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#CryptoCorner: Regulation in the #UK May Be Years Away, #Barclay's Halts Digital Assets Project, OKEx Lists 4 Stablecoins and Hong Kong Considering #Crypto Regulation

October 15th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - October 15, 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: Regulation in the #UK May Be Years Away, #Barclay's Halts Digital Assets Project, OKEx Lists 4 Stablecoins and Hong Kong Considering #Crypto Regulation

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Crypto Corner

Market Exhibits Growth, Regulation in the UK May Be Years Away, Barclay's Halts Digital Assets Project, OKEx Lists 4 Stablecoins and Hong Kong Considering Crypto Regulation

This week opens with the crypto market showing some improvement over the end of last week. The total market capitalization at press time is $211 billion USD, down from a brief spike up to $221 billion USD earlier today, according to CoinMarketCap. Most of the top 100 coins listed by market cap are in the green today, with Bitcoin (BTC) trading for $6642 USD, Ether (ETH) for $209 USD, XRP for $0.44 USD and Bitcoin Cash (BCH) for $459 USD.

Crypto regulation could take two years to come into being in the UK according to James Kaufmann, the legal director of corporate and insurance law firm Reynolds Porter Chamberlain (RPC). Kaufmann indicates that before regulation can be realized, the Treasury must first assess which aspects of the market need regulation, then proposals must be drafted, and finally a potentially "lengthy" consultation period.

"Even if MP's latest proposals were fast tracked, it could still take years for regulations to cover the UK cryptocurrency market that treads the middle ground between protecting retail participants and allowing the UK's cryptocurrency market to thrive."

However Kaufmann explains that achieving regulation in the crypto market is a laudable objective.

"The race to establish a workable and regulated regime for cryptocurrencies is surely worth winning as their usage becomes more widespread across Europe and globally. The creation of a cryptocurrency trading hub may also have positive knock-on effects for businesses serving these markets, such as brokers, investment banks, and custodians as well as a potential increase in tax revenues for authorities."

Meanwhile, British investment bank Barclay's has put their planned crypto trading project "on ice", according to a report in the Financial News. The report cites two unnamed sources "familiar with the project", who indicated that the digital assets project started earlier in the year has been shelved.

Crypto exchange giant OKEx announced in a support notice that it was listing four new USD-pegged stablecoins to its platform from today (Oct 15) to Oct 16. The new coins will be TrueUSD (TUSD), USD//Coin (USDC), Paxos Standard Token (PAX) and Gemini Dollar (GUSD).

The South China Morning Post reports that Hong Kong's Securities and Futures Commission (SFC) is considering different ways it may regulate the crypto market. The SFC's outgoing chairman, Carlson Tong Ka-shing, told the publication that banning crypto was probably impossible even if it was desirable. He said, however, that regulators had to be vigilant given that crypto doesn't easily conform to old categories.

"We have to carefully consider the regulatory approach for these platforms because they are new technology and may not qualify as securities. They do not fit in the custodian, audit or valuation requirements, for instance, normally expected under the Securities and Futures Ordinance."

Sam Mowers, Investorideas

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