On July 26, the US Securities and Exchange Commission (SEC) officially rejected the Bitcoin exchange-traded fund (ETF) application filed by the Winklevoss twins, citing lack of measures in the ETF to prevent price manipulation.

The official SEC announcement read:

“The Commission addresses each of these arguments below. In Section III.B, the Commission addresses BZX’s assertion that bitcoin and bitcoin markets, including the Gemini Exchange, are uniquely resistant to manipulation and finds that the record before the Commission does not support such a conclusion.”

The SEC further emphasized that the proposed ETF by the Winklevoss twins, who oversee a major US crypto exchange known as Gemini, does not have sufficient tools to identify and deter fraud and manipulation that could impose a negative impact on the price movement of Bitcoin.

Almost immediately after the release of the SEC’s statement, SEC commissioner Hester Peirce expressed her disappointment with the decision of the agency to reject the bitcoin ETF filed by the Winklevoss twins, noting that Bitcoin, as an asset, is regulated and matured enough to be worthy of US markets.

“Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets,” Peirce said in a personal statement, referring to an official public statement she published to refute the disapproval of the Winklevoss Bitcoin ETF.

Peirce added that the premature decision of the SEC undermined investor protection by dismissing the institutionalization of the Bitcoin market, which has seen an increase of adoption by regulated financial institutions such as Goldman Sachs, JPMorgan and Morgan Stanley over the past several months.

“In addition, I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market. More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order,” Peirce said.

See more - https://www.forbes.com/sites/youngjoseph/2018/07/27/sec-commissioner-bitcoin-is-regulated-and-mature-enough-to-have-an-etf/#46a991774164

Но если продукт окажется востребованным на рынке, у цены не будет другого выбора кроме как постепенно расти. У GatCoin заключено партнерство с розничной сетью подарочных сертификатов COTOCO, а корейцы любят все цифровое и новое. Представьте что GatCoin наклейка партнерства будет в каждом магазине сети. Это при идеальном сценарии развития событий по разработке и общем внедрении/признании блокчейн.

Cryptocurrencies are becoming more prevalent to residents living in South Africa and over the past year bitcoin interest stemming from the region has grown exponentially. Furthermore, just recently the South African Treasury has proposed a few amendments that apply to the country’s Taxation Laws Amendment Bill (TLAB) and how cryptocurrencies are taxed. According to regional reports, if the proposals are accepted, bitcoin trades could be exempt from value-added tax (VAT) in South Africa.


Interest in bitcoin and other digital assets within South Africa has been rising steadily over the past few years. Back in April, the South African Revenue Service (SARS) revealed its latest guidelines towards cryptocurrency taxation and explained that taxpayers must declare profits and losses if the funds stem from digital asset transactions. SARS details that taxpayers who are uncertain about their tax filings involving cryptocurrencies may reach out to the tax entity for guidance.

“The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year. Failure to do so could result in interest and penalties,” said SARS on April 6, 2018.

Now the members of the South African Treasury have proposed new guidelines that could make trading bitcoin and other virtual currencies exempt from VAT. Regional reports detail that the proposals aim to change the definition that digital assets are deemed taxable financial instruments, the clarity within the country’s VAT Act, as well as loss provisions of the Income Tax Act. A senior tax consultant from Mazars, Tertius Troost, explains to regional publications that the proposals will make things much clearer for individual cryptocurrency tax filings and how they apply to the VAT Act.

“The clarification of the VAT treatment will be well received, especially on the basis that the issue, acquisition, collection, buying or selling or transfer of ownership of any cryptocurrency will be included under the definition of financial services in terms of section 2 of the VAT Act,” Troost said in an interview.

“If accepted, all dealings in cryptocurrencies will be exempt from VAT. This means there will be no VAT input claims on the acquisition of cryptocurrencies, and no VAT output being levied on the disposal of cryptocurrencies.”          

See more - https://news.bitcoin.com/officials-in-south-africa-propose-vat-exemption-for-bitcoin-trades/

Bi-weekly update: 27 July 2018

Dev Progress. Everything is progressing according to schedule. Over the last couple of days the team started to turn their attention to building the GAT Wallet module, which is a critical component of the App.

Re-branding
New brand package will be released closer to closed Beta launch later this year.

Closed Beta launch is scheduled for Q4 this year. App will be thoroughly tested before global release.

The recent bitcoin price decline and subsequent bear market put a severe dent in profit projections for hedge funds that invest in cryptoassets, but it has not prevented the sheer number of these cryptocurrency funds — and the size of their assets under management (AUM) — from swelling to record levels.


According to new research from cryptocurrency analytics firm Autonomous Next, the number of cryptocurrency funds has exploded to more than 300 in 2018, with 312 up-and-running when the report was completed earlier this month.

That’s a 24 percent increase from the beginning of the year when 251 funds were operational. It’s also a 457 percent surge from the 56 funds that were active in 2016.

The majority of new funds opened in the second quarter. As CCN reported, just 20 new firms entered the space during the first quarter, and nine others shut their doors due to market headwinds that made it difficult for even large funds to attract new investors.

See more - https://www.ccn.com/major-milestone-there-are-now-more-than-300-cryptocurrency-funds/

The Chicago Mercantile Exchange (CME) will not introduce futures on cryptocurrencies other than Bitcoin (BTC) in the near future, CME CEO Terry Duffy revealed in an interview with Bloomberg July 26. 

In the interview, Duffy said that the company should first evaluate and develop an approach for Bitcoin, stressing that Bitcoin futures “might have been the most controversial launch of a product.”

Duffy emphasized that altcoins futures contracts cannot be launched immediately, because they are “highly volatile and new,” and the company cannot just list products for trading in order “to see where they’re going to go.” Duffy said, “I will take a wait and see approach with Bitcoin for now.”

See more - https://cointelegraph.com/news/cme-will-not-introduce-altcoin-futures-anytime-soon-says-ceo

Japanese cryptocurrency exchanges may soon set a strict limit on the leverage they offer for margin trading in order to better protect investors. The association comprised of 16 government-approved crypto exchanges is reportedly imposing a leverage limit as part of its self-regulatory rules. There will be a grace period and exceptions.


The Japan Virtual Currency Exchange Association (JVCEA) is reportedly planning to impose a leverage limit for crypto margin trading in order to protect investors, local media reported Wednesday.

The association’s members are all of Japan’s 16 government-approved crypto exchanges. It was set up in response to the hack of Coincheck in January in order to rebuild public trust in the crypto space.

The JVCEA has been working on self-regulatory measures. Nikkei reported Wednesday that the proposed rules include “an across-the-board cap on the extent to which traders can use borrowed funds to magnify gains and losses,” adding:

"The self-regulatory body for Japan’s cryptocurrency exchanges is firming up plans to set a 4-to-1 leverage limit on margin trading, aiming to reduce the risk of massive losses given the volatility of these assets."

See more - https://news.bitcoin.com/japanese-exchanges-margin-trading-limits/

Interesting news, i think a long people would wish to buy Kryll for long term holding, because this Staking Edition creates a lot of opportunities for ordinary trader. Considering the fact, the team managed to rise only 2 200 000$, they are working hard with a burning desire to unroll the platform as soon as possible. Investors believe in the idea and are not willing to sell their KRL tokens, that's a good marker of long term financially successful project.

Странные вещи происходят вокруг PayPie, они уже месяц или больше не выпускают никаких новостных обновлений, хотя по дорожной карте у них должны быть изменения. В то же время Ник Чанди, руководитель проекта выпустил статью для Forbes "Как малый и средний бизнес может выиграть битву за позитивный баланс наличности".

https://www.forbes.com/sites/forbestechcouncil/2018/07/17/how-smes-can-win-the-battle-for-positive-cash-flow/#239ff6344a46

Надеюсь проект исправиться и будет чаще держать обратную связь с сообществом.

Токены Copytrack будут переизданы в виде новых токенов в Августе (примерно 10 Августа). CPY  это ERC20 токен, а новый токен основан на модифицированном блокчейн  QTUM под названием CONCENSUM blockchain. Будет специальный инструмент для преобр. токенов. Каждый инвестор получит имайл уведомление, пришлете CPY - получите новые токены.

Будьте внимательны те кто купили на бирже, так как не занесены в базу писем, отслеживайте дату обмена.

Copytrack CPY token will be switched to new coin in ~August (maybe August 10). CPY is an ERC20 token and the new coin is based on the CONCENSUM blockchain, which is QTUM-based. It will be a special tool for the swap of the tokens. Team will e-Mail every investor and also provide a link on their new web-site. You will send the CPY and get the new tokens in return.

If you are not initial investor, i guess nobody will inform you, so read project official channels.

Cryptocurrency exchange giant Coinbase has struck a new partnership to enable customers in Europe and Australia spend their cryptocurrency at major retailers and services including Nike and Uber.

Coinbase is partnering WeGift, a London-based FinTech startup for the new service which allows its users to fundamentally withdraw their cryptocurrency into gift cards that can be used at over 120 retailers including Uber, Amazon and Tesco, among others.

The upside, WeGift explains on its website, is zero swap fees alongside an average bonus of 5% in gift card value after converting crypto from the user’s Coinbase account. ‘Customers purchasing an e-gift card will enjoy zero Coinbase withdrawal fees and bonuses on select e-gifts,’ Coinbase UK CEO Zeeshan Feroz said in an announcement.

“With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences,” he added, underlining the benefits of enabling users to spend their cryptocurrency for physical goods and services.

See more - https://www.ccn.com/coinbase-enables-cryptocurrency-gift-cards-in-europe-and-australia/

I saw your news about participation in business forum in Kharkiv, Ukraine last month. Please share these news in advance, because my friends in Ukraine would like to come and see your presentation, speech, etc. So, do not forget about other internationals exhibitions and meetings, it`s very important for Native Video Box brand awareness. If possible, do conclude an agreement with one of top 20 exchange, new investors prefer large and crowded exchange platforms.

The Bank of England's updated payments system will be compatible with blockchain-based financial technology forms, Reuters reported Monday.

The announcement is the latest in the BoE's ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around ‎£500 billion annually, or almost a third of the country's economic output. The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses.

This would enable these businesses to use the system directly, rather than through a proxy of a large bank.

See more - https://www.coindesk.com/uk-central-bank-says-new-payments-system-will-be-blockchain-friendly/

Nanjing, Jiangsu’s capital, is committed to investing in public blockchain projects and overall token economy. The capital of this Chinese province put together a 10 billion yuan ($1.5 billion) fund in a blockchain investment fund.

A Beijing-based alliance, Zhongguancun Blockchain Industry Alliance, is teaming up with Nanjing City to launch this blockchain investment fund of $1.5 billion. The alliance, formed by government research institutes and blockchain companies, revealed the bold initiative at the first Industrial Public Chain Summit (IPCS). Among the high-level government official attendees, there was the Deputy Secretary of the Communist Party of China, Luo Qun.


China has had a somewhat interesting approach to cryptocurrencies and blockchain technology over the years. Just less than a year ago, China banned all ICOs and recently reaffirmed its stance by pledging to go after the so-called foreign ICOs.

However, earlier this year the country ranked several existing cryptocurrencies — Bitcoin didn’t even make it to the top 10, — and it has recently registered an increase of 454% in companies including ‘blockchain’ in its name.

Now a Chinese official authority is working alongside a blockchain alliance to develop the local token economy and public blockchain projects. While the country might have been extremist at the beginning, it certainly is changing its approach to the cryptocurrency world.

See more - https://www.ccn.com/chinese-city-starts-a-1-5-billion-fund-to-promote-public-blockchain-projects/

G20 member countries are now looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency, document shows.

According to a statement issued on Sunday, finance ministers and central bank governors of the G20 member countries hosted a meeting during the weekend and reiterated their position on "vigilant" monitoring over cryptocurrency.

The member countries further called on the Financial Action Task Force (FATF) – an intergovernmental body formed to fight money laundering and terrorist financing – to clarify in three months how its existing AML standards can apply to cryptocurrency.

"While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. ... We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets," member countries said in the document.

See more - https://www.coindesk.com/g20-eyes-october-deadline-for-crypto-anti-money-laundering-standard/

HBUS, the U.S. “strategic partner” of Chinese cryptocurrency exchange Huobi, confirmed the release of its API for “experienced traders” in some U.S. states, according to a press release shared with Cointelegraph.

HBUS highlighted that the API was geared to high-volume users who required live pricing data and other tools. In addition to price tracking, the API will also offer historical price data, support for margin trade customization support, setting buy and sell limits, and retrieving trade history.

Due to the difference in regulation across the U.S. HBUS noted that residents of Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington would be unable to use its services.

The move marks the latest in Huobi’s continued expansion this month, which in addition to launching HBUS has included the release of a separate platform geared to the Australian market.

Fellow Chinese operator OKEx and Hong Kong’s Binance have also recently made international commitments. Earlier this week, OKEx announced a partnership with the Malta Stock Exchange to create a new institutional grade security-tokens trading platform, and Binance revealed plans to back a decentralized, tokenized bank also in Malta.

https://cointelegraph.com/news/huobi-strategic-partner-hbus-launches-api-for-large-scale-us-traders

CME Group’s bitcoin futures average daily volume spiked 93% in the second quarter over the previous quarter, while open interest posted a 58% increase, the company noted on Twitter. Average daily volume jumped from 1,854 in the first quarter to 3,577 in the second quarter, while open interest rose from 1,523 to 2,405 in the same period.

CME provides its CF Bitcoin Reference Rate (BRR) and CME CF Bitcoin Real-Time Index (BRTI) as standardized reference rate and spot price indices. The indices have independent oversight are intended to accelerate the professionalization of bitcoin trading.

CME CF Crypto Currencies Indices have produced the BRR and BRTI rates since November of 2016 with numerous bitcoin exchanges and trading platforms – including Bitstamp, GDAX, itBit and Kraken – that provide pricing data.

The BRR aggregates the trade of the bitcoin exchanges during a specific window into a daily reference rate of the bitcoin price in U.S. dollars. The calculation is geared to maximize transparency and real-time replicability in the spot markets.

See more - https://www.ccn.com/cme-bitcoin-futures-daily-volume-spikes-93-in-q2-2018/

Cryptocurrency exchange Coinbase has formed a Political Action Committee (PAC), according to government documents published Friday night.

A disclosure published by the U.S. Federal Election Commission revealed that the exchange formed the "Coinbase, Inc. Political Action Committee" in June 2018, though it has yet to raise or donate any money. The Form 3x – a "Report of Receipts and Disbursements For Other Than An Authorized Committee" – means the PAC is not currently attached to any candidate running for public office.

The document listed a reporting period from June 4 to June 30.

PACs are formed in the U.S. primarily to raise funds on behalf of candidates running for public office, usually representing specific business or ideological interests, according to the Center for Responsive Politics, a financial transparency group which tracks money in politics.

Coinbase communications director Elliot Suthers confirmed that the exchange has launched a PAC, though he declined to provide further details at press time.

See more - https://www.coindesk.com/crypto-exchange-coinbase-forms-political-action-committee/

Thank you for your comment, you are right, users should visit original source to get more information on the subject. I would love to watch Mike Novogratz interview with Bloomberg. He was one of the few who said about weakness in bullish cryptocurrency/BTC trend at the end of 2017, thus delayed his plans of creating new cryptocurrency fund.

https://cointelegraph.com/news/hedge-fund-magnate-mike-novogratz-delays-new-cryptocurrency-fund-cautions-on-bitcoin