Weekly Updates: Latest Crypto News (June 18–24)
Binance in Malta, Bithumb hack, and Digital Economy in Belarus. Follow TEOZ Weekly Updates to know more.
Stay tuned!
Binance Cooperates with Malta Stock Exchange Accelerator Program
Binance will act as the main mentor for the fintech startups accelerator in Malta. The accelerator is organized by the Malta Stock Exchange. Projects will interact with each other and with industry experts. Accelerator aims to create all the conditions for the development of the cryptocurrency ecosystem, from holding thematic conferences, providing accounting services, consulting to the provision of offices with all the necessary infrastructure.
Commenting on the accelerator program, Joseph Portelli, chairman of the Malta Stock Exchange, said: “It is clear that Malta is becoming a Fintech and blockchain center of excellence and we want to allow local and foreign companies the ability to bring their ideas to the market faster. This programme offers foreign entrepreneurs easy access to a readymade solution at one of Malta’s most prestigious addresses — the Malta Stock Exchange.”
This step makes Malta even more attractive for the cryptocurrency industry.
Source: https://is.gd/bsW4N0
$31.5 Million Stolen from Bithumb
The market fall continues, and the hacking attacks only worsen the situation. This happened with the South Korean stock exchange Bithumb, which was attacked on June 19. The exchange had to temporarily freeze the deposits and withdrawals and move most of the current funds to a cold wallet. The exchange management promised that the user’s losses will be reimbursed. This case demonstrates that you should not keep all funds in one place. Keep some of the funds on your wallets, a small part on the exchange and trust the remaining funds to professionals in the form of crypto funds. This structure of assets will allow to remain afloat in the event of the collapse of one of the parts.
Source: https://is.gd/iajA4k
Tether Audit
Tether is a cryptocurrency analog of the USD, which, in its design, should be backed up by real US dollars. One USDt should reflect the real existence of the USD on the USDt’s accounts. The cryptocurrency industry has been in doubt for a long time that USDt is backed by fiat USD. On June 20, 2018, Tether Ltd, the issuer of the USDT digital currency, stated that the presence of $ 2.54 billion in the bank accounts of the company was confirmed by the law firm Freeh, Sporkin & Sullivan LLP, co-founded by former FBI director Louis Free. However, the issue of relevance of such confirmation immediately arose in the community and social networks, since the law firm is not an authorized structure for conducting an accounting audit. The other side was parried by the fact that no serious audit firm at the moment is able to audit the digital assets and compare them with classical assets. You can expect that in the near future the community of USDt-holders will require an audit report, and one of the world’s audit companies will take the challenge.
Source: https://is.gd/SyRo5m
News on the cryptocurrency regulation
Lukashenko Signs Decree on Digital Economy
On June 18, Alexander Lukashenko signed Decree №239 “On measures to implement the Decree of the President of the Republic of Belarus.” The document is aimed at bringing a number of legislative acts in line with the Decree of the President of Belarus of December 21, 2017 №8 “On the Development of the Digital Economy.” Particular attention will be paid to education and personnel reserve. The high-tech Park, as one of the main subjects of the digital economy, now has the right to submit to the government draft regulations on the activities of the Park, and the supervisory board — to determine the criteria for selecting candidates for its residents, business projects and the procedure for their implementation.
Belarus aspires to become a digital country and to approach the issue in a comprehensive manner. This is also facilitated by an uncertain economic situation, which pushes the country to search for new growth points.
Source: https://is.gd/8P8w5M
Lithuania Announced the Creation of a Legitimate ICO Platform
Lithuania also aspires to become a country where cryptocurrency projects will open its offices. The Ministry of Finance of Lithuania has already issued guidelines for the regulation of ICO projects. Some Lithuanian shops already accept payments in popular cryptocurrencies. Now, at the state level, Lithuania wants to launch ICO platform DESICO. The platform will operate completely within the legal framework. With the support of Ethereum Enterprise Alliance tools, the DESICO platform will start in the beta version in the second quarter of 2019, and the full launch is scheduled for the fourth quarter of 2020. In the fourth quarter of 2019, it is also planned to open branches in Amsterdam and Berlin.
“Lithuania is interested in a transparent and controlled crowdfunding platform to confidently take the lead in the fintech industry among the Nordic and Baltic countries. Lithuania is the first EU country that already regulates the ICO, and already has a regulatory environment for crowdfunding, while other EU countries, as well as the US, Canada, and China, are only now adapting their legislation for the legal regulation of the ICO,” the minister said. Finance of Vilius Sapoka.
Lithuania is also entering a digital race. And this is good for the global industry. The more ambitious players there are, the faster progress will move.
Source: https://is.gd/RFmZiq
The TOP-10 for a week
All cryptocurrencies are adjusted. The composition of the TOP is not changed.
The Teoz fund’s Token decreased from $ 1.64 to $ 1.41 (-14.02%).
Russian version: https://is.gd/2You14
TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.
Don’t want to lose an opportunity to earn money with cryptocurrency?
Invest in cryptocurrency growth with a yield of 200% per quarter on https://teoz.fund/
Subscribe to our Telegram channel and don’t miss any peace of content.
