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Cryptocurrency Morning Brief

May 22, 2018

  • Ohio may become the latest US state to legally recognize smart contracts and records stored on a blockchain. The Senate Bill 300, amends sections of the Uniform Electronic Transactions act and will include blockchain records and smart contracts as electronic records. A Bill will recognize smart contracts as legally enforceable contracts. Additionally, a Bill includes language that smart contracts may exist in commerce. If signed into law, Ohio would join Arizona with its blockchain technology legislations
  • Virtuse, a Singaporean cryptocurrency exchange, is connecting crypto markets with global financial assets, commodities, government emission allowances and stock indices to eliminate the middlemen and provide transparency to the financial sector. The exchange looks to cut out banks, custodians, brokerage firms and exchange fees which decreases fees for customers and investors. The core innovation of the Virtuse platform is Digital Asset Collateralized Tokens or DACTs which represents an ownership in an asset. For digital assets to be created out of these assets, they must first be tokenized and backed by liquidity and ultimately listed on the crypto exchange platform
  • The US Commodity Futures Trading Commission (CFTC) has issued an advisory statement for listing virtual currency derivative products. The director of the Division of Market Oversight (DMO) has said that the CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations. While the CFTC seems to be supportive of crypto derivatives, the SEC has yet to weigh on whether tokens and cryptocurrencies are securities
  • American aviation company TapJets is considering adding Ripple (XRP) and Litecoin (LTC) to its fleet of payment options. The company inquired about which cryptocurrencies to add via a Twitter poll, and 57,000 users voted. TapJets has said that it is their goal to have these cryptocurrency payments integrated by June first. Further, the company will be looking to add additional altcoins and Verge (XVG) will be one of the cryptocurrencies considered
  • OSA DC, which stands for Optimal Shelf Availability Decentralized, says its system allows major brands and smaller chains to track product stock, inventories and orders with pinpoint accuracy. This technology aims to benefit shoppers as well where a digital assistant can provide details on the product’s origin, ingredients, traceability and price through a tamperproof ledger. The company believes the technology can help shoppers their purchases and reduce domestic waste. The whitepaper claims that 30% of the items bought worldwide never end up being used. OSA DC will be holding an ICO and hopes to reward consumers who make contributions to the network and provide data that help enrich the AI models
  • Spain’s financial regulator has clarified its position on regulated investment funds investing directly in cryptocurrencies. The regulatory body stated that an investment fund registered with the countries National Securities Market Commission can make investments in cryptocurrencies. The law 22/2014 states that investments can be made in closed-end collective investment entities, closed-end investment funds and closed-end investment companies. Registered funds can directly invest in cryptocurrencies, yet the Commission warned that a series of practical problems arise regarding valuation of assets, management of liquidity and the custody guarantee