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<p>The financial endowment fund of the University of Michigan, one of the oldest and most established academic institutions in the U.S., is the latest institutional investor revealed to have entered the cryptocurrency ecosystem. Its endowment is backing a crypto venture capital fund managed by Andreessen Horowitz. Also Read: In the Daily: Sirin Labs Smartphone, Middle […]</p>
University of Michigan Endowment Backs Crypto Venture Capital Fund
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Bitcoin
Non-custodial cryptocurrency exchange service Changelly, announced today that is has partnered with Sum&Substance, an AI-based ecosystem, which allows online services around the world to meet regulatory requirements, prevent fraud and enhance customer confidence. The Sumsub KYC check will be... <p><a href="https://www.cryptoninjas.net/2019/02/21/crypto-exchange-changelly-partners-with-sumsubstance-for-kyc/" rel="nofollow">Source</a></p>
Crypto exchange Changelly partners with Sum&Substance for KYC
|
CryptoNinjas
<p>To call the current bear market a simple “correction” is quite a bold statement and one that would be met with counterpoints from numerous scorn crypto investors who bought in at the top of the recent Bitcoin (BTC) bubble. However, according to one crypto analyst, Bitcoin is still in a “ongoing bull market” and that the</p>
Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During “Correction”
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News BTC
<p> </p><p>Crypto wallet MyEtherWallet in collaboration with crypto finance firm Bity have launched a platform for the conversion of crypto to fiat without going through KYC requirements.</p> <p></p><p dir="ltr">Cryptocurrency <a href="https://cointelegraph.com/tags/wallet" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/wallet/amp">wallet</a> MyEtherWallet (MEW) in collaboration with crypto finance firm Bity are releasing a platform to convert <a href="https://cointelegraph.com/tags/cryptocurrencies" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/cryptocurrencies/amp">cryptocurrency</a> to fiat without Know Your Customer (<a href="https://cointelegraph.com/tags/kyc" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/kyc/amp">KYC</a>) requirements. MEW announced the news in a <a href="https://medium.com/myetherwallet/mew-introduces-first-kyc-less-crypto-exit-to-fiat-gateway-powered-by-bity-a24b6aa3e3c4" target="_blank" rel="nofollow,noopener">blog post</a> published on Feb. 20.</p><p dir="ltr">Per the announcement, users of the MEW V5 wallet are now able to exchange up to 5,000 Swiss Francs ($4,995) worth Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/bitcoin-price-index/amp">BTC</a>) and Ethereum (<a href="https://cointelegraph.com/ethereum-price-index" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/ethereum-price-index/amp">ETH</a>) to euros and Swiss francs without going through KYC requirements inside the wallet. Users can purportedly make the exchange from any part of the world.</p><p dir="ltr">KYC procedure enable organizations to verify the identity of their customers before or during dealing with them. Businesses can assess whether their clients are involved in illegal activities like money laundering or corruption.</p><p dir="ltr">To use so called “Exit-to-Fiat” option, customers have to choose the target digital and fiat currencies in the wallet dashboard. Users will further be asked to provide some personal data, including their phone number, banking details, official name of their <a href="https://cointelegraph.com/tags/banks" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/banks/amp">bank</a> account, and the billing address needed for compliance purposes.</p><p dir="ltr">Enhanced privacy and anonymity of cryptocurrencies have always been <a href="https://cointelegraph.com/news/government-tracking-of-crypto-is-growing-but-there-are-ways-to-avoid-it" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/government-tracking-of-crypto-is-growing-but-there-are-ways-to-avoid-it/amp">linked</a> by the governments and regulators to illicit activities and the possibility of money laundering. Last month, the Cyberspace Administration of <a href="https://cointelegraph.com/tags/china" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/china/amp">China</a> (CAC) <a href="https://cointelegraph.com/news/china-introduces-new-anti-anonymity-regulations-for-blockchain-related-companies" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/china-introduces-new-anti-anonymity-regulations-for-blockchain-related-companies/amp">introduced</a> new regulations for blockchain firms that are operating in the country.</p><p dir="ltr">The CAC guidelines require blockchain startups to allow authorities access to stored data, and to introduce registry procedures that would require ID card or mobile numbers from its users. Moreover, they will be obliged to oversee content and censor information that is prohibited under current Chinese law.</p><p dir="ltr">In April 2018, Amazon Technologies, Inc. <a href="https://cointelegraph.com/news/amazon-granted-patent-for-streaming-data-marketplace-with-bitcoin-use-case" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/amazon-granted-patent-for-streaming-data-marketplace-with-bitcoin-use-case/amp">received</a> a patent for a streaming data marketplace that would permit the combining of multiple data sources, thereby enabling the real-time tracking of cryptocurrency transactions and the users involved. This would essentially lead to the de-anonymization of transactions involving Bitcoin, Ethereum or any other non-privacy cryptocurrency.</p> <p></p>
New Platform Converts Crypto to Fiat Without Know Your Customer Requirements
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Cointelegraph
<p>Brian Armstrong, CEO of $8 billion crypto exchange Coinbase, wants to set some misconceptions straight about the security of various types of Bitcoin wallets. Writing in Fortune, Armstrong clarifies – for a mainstream audience – the difference between hot and cold wallets. If the reader is unfamiliar with the concept, it’s pretty simple. A “hot” wallet is connected to the internet and capable of making immediate transactions. A “cold” wallet is secured offline, by definition, although there are degrees of coldness. A private key stored on an internet-connected device but not loaded into any active wallets is still technically “cold” </p>
Coinbase’s Brian Armstrong Says it’s Okay to Use Hot Wallets to Store Bitcoin
|
CCN
In the interest of preventing fraud and abuse, complying with South Korea’s regulations, and protecting financial markets as well as its users, Huobi Korea announced today it is strengthening its protections against money laundering, identity theft, voice phishing, and other forms of abuse.... <p><a href="https://www.cryptoninjas.net/2019/02/21/huobi-korea-strengthens-anti-money-laundering-protections/" rel="nofollow">Source</a></p>
Huobi Korea strengthens Anti-Money Laundering protections
|
CryptoNinjas
<div> <a href="https://cryptonewsmonitor.com/2019/02/21/official-u-s-secs-bitcoin-etf-verdicts-will-determine-south-koreas-crypto-attitude/"></a> </div> This article was originally posted on Ethereum World News - an independent news provider covereing Ethereum, Bitcoin, Ripple, Litecoin dApps, start-off ICO’s and the whole Blockchain [...]
Official: U.S. SEC’s Bitcoin ETF Verdicts Will Determine South Korea’s Crypto Attitude
|
Crypto News Monitor
Wibson, the blockchain-based consumer data marketplace, has partnered with Telefónica to trial a data verification capability that validates the authenticity of consumer data in its system. Wibson allows individuals to securely and anonymously sell validated private information from their devices to advertisers and... <p><a href="https://www.cryptoninjas.net/2019/02/21/wibson-and-telefonica-trial-blockchain-validated-personal-data-marketplace/" rel="nofollow">Source</a></p>
Wibson and Telefónica trial blockchain validated personal data marketplace
|
CryptoNinjas
<p>Over the past couple of weeks Bitcoin (BTC) has seen relatively positive trading action, surging from monthly lows of under $3,400 to highs of $4,000, from which it has only dropped slightly. Importantly, $4,000 has proven to be a strong level of resistance for Bitcoin, and analysts have mixed opinions on where the cryptocurrency is</p>
Blockchain Capital Partner: Now is a Very Good Time to Buy Bitcoin (BTC) Despite Bear Market
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News BTC
Bitwala, a German-based bitcoin exchange and payment company, today announced that only weeks after their official launch, users have already traded a total of EUR 1 million worth of bitcoin. Bitwala is the only banking service presently active in the European Economic Area... <p><a href="https://www.cryptoninjas.net/2019/02/21/bitcoin-trading-at-bitwala-reaches-eur-1-mln-weeks-after-launch/" rel="nofollow">Source</a></p>
Bitcoin trading at Bitwala reaches EUR 1 mln weeks after launch
|
CryptoNinjas
<p>Money transmitting services that enable users to switch from crypto to fiat are a valuable resource. There’s still a shortage of cryptocurrency off-ramps, and thus reliable services that offer a reasonable exchange rate are to be cherished. But the convenience that crypto debit cards and other crypto-fiat exchanging services offer comes at a high price […]</p>
How Crypto Compliance Requests Strip User Privacy
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Bitcoin
<p> </p><p>Deutsche Boerse-operated derivatives exchange Eurex is reportedly planning to launch digital currency futures.</p> <p></p><p dir="ltr">Eurex, a <a href="https://cointelegraph.com/tags/germany" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/germany/amp">Germany</a>-based derivatives exchange operated by Deutsche Boerse, is reportedly planning to launch futures contracts tied to digital assets, financial technologies-focused news outlet The Block reported on Feb. 21.</p><p dir="ltr">People familiar with the matter reportedly told the Block that Eurex is planning to launch futures contracts tied to such digital currencies as Bitcoin (<a href="https://cointelegraph.com/bitcoin-price-index" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/bitcoin-price-index/amp">BTC</a>), Ethereum (<a href="https://cointelegraph.com/ethereum-price-index" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/ethereum-price-index/amp">ETH</a>), and Ripple (<a href="https://cointelegraph.com/xrp-price-index" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/xrp-price-index/amp">XRP</a>), having already had meetings with market-making companies to discuss the products.</p><p dir="ltr">Deutsche Boerse has reportedly been <a href="https://www.cnbc.com/2017/12/14/deutsche-boerse-considers-bitcoin-futures-launch-in-germany-report.html" target="_blank" rel="nofollow,noopener" data-amp="https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2017/12/14/deutsche-boerse-considers-bitcoin-futures-launch-in-germany-report.html">considering</a> the introduction of digital currency futures since December, 2017. A spokesperson for the exchange then said that “we are thinking about futures, with which private investors and institutional investors can protect existing investments in Bitcoin or set for falling prices of the cyber currency.”</p><p dir="ltr">In September 2018, Deutsche Boerse <a href="https://cointelegraph.com/news/deutsche-borse-establishes-centrally-steered-unit-dedicated-to-blockchain-crypto-assets" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/deutsche-borse-establishes-centrally-steered-unit-dedicated-to-blockchain-crypto-assets/amp">established</a> a “DLT, Crypto Assets and New Market Structures” unit, that would explore the disruptive potential the technology could have for financial market infrastructure, as well as the new products the exchange could develop to enhance its existing offerings.</p><p dir="ltr">Founded in 1998, Eurex is an international derivatives exchange operated by one of the world’s leading stock exchanges, Deutsche Boerse. Eurex Clearing reportedly <a href="https://www.eurexclearing.com/clearing-en/about-us/company-profile" target="_blank" rel="nofollow,noopener">manages</a> a collateral pool of 49 billion euro ($55.5 billion) and clears trades valued at 12.46 trillion euro each month.</p><p dir="ltr">Last month, Deutsche Boerse <a href="https://cointelegraph.com/news/deutsche-borse-hqlax-report-significant-process-on-blockchain-securities-lending-platform" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/deutsche-borse-hqlax-report-significant-process-on-blockchain-securities-lending-platform/amp">announced</a> that it was “making significant progress” on its blockchain-based securities lending platform, the launch of which is scheduled for the the first half of 2019. Per the press release from Deutsche Boerse, six <a href="https://cointelegraph.com/tags/banks" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/banks/amp">banks</a> to date had confirmed their plans to join the securities lending platform, and have initiated “their connectivity processes.”</p> <p></p>
Report: Major European Derivatives Exchange to Launch Cryptocurrency Futures
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Cointelegraph
<div> <a href="https://cryptonewsmonitor.com/2019/02/21/report-major-european-derivatives-exchange-to-launch-cryptocurrency-futures/"></a> </div> This article was originally posted on Cointelegraph - an independent publication covering cryptocurrency, the blockchain, decentralized applications, the internet of finance and the next gen [...]
Report: Major European Derivatives Exchange to Launch Cryptocurrency Futures
|
Crypto News Monitor
<p>IBM VP of Blockchain and Digital Currencies Jesse Lund is bullish on Bitcoin – so bullish, in fact, that he set a long-term $1 million price target. Bitcoin Price Has Million-Dollar Potential Lund revealed his long-term Bitcoin price target at the recent Think Conference, in an interview with Fred Schebesta. The IBM executive pointed out that the higher the price of a crypto asset, the more utility it has. Therefore, he thinks people should focus less on the moving prices of crypto assets and more on their utility. “If the price of Bitcoin were higher, there would be more liquidity on </p>
$1 Million: IBM Crypto Chief Sets Massive Bitcoin Price Target
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CCN
<p>The founder of the social news discussion website Reddit has once again commented on his belief in the future of crypto. Alexis Ohanian has long been a believer in the fintech innovation and states that the bear market has driven many speculators from the space, allowing developers to concentrate on building out much-needed infrastructure. Despite</p>
Reddit Founder Talks Crypto Winter and Ongoing Innovation in the Space
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News BTC
BitMart, a global bitcoin, and digital asset exchange, recently announced a new partnership with Paxful, integrating its peer-to-peer payment logistics platform. “We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets,” said Ray Youssef, CEO, and co-founder... <p><a href="https://www.cryptoninjas.net/2019/02/21/crypto-exchange-bitmart-integrates-p2p-bitcoin-marketplace-from-paxful/" rel="nofollow">Source</a></p>
Crypto exchange BitMart integrates P2P bitcoin marketplace from Paxful
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CryptoNinjas
<p> </p><p>Three German banking and tech giants have completed a 100,000 euro money market security transaction based on the blockchain platform Corda.</p> <p></p><p dir="ltr"><a href="https://cointelegraph.com/tags/germany" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/germany/amp">German</a> banking and financial services company Commerzbank and technology companies Continental and Siemens have jointly conducted a money market security transaction pilot using <a href="https://cointelegraph.com/tags/blockchain" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/blockchain/amp">blockchain</a> technology. Cointelegraph auf Deutsch <a href="https://de.cointelegraph.com/news/commerzbank-continental-und-siemens-simulieren-virtuelle-finanzierung-per-blockchain" target="_blank" data-amp="https://de-cointelegraph-com.cdn.ampproject.org/c/s/de.cointelegraph.com/news/commerzbank-continental-und-siemens-simulieren-virtuelle-finanzierung-per-blockchain/amp">reported</a> on the development on Feb. 21.</p><p dir="ltr">Money market securities are short-terms assets that serve for financing companies and usually have a maturity of one year or less. Usually, the processing of a payment takes two days due to a clearing process.</p><p dir="ltr">The aforementioned parties “for the first time” conducted a blockchain-based money market security transaction worth 100,000 euro ($113,340) within a pilot project in January, where Continental acted as the issuer of the security, Commerzbank provided <a href="https://cointelegraph.com/tags/r3" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/r3/amp">R3’s</a> <a href="https://cointelegraph.com/tags/corda" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/corda/amp">Corda</a>-based blockchain platform, while Siemens subscribed to the money market security as an investor.</p><p dir="ltr">The blockchain-powered platform reportedly allowed the companies to improved flexibility, efficiency and transparency in the deal. Speaking about other benefits of the transaction, Peter Rathgeb, Corporate Treasurer at Siemens, said in a Feb. 21 <a href="https://www.continental-corporation.com/de/presse/pressemitteilungen/blockchain-163844" target="_blank" rel="nofollow,noopener">press release</a>:</p><blockquote><p dir="ltr">“The significantly shorter throughput times and faster time-to-market show clear advantages of this technology [blockchain]. Key challenges include <a href="https://cointelegraph.com/tags/security" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/security/amp">security</a> and performance issues, as well as legal issues such as the need to create a consistent European standard and understanding of the law on blockchain-based transactions.”</p></blockquote><p dir="ltr">In late 2018, Commerzbank in collaboration with <a href="https://cointelegraph.com/tags/france" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/france/amp">French</a> corporate and investment bank Natixis, and <a href="https://cointelegraph.com/tags/netherlands" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/netherlands/amp">Dutch</a> financial services firm Rabobank <a href="https://cointelegraph.com/news/four-international-banks-complete-commercial-paper-transaction-on-r3s-corda-platform" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/four-international-banks-complete-commercial-paper-transaction-on-r3s-corda-platform/amp">completed</a> a live 100,000 euro ($113,340) commercial paper transaction on the Corda platform. Commerzbank developed the pilot framework, software and distributed ledger (DLT) network for the trade, and instructions on regulatory implications.</p><p dir="ltr">Previously, Siemens <a href="https://cointelegraph.com/news/siemens-joins-blockchain-driven-energy-platform-to-increase-interoperability-in-industry" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/siemens-joins-blockchain-driven-energy-platform-to-increase-interoperability-in-industry/amp">joined</a> a scalable blockchain platform, the Energy Web Foundation (EWF), to promote the use of decentralized technologies in the energy sector. Siemens officials reportedly argued that blockchain technology will help increase interoperability in the area, linking consumers with energy producers and network operators.</p> <p></p>
Commerzbank, Siemens and Continental Complete Blockchain Money Market Pilot
|
Cointelegraph
<br> <div class="block-paragraph"><div class="rich-text"><p>According to a recent statement made by Ohio’s state treasurer, so far, only two businesses have filed their taxes in crypto using the state’s crypto tax payment scheme.</p><p>Speaking at a <a href="https://www.ohiochannel.org/video/ap-political-preview-statewide-leaders-2019">forum</a> organized by the Ohio State Associated Press on February 19, 2019,Robert Sprague fielded questions about the department’s experiences with the newly launched bitcoin payment option for taxes, which was <a href="https://www.wsj.com/articles/pay-taxes-with-bitcoin-ohio-says-sure-1543161720">set up</a> by his predecessor Josh Mandel in December 2018. Sprague, who assumed his position a little over a month ago, states that the country has received only two tax payments so far on the state’s official <a href="https://bitcoinmagazine.com/articles/ohio-gives-green-light-paying-taxes-bitcoin/">crypto payment platform</a>, OhioCrypto.com</p><p>In addition, he said, “We’re reviewing how [the program] might be either curtailed or might be expanded, and what our counter-party risk is with that vendor.”</p><p>However, a spokesperson declined to offer specific details concerning the exact value the state has received in bitcoin-paid taxes, claiming that such tax-related information is covered by financial confidentiality.</p><p>Still, the slow rate of usage won't deter the state, whose lawmakers are <a href="https://www.ohiochannel.org/video/press-conference-8-23-2018-blockchain-technology">hoping</a> to become a major hub for the blockchain industry.</p><p>As stated earlier, the new tax payment system was established by Josh Mandel, who viewed cryptocurrencies as a legitimate form of money.</p><p>At the time, Mendel <a href="https://bitcoinmagazine.com/articles/why-ohios-state-treasurer-backs-decision-accept-btc-tax-payments/">said:</a></p><p>“Our biggest motive here was to give taxpayers more options in paying their taxes,” going further to tell <a href="https://www.bloomberg.com/news/videos/2018-11-28/ohio-state-treasurer-on-accepting-bitcoin-for-tax-bills-gm-plant-closings-video">Bloomberg</a> that the state was “proud to do our small part and take this small step to make Ohio the first state in America to enable taxpayers to be able to pay via cryptocurrency.”</p><p>According to reports, the filing process for making these payments includes three steps.</p><p>The first step is registration. Businesses have to register with the Office of the Ohio Treasurer and set up their accounts on the state’s tax payment platform. From there, they would enter their tax details (including tax period and the payment amount) on the platform, after which time they can pay their taxes with bitcoin from a “compatible” wallet (these include the BRD, Mycelium and the Bitcoin Core client, as well as others “compatible with the Bitcoin Payment Protocol”).</p><p>Once made, the payments are processed by BitPay, the Atlanta-based bitcoin payment processing firm. From BitPay, the digital assets are converted into dollars and sent back to the state treasurer’s office as the final step of the process.</p></div></div> <p><em>This article originally appeared on <a href="https://bitcoinmagazine.com">Bitcoin Magazine</a>.</em></p>
So Far, Only Two Businesses in Ohio Have Used Bitcoin to Pay Taxes
|
Bitcoin Magazine
<p>Following its recent surge, Bitcoin has now found itself caught under $4,000, despite finding stability in the $3,900 region. Analysts are now claiming that BTC’s trading volume will likely be the best indicator as to if the cryptocurrency has enough buying pressure to propel its price above the important psychological price level of $4,000. Analysts</p>
Analyst: Buying Next Bitcoin (BTC) Pullback Could Lead to 30% Gains
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News BTC
<br> <div class="block-paragraph"><div class="rich-text"><p>Samsung announced on February 21, 2019, that their newest phone, the Galaxy S10, will include secure storage for its users’ cryptocurrency private keys.</p><p>The company made a <a href="https://news.samsung.com/global/samsung-raises-the-bar-with-galaxy-s10-more-screen-cameras-and-choices">press release</a> detailing the phone’s many features, notably including Samsung’s proprietary defense platform, Samsung Knox, which will feature secure private key storage that is claims is specifically “for blockchain-enabled mobile services.”</p><p>Baked-in support for cryptocurrencies in smartphone platforms is not completely unique to the space, although this initiative by Samsung represents a major step for the technology’s integration into mainstream products. As it stands, there are currently two smartphones that support crypto assets: HTC’s <a href="https://www.htcexodus.com/eu/">Exodus 1</a> and Sirin Labs’ <a href="https://shop.sirinlabs.com/products/finney">Finney</a>.</p><p>These two phones have seen much more limited adoption than any product Samsung could release for several reasons. The Exodus 1, for example, is made by a Taiwanese computer hardware company and is currently only available for purchase through crypto transactions. Finney is at least available for purchase using fiat currency, but the company behind it has less of a proven track record of creating quality hardware products.</p><p>Samsung, on the other hand, is the largest corporation in South Korea and currently holds the 12th rank on the Fortune 500 <a href="http://fortune.com/global500/list/">List</a>. A product produced by this company will have a significantly lower barrier to entry for the common consumer.</p><p>As the Galaxy S10 is yet to hit consumer shelves, the company has not gone into great detail of the technical specifications of this key storage technology. Community website SamMobile published <a href="https://www.sammobile.com/2018/12/11/exclusive-samsung-bitcoin-app-cold-wallet-cryptocurrencies/">rumors</a> that this technology was in the making for the Galaxy S10, based on several patents that the company had recently filed. Shortly afterward, Samsung immediately <a href="https://cointelegraph.com/news/samsung-dismisses-galaxy-s10-crypto-wallet-reports-as-rumor-and-speculation">refused</a> to comment on these allegations to the press, claiming that “Unfortunately we are unable to provide any information as the below is rumour and speculation.”</p><p>Given this air of secrecy that Samsung is treating this new product with, it is unlikely that more information on the specifics of these features will be revealed before launch. Still, this device could do a great deal toward adding convenience and accessibility of crypto technology for the average user.</p></div></div> <p><em>This article originally appeared on <a href="https://bitcoinmagazine.com">Bitcoin Magazine</a>.</em></p>
New Samsung Galaxy S10 Includes Baked-In Storage for Private Keys
|
Bitcoin Magazine
<p> </p><p>The financial capital of the world can afford to be picky — but does it stifle fintech innovation?</p> <p></p><p dir="ltr">Recently the New York Department of Financial Services (NYDFS) <a href="https://cointelegraph.com/news/new-york-financial-regulator-grants-bitlicense-to-robinhood-and-libertyx" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/new-york-financial-regulator-grants-bitlicense-to-robinhood-and-libertyx/amp">granted</a> statewide virtual currency licenses to two applicants: stock trading service Robinhood and cryptocurrency ATM operator LibertyX. The state’s regulatory regime, commonly known as <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/bitlicense/amp" href="https://cointelegraph.com/tags/bitlicense">BitLicense</a>, imposes a set of strict disclosure and consumer-protection requirements on any business that offers cryptocurrency-related services to New York residents. Since the framework was introduced in 2015, only a handful of companies had their applications approved by the NYDFS: The elite club of BitLicense holders now <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/new-york-financial-regulator-grants-bitlicense-to-robinhood-and-libertyx/amp" href="https://cointelegraph.com/news/new-york-financial-regulator-grants-bitlicense-to-robinhood-and-libertyx">counts</a> just 16 entities, the two newcomers included.</p><p dir="ltr">The state has also demonstrated that it keeps close tabs on those who might be in violation of the compliance procedures: In September last year, the New York state attorney general's office published a<a href="https://www.bloomberg.com/tosv2.html?vid=&uuid=25b7f980-3623-11e9-9ad0-3f1fd2578c41&url=L25ld3MvYXJ0aWNsZXMvMjAxOC0wOS0xOC9uZXcteW9yay1zYXlzLXRocmVlLWNyeXB0by1leGNoYW5nZXMtbWF5LWJlLWJyZWFraW5nLXRoZS1sYXc=" rel="nofollow,noopener" target="_blank"> report</a> that raised concerns over price manipulations that were possibly taking place on cryptocurrency exchanges, and referred three of them to the state’s financial regulator.</p><p dir="ltr">While many American <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/cowboys-on-the-block-inside-wyomings-race-for-crypto-prominence/amp" href="https://cointelegraph.com/news/cowboys-on-the-block-inside-wyomings-race-for-crypto-prominence">states</a> strive to appeal to crypto businesses by implementing lenient policies and easing red-tape pressures on industry startups, New York has championed a regulatory approach more rigorous than that of most nation-states. Many influential figures in crypto community are cross with what they perceive as a vast governmental overreach, yet there seems to be no shortage of firms still ready to take on the pains of obtaining the license. But in the big picture, is this type of regulatory climate that exists in the world’s financial capital beneficial for the crypto industry, mainstream adoption and the Empire State itself?</p><h2 dir="ltr"><img alt="" src="https://s3.cointelegraph.com/storage/uploads/view/62214cebff4511f999655f93e9c7b8d9.png" title="New York State Snapshot"></h2><h2 dir="ltr">Reasons to comply</h2><p dir="ltr">For any company somehow related to finance, the benefits of doing business in New York and with New York residents are obvious. The number of powerful financial institutions per square foot is staggering, the Wall Street money is just a glance away, and a consumer market of almost 20 million people is no small deal, either. This is especially true if you are a prominent player in the nascent fintech industry longing for mainstream adoption.</p><p dir="ltr">New York legislators in Albany are well aware of their jurisdiction’s unique position as a major financial hub, and have been long acting accordingly. Martin Weiss, founder of Weiss Research and Weiss Cryptocurrency Ratings, explained that the tendency for strict state-level regulation has a long history:</p><blockquote><p dir="ltr">“Traditionally, Albany has been tougher than many other states in regulating — insurance, for example. They are the toughest state in regulating financial markets, too. They see themselves responsible for keeping the financial center.”</p></blockquote><p dir="ltr">In the case of crypto, Weiss argued, New York’s centrality to the world’s financial system is a powerful enough factor to overcome the logic of crypto regulation applicable to almost any other territory:</p><blockquote><p dir="ltr">“Cryptocurrencies are, in essence, borderless. Regulation, in order to catch up, would also have to be borderless, crossing not only state boundaries but also national boundaries. New York is in a unique situation because it regulates a major financial center, the largest in the world. So as long as all those corporations want to remain domiciled in New York, legislators in Albany do have a jurisdictional reach that sticks. In most places in the world, if you try to regulate cryptocurrencies, they’ll just move to another jurisdiction. That is bound to happen with most of cryptocurrency institutions. But that’s not the case with New York.”</p></blockquote><p dir="ltr">Vigilant New York state authorities became concerned with Bitcoin regulation fairly early: <em>Ben Lawsky, the state’s Superintendent of Financial Services, first sketched the contours of what would become BitLicense in July 2014</em>. Regulations came <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/ny-bitlicense-released-with-minor-revisions-still-vague-and-discriminatory/amp" href="https://cointelegraph.com/news/ny-bitlicense-released-with-minor-revisions-still-vague-and-discriminatory">into full effect</a> almost a year after, forcing both existing and incoming players to either comply or quit.</p><h2 dir="ltr">Backlash</h2><p dir="ltr">Hardly surprisingly, not everyone took the news well. During the summer of 2015, big names such as <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/bitfinex-exits-new-york-due-to-bitlicense/amp" href="https://cointelegraph.com/news/bitfinex-exits-new-york-due-to-bitlicense">BitFinex</a> and <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/shapeshift-leaves-new-york-choosing-not-to-comply-with-bitlicense/amp" href="https://cointelegraph.com/news/shapeshift-leaves-new-york-choosing-not-to-comply-with-bitlicense">ShapeShift</a> pulled out of the New York market; crypto exchange Kraken announced cessation of services to New York residents in a<a data-amp="https://blog-kraken-com.cdn.ampproject.org/c/s/blog.kraken.com/post/253/farewell-new-york/amp/" href="https://blog.kraken.com/post/253/farewell-new-york/" rel="nofollow,noopener" target="_blank"> blog post</a> that called BitLicense <em>“a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.”</em> Erik Voorhees and Jesse Powell, the bosses of ShapeShift and Kraken, respectively, remained BitLicense’s staunch critics, calling for the regulation’s repeal ever since.</p><p dir="ltr">Aside from decrying the redundancy of regulation, opponents often point out how the pace at which licenses get approved is dismally slow — it is not uncommon for a company to wait for three years to be approved, as it <a data-amp="https://amp-timeinc-net.cdn.ampproject.org/c/amp.timeinc.net/fortune/2018/05/25/bitcoin-cryptocurrency-new-york-bitlicense" href="http://fortune.com/2018/05/25/bitcoin-cryptocurrency-new-york-bitlicense/" rel="nofollow,noopener" target="_blank">happened</a> with Genesis Global Trading. This part of the process alone can put smaller companies at a disadvantage. As Kevin Hobbs, CEO of the blockchain consultancy Vanbex Group, told Cointelegraph:</p><blockquote><p dir="ltr">“We believe that these strict regulations hinders cryptocurrency innovation in the Empire State. BitLicense is particularly restrictive for small companies to bear. Since only the largest companies possessing ample resources able to comply with the strict regulations. The BitLicense became effective in New York on June 24, 2015 but in the three years since then, only five crypto-related companies have been approved for a BitLicense in the state. Indeed, these one-size-fits-all regulations ultimately stifles innovation.”</p></blockquote><p dir="ltr">Pushback from the more regulation-averse flank of crypto community has also received some political support: Larry Sharpe, a Libertarian Party candidate in the 2018 New York gubernatorial election, argued that the BitLicense regime serves to entrench the incumbent’s dominance in the market, and <a href="https://medium.com/crypto-nyc/larry-sharpe-discusses-new-yorks-crypto-regulatory-environment-76c83d04cc54" rel="nofollow,noopener" target="_blank">proposed</a> to eliminate the licensing process. His bid in the November 2018 election, however, was unsuccessful.</p><h2 dir="ltr">Maybe it’s not that bad?</h2><p dir="ltr">Those who are on board with the New York authorities’ rigorous policies toward cryptocurrency usually speak in the language of benefits to institutional and mainstream adoption. The idea is that the robust, large-scale crypto enterprises that prove capable of complying with the licensing requirements could draw the whole ecosystem closer to the core of the incumbent financial system that New York embodies. Robinhood, the recent addition to the pool of BitLicense holders, could definitely play this role. As Sky Guo, CEO of smart contract platform Cypherium, put it:</p><blockquote><p dir="ltr">“A great part of Robinhood’s value to our space will be as a leader in quasi-institutional compliance. New York is the center of traditional finance, and the state's licensing process — for good reason — prioritizes the integrity of its complex systems. For these reasons, Robinhood will be a great bridge between the two communities. Because Robinhood aims to open public access to traditional finance mechanisms, the company has a natural affinity for crypto projects and the DLT space in general.”</p></blockquote><p dir="ltr">In addition to institutional-level shifts, Robinhood is poised to help the cause by adding a share of its regular stock users to the ranks of crypto community, notes Eric Ervin, CEO of Blockforce Capital:</p><blockquote><p dir="ltr">“Long-time cryptocurrency believers may not be migrating over to the Robinhood crypto platform anytime soon due to its lack of certain features that are available on other crypto trading platforms. However, the increased trust instilled by the issuance of the BitLicense may be enough to convince current Robinhood users who are on the fence to give the service a try. Robinhood’s significant user base in the state of New York will open the door to new crypto investors.”</p></blockquote><p dir="ltr">Finally, there are signs that the Empire State’s regulatory framework is evolving into something more flexible and dynamic. More companies have seen their applications for a crypto license approved in the last year than in the previous three. A seemingly lighter version of the approval process is now applied to companies <a data-amp="https://www-ccn-com.cdn.ampproject.org/c/s/www.ccn.com/new-york-gives-coinbase-green-light-to-offer-regulated-crypto-custody/amp" href="https://www.ccn.com/new-york-gives-coinbase-green-light-to-offer-regulated-crypto-custody" rel="nofollow,noopener" target="_blank">seeking permission</a> to offer crypto custody. According to <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/new-york-assemblyman-announces-creation-of-first-us-cryptocurrency-task-force/amp" href="https://cointelegraph.com/news/new-york-assemblyman-announces-creation-of-first-us-cryptocurrency-task-force">reports</a> from inside the state legislature, a task force is being assembled to focus entirely on digital currency.</p><p dir="ltr">Guy Hirsch, Managing Director of trading platform eToro US, told Cointelegraph:</p><blockquote><p dir="ltr">“We think that New York regulators are making a genuine effort to make the state competitive for the blockchain era. BitLicenses have been approved on a more regular basis recently. NYDFS have issued several novel approvals for crypto custody. They also have put together a very clear Q&A on their website that provides a coherent framework for companies to buy, sell, hold, and transmit cryptoassets in a compliant manner.</p><p dir="ltr">“A lot of us think that the financial services industry will run on a blockchain. If this assumption turns out to be true then New York, being the financial capital of the world, has a vested interest in making sure it remains as such in decades to come.”</p></blockquote><p dir="ltr">New York has gravitated toward a tight regulatory model that, at least according to the majority of state representatives, fits its status of the global financial center the best. In the years to follow, this model will enter a competition with alternative conceptions of how to do it. Martin Weiss hopes that this competition will ultimately yield a uniform, globally enforced regulation:</p><blockquote><p dir="ltr">“What you’ll find is various jurisdictions experimenting with regulation: <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/maltas-regulatory-framework-has-attracted-crypto-players-but-international-watchdogs-and-local-opposition-are-skeptical/amp" href="https://cointelegraph.com/news/maltas-regulatory-framework-has-attracted-crypto-players-but-international-watchdogs-and-local-opposition-are-skeptical">Malta</a>, <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/british-regulators-ruminate-on-crypto-rules-while-standing-firm-on-crypto-taxation/amp" href="https://cointelegraph.com/news/british-regulators-ruminate-on-crypto-rules-while-standing-firm-on-crypto-taxation">UK</a>, <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/russias-disappointing-cryptocurrency-legislation-why-experts-consider-the-bill-a-failure/amp" href="https://cointelegraph.com/news/russias-disappointing-cryptocurrency-legislation-why-experts-consider-the-bill-a-failure">Russia</a>, <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/belarus-style-silicon-valley-why-nobody-rushes-up-into-tax-free-icos/amp" href="https://cointelegraph.com/news/belarus-style-silicon-valley-why-nobody-rushes-up-into-tax-free-icos">Belarus</a> — some taking a much more liberal attitude, some taking stricter attitudes — and over time, the model that works the best will become the predominant model globally. We’ll hopefully see a global regulatory regime enforced by supranational organizations like the <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/imf/amp" href="https://cointelegraph.com/tags/imf">IMF</a> [International Monetary Fund] or the <a data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/tags/bis/amp" href="https://cointelegraph.com/tags/bis">BIS</a> [Bank for International Settlements] or something like that. New York is establishing a tough model.”</p></blockquote> <p></p>
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