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Russia: Central Bank Suggests Limiting Sale of Crypto Assets for ‘Unqualified Investors’

The Central Bank of Russia has suggested that the parliament set a yearly limit of $9,100 for crypto assets transactions performed by “unqualified investors.”

The Central Bank of Russia wants to set an annual limit for so-called “unqualified investors” that want to purchase digital assets, local business media giant RBC reported on Tuesday, March 12.

According to the documents obtained by RBC, the bank wants to amend the current draft crypto bill, dubbed “On Digital Financial Assets,” which recently passed a second of three readings in Russia’s parliament, the State Duma.

The central bank’s paper recommends equating investor limits to the ones set in a draft bill on crowdfunding, which is also being reviewed by the Russian parliament. The head of the State Duma’s committee on financial markets Anatoly Aksakov told RBC that the threshold will likely be established at around 600,000 rubles (about $9,100) per year — the same as the yearly investment limit in crowdfunding projects.

If the parliament passes the bill with the central bank’s current recommendations, unqualified investors will still be able to purchase and digital assets that were issued within the country, the report notes. Moreover, investors will be allowed to sell or purchase such tokens without intermediaries.

The Central Bank of Russia considers an investor “unqualified” if they have less than a one year minimum of investment experience. In order to be considered a qualified investor, one needs to obtain a qualification certificate — given they meet the minimum individual investment time requirements — or have at least two years of work experience in a company that is considered a qualified investor by the state.

As per RBC, the government also wants to establish requirements for financial intermediaries involved in crypto asset trading. According to the current version of the draft, banks, depositories and stock exchanges will be obliged to track all crypto transactions and reveal the amounts traded by unqualified investors to other counterparties, institutions or government bodies, if necessary.

The bill “On Digital Financial Assets,” which was initially approved in a first reading by the State Duma back in May, has raised a major discussion within Russian legal discourse. Its second reading was repeatedly postponed by legislators.

In February, Russian President Vladimir Putin set a deadline for the government to adopt regulations for the digital assets industry, urging MPs to adopt the bill during the spring session of 2019.

More recently, Aksakov told Russian news agency RNS that the crypto bill reaching the final stages before being put into law. The chairman of the financial committee expects that the bill will be adopted by the end of March.

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Next Google or Next MySpace? Exchange Takes Risk Out of Investing in New Cryptocurrencies

A crypto exchange is giving the public a chance to invest in the top-25 digital assets in terms of market capitalization — all through one service token.

An exchange has launched a new service designed to take the guesswork out of investing in cryptocurrencies.

Lykke says that it is often difficult for crypto users to know where digital assets they’ve acquired will be in the future. They could be the next Google, something that’s going to rise astronomically in the years to come. But on the other hand, they could turn out to be the next MySpace — popular until something else comes along.

The exchange has created a service token called LyCI, which enables users to access the top-25 cryptocurrencies based on their market capitalization. Lykke says it is “rebalanced minute by minute, which means as cryptos gain and fall out of favor, you get a piece of this action as it is happening.”

According to the company, this allows people who are interested in getting involved in cryptocurrencies to receive a helping hand in diversifying their portfolio, without the need to have a forensic knowledge about where the market is heading next. Lykke’s website explains: “As soon as an asset starts to devalue, LyCI starts reducing your position in it, and increases your position in the appreciating assets.”

Top-25 with one click

Lykke says that its LyCI service token amounts to the “next generation of crypto,” giving investors a chance to back the industry’s most successful projects without having to take a view on “the next Bitcoin” themselves.

It describes LyCI as a “simple, accessible and tradable” ERC-20 token and says that its service is accompanied by a low fee of 1.45 percent per year — a fee that is deducted upon settlement.

Lykke is available here

In a blog post written toward the end of January 2019, Lykke offered a snapshot of how its index fund was weighted — stressing that this was likely to change over time. While 59 percent was held in Bitcoin, 12 percent was held in Ripple and 11 percent in Ethereum. Other assets included in the index, albeit in much smaller quantities, include Bitcoin Cash, EOS, Litecoin, Monero, Dash, Neo and even Dogecoin.

Explaining its rationale for launching the service token, Lykke says that it wants to help those who have only backed traditional investment products to find out more about what crypto assets have to offer. In a Medium blog post, the team added: “The LyCI service token (pronounced ‘Lucy’) enables professionals and newcomers alike to participate in the crypto revolution, while diversifying the risk that is often associated with blockchain technology.”

Tracking strong assets

Lykke argues that LyCI offers an attractive alternative for investors who have been growing concerned about the shifts seen in the traditional economy — delivering a simplified path for those who have found the cryptocurrency world too complicated to contemplate in the past.

The exchange’s CEO, Richard Olsen, added: “With the collapse of cryptos in 2018, investors are sitting on losses. They own BTC, ETH, EOS or AltCoins and have to decide if they should just stick with their holdings or switch to another crypto with a better outlook. Buying another crypto is risky, because their timing may be wrong.”

Olsen says the service token means that investors no longer need to ”hodl” — crypto speak for holding on to digital assets in the hope things improve over time.

Lykke sells itself as a crypto exchange of “Swiss quality” and says its priority is offering secure storage and peace of mind for those who are buying their first Bitcoin. In a quest for simplicity, purchases can be made using credit cards and bank transfers, and users get the chance to monitor how their crypto assets are progressing through a wallet “packed with simple yet powerful features.” The company says it offers zero trading fees, and also allows users to trade their crypto for fiat.

Learn more about Lykke

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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New Ecosystem Says It Allows Sending and Receiving Crypto or Fiat With No Fees

A new ecosystem is vowing to offer consumers the freedom to pay in fiat or crypto without middlemen — tackling the “miserable experience” they currently face.

An upcoming crypto ecosystem has bold ambitions to offer “a much smoother way of moving fiat and cryptocurrency over the internet,” enabling people to pay in the fiat or crypto of their choice — whatever the requested currency — without fees.

YPTOspace says it plans to develop a “first-of-its-kind platform that connects blockchain assets to real-world payment platforms,” all with the goal to become a one-stop-shop for payments and transactions for consumers and businesses.

The startup argues that the current landscape is a “miserable experience” for consumers and impractical for daily usage. Yet, at the same time, mainstream adoption of cryptocurrencies remains a long way off, as these digital assets need to become a viable alternative to cash. YPTOspace wants to create a unifying platform that eliminates middlemen and delays, which can see the public lose money because of the huge swings in volatility seen in the crypto market.

In illustrating the flexibility it ultimately wants to offer its community, the company’s white paper says: “Users can send Bitcoin and have them arrive as dollars or euros. Users can make payments in euros, and businesses can receive them as Ethers or the platform’s native cryptocurrency – YPTO Coins.”

Its team says it wants to combine the benefits of traditional payment systems with the transparency and speed of cryptocurrencies and blockchain, and claims that its platform will be “revolutionary in that it will be free of fees, with the lowest exchange commissions on the market.”

A growing number of applications

YPTOspace says that it has envisaged multiple applications for its ecosystem. While some are already functional, others are in development.

The first is a peer-to-peer trading service that enables users to buy and sell assets in real time through an “automated and trustless reconciliation and settlement system.” It is hoped that this global exchange will offer full transparency with exchange rates, inoculate users against rapid price changes, and make it easy for newcomers to the crypto market to make purchases with confidence.

YPTOspace is available here

In a bid to appeal to the e-commerce market, merchants are going to be offered “smart demand and supply management along with almost instantaneous remuneration,” eliminating the delays that small businesses all too often face when they are dealing with legacy payment processing companies. Back on the consumer side, the banking platform will aim to “give users the tools to manage every aspect of their financial life,”  and again, this is going to be geared toward casual audiences.

YPTOspace says its ultimate aspiration is to create a payment solution that allows customers “to pay swiftly and safely with any cryptocurrency,” as well as to make its offering as simple as a credit card transaction.

“Nurturing an online community”

In offering a service that’s geared toward those with little technical or financial knowledge about cryptocurrencies, YPTOspace says it is determined to ensure they are supported with resources to help them make informed decisions and avoid losing out because of asset volatility.

The platform says it plans to offer “accurate and up-to-date news” on blockchain, crypto assets and fintech trends in a variety of formats, empowering those who are short on time with an opportunity to learn more about trading and investing. This would be backed up by a social media element designed to “nurture an online community that can freely share, exchange, post and get rewarded for participation.”

YPTOspace has applied for banking licenses in the European Union so that users can benefit from a comprehensive service, including credit cards and multi-currency bank accounts.

The startup’s ICO is being conducted in four phases over four weeks, beginning on March 25 and concluding on April 26. YPTOspace’s platform is scheduled to launch in the second quarter of 2019 with a suite of four services, with additional features set to be added by the end of the year and beyond.

Learn more about YPTOspace

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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New Exchange to Offer Customizable Dashboards — Giving Traders the Information They Want

A company wants to stand out from ‘copycat’ exchanges by offering a customized dashboard where traders can decide the information they want to see.

A new exchange says it has the goal of becoming “the most professional, global and secure marketplace for digital assets” — utilizing state-of-the-art technology that it claims can deliver a processing capacity of 1.5 million order matches per second.

ProBit says its platform is “fast, robust and reliable” — helping to give its users an upper hand while trading. The company says security is a priority, and this is why it promises to store “95 percent or more of digital assets in a cold wallet” — protecting users against security breaches and theft. Hardware security keys are also being made available to traders, which are “impossible for hackers to crack,” yet convenient to use.

According to the company, many traders end up using multiple exchanges because they cannot find the trading pairs they want — or because the user interfaces are too difficult to understand. ProBit aims to remedy this problem through a modular dashboard — meaning that the layout can be personalized around the needs and interests of a trader. Instead of pushing the same information to every user, Probit appreciates different crypto enthusiasts are interested in different things, and wants to put the power in their hands.

Through ProBit, “a wide array of the most trusted coins and tokens on the market” can be traded — and the company says that more than 150 cryptocurrencies will be available. This is complemented by hundreds of trading pairs. Five of them — Bitcoin, Ethereum, USDT, EOS and the native ProBit token among them — serve as “base currencies.”

Customizable user interface for traders of all levels

According to ProBit, many of the exchanges out there at the moment are failing to hit the sweet spot when it comes to attracting users from all backgrounds. It says that, as a rule, most exchanges are geared toward inexperienced traders or experts. Although some platforms do enable traders to toggle between basic and advanced modes, the ProBit says this just means that every user is not getting what they fully need.

This is the rationale behind the fully customizable interface. Every component can be moved and resized as per their priorities — enabling traders to benefit from a service that acts as the left hand to their right hand. This personalization even extends to the colors used on tickers, giving users the chance to find a layout tailor made for them.

Of course, using a crypto exchange for the first time can be a daunting experience — and this is why ProBit offers an array of preset layouts for new users. This serves as a starting point which enables traders to figure out how they want to lay out the vast amounts of information that the company exchange has to provide.

ProBit says that its platform will be active 24/7, and customer support will be available in multiple languages — cementing its goal of becoming a global exchange.

A global player

The company is clear that it wants to be more than a copycat exchange that seems to offer identical features to the platforms already out there. ProBit says this ambition is going to be realized thanks to its team of executives. While CEO Hyunsu Do worked as an accelerator for fintech and blockchain-based companies, CTO Steve Woo amassed 25 years of experience in the software industry thanks to his tenure as CEO of Linux International.

The main sale of ProBit tokens — known as PROB — is taking place on Dec. 3, 2018 and will last for only one day. The company stresses that these tokens are never going to be used for marketing or bounty services. Moreover, its team adds that they are not going to charge listing fees for projects to be traded on ProBit for three reasons: to protect users, because it amounts to a conflict of interest and because it enables them to be selective.

Ronald Chan, the director of partnership for ProBit, shared that projects from around the world have submitted themselves for listing on ProBit because of the co-marketing campaign that ProBit and crypto projects will conduct together. He added that this win-win partnership raises the visibility of both parties.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Bittrex Could Eclipse Coinbase With Its New Partnership With Rialto Trading

The beauty of Twitter is that news spreads like wild fire. It is with such speed that Weiss Ratings highlighted a Bittrex partnership that might have flow under the radar of many crypto fans. In the tweet, Weiss Ratings stated the following:

U.S.-based cryptocurrency exchange Bittrex is partnering with registered broker-dealer Rialto Trading to offer a trading venue for blockchain-based digital assets. #Bittrex is going for the kill – #Coinbase, watch out!

One response to the tweet suggested that Coinbase had already shot itself in the foot by not listening to its user base. This tweet can be regarded as referencing recent reports that Coinbase’s revenue has declined by 83% since the bull run of December last year. The full tweet can be found below.

Bittrex teams Up with Rialto

Digging further into the partnership between Bittrex and the registered broker-dealer known as Rialto Trading, we find out how important it is for it will provide an avenue for the trading of blockchain-based digital assets that are registered securities or could be classified as such in the future. According to reports, both firms said they were in talks with regulators but could not give further indications as to when they might be approved for launch.

The report would also add that:

Rialto runs a U.S.-registered trading platform for fixed income products and, pending approval from regulators, will expand its operations to include virtual tokens that are registered securities.

The venue will be open to institutional investors, corporations, U.S.-registered broker-dealers and accredited investors – who must meet U.S. securities regulations for annual income of at least $200,000 or a net worth topping $1 million.

The last statement shows that both Bittrex and Rialto, have identified a niche in the market that needs to be filled. With regulators increasing their scrutiny on cryptocurrencies and blockchain industry, there is a huge chance that some of the tokens out there will be classified as securities and need to be regulated accordingly. With such regulation comes the need for a platform to trade the blockchain based securities.

Bittrex CEO, Bill Shihara, would add that:

We’re merging Bittrex’s technology, cybersecurity and blockchain expertise with Rialto’s deep knowledge of the securities industry.

This can only mean that Bittrex is going to become the first crypto exchange to cross over to the world of traditional trading where the ‘big boys’ of Wallstreet hang out with all the institutional funds. This news comes after Bittrex added XRP/USD pairings before Coinbase as well as Ripple partnering with Bittrex to power xRapid transactions in the United States.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Blockchain Firm to Raise $24 Billion for Electric Bus Upgrades in China

Blockchain and AI technology company Seven Stars Cloud Group has scored a $24 billion deal to help finance large-scale electric bus upgrades for China’s biggest full-service operator.

According to a press release published Monday, under an exclusive contract made with the National Transportation Capacity Co Ltd (NTS), Seven Stars Cloud will issue fixed income lease financing-based products through its regulatory complaint blockchain ecosystem, including one campaign based in China and the other open to the global markets.

More specifically, through the China-based and international funding campaigns, Seven Stars Cloud – a public company traded on Nasdaq – plans to raise estimated $8.75 billion and $15 billion over the three-year time period, respectively. While, for the China-based financing, SSC will focus on the sale of fixed income products, for the international markets, SSC will provide both fixed income and asset digitization products.

NTS is China’s largest full-service operator for electric buses, according to the release. It also offers sales, lease financing, a charging station network, and real-time data services.

Bruno Wu, chairman and CEO of SSC, said that such a large-scaled and asset-backed contract is “groundbreaking” for blockchain-backed fintech companies around the globe.

He added:

“It will serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries as we take fixed income products into the digital era.”

The partnership comes amid China’s plan to replace all buses with electric buses by 2021. The market size for the replacements and upgrades to achieve fully-electric bus operations in China is estimated in the announcement at about $145 billion.

Electric bus, Shanghai, image via Shutterstock

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