#CryptoCorner: EU's Financial Regulator to Report on ICO Rules by 2019, Switzerland's Crypto Fund AG Receives Authority as Asset Manager from Financial Watchdog
October 9th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 9, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: EU's Financial Regulator to Report on ICO Rules by 2019, #Switzerland's #Crypto Fund AG Receives Authority as Asset Manager from Financial Watchdog
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EU's Financial Regulator to Report on ICO Rules by 2019, Switzerland's Crypto Fund AG Receives Authority as Asset Manager from Financial Watchdog, UK's Oldest Exchange to Cut Employees as Market Stagnates and Japan's GMO Announces Yen-Pegged Stablecoin for Next Year
Stocks discussed: (TYO:9449)
Reuters reports that the European Securities and Markets Authority (ESMA), the EU's financial watchdog, will assess each ICO individually to see if and how it should be regulated. ESMA chair Steven Maijoor explained the case-by-case basis on which the body would examine each initial coin offering to the European Parliament's economic affairs committee, and that they expect to report on the ICO rules by 2019.
"Some of these ICOs are like a financial instrument. Once it is a financial instrument it comes under a whole regulatory framework. The subsequent question is what do we do with those ICOs that are outside the regulatory world. We will assess that as a board. We expect to report by the end of the year."
In Switzerland, Crypto Fund AG, a subsidiary of Crypto Finance AG, announced today that it has received a license from the Swiss Financial Watchdog. The Swiss Financial Market Supervisory Authority (FINMA) gave the company authorization to act as an asset manager of collective investment schemes, allowing it to "manage and distribute domestic and foreign investment funds to qualified investors and provide investment advice for institutional clients". Jan Brzezek, the CEO and co-founder of parent company Crypto Finance AG, said:
"The FINMA authorization for Crypto Fund AG is a key step for our clients and investors, and for us in becoming a leading provider of digital asset services worldwide."
The U.K.'s oldest crypto exchange, Coinfloor, is laying off most of its staff in the wake of the current bear market, according to the Financial News. Without specifying how many employees would lose their job, Coinfloor CEO Obi Nwosu confirmed to Financial News that the exchange was being forced to make adjustments in response to the state of the market.
"Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies."
Japanese internet company GMO Internet, Inc. (TYO:9449), will launch a stablecoin pegged to the Japanese Yen (JPY) next year, according to an announcement on the company's website. The coin will be called GMO Japanese Yen (GJY), and will be issued in Asian markets by GMO's subsidiary exchange, Z.com. A loosely-translated excerpt from the announcement reads:
"...the "yen-pegged currency" collateralized by the Japanese yen is highly likely to be an ideal currency that combines high creditworthiness and low fee and speed of remittance. By issuing the "yen peg currency", GMO Internet will continue to support borderless transactions with creditworthiness.
Sam Mowers, Investorideas
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