- Some pullback is keeping Bitcoin a bit lower but healthy at above USD 8,650
- Malaysia insists that IEO offerings must take place on licensed exchanges
- Bitfury to make mining operations in Kazakhstan carbon neutral with UNDP collaboration
Bitcoin markets are still yet to find firm footing, although another consecutive day of higher highs and higher lows will be very good news for bulls looking for signs of confidence. Bitcoin is currently in the throes of minor sell offs, however, as the traders in America look to stem the profit-taking from around USD 8,900 and trades currently at USD 8,674 (CoinDesk).
Out of Malaysia today came the news that the national markets regulator has taken a cue from the US Securities and Exchange Commission (SEC), whose recent investor alert warned people off from so-called Initial Exchange Offerings (IEOs).
It hasn’t put IEOs in a bad light, however, requiring only that token offerings in the Southeast Asian nation be attached to exchanges. The Malaysian Securities Commission (SC) also issued guidelines that ensures that any digital tokens issued can only be for the purposes of goods and services. The report gives a deadline of late 2020 for these new rules to take effect.
Essentially, this means than any token issued must come with approval from the SC otherwise they will be deemed illegal. The responsibility for vetting issuers and approving token features also lie with the platforms themselves, while minimum paid-up capital is MYR 5 million (Malaysian ringgit worth over USD 1.22 million).
More importantly, issuers must first be registered as a crypto exchange — or a Digital Asset Exchange platform operator with the SC — and must be able to meet the minimum paid-up capital of MYR 500,000 (USD 122,700).
This should be good news to investors, as this means IEO must have paid up capital and must be registered. Limits appear to ensure fairness too, with only just under USD 500 allowed as a limit for retail investors per issuer, and not allowing more than rougly USD 4,900 in a period of 12 months.
There are no investment restrictions for so-called sophisticated investors, that is, those with high net worth value and solid market experience. The only vague item that must be followed is that business dealings must offer the country value, giving examples of addressing market needs and problems or streamlining services and processes.
Looks like investors in new digital assets no longer need to hide in the shadows in Malaysia!
Meanwhile, we spoke recently about charitable donations from crypto projects towards the environment, and it looks like Bitfury has finally jumped on board. The blockchain developers are now in partnership with the United Nations Development Programme (UNDP) in a forest conservation project in Kazakhstan.
According to the Astana Times, the project aims to reduce greenhouse agreements by 15% by 2030 as per its commitments in the 2016 Paris Agreement on the climate crisis.
Offsetting Bifury’s carbon footprint
Bitfury, UNDP and the Kazakh Ministry of Ecology, Geology and Natural Resources will join forces formally later this month in the Pavlodar Region to create a forestland covering 20 hectares. This hopes to go some way to offsetting the carbon dioxide spewed out by coal power stations supplying electricity to Bitfury’s Bitcoin mining operations — enough to wipe out the carbon footprint and then some.
While a vast part of the large country is grassland, the Central Asian nation owns almost 30 million hectares in forest, but they are under threat of forest fires and logging. At its Biodiversity Financing Initiative (BIOFIN), financial mechanism expert Meruyert Sarsembayeva notes how so little of that forest is actually protected:
“We will work with forests that are not being considered and managed. It is exactly these forests that are threatened by the forest fires and illnesses. If they are not legitimized and transferred to the state forest fund, it may lead to that, they will produce even more emissions.”
UNDP Resident Representative in Kazakhstan Yakup Beris explained the joint project simply as the first of its kind in the country. He added:
“… we hope that it will accelerate the country’s efforts to reduce carbon dioxide in partnership with the private sector. These practical solutions will require institutionalization and expansion.”
About time Bitfury gives back to the planet, we think!
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