Coinbase TO Support Ethereum Classic

One of the biggest cryptocurrency exchange in the US has announced in their twitter that they will be supporting Ethereum Classic (ETC).

However it was revealed that the integration of ETC will not happen immediately as work must be done by its technical working group to integrate it in the entire spectrum of its Coinbase Products.

When the Technical integration is in its final testing phase the company will publicly announce a launch date via twitter or their blog.

As a result ETC prices soars after the listing announcement.

ETC is a fork or Ethereum project due to what the Ethereum Classic team called DAO hack debacle in which the Ethereum forked to restored the lost tokens from the hack.

Abu Dhabi Securities Exchange Partners With UK-based Fintech

The Abu Dhabi Securities Exchange (ADX) has partnered with a UK-based fintech company called Equifax, a company that provides Blockchain technology services for capital markets.

The British Blockchain company will assume advisory roles on the best way to use new technologies including Blockchain to increase both transaction speed and security.

ADX is said to be the third largest exchange in the world and first in the Middle East/Africa region that adopted Blockchain after its use of e-voting services for the annual general meetings of it listed companies.

Equichain CEO Nicholas Bone states that the partnership is a collective effort to streamline capital markets environments for all participants, providing higher efficiency, lower risk and more cost effective.

South Korea Will Regulate Cryptocurrency Exchanges Like Commercial Banks

The Korea Financial Intelligence Unit (KFIU) and other local financial agencies has expressed its desire to regulate cryptocurrency exchange banks, imposing strict anti-money laundering (AML) policies to make sure that criminals will not be able to do illicit transactions using cryptocurrencies.

KFIU revealed that the agency will coordinate with Congress to pass a bill that would allow local financial authorities to monitor traditional bank account and cryptocurrency users extensively with transparency.

If such a bill will be passed it would create initial uncomfortable ecosystem at first but it will add legitimacy to the rapidly growing cryptocurrency and Blockchain sector.

Coinbase Index Fund Now Open For Business

The much awaited Index Fund from Coinbase is now finally open for investment of $250,000 to $20M.

The Coinbase Index Fund gives investors exposure to all assets listed in the Coinbase’s exchange.

The different digital assets will be weighted by market capitalization.

The fund will always be re-balanced as more digital assets will be included in Coinbase in the future.

During press time the Index Funds is only open to US-resident accredited investors.

However it was revealed that the exchange is currently in working on launching more funds which are accessible to a broader spectrum of investors and greater range of digital assets.

Lithuania Releases Regulatory Framework For ICO

The Ministry Of Finance For Lithuania has release guidelines that cover Initial Coin Offering (ICOs).

The ICO guideline was published June 8, 2018. It defines ICOs and classifies tokens issued in those ICOs to token types which is further broken down to categories that specify the applicable set of laws and regulations such as securities, crowd funding, financial instrument markets and collective investments.

The guideline also clarifies how tax is applied to every participant involve in cryptocurrency activities.

Lithuanian Minister of Finance Vilius Šapoka reveals that the guideline is intended to foster innovation and investment opportunities and in the same time protecting existing financial system, customers and preventing money laundering and financing terrorist.

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