Crypto Corner - July 5, 2018
Crypto Market in Better Shape than Last Week, Thailand's SEC Reveals ICO Regulations, Russian Bank CEO Doubts Crypto Takeover and Uzbekistan President Signs Crypto Decree
According to data from CoinMarketCap, the total market cap for the crypto market is $271 billion USD at press time. This is a small drop from the $276 billion USD the market reached on Independence Day yesterday, but much healthier than the $232 billion USD it hit on June 29. Bitcoin (BTC) is currently trading at $6690 USD, and holds 42 percent market dominance. Again, a little lower than the roughly $6770 it reached yesterday, but still showing a rally from the depths of June 29 prices when it was trading at just under $5900 USD.
The Bangkok Post reports today that Thailand's Securities and Exchange Commission (SEC) has revealed its initial coin offering (ICO) regulations. Issuers of ICO's must be approved by Thailand-based companies, referred to as ICO portals. The ICO portals themselves must have a minimum registered capital of 5 million baht ($150,000 USD) be SEC approved. The report quotes SEC secretary-general Rapee Sucharitakul:
"The SEC is pleased to immediately discuss details with those who would like to be approved as ICO portals in order for them to be prepared for the regulatory framework. After the SEC approves an ICO portal, the token will be assessed for approval.”
The regulatory framework and the ICO portal process takes effect on July 16.
The CEO of Sberbank, Russia's largest state bank, Herman Gref expressed doubts that cryptocurrencies could replace traditional fiat currencies. In a piece on TASS, Gref is quoted explaining that he does not think governments will relinquish their centralized control on currency.
"Do I see a prospect of global use of cryptocurrencies as an alternative to fiat money? I don't see it and I said it many times. I don't think that the state is ready to yield its centralized role in emission of fiat currency to some other decentralized institutions," he said.
The President of Uzbekistan has signed a decree that will facilitate the integration of blockchain and cryptocurrencies, according to a report from CCN. The decree comprises plans for the development of a legal framework as well as favourable tax treatment of the crypto sector.
Sam Mowers, Investorideas
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