The month in crypto: September 2018
Oct 02 2018 · by Rabbi Ahmed
Category: Market Analysis
What’s been happening this September in the crypto space? Here’s a round-up of the most significant news, updates, and events.
The Iranian government has approved cryptocurrency mining as an industry and is set to develop a regulatory framework for the emerging sector. Following this news, the price of bitcoin soared locally to a record high of 1,020,000,000 Iranian rials (approx. US$24,000 or A$33,600) on Iranian exchange Exir.
While the US Securities and Exchange Commission (SEC) continue to debate on whether or not to support a bitcoin ETF, Canadian regulators have approved a bitcoin mutual fund.
The Ontario Securities Commission (OSC) and British Columbia Securities Commission (BCSC) have approved First Block Capital Inc.’s request to launch a fund that will allow investors to purchase bitcoin through their registered retirement savings plan (RRSP) and tax-free savings account (TFSA).
This month, sources close to Citibank have revealed that the US bank will provide cryptocurrency custody solutions to institutional investors.
A new product called Digital Asset Receipt (DAR) will enable fully insured and regulated crypto investment for institutional investors.
The Winklevoss twins have worked side-by-side with regulators from the U.S. Securities and Exchange Commission (SEC) to create a compliant stablecoin, which has now been approved by the New York Department of Financial Services. The new virtual currency will be backed by investment bank State Street and traded on the twins’ cryptocurrency exchange Gemini.
About the agreement, New York Department of Financial Services superintendent, Maria Vullo said, “These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers.”
Stablecoins have emerged as a clear trend in the crypto space this year. This month, we announced a Bit Trade x Emparta partnership that will see the development and launch of an Australian dollar-backed stablecoin.
The Financial Action Task Force (FATF) is nearing the establishment of a world-wide set of anti-money laundering (AML) standards for cryptocurrencies. The international organisation was founded in 1989 to prevent money laundering and combat terrorist financing.
FATF president Marshall Billingslea reportedly said that a series of coordinated standards to be announced at a plenary in October will close “gaps” in the current global regulatory landscape.
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Trading in bitcoin and other cryptocurrencies is speculative in nature, and comes with inherent risks. The analysis provided by Bit Trade is for informational purposes only, and should not be construed as investment advice.
Category: Market Analysis
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