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#CryptoCorner: Hong Kong Regulator Outlines Regulatory Framework for #Crypto, #Bithumb Signs Deal with U.S. Fintech Company, Binance Freezes WEX Funds

November 1st #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App

 

Point Roberts, WA and Delta, BC - November 1, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Hong Kong Regulator Outlines Regulatory Framework for #Crypto, #Bithumb Signs Deal with U.S. Fintech Company, Binance Freezes WEX Funds

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Crypto Corner

Hong Kong Regulator Outlines Regulatory Framework for Crypto, Bithumb Signs Deal with U.S. Fintech Company, Binance Freezes WEX Funds and ConsenSys Acquires Asteroid Mining Company

Hong Kong's Securities and Futures Commission (SFC) released a statement today outlining their new regulatory framework for crypto funds and trading. In short, the regulation will involve the establishment of virtual asset portfolio managers, common regulatory standards, a new licensing process and regulated distribution standards. This is being done to combat the risks that the SFC associates with cryptoassets, including volatility, fraud, cybersecurity, money laundering and terrorist financing. Interestingly though, the SFC concedes that if regulation turns out to be ineffective in protecting investors, they may decide against them.

It may be a possibility that due to the inherent characteristics of the underlying technology or business models of platform operators, the SFC will conclude that risks involved cannot be properly dealt with under the standards it would expect, and that investor protection still cannot be ensured. In that case, the SFC may decide that platform operators should not be regulated by the SFC.

Yonhap News reports that South Korea's biggest crypto exchange, Bithumb, has signed a deal with U.S. fintech company SeriesOne. The aim of the deal is for Bithumb to invest in and provide support for a securities token exchange that SeriesOne plans to establish in the U.S. in the first half of 2019. According to a Bithumb official:

"SeriesOne actively sought to strike a deal with Bithumb after assessing it as the most suitable partner. Bithumb will ramp up efforts to develop into a global financial firm as the blockchain-based asset tokenization is expected to spread globally down the road."

Crypto exchange giant Binance has frozen funds from exchange WEX.nz after claims of money laundering. The move was confirmed by Binance CEO Changpeng Zhao on Twitter on Monday. Responding to a user who claimed Binance was helping to "launder million of dollars worth of stolen funds from Wex users", CZ said:

"the identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE. This is part of centralization we hate too, dealing with other exchange's mess (we don't even know the details). But we will do what we can."

Blockchain software company ConsenSys has acquired asteroid mining company Planetary Resources, Inc. Planetary Resources' CEO Chris Lewicki and General Counsel Brian Israel have joined ConsenSys as part of the deal. ConsenSys founder Joe Lubin commented on the acquisition:

"I admire Planetary Resources for its world class talent, its record of innovation, and for inspiring people across our planet in support of its bold vision for the future. Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution. And it reflects our belief in democratizing and decentralizing space endeavors to unite our species and unlock untapped human potential. We look forward to sharing our plans and how to join us on this journey in the months ahead."

Sam Mowers, Investorideas

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