will also support four decentralized apps (Dapps) at launch. These apps include beauty community Cosmee, merchant payments service CoinDuck, crypto gaming platform Enjin, and crypto collectibles platform CryptoKitties.
Could Institutional Investors Hold The Keys To The Next ”Bitcoin Moon”?
A recent Forbes article by the seasoned journalist Kenneth Rapoza makes the case that a sudden upswing in the price of Bitcoin depends on a potential influx of institutional investors. Specifically, Rapoza makes the case that this might be coming sooner rather than later. Rapoza suggests the price of Bitcoin could be significantly boosted by institutional capital.
Texas Representative Wants to Ban the Anonymous Use of Cryptocurrency
A Republican member of the Texas House of Representatives, Phil Stephenson, has just introduced a bill that would require residents of the state to identify themselves if they wish to use cryptocurrencies. H.B. No. 4371 details that individuals who send and receive digital currencies must be known. Although, if the user happens to use a “verified identity digital currency,” then they don’t have to submit verification to the state.
Niall Ferguson Retracts Critical Appraisal of Crypto and DLT
Prominent British historian and author of ‘The Ascent of Money,’ Niall Ferguson, has retracted the pessimistic assertions that he had previously made with regards to the prospective utilities for Bitcoin and distributed ledger technology. The comments come one month after Ferguson was announced as an advisor to the stable coin Ampleforth.
Indian Crypto Exchange Wazirx Taking Auto-Matching P2P Services Global
Cryptocurrency exchange Wazirx is expanding globally. “While India has a banking ban,” the CEO of the exchange told news.Bitcoin.com, “we realized there’s banking trouble in a lot more countries.” Over 40 cryptocurrencies will be available to all major countries, with the exchange’s auto-matching P2P services to launch one country at a time based on user demand.
South Korean Kakao Corp’s Ground X Plans to Extend ICO After Raising $90 Million
The crypto unit of South Korea’s largest internet conglomerate Kakao Corp will repeat its initial coin offering (ICO) after netting $90 million from investors, Bloomberg reported on Mar. 11. Klaytn, the blockchain platform which is the responsibility of spin-off firm Ground X, will now seek to raise another $90 million as soon as this week. In December 2018, Kakao had first announced that it was planning to raise around $300 million through Ground X to develop its token.
SEC Commissioner Hester Peirce: Crypto Markets Should Self-Regulate When Possible
United States Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce has argued in favor of self-regulation for cryptocurrency markets when possible. The commissioner made her remarks during a public talk together with former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler at the MIT Bitcoin Expo 2019 on March 9. The context for Pierce’s comments was a proposal from Gensler that a more robust and unified national level regulatory framework would be desirable. To this, Peirce responded:
“One really important thing to remember is that people regulate each other in their interactions with one another, and that’s the whole purpose of the Bitcoin idea, that it would be a community that would be able to regulate itself. As problems arise, people in that community are thinking about how to deal with those problems. One model would be to have a government regulator, but I don’t think that’s the only model.”
Investment Firm Invesco Launches Blockchain ETF on London Stock Exchange
United States-based investment management company Invesco is launching a blockchain exchange-traded fund (ETF) on the London Stock Exchange (LSEG) today, March 11, financial newspaper Financial Times reports on March 9. Per the article, the Invesco Elwood Global Blockchain ETF will initially be targeting 48 companies involved with blockchain technology. The firms were reportedly selected through a proprietary scoring system developed by crypto investment boutique Elwood Asset Management.
IBM, CUSO CULedger Partner to Develop Blockchain Solutions for Global Credit Unions
Tech giant IBM is partnering with blockchain consortium and credit union service organization (CUSO) CULedger to develop new blockchain-based solutions for the credit union industry. The development was announced in a press release shared with Cointelegraph on March 11. IBM and CULedger will reportedly jointly pioneer solutions using permissioned blockchain networks that will innovate existing business models and processes for credit unions.
Deutsche Borse, Swisscom and Sygnum Partner to Create Compliant Digital Asset Ecosystem
Global market infrastructure provider Deutsche Borse Group, Swiss state-owned telecoms, and ICT firm Swisscom, and Swiss and Singapore-based fintech company Sygnum have entered into a strategic partnership to build out a compliant financial market infrastructure for digital assets. The development was announced in a joint press release published on March 11. The new initiative will reportedly focus on creating a distributed ledger technology (DLT)-based ecosystem to support the nascent tokenized economy, which, the partners contend, “has the potential to reshape global financial markets.”
Dubai Real Estate Giant Emaar to Launch ETH Token, Considers ICO in Europe
Dubai-based real estate giant Emaar has announced plans to launch a token and is considering holding an initial coin offering (ICO) in Europe, English-language local media Arabian Business reports on March 11. Per the article, the token will be developed by Swiss blockchain startup Lykke, and will grant Emaar’s customers, and stakeholders access to the referral and loyalty system across the entire company. Emaar is the largest real estate company in the United Arab Emirates (UAE), responsible for the Burj Khalifa, Dubai Fountain, Dubai Mall, and Dubai Opera.
US Marshals Service Issues Information Request on Management of Forfeited Crypto Assets
United States federal law enforcement agency, the U.S. Marshals Service (USMS), is looking to set up an agent for managing confiscated cryptocurrency, according to public documents released on March 5. The USMS has recently published two draft documents including a Request for Information (RFI) for legal procedures of the management and disposal of forfeited crypto assets.