10/08/2018: Biggest Stories in the Cryptosphere
1. First ICO Launched In Singapore
Y Ventures Group was the first one to hold an ICO, by launching a token (AORA) sale with the aim of raising $50 million. The funds will be employed in the creation of a blockchain-based e-commerce system. The e-commerce platform went public on the Stock Exchange of Singapore last year. The firm specified that the token itself is not a security since it’s not regarded as ownership of equity. It probably did so to avoid issues with the market regulator. The country’s central bank Monetary Authority of Singapore (MAS) previously stopped an ICO due to the token being labelled as security. It expected for more companies to follow Y Ventures Group’s footsteps, including public entertainment company Spackman and real-estate developer Pacific Star Development.
2. Indian Govt: Yes To Crypto Tokens But No To Cryptocurrencies
The government of India has revealed that there is a chance crypto tokens for financial transactions could be launched. However, the ban on cryptocurrencies would remain. A committee is currently drafting a potential regulatory framework for crypto assets, including a roadmap. Once it’s legally vetted, it will be presented to parliament. Cryptocurrencies and crypto tokens are different in the sense that the former is meant to be equal to mainstream money while the latter isn’t; it’s instead based on blockchain application. The committee is also investigating if crypto tokens could replace smart cards, such as metro and loyalty cards. Distributed ledger technology is also being investigated, in order to assess if it can be used in financial transactions.
3. 5 Main Reasons Behind Institutional Investors’ Interest In Crypto, According To NewsBTC
The online news outlet NewsBTC has listed the 5 main reasons why it believes institutional investors are entering the crypto market. The first point is the ‘enhancement of custodial services’. An example is Goldman Sachs that, as previously reported, is considering the idea of providing custody services to crypto funds. Secondly, the US SEC seems to be taking a positive stance towards cryptocurrencies despite rejecting Winklevoss brothers’ Bitcoin ETF, which introduce the third point. In fact, despite the setback, regulated crypto ETFs are still a possibility. The last two points are the rapid growth in price that cryptocurrencies benefitted from and the increasing number of countries regulating the crypto market.
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