Security token exchange, EOS support, and winning regulatory rules. Read TEOZ Weekly Updates for more information.
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- tZERO and BOX Digital Markets launch security token exchange
tZero, a subsidiary of the Overstock retail company, announced a partnership with the operator of the Boston Stock Exchange of BOX Digital Markets LLC options. The partnership is aimed at creating a regulated exchange for security-tokens. The exchange will be able to tokenize existing shares, as well as tokenize ICO start-ups. tZERO will finance a joint project and license its own blockchain-development, designed for the reliable operation of the security-token market. BOX Digital will provide expert support to the joint project, and will also interact with financial regulators.
Lisa Fall, who currently serves as CEO of BOX Digital and as president of BOX Options Exchange LLC, would be the CEO of the joint venture.
“tZERO has proven to be a pioneer in the development and practical use of blockchain technologies for capital markets for a number of years,” said Ms. Fall. “tZERO’s track record and accomplishments in this innovative area, coupled with BOX’s expertise in operating a highly efficient and transparent equity options marketplace, made partnering together an easy decision and we look forward to building a world-class platform for listing and trading security tokens.”
“Our partnership with BOX Digital Markets is a significant milestone that will create the first SEC-regulated exchange designed to efficiently trade crypto securities. Lisa Fall’s leadership, reputation and deep experience in the regulated securities exchange industry will be a major asset in achieving this objective,” said Saum Noursalehi, newly appointed CEO of tZERO. “Together, we will continue to work with the SEC as we develop a first-of-its-kind platform that will integrate blockchain capital markets into the current U.S. National Market System.”
Such partnerships will have a positive impact on the cryptocurrency market in the long term. We can expect a wave of tokenization of classical assets in the near future.
2) Circle allows users to buy a portfolio of 7 coins in one action
Circle is a company supported by Goldman Sachs. Circle acquired the Poloniex crypto exchange for $ 400 million this year. Prior to this, Circle specialized in mobile payments. Now Circle makes it easy for ordinary users to purchase cryptocurrency. In their application, the purchase of cryptocurrency is literally accessible by the touch of a button. The minimum investment is only $ 1. The funds are automatically distributed among the cryptocurrencies in accordance with their market capitalization. Now in the investor’s portfolio, there are seven cryptocurrencies: bitcoin, ethereum, ethereum classic, bitcoin cash, litecoin, zcash, monero. Most likely, the backend service will be organized on the basis of the Poloniex crypto exchange. As a result, we can expect a gradual increase in the trading volume on the exchange on these 7 cryptocurrencies. Circle will bring to the market users who can not deal with crypto-loans independently but are eager to invest in modern assets. This step will increase the number of cryptocurrency users.
Source: https://blog.circle.com/2018/05/22/buy-the-market/
3) MIT tested smart contracts for bitcoin on the lightning network
Scientists of the Massachusetts Institute of Technology (№1 in the world ranking of technical universities) research center succeeded in launching smart contracts using Bitcoin’s blockchain in the lightning network. The experiment hailed a success.
The main conclusion of the test — Lightning Network is uniquely compatible with smart contracts. Therefore, Bitcoin transactions can be tied to certain conditions.
In the course of the experiment, the situation was simulated when transactions should have occurred automatically due to a change in some external factors, for example, air temperature, stock quotes or the USD rate. External data for research were transmitted with the help of oracles.
The experiment can open a “second wind for bitcoin”: Lightning Network plus smart contracts are not only the best scalability but also great functionality. Researchers do not exclude that, in the development of this direction, bitcoin will be able to take away a certain ETH share in the field of smart contracts.
4) EOS will distribute $1 billion to funds to support projects on the EOS platform
The launch of the main EOS network is planned on June 2. On the eve of this launch, EOS VC announced that it will distribute $ 1 billion among well-known venture funds to invest in projects created on EOS platform.
“We will take $ 1 billion and distribute it among venture funds around the world. These funds will help accelerate the development of innovation by supporting financially the developers who create applications on the EOS blockchain, “Brendan Blumer, CEO of Block.one, explained.
In the future, more attention should be paid to the ICO on the EOS platform. Such projects will have substantial support among venture funds.
News on cryptocurrency market regulation
- The State Duma of the Russian Federation approved in the first reading the draft law “On Digital Financial Assets.”
The draft law proposes to regulate the relations arising in the creation, issuance, storage, and circulation of digital financial assets, as well as the exercise of rights and performance of obligations under smart contracts.
The draft law defines cryptocurrency terms: “digital transaction”, “digital record”, “digital transaction register”, “digital record validation”, “mining”, “cryptocurrency”, “token”, “smart contract” and others.
Cryptocurrencies and tokens will now be recognized as property, they can not be used as a means of payment. A smart contract is a new type of contract that is fixed on a digital level. The possibility of making transactions for the exchange of tokens into rubles or foreign currency is envisaged. At the same time, the possibility of exchanging other digital financial assets, as well as the procedure and conditions for executing such transactions, will be determined by the Bank of Russia in agreement with the Government of the Russian Federation. The procedure for conducting the ICO will also be regulated.
The new law will lead many promising projects with Russian teams into more friendly jurisdictions. Most likely, now “correct ICO” will be carried out by pro-state companies to create the impression of digitization.
Source: http://duma.gov.ru/news/27027/
2. The Ministry of Finance of Poland ceased the taxation of the cryptocurrency
The Ministry of Finance of Poland met the cryptocurrency investors half-way and suspended the current rules for taxing cryptocurrency transactions. The regulator will conduct a deeper analysis of the industry and propose new rules of tax policy. Earlier, tax payments ranged from 18% to 32%. As a result, in some cases, the amount of tax paid was even higher than the initial investment. Crypto investors were indignant and created a petition, which collected the necessary number of signatures. We can expect that, as a result, the regulation rules in Poland will be softened.
Source: https://stooq.pl/n/?f=1235115
The TOP-10 cryptocurrencies this week
The entire top 10 is in the red zone. Cryptocurrency is falling from 1% to 21%. Tron is the best this week with only 0.65% drop. Thanks to this, Tron has replaced IOTA and is already in the ninth position. Also Stellar and Cardano exchanged places.
The Teoz fund’s Token decreased from $ 2.38 to $1.94 (- 18,49%).
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