New Trade Organization to Promote Blockchain Established in Switzerland

A new organization called the Capital Markets and Technology Association (CMTA) has been formed in Switzerland in order to facilitate the use of blockchain technology in financial markets, according to a press release published June 12. The CMTA was established in Geneva by Swiss leader in online banking Swissquote, market software provider Temenos, and the country’s largest law firm Lenz & Staehelin. According to the press release, the CMTA will focus on creating open standards and toolkits that can be employed by various types of companies to raise capital by…

Crypto Regulation to Focus on Market Stability, Not Individuals

Felix Hufeld, President of the Federal Financial Supervisory Authority in Germany (BaFin), said the primary role of his regulatory authority is not individual investor protection, but the preservation of overall financial stability, Cointelegraph auf Deutsch reported today, June 12. While the role of BaFin is to protect consumers and maintain general financial market stability, Hufeld stated that it can only address systemic risks, and cannot protect every investor from “his fate.” Hufeld explained: “That’s why we warned ICOs last November, pointing out the high price volatility of crypto-tokens. We will…

New Partnership Announced Between Korea University and Huobi Subsidiary

Korea University is teaming up with the South Korean subsidiary of crypto exchange Huobi for “industry-academia” cooperation in the field of blockchain development, Seoul Daily reports, June 12. The agreement between one of South Korea’s most prestigious universities and Huobi Korea seeks to bridge academic research of the innovative technology with products useful for the industry. According to Seoul Daily, the head of Korea University’s Cryptography Center at the Graduate School of Information Security Professor Kim Hyung-jung said they hoped “to be able to conduct empirical research not only on…

Bitcoin’s Price Slides Below $6.5K to Hit 70-Day Low

The price of bitcoin, the world’s largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday. Bitcoin’s value slid to $6,455.92 during the afternoon trading session, dropping more than $280 in the span of two hours, according to data from CoinDesk’s Bitcoin Price Index. This represents the lowest figure since the start of April when the BPI registered a low of $6,443. The charts suggest a support of $6436 – if current levels are broken, the next major support is $6000, borne from the lows from…

South Korean Banking Group to Launch Blockchain-Powered ID Verification Platform

A group of South Korean commercial banks will launch a blockchain-powered customer ID verification platform in July 2018, local news outlet Korea JoongAng Daily reports today, June 12. According the report, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be used in both online computer-based and mobile banking.  According to Korea JoongAng Daily, the move is intended to replace the 20-year old public verification system that is reportedly notorious for its complexity and inefficiency. Park Chang-ok, a manager at the department of deposit services…

Blockchain Startup VeChain and Deutsche Bahn Develop DApp for China’s Logistics Industry

Singapore-based blockchain startup VeChain (VEN) and global logistics provider DB Schenker have co-developed a blockchain-based supplier evaluation system, according to a VeChain Foundation post published today, June 12. A new decentralized application (DApp) will use the VeChainThor blockchain to score DB Schenker’s third-party logistics partners in China based on collected data –  the result being an evaluation for services such as packaging, transportation, and the quality of goods. The Vechain Foundation claims that the DApp is the first ever implementation of blockchain for supplier management purposes: “In the future, the…

Cryptocurrency Does Not Threaten Financial Stability, Says German Government

Representatives of the German Federal Government have stated that cryptocurrencies do not pose a threat to financial stability, Cointelegraph auf Deutsch reports today, June 12. Nevertheless, the government sees the need for regulatory measures to control digital currencies. According to the Federal Government, volume of crypto asset transactions is too low compared to the size of the global financial system to pose a serious threat to the current financial system. However, the German government considers it appropriate to closely monitor developments in this area at the G20 level. According to…

What Do We Know About Valerie Szczepanik, the First Crypto Czar

Is creation of a SEC office designated to deal with digital assets a good or bad news for the industry? This is the question that crypto community has been mulling over last week, following the SEC’s announcement of Valerie A. Szczepanik’s appointment to the brand new position of Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for Division Director Bill Hinman. The media have promptly reduced the exuberant title to the likes of Crypto Czar, Crypto Sheriff, Cryptocurrency Chief, or Crypto Quarterback,…

Cryptocurrency Market Inches Near $300 Billion in Gloomy Outlook

Get exclusive fiat and cryptocurrency analysis on Hacked.com for just $39 per month. Click here now! The cryptocurrency market has slightly rebounded by about 2 percent, from $290 to $296 billion, as major cryptocurrencies like Bitcoin and Ethereum increased by 1 to 3 percent in value. Still, the market is demonstrating a bearish trend and shorts on exchanges like Bitfinex have surged by large margins over the past week. Bitcoin Shorts on Bitfinex: Chart From TradingView Bear Cycle Over the past few months, the cryptocurrency market has experienced a similar…

LA Trader Faces Prosecution for Illegal Bitcoin-Fiat Exchange

A Bitcoin trader in Los Angeles, California is facing prosecution for allegedly running an unregistered multimillion dollar Bitcoin-fiat money transmitting business, NBC LA reported yesterday, June 11. Under her pseudonym the ‘Bitcoin Maven’, Theresa Tetley, 50, reportedly earned at least $300,000 annually from her black market business, which ran between 2014 and 2017 via a listing on localbitcoins.com. The U.S. Attorney’s Office has contended that the ‘Maven’ exchanged between $6 and $9.5 mln in the course of her operations. The case is reportedly considered to be the first of its…