Italian Government Introduces Blockchain Terms in Regulation for First Time

The Italian Senate committee has approved an amendment on blockchain industry regulation, Cointelegraph Italia reports on Jan. 24. The amendment, known as the “Decreto semplificazioni,” has been approved by the Senate committees of Constitutional Affairs and Public Works yesterday, Jan. 23, and reportedly represents the first regulatory move in the blockchain space by the Italian government. The amendment provides basic industry terms such as distributed ledger technology (DLT)-based technologies and smart contract definitions, according to the publicly available document on the Senate’s website. The document also states that a blockchain-powered…

International Monetary Fund Says Growth of Blockchain in Malta Poses Significant Risks

A mission from the International Monetary Fund (IMF) has judged that the growth of blockchain in Malta has created significant risks of money laundering and terrorism financing in the island’s economy. The news was reported in local English-language daily the Times of Malta on Jan. 24. According to the article, the IMF announced its findings following a visit to the island, and isolated blockchain — alongside financial and remote gaming sectors and the government’s citizenship-by-investment scheme — as being high in their list of concerns regarding possible anti-money-laundering (AML) compliance…

Singapore’s Monetary Authority Halts Local STO Due to Regulatory Violations

The Monetary Authority of Singapore (MAS) has prevented a local initial coin offering (ICO) from launching a security token offering (STO) in the country. The development was detailed in an announcement published Thursday, Jan. 24. Under the current rules, all STOs have to comply with Singapore’s securities laws and are obliged to register with the MAS. In case the owners want the offering to fall under an exemption, they should be aware of conditions, including advertising restrictions, the MAS notes. The issuer of the halted, unnamed STO intended to rely…

UK Standards Institution Partners With Blockchain Startup for Supply Chain Compliance

The United Kingdom’s national standards body, the British Standards Institution (BSI), has partnered with blockchain company OriginTrail to increase supply chain transparency. The partnership was reported in a Jan. 24 press release. BSI, which has operated since 1901 and had a reported revenue in 2017 of 473 million GBP (about $616 million), says it wants to use the company’s blockchain-based protocol to enhance the options businesses have to prove their supply chains are compliant with various regulations. The partnership is one of several that OriginTrail has cemented over the past…

Bitcoin Price Defends $3.5K After Cboe Pulls ETF Proposal

With bitcoin (BTC) showing resilience to negative news flow, a strong bullish move is looking increasingly likely. On Wednesday, the Chicago Board Options Exchange’s (CBOE) BZX equity exchange withdrew its request for a rule change by the U.S. Securities and Exchange Commission (SEC) that would have allowed it to list a bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX. The market narrative with respect to the ETF is that its approval could trigger the next bull run in the leading cryptocurrency by market value. Moreover, in the past, markets…

Hong Kong Stock Exchange CEO Casts Doubt on Crypto Miner IPO Filings

New comments from the chief executive of the Hong Kong Stock Exchange (HKEX) may have dampened the hopes of several cryptocurrency mining giants that have filed for initial public offerings (IPOs). According to a report from Tencent’s news portal Finance.QQ on Thursday, HKEX CEO Charles Li Xiaojia said that companies seeking to list on the stock exchange must have a “sustainable” business model. While Li did not talk about specific company applications, he answered in general about HKEX listing requirements in a response to a question on the crypto miner…

StanChart’s Singapore Unit Completes First Blockchain-Powered Trade Finance Deal

The Singapore unit of London-headquartered multinational banking and financial services firm Standard Chartered has completed its first blockchain-powered trade finance deal. The news was reported by Singapore’s English-language financial daily The Business Times on Jan. 24. The bank reported that the blockchain solution — developed by blockchain startup Distributed Ledger Technologies — had enabled an agri-business supply chain deal to be completed within just one day, instead of the typical five to seven days. As of 2017, trade finance transactions were worth over $9 trillion, and the industry remains heavily…

OKCoin Founder Buys Hong Kong-Listed Firm in $60 Million Deal

Mingxing “Star” Xu, the founder of cryptocurrency exchange OKCoin, has become the largest individual shareholder of a public company listed in Hong Kong via a $60 million acquisition. LEAP Holdings Group, the construction engineering firm acquired, announced the competed deal on Wednesday. OKC Holdings Corp, the parent company of OKCoin, purchased about 3.2 billion shares of the company for HK$0.15 (around $0.02) per share to achieve the takeover, it said. OKC Holdings is now the largest shareholder of LEAP Holdings, owning 60.49 percent of its stock and having the same percentage of…

Fractal Pattern Analysis Indicates Bitcoin Could Fall to $2,500 Before Recovery

Chart and pattern analysis has been widely used to try to predict when Bitcoin and crypto markets will hit the bottom. A huge range of technical indicators combined with historical snapshots are put to work in order to tell us when the optimum time to get back in is. The latest price prediction tool is a fractal which is when a pattern repeats itself on a smaller scale. Fractals can be seen in all forms of nature and are repeated in financial markets. Mathematical patterns and an element of chaos…

Bitcoin Price Watch: BTC At Risk of More Losses Until It Breaks $3,600

Bitcoin price failed near key resistances at $3,600 and $3,620 against the US Dollar. This week’s followed key bearish trend line is in place with resistance near $3,570 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may continue to move down unless buyers gain strength above the $3,600 and $3,620 levels. Bitcoin price struggled to surpass the $3,600 pivot zone against the US Dollar. BTC is currently at a risk of more losses towards $3,480 as long as the price is below $3,620. Bitcoin…