Cryptocurrencies are rallying across the board following news Morgan Stanley is considering launching Bitcoin Swaps products for clients
Sep 13, 2018
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- All crypto exchanges and banks with cryptocurrency services in Mexico will be required to receive a permit from the Bank of Mexico, according to a letter published in the Mexican government’s Diario Oficial de la Federacion. The letter goes on to say that companies interested in receiving a permit must submit to the Bank of Mexico a detailed business plan with a full description of their operation, the fees they plan to charge, and they system they will use to verify customer’s identities.
- Cryptocurrency exchange OKCoin announced Wednesday of an expansion of token-to-token trading into twenty new US states. Vice President of Marketing at OKCoin, Jim Nguyen, said that OKCoin has worked closely with state regulators to abide by federal and state laws in solidifying this expansion.
- Experts are concerned with the impact stablecoins could have on cryptocurrency markets, according to a report by Bitcoinist. Mainly, experts are concerned of the impact partially collateralized stablecoins could have, which are stablecoins not backed fully by reserves. Another point of concern surrounds stablecoins pegged directly to fiat currencies, as the concept strays away from the decentralized ideal cryptocurrencies were founded on.
- A Hong Kong based jeweler, Chow Tai Fook Jewellery Group, will begin to use a blockchain platform to track diamonds. Chow Tai Fook has already placed diamonds on the blockchain platform, which was developed by startup Everledger and secured by IBM’s Blockchain Platform. Already 3,000 diamonds are being tracked with the blockchain platform, all a part of Chow Tai Fook’s T Mark branded stores.
- Japan’s Financial Services Agency (FSA) hosted scholars, lawyers, government officials, and trading platforms in the financial watchdog’s fifth study group meeting on cryptocurrencies. According to a Reuters report, Japan’s FSA is looking to add 12 more members to its team by 2019 to better respond to growth of the cryptocurrency exchange industry. According to a document released after Wednesday's meeting, the FSA is currently reviewing 16 cases for licensed crypto exchanges with 160 more public companies planning to submit applications.
- Morgan Stanley will begin to offer complex derivative products tied to the largest cryptocurency in the world, Bitcoin (BTC), as reported by Bloomberg Thursday morning. Investors will have the opportunity to bet long or short on BTC prices using Morgan Stanley’s new price return swaps. An anonymous individual said the investment bank is already prepared to launch Bitcoin swap trading and it is simply waiting for suffice interest from institutional clients. Morgan Stanley will charge a spread for each transaction.
- The Trustee for Mt. Gox announced corporate creditors can also enter claims to claw back trapped Bitcoin. The online filing system was first opened to individual users on August 23rd. The Trustee will be submitting a statement of approval or rejection to a Tokyo district court for a final decision by January 24, 2019.
- Joint research conducted by the World Economic Forum and Bain & Company indicates that by deploying a blockchain focused on trade financing, global businesses could generate an extra USD$1 trillion that would otherwise be missed out on. The research explains further, citing issues in trade finance that largely arise due to limited access to credit and loans for small and medium sized enterprises in emerging markets.
- US-based venture capital firm, Ribbit Capital, has a goal of raising USD$420 million for its fifth venture fund after the company attracted USD$300 million last year. Founded in 2012, Ribbit’s portfolio is comprised of cryptocurrency industry leaders like crypto exchange, Coinbase, crypto and stock trading platform, Robinhood, and finance company Credit Karma.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio