Bermuda to Create New Class of Bank, Malta to Approve 3 Crypto Bills & Epic FUD Fail by UK "Newspaper"
A little retracement in the markets overnight saw the global cryptocurrency market cap reduce by $5 billion to $268 billion, Bitcoin down by $55 to $6504 and Ethereum fell by just $5 to $464.
Bermuda has taken bold steps announcing changes to its banking regulations to permit a new class of bank to accommodate blockchain and fintech companies. The move comes after Bermuda’s Premier and Minister of Finance, David Burt found that local banks were reticent to offer services due to regulation complexities and not being willing to take on new risks. Burt rightly pointed out that banks cannot be permitted to hinder the country’s plans to further economic growth – particularly given the recent submission of supporting parliamentary acts - Digital Asset Business Act and an initial coin offering (ICO) bill. More plans are expected including an Electronic ID (E-ID) scheme, similar to that successfully trialed by the Swiss region of Zug recently.
Malta is set to approve three legislative bills upon the third and final reading today focused on cryptocurrencies and blockchain technology in its bid to become the most crypto friendly jurisdiction. The bills sailed through the second parliamentary reading with a unanimous vote in favour last week. The Malta Digital Innovation Authority Bill essentially establishes the Authority itself and what it will be responsible for, the Technology Arrangements and Services Bill covers cryptocurrency exchanges and the governance of technology service providers and the Virtual Financial Assets Bill will primarily cover Initial Coin Offerings (ICOs) and companies/service providers involved in the promotion of them, as well as further outline regulation regarding exchanges.
FUD of the day goes to another UK based “newspaper”, The Sun. In what must be a quiet day at the newspaper (possibly from journalists being hungover and hoarse after last night’s world cup game and shouting at the TV all night) they are running the headline “BUBBLE TROUBLE How Bitcoin bubble burst as cryptocurrency loses 70% value and 800 digital currencies now defunct. Bitcoin has experienced a 70 per cent fall in its value after reaching its peak at £15,000” Reporting percentage drops is all very well provided context is included - i.e. the time period in this case. On the subject of “800 digital currencies now defunct” the “journalist” attempts to compare the situation to the dot com boom with “Internet companies - which were referred to as dot coms - failed and were forced to shut down” which granted is true – however I believe the internet does still exist, and one or two dot com business are still trading if I’m not mistaken.
The inaccurate drivel continues – apparently “Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.” Really? Tell me about these free transactions! This site that tracks bitcoin transaction fees must have it all wrong then. Possibly the most shocking revelation however has to be this little gem: “More businesses are beginning to accept them and in some parts of the world you can even buy pizza with Bitcoins.” – Because of course, no-one ever bought a pizza with Bitcoin did they?
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Created: Wednesday, July 4, 2018
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