Germany’s #2 Stock Exchange Launches Bison Crypto Trading App

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Germanys No. 2 Stock Exchange Lunches Crypto Trading App, Bison

The second largest stock exchange in Germany has announced the official launch of its new cryptocurrency trading platform called Bison.

Börse Stuttgart Group enlisted developers from its digital ventures subsidiary FinTech Sowa Labs to create the exchange, citing its goal as an attempt to make cryptocurrency trading easy for investors that are used to traditional marketplaces.

In this initial launch, the smartphone application allows zero-fee trading of Bitcoin, Litecoin, Ethereum, and Ripple, offering a custodial service and escrow system from an additional subsidiary group, Blocknox.

Bison was first announced in May 2018. Its ambitious target launch date of fall 2018 was missed by months.

Users will need a German checking account to access Bison services, which for right now, will only be accessible from 6:00 a.m. to 12:00 a.m. CET. Stuttgart Börse shared ambitions of opening up access to European countries towards the end of the year.

Other major stock exchanges have also shared ambitions of launching simal platforms; both the Stock Exchange of Thailand and the New York Stock Exchange have plans in motion to develop their own products. The London  Stock Exchange Group is aiding Hong Kong officials to develop their own digit asset exchange.

 

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Malaysian Crypto Market on Par with Equity Crowdfunding, P2P Financing

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Crypto Market Now on Par with Equity Crowdfunding and P2P Financing in Malaysia

A news report today by news outlet The Star Online has revealed that digital asset trading in Malaysia will now be recognized as a market on equal footing with equity crowdfunding (ECF) and peer-to-peer financing (P2P).

According to the post, the Malaysian financial regulator, Securities Commission (SC), made the announcement earlier today in a briefing with the press when it highlighted the amendments made to its Guidelines on Recognized Markets.

The amendment was aimed at protecting investors and digital asset operators while making the nation inclusive of cryptocurrency trading. Chairman of the SC Syed Zaid made this clear when he said: “The new framework is part of the SC’ efforts to promote innovation while ensuring investors protection.”

However, Syed made it clear that this was a one-part measure to protecting investors, noting that investors would have to take on the responsibility of additional safeguards with respect to making investment choices, knowing that enterprise is still growing and has many risks involved, citing volatility and liquidity issues.

Further, with respect to current and prospective digital assets operators such as exchanges, a formal registration with the SC is required for recognition as market operators. More so, the regulator has stated that under the amended Guideline, “operators must be a locally-incorporated company with a minimum paid-up capital of MYR 5 million [about USD 1.22 million] upon commencing requirements”. This is subject to change by the regulator on a case-by-case, basis the report reads. Registration with the SC will commence on 1 March.

Digital asset operators in Malaysia have been tasked with the duties of ensuring the safety of their investors’ funds by maintaining real-time activity logs of their clients as well as having anti-theft systems in place.

As for operators of initial coin offerings, a separate guideline will be released by the end of March for further clarity

Malaysia has been working steadily on regulating the industry, though at some point, the regulatory stance became rather unclear. This had been a very sensitive area for the government, especially with cryptocurrency, which continues to prove to be valuable digital innovation and yet possesses huge financial security risks.

However, with the amended framework, and the newly enforced legislature dubbed the Capital Markets and Services Order 2019 in place, the Southeast Asian country can be classed with those who are forward thinking with regards to blockchain and the underlying emerging asset classes.

 

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Interior Secretary Quits White House for Blockchain

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Interior Secretary Quits White House for Blockchain

US President Donald Trump’s former interior secretary Ryan Zinke, who spent most of the last two years promoting blockchain technology, has now taken up a position with blockchain company Artillery One.

The North Carolina Business Corporation set up by Wall Street financier Daniel Cannon is currently working on a project in Kosovo where Zinke sees a good opportunity for blockchain and cyber security to “…combine to have a meaningful impact,” adding, “Proving the worth of the technology in the controlled environment of a small country is enormously important.”

Zinke argues that there seems to be a suspicion in some quarters that “blockchain does not really work”, an argument he has clearly set out to disprove. “We think it does and we want to showcase the utility and flexibility of the model,” he asserts.

Blockchain advocates have long been supporting the notion that the technology can really find a home in struggling overseas markets. An indication of this has been shown by Bitcoin uptake in some countries under extreme international pressure or internal economic upheaval, but as yet blockchain is a long way from becoming a mainstream go-to solution, despite an increasing and much-publicized use of the technology in the area of supply chain distribution.

Zinke cited such examples as cobalt production in Africa. Congo holds half of the world’s cobalt reserves and the demand for the main mineral component of lithium-ion batteries is set to surge as electric cars proliferate. According to Reuters, in 2016, Congo mined 54% of the total 123,000 tons of cobalt produced worldwide. Also, automaker Volkswagen is trying to secure long-term cobalt supplies to sustain their own electric car production, but need verification that no child labor has been involved in the production.

He said that blockchain could make it possible for “tracing cobalt through blockchain to make sure production isn’t being done using child labor”. It an issue already being looked into by Amnesty International, exploring the possibility of implementing blockchain technology to address the problem of child labor by enabling consumers to choose a mine to make their purchase and then tracking from source on the blockchain.

It remains to be seen what an ex-politician can bring to this innovative new world.

 

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