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| June 22, 2018

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Posts Bydailybusinessnews, Author at - Page 3 of 12800

Cocaine Now Wreaking Havoc on … Eels

June 22, 2018 |

Humans aren’t alone in a battle with illicit drugs, which have penetrated waterways worldwide via wastewater and other means. European eels are feeling the effects, and probably other animals, too, say researchers at Italy’s University of Naples Federico II. After previously finding cocaine in eel flesh, the team investigated how…
Newser

Investigation Into Shark’s Death Turns Criminal

June 22, 2018 |

A great white shark with cuts and puncture wounds on its body washed ashore, dead, on a beach in Aptos, Calif., Sunday, and law enforcement officials with the state Department of Fish and Wildlife are investigating. The male shark, believed to be a juvenile, weighed about 500 pounds and was…
Newser

At Least $20 Billion in Crypto Investment Awaits Custody Streamlining, Approval

June 22, 2018 |

At Least $  20 Billion in Crypto Investment Awaits Custody Streamlining, Approval

Rumor has it vaunted, long awaited institutional money, big investment in crypto is coming. One of the many holdups involves custody regulation, as both large funds and those ecosystem companies best poised look for a smooth way to guard cryptocurrency holdings securely, alleviating whales’ greatest fears: theft and loss.

Also read: Troll Slayer: Derek Magill Defends Peer-to-Peer Electronic Cash Against Defamation

Investment Whales Want Custody Assurance

“There are a lot of investors where custodianship was the final barrier. Over the next year, the market will come to recognize that custodianship is a solved problem. This will unlock a big wave of capital,” hedge fund Multicoin Capital’s Kyle Samani told Olga Kharif and Sonali Basak by phone.

Custodial arrangements in traditional, legacy finance are well understood and regarded. Precious metals, diamonds, and even cash are carefully guarded by trusted institutions such as JP Morgan. The brave new world of cryptocurrency scares the hair off of big finance, so a regulated, risk averse arrangement, complete with liability insurance, is, some professionals feel, key to big money entering the space in a substantial way.

At Least $  20 Billion in Crypto Investment Awaits Custody Streamlining, Approval

Popular ecosystem bank, Coinbase, is among those who’ve announced movement in this area. As these pages reported last month, it “announced a new suite of services meant to attract more big money players such as the many new crypto hedge funds that pop up all the time. It will launch a cryptocurrency custodian in partnership with an SEC-regulated broker-dealer to a group of initial clients that include 1confirmation, Autonomous Partners, Boost VC, Meta Stable, Multicoin Capital, Polychain Capital, Scalar Capital and Walden Bridge Capital.”

About the same time, Tokyo-based investment bank Nomura announced its new venture, Komainu. It was “established to help overcome barriers for institutional investment in crypto-assets with a custody solution and offering new services, standards and best practices.” Jez Mohideen of Nomura explained, “Global investment managers have long been held back from full participation in digital asset markets, limited by operational and regulatory risk. Our new partnership will set the required standards that will bring peace of mind to digital asset investors, and provide tools and products to enable better integration with more traditional investment vehicles such as mutual funds.”

When Lambo?

Coinbase estimates $ 20 billion worth of crypto is sidelined until custody solutions make sense. Crypto assets will flow into custody services once they’re available, estimates Sam McIngvale, who’s leading Coinbase’s project — and that number is probably considerably higher with the ubiquity of initial coin offers, for example. At Least $  20 Billion in Crypto Investment Awaits Custody Streamlining, Approval

“Such projects would pave the way for vast tracts of investors to expand into crypto,” Bloomberg claims, “potentially reviving prices in markets that have tumbled in recent weeks. Regulated crypto custody would allow more institutional buyers — such as hedge funds and pensions — to invest in Bitcoin, Ether and a multitude of other coins. Retail brokerages would have a safer way to let clients add crypto to portfolios stuffed with stocks and bonds.”

Regulatory clarity in this area seems to also be paramount for future growth in professional circles. Literally hundreds of funds have popped up in recent years, touting crypto toe-dips of one kind or another, and managers worry the, at times trigger happy, US Securities and Exchange Commission could very well fire first with prosecutions, asking questions later. Coinbases of the world, pending formal approval, would go a long way toward easing those concerns.

Do you expect major institutional money to enter the crypto market soon? Let us know in the comments. 


Images via the Pixabay.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post At Least $ 20 Billion in Crypto Investment Awaits Custody Streamlining, Approval appeared first on Bitcoin News.

Bitcoin News

32 Years Later, ‘Sweet Older Man’ Arrested in Girl’s Murder

June 22, 2018 |

On March 26, 1986, 12-year-old Michella Welch was abducted from a Tacoma, Wash., park, sexually assaulted, and killed with a cut to the neck. More than three decades later, police have arrested a suspect in her miurder, the News Tribune reports. Gary Charles Hartman, 66, was booked into jail on…
Newser

NFL to suspend Jameis Winston for allegedly grabbing female Uber driver’s crotch, report says

June 22, 2018 |

The NFL plans to suspend Tampa Bay Buccanneers quarterback Jameis Winston for the first three games of the 2018 regular season for violating the league’s personal conduct policy, ESPN reported Thursday.
FOX News

Charles Krauthammer Dead at 68

June 21, 2018 |

Conservative commentator Charles Krauthammer died Thursday at age 68, reports the Washington Post , where Krauthammer’s work as a columnist won him the Pulitzer Prize in 1987. Krauthammer’s death comes less than two weeks after he announced in his final column that he was dying of cancer and had just weeks…
Newser

License Needed for Crypto Trading, Circulation, and Settlement in Cambodia

June 21, 2018 |

License Needed for Crypto Trading, Circulation, and Settlement in Cambodia

Three Cambodian government bodies have jointly announced that the propagation, circulation, buying, selling, trading, and settlement of cryptocurrencies without obtaining a license are illegal activities. The agencies have also outlined four main risks associated with crypto trading or investing.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

License Needed

The National Bank of Cambodia (NBC), the Commission of Cambodia, and the General-Commissariat of National Police jointly made a statement regarding the legality of crypto activities in the country. It was signed on May 11 but published on Tuesday, June 19.

License Needed for Crypto Trading, Circulation, and Settlement in Cambodia

“Competent authorities have recently observed that cryptocurrencies such as Kh Coin, Suncoin, K Coin, Onecoin, Forex coin and other similar cryptocurrencies have been propagated, circulated, bought, sold, traded and settled actively in Cambodia,” the trio wrote, adding:

Competent authorities clarify that the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities.

The authorities emphasized that “Any person or legal entity” engaged in any of the above activities without a proper license “shall be penalized in accordance with applicable laws.” However, the statement does not mention bitcoin or any crypto with a large market cap.

Regulators Outline Crypto-Related Risks

The statement continues to explain that the aforementioned crypto-related activities are not regulated by the authorities and “will cause potential risks to the public and society.”

License Needed for Crypto Trading, Circulation, and Settlement in CambodiaThe trio named four specific risks. Firstly, “The issuance of cryptocurrencies is not backed by collateral,” they wrote. Secondly, “Investment in cryptocurrencies may incur losses due to the volatility of its face value.” Then they claim there is a risk of “cybercrime and loss of funds due to the system being hacked.” Lastly, not only is there “no customer protection mechanism” with cryptocurrencies, but the regulators also noted the risks of money laundering and financing of terrorism since “the user of cryptocurrencies is an anonymous person who has no identity or historical records.”

License Needed for Crypto Trading, Circulation, and Settlement in CambodiaThe Cambodian Securities and Exchange Commission previously warned citizens of the risks of trading or investing in cryptocurrencies. In December, the NBC “reconfirmed its stand not to recognize digital currency bitcoin being introduced by some businesses in Cambodia,” the national press agency, AKP, wrote.

The central bank released a resolution in December to all banks and microfinance institutions in the country to ban the trading of cryptocurrencies including bitcoin, the Phnom Penh Post described, adding that, as a result:

Many of these financial institutions prevent customers from using their accounts to buy or sell digital coins or tokens.

What do you think of this statement by the three government bodies? Let us know in the comments section below.


Images courtesy of Shutterstock and the Cambodian government.


Need to calculate your bitcoin holdings? Check our tools section.

The post License Needed for Crypto Trading, Circulation, and Settlement in Cambodia appeared first on Bitcoin News.

Bitcoin News

TMZ

Khloe Kardashian & Tristan Thompson Get Sweaty Together

June 21, 2018 |

If there was any doubt Khloe & Tristan have put the whole “cheating and embarrassing her in front the world” thing behind them, we have video of the couple doing something they’d never do if they were fighting. Working out together. Khloe just…

TMZ.com

Big banks pass first part of U.S. stress tests

June 21, 2018 |

Big banks cleared the first hurdle of this year’s U.S. stress tests: The Federal Reserve found all 35 lenders examined could withstand a severe economic downturn, though Goldman Sachs Group Inc. trailed the rest of Wall Street in a key measure of leverage.

The results announced Thursday mark the…


L.A. Times – Business