Finally — a good week for crypto currencies, Japan has more regulations for crypto exchanges to follow, one of the largest exchanges in the world got hacked, a pair of twins won a potentially market altering patent and much more — all in this week’s CEDEX Crypto Report.
Interesting News Highlights On Cryptocurrency Last Week:
• Japan Hits 6 More Crypto Exchanges With ‘Business Improvement Orders’:
The latest drop has been attributed to the order by the Japanese Financial regulator, which has asked the cryptocurrency exchanges to improve their practices against money laundering and terrorist financing.
Japan’s financial regulator the Financial Services Agency (FSA) has sent business improvement orders to six major cryptocurrency exchanges. The FSA has demanded a risk management overhaul — centered on anti money laundering (AML) and know-your-customer (KYC) requirements — from bitFlyer, Quoine, BTC Box, Bit Bank, Tech Bureau and Bit Point.
bitFlyer, currently the 23rd exchange in the world by trade volume, has already begun remedial measures in response to its order, halting new account registrations and reviewing user identification documentation.
• World’s Sixth Largest Crypto Exchange Bithumb Hacked, Loses $30 Mln:
Hackers have stolen cryptocurrencies worth $30 million from South Korea’s leading virtual currency exchange Bithumb.
Bithumb moved a large amount of Ethereum to its cold wallet when they recently noticed abnormal access.
Bithumb has temporarily suspended all deposits and payments, noting that they are moving all assets to a cold wallet and will compensate victims of the hack. The Korean Ministry has since launched a probe into the causes of the Bithumb hack, and Bithumb has promised to reimburse all users.
• Winklevoss Brothers Win Patent to Provide Crypto-Based Exchange-Traded Products:
U.S. crypto entrepreneurs Tyler and Cameron Winklevoss have won a patent for a system to provide crypto-based exchange-traded products (ETPs), according to a patent filing published by the U.S. Patent and Trademarks Office (USPTO) June 19.
The new patent represents systems, methods and program products for using ETPs that hold “digital assets” and “other products and/or services related to ETPs holding digital assets,” such as Bitcoin (BTC) and other cryptocurrencies, including Ethereum (ETH), Ripple (XRP), and Litecoin(LTC).
ETPs are a type of security where the value is derived from other investment instruments, such as commodities, currencies, share prices or interest rates. In this case, the ETP’s price is derived from cryptocurrencies.
• Two Major Russian Banks to Offer Crypto-Based Fund for Retail Investors:
Two of Russia’s largest banks are testing cryptocurrency-based investment options for retail investors. As part of the Russian central bank’s ‘regulatory sandbox,’ Sberbank and Alfa-Bank opted to begin experimenting with products based on so-called “digital financial assets”. Those assets will in fact take the form of six cryptocurrencies — including Bitcoin, Bitcoin Cash, Ethereum and Litecoin — which will form an investment portfolio.
The new investment product will reportedly allow the client to withdraw to fiat at will, with crypto assets being under the control of partner Group IB through bespoke “custody solutions.”
• China’s Latest Government-Backed Crypto Rankings Put EOS 1st, BTC 17th:
Dubbed the “Global Public Chain Technology Evaluation Index,” this latest round was announced at the Shanghai Science Hall on June 20, and ranks EOS 1st, Ethereum (ETH) 2nd, and Bitcoin(BTC) 17th, out of a total of 30 analyzed cryptocurrencies.
China’s monthly “Global Public Chain Technology Evaluation Index” is published by the China Center for Information Industry Development (CCID) of the Ministry of Industry and Information Technology, and is said to be compiled by “first-rate domestic experts and scholars”.
EOS top ranking is attributed to the “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs” of the protocol.
And, As Always — Weekly Charts for you to size up the market:
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