Unchained Capital, an Austin-based financial services firm, has announced its new enterprise-grade self-custody offering, aptly named “Business Accounts for Bitcoin.” The underlying principle of this new offering is “collaborative custody,” for which Unchained’s goal is to focus on simple workflows for funds, businesses and B2B2C providers to manage private keys. Common alternative solutions for managing multiple private keys might be splitting up the keys into multiple pieces and using Shamir’s Secret Sharing or relying only on multisig key security.  Neither of those alternatives take into consideration any actual business logic needed for determining more complex arrangements to spend bitcoin, though. According to Unchained’s release, it has built the product to add in the additional business logic while still having zero counterparty risk. Each private key in the system is augmented to be tied in with the user-level settings inside of the application in order to offer enhanced functionalities that are specific to its product. However, if you do want Unchained to be part of your key management process, you can integrate with its open-source Caravan product or include Unchained as a backup key holder.   When asked about the primary customer Unchained is searching for, Parker Lewis, the head of business development, highlighted case studies done with Amber and Tantra Labs in which self custody was a top priority. After working with Unchained’s collaborative custody solution, Amber CEO Aleks Svetski told the firm that “Collaborative custody allows us to do much of the same multi-party schemas, but in a way that spreads the risk across multiple hardware wallet manufacturers, multiple unrelated users, and an extra layer of sharding previously unavailable. Ultimately, Amber is in full control of the funds through our own secure private keys but we leverage Unchained’s expertise, key management technology and Unchained as a backup keyholder to increase security.” The timing of this announcement comes right on the heels of the Office of the Comptroller of the Currency (OCC) clarifying that banks can now custody bitcoin on behalf of their customers, which is another use case that Unchained is keeping in mind.   When asked about Unchained’s plans to target banks as customers for this new product, Lewis commented via email that the OCC’s clarification has led to a direct rise of interest in Bitcoin from banks. See Also “With the recent interpretive letter from the OCC, financial institutions including banks are starting to recognize the need for a bitcoin custody strategy and we’ve seen increasing inbound interest from banks and wealth managers looking for solutions to custody bitcoin,” he wrote. “Our advanced business suite is ideal for these institutions to leverage because it lowers the risk and investment burden, while ensuring the most critical component of the custody chain, private keys, remains in the unilateral control of businesses serving end clients.”  Disclosure:  BTC Inc is a customer of Unchained Capital. Tags Austin Custody Startups Unchained capital Watch & Subscribe © 2020 BTC Inc.

Describe the company (the elevator pitch) Unchained Capital is a new kind of financial services company. We lend cash to long-term crypto holders who need liquidity but don’t want to sell their coin. We believe that crypto investors should have the opportunity to avail themselves of proven financial instruments. Today we’re focused on offering Bitcoin and Ethereum backed $USD cash loans at friendly interest rates, for up to 2 years. You shouldn’t have to pay membership fees or buy a new token to start leveraging your crypto assets as collateral. Unchained dispenses with these complexities. We offer competitive rates, unparalleled security, and a clear, transparent path to increased liquidity without capital gains. Friends don’t let friends sell coin. The @edgelessproject becomes first legal blockchain casino in Curacao jurisdiction https://t.co/WCxjr60DKw pic.twitter.com/eXYgTvEaND — Unchained Capital (@unchainedcap) December 29, 2017 We are the only company making bitcoin-backed loans. We’ve been making loans to a pilot group over the course of this year, and we’ve worked more intimately with more customers over more time than anyone in the space. Beyond that, from our previous companies we have the technological and security expertise to really scale this operation. Not only are we the only company in this space actually making loans, but we’re very focused on melding proven financial instruments with the awesome potential of digital assets. Blockchains and cryptocurrencies are new assets that exist relatively divorced from traditional markets and spatio-temporal realities. Yet they are still controlled by people, so trust is paramount. One of the most beautiful things about this ecosystem is that it exists on a fine balance of trust. We intuitively appreciate and understand that, which is why we take a high-touch, accessible and transparent approach to lending. We’ve launched on November 28th. To start we’ll take Bitcoin as collateral, but by the end of this year we will begin accepting Ethereum as well. We’ll be expanding our offering by introducing a number of financial instruments on a rolling basis. What have been your biggest wins to date? Most of our pilot clients have become repeat customers: they appreciate our hands-on, consultative approach and, most importantly, value the freedom of liquidity while having the ability to maintain their long-term holdings in crypto. Who are you trying to attract to your product? Our customers are people who purchased bitcoin years ago and have seen substantial gains, but are frustrated that they can’t derive any value without selling. Their coin isn’t doing anything for them: it’s not paying dividends, helping them buy a home or enter a new line of business (if they’re holding it as a company). They feel constrained and want the freedom of liquidity so that they can leverage this asset while maintaining their long position on bitcoin (and soon Ethereum). What tips would you give to others looking to build their business? Our best advice is to prepare for a long haul! We (Joe Kelly, CEO, and Dhruv Bansal, CSO) are serial entrepreneurs and technologists who also co-founded our previous company, InfoChimps, while we were both at the University of Texas. InfoChimps is a data technology provider and was acquired by CSC in 2013. We’ve gotten great feedback from our early clients, and our next step will be to expand our lending offerings so we can offer a range of lending products. Right now what we’re offering is a term loan. We see this evolving into a real line of credit model. What are your favourite tech gadgets? We love our hardware wallets! Ledger, Trezor, doesn’t matter – we love the security and control they offer. What tech gadgets do you wish you could use to help you? We really wish a laundry–folding robot existed. Anything else you’d like to add/we should have asked? We’re not just starting UC because we think it will be a great business. We want to solve a problem that we’ve had personally: we too were frustrated that traditional financial instruments weren’t available to the crypto market and wanted to be able to do more with our assets. How do people get in touch with you? Please visit our website (www.unchained-capital.com) and follow us on Twitter @unchainedcap. If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [email protected] or on Twitter: @SimonCocking BitcoinCryptocurrencyInvestmentLoansUnchained Capital

By@SimonCocking How are you different? Sharpe Capital are a fintech company that is developing a platform to crowdsource market sentiment on global equities and blockchain assets. We provide incentives for market prediction tests for our token holders. We are a public platform. Traditional sentiment analysis, which hedge funds pay big money for, relies on analysing tweets and news articles to measure how positive or negative attitudes are towards assets. This is an unreliable process, so we designed the Sharpe Platform to measure market sentiment in real time, from real humans willing to hold SHP tokens as an indication of their confidence. We supplement this through the use neural networks at the core of its machine learning modeling algorithms to look for patterns in financial data that are predictive of future asset price. By crowdsourcing market sentiment from users with proven a reputation and stake, we bridge the gap between automated mathematical analysis and the uniquely human perceptions of the market, which are known factors that drive irrational asset price movement. We have a product unlike anything seen before that can disrupt the capital markets sector. Why will you do well? We offer something that nobody else does we pay users for providing insight through the Sharpe platform! The number of SHP tokens you own determines the size of your monthly payment, along with your historical accuracy and how much you use the platform. Simply put: if you own 10 SHP tokens and there is a total of 100 SHP that has been used on the platform, then you receive 10 percent of the total fee pool per prediction, plus or minus the effect of your reputation score, which reflects your historical accuracy and the amount of work that you have done how often you used the platform. We have just started our pre-sale and even before that moment our White List was oversubscribed. We closed the white list at $8 million several weeks before the ICO start which is scheduled for November 13th. We have tremendous interest. And we are backed by multiple revenue streams. During the seven-day presale that began on November 6, our SHP token buyers will get discounts. Then we will hold a 28-day crowdsale. Altogether, we will have 150 million SHP tokens for distribution during the ICO. We have a hard cap of $20 million. Sharpe Capital (@sharpecapital) November 1, 2017 Where are you based? We are physically based in London, although we are truly global and decentralized in at the sense that we work with a worldwide audience. Our appeal is worldwide, and we have team members working from across the globe. What have been your biggest wins to date? We are getting a lot of attention and the oversubscribed White List is a proof of that. Sharpe Capital has partnered up with TaaS (Token-as-a-Service) a tokenized closed-end fund that is dedicated to blockchain assets. We also have an agreement with AmaZix, which is a leading ICO consultant firm. We are developing partnerships with other funds in both the crypto and traditional capital market sectors, and are seeing significant interest in our data products. We recently acquired a minority stake holding in the blockchain consultancy firm AmaZix, which now has a team of over 45 people and works with major blockchain companies including Stox, Bancor, SALT, and Sharpe Capital. We are working on some fantastic collaborations with AmaZix, so watch out for some exciting announcements in the coming weeks Sharpe Capital will launch the Global Sentiment platform on the Ethereum main net and we will issue the first Ether payments on 11th January 2018 just one month after the platform has launched. This will allow us to refine the payment mechanisms as we ramp up our user base over the coming months. Thats the plan! Tell us about your team? We are London based. Sharpe Capital was founded by technology leader Lewis Barber and a mathematical modeling expert Dr. James A. Butler who is a research scientist from the University of Oxford. We have an expanding advisory board specialists in blockchain, mathematics, computer science, quantitative modeling and law. What are your plans for the future? Starting Q4 2018, hedge funds and other financial companies will be able to purchase access to Sharpes data feeds and financial models. So it is not only the end users who will benefit from the model. Token-as-a-Service (TaaS) will be the first fund to test drive the Global Sentiment Index for blockchain assets under our partnership agreement. Prior to mass market adoption, we plan on launching the Beta version of the web platform the moment the crowd sale ends, on 11th December 2017. The platform will be available to an exclusive set of customers and community members, who will help refine the product. By 2019 Sharp Capital plans to issue a derivative token instrument incorporating data from the platform with cutting edge machine learning-driven trading algorithms. In about a year, we will host a 48 hour Hackathon, where attendees will build, test and deploy investment models and automated trading strategies on the Alpha modeling platform. What tips would you give to others looking to build their business? In the world of the blockchain, it is crucial that your token provides real value to participants and leverages the technology in a useful way. The single most important piece of advice we have is to build the product first and have it ready to launch from day one. What are your favorite tech gadgets? Were all big fans of Ledger Nano S hardware wallets for storing cryptocurrency. The Sharpe team are blockchain geeks through-and-through. What tech gadgets do you wish you could use to help you? Wed love to see cryptocurrency made easy, a tech device that doesnt require an in depth understanding of blockchain technology, and allows everyone to store and spend cryptocurrency securely. We want to see Bitcoin and Ethereum move in to the mainstream, any technology that assists with that gets our vote! If you would like to have your company featured in the Irish Tech News Business Showcase, get in contact with us at [emailprotected] or on Twitter: @SimonCocking Business ShowcaseSharpe CapitalSharpe Capital ICO

Austrian financial regulators and policymakers are generally receptive to cryptocurrencies, new technologies and fintech.

The Austrian government closely monitors developments in the area of alternative means of financing through distributed ledger technology (“DLT”) and other digital assets, such as initial coin offerings (“ICOs”), initial token offerings (“ITOs”), security token offerings (“STOs”) and initial exchange offerings (“IEOs”), which, however, seem to have slowed down significantly over the last year and a half.  On the other hand, we have noticed an uptick in innovative digital business models across a wide range of industries, including in the mobile payments services sector, and more generally in platform-based crowdfunding/investment offerings.

To further strengthen innovation, the current Austrian governmental programme hopes to improve incentives for private venture capital for innovative start-ups and small- and medium-sized enterprises (“SMEs”).  The trend appears to have moved away from using blockchain/DLT as a financing instrument for start-ups to being used for more mature applications.  In particular, financial institutions are increasingly interested in cryptoassets and blockchain/DLT applications in Austria.

The Austrian Financial Markets Authority (Finanzmarktaufsicht; “FMA”) has established a dedicated fintech contact point to assist with new business models requiring authorisation under Austrian financial services regulation (see further below).

At the same time, regulators and the government stress that integrity, security and investor protection must not be compromised.  While Austrian law does not prohibit cryptocurrencies, the FMA has warned investors of the risks of cryptocurrencies, stating that virtual currencies like Bitcoin and trading platforms for such instruments are neither regulated nor supervised by the FMA.

In Austria, no cryptocurrencies or fintech-specific laws or regulations have currently been enacted.  Although there is no statutory definition of cryptocurrencies, according to the Austrian regulator, the FMA, cryptocurrencies are typically characterised as follows:

Furthermore, cryptocurrency is currently not treated as “money” or otherwise given equal status with domestic or foreign fiat currency in Austria.  Likewise, there are not yet any cryptocurrencies that are backed by the Austrian government or the Austrian National Bank.

From an Austrian financial services regulatory perspective, cryptocurrencies are currently neither treated as financial instruments (in particular, not as securities or derivatives) nor as currency (domestic or foreign), but as commodities.  It is worth noting, however, that derivative instruments referencing cryptocurrencies or tokens will qualify as financial instruments under the second Markets in Financial Instruments Directive (“MiFID II”) and hence will be covered by financial services regulation under MiFID II and the Markets in Financial Instruments Regulation (“MiFIR”).

While commodities as such are not subject to supervision by the FMA, this does not mean that business activities involving cryptocurrencies are entirely outside the Austrian regulatory remit.  Depending on their precise features/content, the operation of various business models based on cryptocurrencies may trigger licensing requirements under the Austrian Banking Act (Bankwesengesetz; “BWG”), the Austrian Alternative Investment Fund Managers Act (Alternative Investmentfonds Manager-Gesetz; “AIFMG”) or the Austrian Payment Services Act (Zahlungsdienstegesetz; “ZaDiG”), and/or prospectus requirements under the EU Prospectus Regulation or the Austrian Capital Markets Act (Kapitalmarktgesetz; “KMG”).

In this respect, the general legal framework also applies to cryptocurrencies and new technologies.  The FMA is known to apply a “technology-neutral” supervisory approach, meaning that products and services are subject to the same regulatory framework as “traditional” products/services.  The underlying rationale is “same risk – same rules”.  If and to what extent financial services regulation applies, primarily depends on the actual product features/activities.

Innovative business models involving cryptocurrencies may be subject to licensing requirements and governed by:

The FMA has published further guidance on the regulatory treatment of certain activities around cryptocurrencies, ICOs/ITOs and fintech on the fintech navigator section of its website at (Hyperlink).

Key areas to note are the following:

Given the diversity, complexity and rapid evolution of business models in the fintech space, the regulatory treatment of any business models involving cryptocurrencies or tokens will need to be assessed on a case-by-case basis. 

The FMA therefore encourages discussion of the regulatory treatment prior to engaging in any business activity.  It has set up a dedicated specialist team and fintech contact portal dedicated to those areas, which handles all fintech-related queries.

There is currently no specific regulation dedicated to the sale of cryptocurrencies or tokens, which are thus covered by general securities and commodities laws.

Depending on a token’s terms and conditions/features, certain token offerings/sales may be subject to prospectus requirements under Austrian securities laws unless a prospectus exemption applies.  Each offering must be assessed on a case-by-case basis and the regulatory assessment will depend on the specific technical, functional and economic design of the instruments offered.

For Austrian supervisory law purposes, the FMA has broadly classified tokens as set out below, noting that in practice, hybrid forms and overlaps frequently occur and that such classification is subject to any further national and international legal developments:

Accordingly, due to their specific content/features, security/investment tokens will typically be subject to prospectus requirements (unless an exemption applies), while other types of tokens, such as utility tokens or payment/currency tokens usually will not.  No prospectus will need to be published if a prospectus exemption applies.  This will be the case if the respective tokens are only offered to qualified investors, or if the offering is directed to fewer than 150 persons who are not qualified investors per EEA Member State, or if the minimum investment is at least €100,000 per investor.

Besides issuers, platform operators may also have the obligation to publish a prospectus, as they may be considered “offerors” for these instruments under the EU Prospectus Regulation.  Breaches of the obligation to publish a prospectus are subject to severe sanctions, including under criminal laws.

Income tax treatment of cryptocurrencies

In general, capital gains from the sale of cryptocurrencies held as business assets, and income from commercial activities related to cryptocurrencies (e.g. mining, brokerage), are subject to progressive income tax rates of up to 55% for individuals and 25% for corporations.

Special rules apply to cryptocurrencies treated as investment assets and other (non-business) assets:

Cryptocurrencies are treated as investment assets in case the taxpayer uses them to generate interest income.  In this case, capital gains from a subsequent sale are taxed at 27.5% for individuals (taxation at lower progressive income tax rates optional) or at 25% for corporations.

In case cryptocurrencies are not used to generate interest income, are only acquired and sold occasionally (private sales) and are not part of a business (non-business assets), capital gains are subject to taxation of up to 55% for individuals only if they are acquired and sold within 12 months.  A tax exemption applies if capital gains do not exceed €440 per calendar year.  In case cryptocurrencies are held for longer than 12 months, capital gains are not taxable.

VAT treatment of cryptocurrencies

The exchange of cryptocurrencies (e.g. Bitcoin) into fiat currency (e.g. euro) and vice versa is VAT-exempt (CJEU 22 October 2015, C-264/14, Hedqvist; VAT guidelines para. 759).  Bitcoin mining as such is not subject to VAT because the recipient of the mining services cannot be determined (CJEU 22 October 2015, C-264/14, Hedqvist; VAT guidelines para. 759).

Purchases/supplies of goods or services that are subject to VAT, and which are paid for in cryptocurrency, are treated no differently from payments with fiat currency.  The assessment basis for transactions subject to VAT is the fair market value of the units.

As stated above, money transmission laws may apply to certain business activities involving cryptocurrencies.  Cryptocurrencies and tokens used as means of payment may trigger a licensing requirement if they are intended for payment at third parties, and the network within which they can be used to purchase goods/services is large in terms of geographical reach, type of products/services and/or number of accepting parties.  Also, if accounts are operated in connection with currencies, payment instruments or means of payment, through which payments are made, the entity holding the accounts may be obliged to become licensed as a payment service provider.

Activities involving cryptocurrencies are subject to anti-money laundering (“AML”) requirements (including know-your-customer (“KYC”) checks and AML prevention systems) if:

True to the government’s motto “advice instead of punishment”, the Austrian Ministry of Finance has finally implemented a dedicated regulatory sandbox programme that will go live in Fall 2020.  In such a sandbox, companies that require a financial services licence will be able to swiftly and comprehensively clarify regulatory requirements for innovative business models in a constant dialogue with the regulator and, if necessary, test such business model based on a scaled-down licence.  The selection criteria for admission to the sandbox and further details are based on international best practice.

Cryptocurrencies are currently treated by the Austrian regulator as commodities for supervisory law purposes (see “Cryptocurrency regulation”, above).  Applicable law as well as internal investment policies may restrict investment managers of certain investors to own cryptocurrencies for investment purposes.  For example, Undertakings for the Collective Investment in Transferable Securities (“UCITS”) funds, real estate investment funds pursuant to the Austrian Real Estate Investment Funds Act, or staff provision funds and their managers, may not invest in commodities.  Pension funds and insurance companies are subject to qualitative and quantitative investment restrictions which will typically not permit direct investment into cryptocurrencies.  Depending on the relevant investment policy, AIFs and their managers may, however, invest in cryptocurrencies.

There are currently no specific licensing requirements imposed on an investment advisor or fund manager holding cryptocurrency, over and above those set out under the general trade law/financial services licensing framework.

Mining Bitcoin and other cryptocurrencies as such is not yet regulated and is thus currently permitted.  However, raising capital from the public in order to invest proceeds into mining of cryptocurrencies may be regulated (see “Cryptocurrency regulation” and “Sales regulation”, above).

There are currently no border restrictions or obligations to declare cryptocurrency holdings.

There are currently no reporting requirements for cryptocurrency payments made in excess of a certain value under Austrian law.

There are no specific rules as to how cryptocurrencies are treated for purposes of estate planning and testamentary succession.  Accordingly, general civil law rules apply.  Cryptocurrencies qualify as (intangible) assets (unkörperliche Sache) for civil law purposes and as such can be included in estate planning/testamentary succession, or form part of a deceased person’s estate.

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Circle is securing spots on our waitlist for a new yield generation product* that enables USDC holders to earn up to 7%** APY by depositing their digital dollars in a High-Yield Account. 

In this guide, you will learn what a Digital Dollar High-Yield Account is, how it works, and why you should consider signing up for the waitlist

When cryptocurrency first emerged with the birth of Bitcoin in 2009, one of the earliest points of contention with the new “internet money” was that — unlike fiat currency — cryptocurrency does not pay interest. 

Digital currencies don’t pay interest when held in digital wallets, whereas money deposited in a bank account typically pays interest — albeit very little. 

However, as the crypto markets matured, the first interest-paying accounts emerged to allow crypto asset investors to earn yield on their dormant holdings. 

In the first wave of interest-bearing crypto accounts, a handful of service providers enabled crypto investors to deposit bitcoin in an account to earn interest. The service provider was able to pay interest on bitcoin by taking the deposited funds and lending them to margin traders on digital asset exchanges on behalf of the account holder. 

Additionally, several exchanges started to offer their users the ability to earn interest by lending to margin traders directly on the platform. 

The second wave of crypto yield products came with the entrance of institutional investors and professional traders. As the crypto markets evolved to become an established alternative asset class, more and more professional market participants entered the foray looking for leverage to take advantage of market opportunities. 

The institutional demand for borrowing crypto then enabled a more sophisticated class of yield products targeted at both retail and institutional investors looking to earn interest on their long-term crypto holdings. 

Now, we are in the third wave of crypto yield products, where you can find both decentralized lending protocols in the burgeoning DeFi market and professionally-managed, secure yield accounts in the CeFi (centralized finance) market. 

The DeFi lending market is currently worth over $12 billion, while the CeFi lending market is in the tens of billions, thanks to increasing institutional investor demand for both borrowing and earning yield on crypto assets. As a result, yield-generating accounts are typically able to pay above-average interest rates to depositors. 

Circle’s Digital Dollar High-Yield Account will* enable USDC holders to deposit digital dollars to earn 4%** APY on open term and 7%** on twelve-month fixed term deposits. 

With the introduction of short and medium-term yield accounts, Circle empowers businesses and financial institutions to leverage the power of digital dollar stablecoins to earn above-average yields. 

Through a partnership with leading institutional crypto lender Genesis Capital, Circle is able to offer 4%** APY on short-term deposits and up to 7%** on long-term deposits to Circle Account holders looking to earn yield on idle liquidity or investment capital. 

“With our High-Yield Accounts, an internet business can earn yield on working capital held in digital dollars for every day it isn’t put to use. Additionally, we want to give financial institutions who are bold enough to venture into the world of crypto assets the ability to generate higher yields for holding digital dollars than they currently could when holding ‘physical’ US dollars.”

— Jeremy Allaire, Circle CEO

The new High-Yield Accounts provide access to these crypto lending markets while remaining user-friendly to businesses and institutions around the world*.  

If you are placing US dollars into a retail money market account, you will earn around 0.50% APY. In the institutional money markets, the rates are even lower due to today’s historically low interest rate environment in most major economies. 

As a result, businesses and institutions are looking for new ways to earn yield to meet their liquidity management needs. The crypto markets offer this opportunity.  

Circle can pay high yield on digital dollars through its partnership with Genesis Trading , which lends the deposited funds to institutional crypto market participants. 

Crypto funds, hedge funds, proprietary trading houses, and institutional investors borrow cryptocurrency from Genesis Capital to amplify their earnings potential in the crypto markets. As there are plenty of opportunities to generate crypto trading revenues, market participants are willing to pay high borrowing rates. Crypto lenders can, therefore, pay depositors much higher yields than in the traditional financial markets. 

As a result, Circle can pay 4%** APY for open term deposits and 7%** for twelve-month fixed-term deposits because of its relationship with Genesis, which acts as an intermediary between Circle and institutional borrowers in the crypto markets. 

Circle’s High-Yield Accounts * offer various use cases for banks, real estate investment firms, large commercial enterprises, crypto startups, internet businesses, fintechs, and traditional financial institutions. 

Let’s look at some of the most powerful use cases for High-Yield Digital Dollar Accounts. 

Regardless of whether you are an internet business, a bank, a crypto startup, or a financial institution, you can convert your working capital from fiat currency into digital currency and deposit digital dollars in a High-Yield Account to earn above-average yields while your cash is not being deployed.  

For treasurers looking to place funds into something other than low-yield money market products or corporate debt, High-Yield Digital Dollar Accounts are a welcome change that can generate 4%+** yield on working capital.

As part of a company’s corporate treasury cash management operations, Circle Account holders can seamlessly move digital dollars into a High-Yield Account to automatically earn yield on unused cash liquidity. 

Circle’s High-Yield Dollar Digital Accounts provide treasurers and institutional investors with a novel way to allocate capital in an asset class with a different risk profile than otherwise found in the traditional money and capital markets. 

For example, the open-term account provides market participants with the opportunity to passively deploy capital in the crypto capital markets while remaining in the US dollar. 

High-Yield Digital Dollar Accounts could also offer a substantially higher yield potential than comparable products in the legacy financial markets — currently between 4%** and 7%** yield per annum. Compared to the annualized returns of major traditional asset classes, those may be higher yields. 

The current 10-Year US Treasury yield is at an all-time low of under 1%, making it challenging for investors to earn real returns on the risk-free rate. 

Aaa-rated US corporate bonds have a long-term average yield of 6.68%. Currently, however, high-rated corporate debt will earn you around 2.50% per annum. While corporate bonds offer slightly higher returns than US Treasury bonds, the low-interest rate environment is also making life harder for investors with exposure to corporate debt. 

High-yield corporate bonds have historically outperformed government bonds and high-rated corporate debt, but they come with a much higher level of risk, which is too high for most treasurers and non-specialist fixed-income investors. 

US stocks, measured by the S&P 500 Index, have historically generated average annualized returns of close to 10%. However, if you are entering the market at the end of a rally or in the middle of a correction, your returns can be substantially lower or even negative, making stocks a risky investment for conservative investors, such as corporate treasurers.  

All of these allocations are not without risk. Entering into these digital currency lending markets through High Yield Digital Dollar Accounts poses credit, market and operational risk that may result in loss of principle and should be carefully vetted before comparison risk adjusted payments. 

For financial institutions who are looking to balance their assets and liabilities, depositing digital dollars in an open term High-Yield account can be an exciting new avenue to manage the interest rate gap. 

By converting US dollars into digital dollars to earn a minimum of 4%** APY, and being able to access these almost immediately***, allows asset and liability managers to hold more funds in cash while earning potentially higher yields than riskier asset classes. 

Sign up here to join the waiting list to be notified as soon as the Digital Dollar High-Yield Accounts go live*. 

High-Yield Digital Dollar Accounts will be natively integrated into Circle Accounts to enable account holders to seamlessly move their funds via the Circle Account and through our APIs into a yield-generating account.

Circle Accounts can be opened by businesses and financial institutions from around the world, but we will be rolling out to a restricted set of countries to start for High Yield Accounts. 

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Xalles , a FinTech holding company leveraging blockchain technology for financial reconciliation and payment auditing solutions, has announced taking strategic initiatives to capitalize on the growing digital asset and cryptocurrency market. 

The cryptocurrency market is witnessing rapid growth with its total value $1 trillion in Jan 2021 to over $1.3 trillion as of Feb 2021. How ever, as per CoinGecko’s index of 6,124 assets, there are signs of slowing down of the growth spectrum. The growth has primarily been driven by institutions such as MicroStrategy and Tesla purchasing Bitcoin on the open market, which both announced direct purchases of Bitcoin exceeding billions of dollars in current value. Earlier this week, Tesla also announced accepting Bitcoin for payment.

In December 2020, Xalles acquired cryptocurrency firm  Vigor Crypto Holdings. Vigor Crypto is preparing to commercialize a business to business offering that utilizes its intellectual property and trading engines. Vigor Crypto Labs was formed as an arm of Vigor Crypto that performs the research and testing functions to ensure a quality service offering when launched. 

Vigor Crypto Labs, over the past 60 days has executed over 4,000 profitable trades in 2 pairs (BTC/USD and LINK/USD) with a return on investment exceeding 50% in captured trading profits. The firm considering the current trajectory anticipates over 100% in gains by the end of the first quarter. The company also intends to capitalize on its successes partnering with institution cryptocurrency trading firms for licensing and white labelling opportunities.

Besides its B2B approach, Vigor Crypto is working with institutional representatives at Coinbase Pro and Binance.us to guide clients and prospects through the long, complex corporate approval process. Vigor Crypto is also applying for a corporate account with Binance.us to expand trading pairs opportunities and reduce trading fees.

Established since 2002, Xalles Holdings is a public FinTech holding company specializing in payment solutions and related businesses. Xalles Financial Services is a wholly-owned subsidiary of Xalles Holdings. 

Under Patrick's leadership, Cryptology intends to build Europe's leading publicly listed company for blockchain- and crypto-related business models.

SLIEMA, MALTA / ACCESSWIRE / February 18, 2021 / Cryptology Asset Group (ISIN: MT0001770107; Ticker: 4UD), a leading European investment company for blockchain- and crypto-related business models, co-founded by Christian Angermayer and crypto-legend Mike Novogratz, announced that Patrick Lowry has been appointed as the new CEO. An experienced manager with substantial capital markets experience, Patrick will succeed Jefim Gewiet, who will step into the role of COO for the company.

Patrick is an accomplished asset manager with extensive experience managing crypto assets and blockchain-based venture capital investments. He is the founder and CEO of Iconic Holding, an asset management group and portfolio company of Cryptology. Prior to founding Iconic Holding, Patrick was a member of the Deutsche Börse venture capital team, a Senior Associate at Philadelphia-based private equity firm, Graham Partners, and a former auditor at PwC within the Asset Management Assurance Services practice.

"With the eyes of the world now intensely focused on Bitcoin and crypto markets, Patrick as CEO is the perfect addendum to an already strong team. I am convinced Patrick and Jefim will jointly take Cryptology to the next level," said Christian Angermayer, Founder and Advisory Board member of Cryptology. "Patrick's experience managing both a portfolio of crypto venture investments and regulated investment vehicles positions him well to deliver on our shared vision of Cryptology being Europe's leading investment company for blockchain technology and crypto companies."

At Iconic Holding, Patrick launched sub-brands Iconic Lab, a seed-stage crypto venture capital group, and Iconic Funds, a licensed and regulated crypto asset management firm. Patrick will continue working with Iconic Holding, an important strategic component of Cryptology's portfolio.

Patrick received an MBA from the Frankfurt School of Finance and Management in 2017 and a Bachelor's Degree in Finance and Accounting from the University of Delaware in 2011. He is a licensed Certified Public Accountant.

"Cryptology, with one of the world's strongest blockchain- and crypto-related balance sheets, boasting inspired investments in the likes of block.one and Northern Data, is a sleeping giant ready to wake," said Patrick. "I am humbled and excited to be tasked with leading Cryptology to realize its untapped, and unlimited, potential."

Earlier this year, Cryptology shares started trading on several German exchanges including Börse Düsseldorf, Gettex and Tradegate. In order to increase trading liquidity and open up to new shareholder groups, Cryptology is exploring an international listing.

About Cryptology Asset Group p.l.c.

Cryptology is a leading European crypto asset and venture investment company. Founded by Christian Angermayer's family office, Apeiron Investment Group and crypto-legend Mike Novogratz, Cryptology is the largest publicly traded holding company for blockchain- and crypto-based business models in Europe. Noteworthy portfolio companies include crypto-giant and EOS publisher block.one, leading HPC provider Northern Data, commission-free online broker nextmarkets, and crypto asset management group Iconic Holding.

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Cryptology Asset Group p.l.c. Jefim Gewiet (COO) Block A, Apt. 12, Il-Piazzetta', Tower Road, Sliema SLM 1605, Malta Tel.: +356 799 85 85 1 E-mail: [email protected]

SOURCE: Cryptology Asset Group PLC

New York-based M31 Capital has become the latest investment fund to file an application with the Securities and Exchange Commission (SEC) for the approval of a Bitcoin hedge fund called M31 Capital Bitcoin Access Fund.

According to the Form D filing submitted on Tuesday, the proposed hedge fund will be a limited partnership entity based in Delaware. Though it declined to disclose the aggregate net asset value range, there will be a minimum investment limit of $10,000.

On its website, M31 describes itself as “a global investment firm focused exclusively on crypto assets and blockchain technology.” Its investment portfolio includes stakes in crypto companies like Ethereum, Algorand, Maker and a few more.

“We deploy capital on behalf of investors around the world through an active network participation strategy managed by our globally decentralized team,” the company added.

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Its latest Bitcoin-only fund will accept investments from accredited investors in the United States and outside the country. The fund will charge a management fee of 0.75 percent with no performance fee.

Apart from the Bitcoin fund, the investment company operated M31 Ventures and M31 Mining, the former is an early-stage venture capital firm focused entirely on blockchain technology, while the other one is a blockchain infrastructure company with business in both mining software and hardware.

The application for the new Bitcoin hedge fund was filed at a time when the demand for digital currency investments among institutions is skyrocketing. Corporations, along with professional investors, are now directly investing in digital currencies, primarily Bitcoin.

Finance Magnates earlier reported that the flagship hedge fund of Bill Miller is seeking up to 15 percent Bitcoin exposure, which will be worth around $400 million. Meanwhile, in Hong Kong, Arrano Capital launched a Bitcoin hedge fund with a target of achieving an asset under management of $100 million in a year.

The Kraken cryptocurrency exchange is launching a venture capital operation that will focus on investing in the cryptocurrency and fintech space. According to Kraken, Kraken Ventures will be headed by Brandon Gath, Kirill Gourov, and Akshi Federici and will operate independently from the exchange business.

Kraken Ventures will be targeting early-stage startups, with investment sizes between $250,000 and $3 million. In addition to funding, the startups backed by Kraken Ventures will also have access to the extensive experience and resources that Kraken has built out over the years.

Here’s what Brandon Gath about the new venture:

"We will take a hands-on approach with our portfolio companies to provide guidance, new commercial opportunities and additional capital support. The possibility to leverage Kraken’s experience building a truly global, scalable platform enables us to support our portfolio companies from inception to market leadership."

Gath told The Block that the company already has »multiple investments« in the pipeline which will be disclosed in the coming months.

According to Kraken’s announcement, Kraken Ventures is open to making investments in a wide variety of areas, including sectors like artificial intelligence and RegTech (regulatory technology).

Venture capital firms have been very active in investing in cryptocurrency and blockchain startups. In Q3 of 2020 alone, VCs poured in almost $900 million across more than 200 deals. With cryptocurrency currently being in the middle of a bull market, VC investments into the space could be poised to accelerate further.

Kraken is not the only crypto exchange to launch a venture capital arm – Binance (Binance Labs) and Coinbase (Coinbase Ventures) both have their own VC operations. Binance Labs has invested in projects such as Terra, Dune Analytics and Elrond, while Coinbase Ventures has backed the likes of Compound, Bison Trails and BlockFi.

Kraken handled just over $2 billion worth of trading volume in the last 24 hours. Its most popular trading pair was BTC/USD, which accounted for $317 million worth of trades.

Apple Inc. is well positioned to offer cryptocurrency trading, according to an analyst with global investment bank RBC Capital Markets. Not only will Apple gain instant market share in the crypto space, but the move could also generate the Iphone maker well over $40 billion in annual revenue. In addition, the analyst says that Apple should follow Tesla’s example and add bitcoin to its balance sheet.

RBC Capital Markets analyst Mitch Steves believes that Apple Inc. has a “clear opportunity” to offer the buying and selling of cryptocurrencies, which he says would result in the company immediately gaining market share. Getting into the crypto exchange business will also bring Apple a sizable revenue stream annually, he detailed. His comments followed the news of Elon Musk’s Tesla putting $1.5 billion into bitcoin.

The analyst predicts that the Iphone maker could create a sizable new market for growth if it were to develop its Apple Wallet into a crypto exchange. He wrote in a note to clients this week:

The wallet initiative appears to be a clear multi-billion dollar opportunity for the firm (potential for well over $40 billion in annual revenue with limited R&D).

“If the firm decides to enter into the crypto exchange business, we think the firm could immediately gain market share and disrupt the industry,” the RBC analyst said.

Steves also stated that Apple’s secured ecosystem will offer added security for the crypto exchange business.

The RBC analyst noted that Apple offering a crypto exchange app would likely make the U.S. a global leader in crypto assets and would lessen the possibility of a government shutdown of the industry. “If the USA owns the most crypto assets (be it Bitcoin or other assets), it would not make logical sense in our view to ban it,” Steves explained in the report.

Besides getting into a cryptocurrency exchange business, the analyst says that Apple would also benefit from following Tesla’s example and add bitcoin to its balance sheet. “This would send even more users to ‘Apple Exchange,'” he detailed, adding that it will also boost the price of bitcoin.

Do you think Apple will soon hold bitcoin in its treasury and offer crypto trading via its app? Let us know in the comments section below.

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Popular crypto wallet and data provider Blockchain.com announced on Wednesday that it has raised a $120-million funding round that follows its earlier Series B round for $40 million. 

Several notable macro investment funds joined the round, including Moore Strategic Ventures, Access Ventures, Rovida Advisors, Lightspeed Venture Partners, Google investment spin-off GV, Lakestar, Eldridge, Hayman Capital’s Kyle Bass and others.

Its institutional business is “growing exponentially” and has become significant enough to cover the company’s entire business expenses and then some, though the crypto wallet remains its core product.

According to Blockchain.com's CEO, Peter Smith, the investment from major traditional finance funds illustrates the shift in perception toward cryptocurrencies. “Paradigm shifts like crypto can feel to the world as though they happened overnight,” he wrote on Twitter, “But for those of us working day in and day out to build technology and innovation in crypto, this has been a long time coming.”

According to Crunchbase data, the company collected a total of $70 million in funding in previous Series A and B rounds, with the latter occurring in 2017. Today’s $120 million investment represents a significant increase from past investment rounds, though the company did not disclose its implied valuation.

Prominent Bitcoiner Max Keiser has shared an article by British media outlet Express.co.uk about a financial expert's recommendation regarding London introducing crypto regulations to allow its financial companies to benefit from Bitcoin after Brexit.

Since Brexit took place two weeks ago and the U.K. is no longer part of the European Union, the U.K. government is looking for ways for the country to prosper outside of the EU.

Financial expert Professor David McMillan from the University of Stirling believes that Bitcoin could become the leverage that would allow London to remain in a leading position as a global financial capital.

Last week, Foreign Secretary Dominic Raab stated that financial companies from the EU will hardly challenge London's position as the global capital of finance, even if they "nick a bit of business here and there from the city."

Even though, in January, Amsterdam outperformed London as the biggest share trading center, Raab reckons that it is financial hubs beyond the EU that will be rivaling London's status quo.

In particular, it is likely to be New York, Tokyo and other major financial capitals.

David McMillan believes that embracing Bitcoin and other digital assets may take London, as a financial center, to a new level.

This could include developing and regulating new financial products that allow investors to positively engage with climate change finance and cryptocurrencies.

Meanwhile, as reported by U.Today over the weekend, two U.S. banking giants have taken an interest in the flagship cryptocurrency.

Morgan Stanley's $150 billion unit, Counterpoint Global, is reportedly looking into an opportunity to make a bet on Bitcoin. This information was cited by Bloomberg, which referred to anonymous sources familiar with the matter.

Aside from that, America's oldest bank, BNY Melon, will soon hold and transfer cryptocurrencies, treating them like any other asset class.

Are you looking for the best option of sending and receiving money with minimal interference from intermediaries? If your answer is yes, then Bitcoin is the best choice for you. As an entrepreneur, you want hassle-free payment solutions that accelerate your operations, leading to a quick expansion of your venture. Sadly, standard payments are sluggish because all your transactions must get approval from third parties, like banks. Many entrepreneurs benefit from Bitcoin not only as a payment method but as an investment option as well. However, the advantages mentioned above are not the only perks of Bitcoin. For an in-depth exploration of Bitcoin draws for your venture, please keep reading.

What are the benefits of Bitcoin to entrepreneurs?

Entrepreneurs are always looking for innovative ways of running their businesses. Each solution that you choose should not only be cost-effective but add value to your clients as well. The standard payment solutions have multiple weaknesses that make them an undesirable choice for start-ups. For example, they charge high fees, are slow, and subject to chargebacks. Bitcoin’s came into being to overcome the above challenges. Digital currency has multiple perks that can assist you in expanding your business quickly. These include:

Allowing Fast Transactions

One of the downsides of standard payment systems is that they’re slow because they must pass through intermediaries. But Bitcoin saves you when you want your transactions to happen fast. And this is critical to start-ups that are in perpetual need of funds. The virtual currency’s system, known as the blockchain, enables peer-to-peer transactions that don’t require any third parties. This means that you can make a payment or receive the money within no time while using the platform, regardless of your geographical location. And this enables a business to run smoothly and fast because transactions happen fast. Bitcoin enables secured transactions in different ways, including:

Bitcoin is more secure.

Transactions through Bitcoin are immutable. This means that once a buyer pays for the product or service, they won’t defraud you by hitting your business with chargebacks. Unlike credit cards, where chargebacks are a rampant menace, Bitcoin eliminates the challenge by not having a central authority to arbitrate such cases.

Besides being a cost to your business, chargebacks can injure your business’s reputation as they can be associated with fraudulent activities. Bitcoin offers a secure transaction option, which is irreversible, meaning that chargebacks are impossible. This is critical to your start-up because the money that comes to you doesn’t go back to the buyer. Also, the standing of your business will be intact all the time, which means more business.

Control of charges

Transactions charges can be massive, which makes you think of avoiding specific types of payment options. Bitcoin, on the other hand, enables you to choose a transaction charge that you can afford. The good news is that Bitcoin doesn’t charge any fees for receiving the coins. So besides cutting your transaction costs, Bitcoin improves your clients’ bottom line by offering affordable fee packages.

As a payment solution, clients don’t need a bank account to store their units, as they are stored online. And you don’t need credit/debit cards when using digital currency, which further reduces the cost of doing business. Remember, bank accounts have maintenance charges that you must bear. And currently, you don’t need to trade the virtual currency for cash because multiple enterprises are now accepting it.

International Expansion

The objective of any enterprise is to expand its client base, which translates to more profits. Fortunately, if you approve Bitcoin, you can add more clients from different parts of the world. Some clients prefer buying goods/services through Bitcoin as the virtual currency is fast, cheap, and secure. And this is excellent news for start-ups that require many clients while reducing transaction costs.

Plus, many clients may not have credit/debit cards but may want to buy products/services online. You can bring on board such customers by offering them an alternative that stands out from the traditional options.

Some clients have also chosen Bitcoin because they want to be among the early adopters of the payment solution. Such clients will be excited to discover that your business accepts the virtual currency and will buy from you.

Media Publicity

Bitcoin is a revolutionary and innovative mode of payment that surmounts multiple drawbacks of standard methods. Businesses that embrace it can attract media publicity that can help in marketing their ventures. Therefore, when you embrace Bitcoin, your business can gain more exposure, which translates to more client acquisition.

Bitcoin has a broad community consisting of miners, traders, and investors committed to making sure that the virtual currency succeeds. The organization supports businesses that embrace Bitcoin payment solutions via buying from them or referring such ventures to potential clients. Therefore, if you assume the virtual currency, your business’s marketing efforts will boost media publicity and support from the Bitcoin community.

Requires No PCI Compliant

Credit/debit cards come with strict standards and require too many safety verifications. And these processes attract fees that your start-up must bear if it approves them. While Bitcoin may charge a small fee for your virtual wallet and transaction requests, it doesn’t need any additional cost to process sensitive data.

Can help in raising capital

Are you struggling to raise money for your start-up? Bitcoin can help you. Virtual currencies have transformed the way early-stage ventures raise money. Strategies like initial coin offerings (ICO) have helped different start-ups worldwide raise capital promptly and affordably from multiple investors. Your start-up can also get a market valuation, which has been a challenge for early-stage businesses in the past. Bitcoin issues shares in the form of tokens that are marketable almost instantly, enhancing the liquidity of your early-stage company.

So if you’re struggling to raise capital, it would be wise to try ICOs offered by the Blockchain technology.

Superior Technologies

Currently, there are multiple technologies that can assist you in conducting various Bitcoin trading activities. So you don’t need to be physically present to perform various tasks if you’re a Bitcoin investor. Many entrepreneurs are choosing the Bitcoin system because of the app’s top-notch technology. So choosing the virtual currency offers you a chance to use these complex tools, which can help you succeed in your investment journey.

Transacting Value

Virtual currencies enable users to transact value without involving intermediaries. Transactions through blockchain technology are fast, affordable, and efficient. Many forward-looking start-ups will soon give a wide berth to opening bank accounts that are expensive and take time to establish.

Alternative investment option

Entrepreneurs are eager to embrace investment solutions that aren’t prone to inflationary pressures present in fiat currency. Although Bitcoin is a volatile investment vehicle, its returns are enormous. Bitcoin can be the best solution if you’re figuring out how to diversify your investments.

Final Thoughts

Bitcoin comes with multiple draws for early-stage businesses. Besides offering an efficient payment solution, Bitcoin has other perks, like getting more publicity, joining a community of entrepreneurs with mind boggling ideas, and others. Any start-up can’t ignore the opportunities that Bitcoin presents.

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Foreign Secretary Dominic Raab said last week that the EU won't be Brexit Britain's main competition. He said EU financial capitals may “nick a bit of business here and there from the City”, but that they will not challenge London’s status as Europe’s global financial capital. His claim came as Amsterdam surpassed London as the largest share trading centre in January. But Mr Raab remained certain that the EU in undermining its own competitiveness and that London financial hubs from outside of Europe will be the capital's main competitors.

He added: "The boss of Barclays has been saying recently how the long-term position of the UK is unparalleled, unrivalled.

"The crucial question for the EU, while it may be able if you like to nick a bit of business here or there from the City, but the problem is the measures they will take to achieve this will undermine their own competitiveness.

“The challenge to London as a global financial centre around the world will come from Tokyo, New York and other areas rather than those European hubs. Particularly if they start to erect barriers to trade and investment.”

As London looks to assert itself on the international stage, Finance expert Professor David McMillan has suggested that cryptocurrencies such as Bitcoin could boost the UK's status as a financial hub.

He said in his article for The Conversation: “No longer having to coordinate and agree with 27 EU countries should enable the UK to be more nimble... which could be a big advantage in attempting to corner emerging areas such as green investment and fintech.

“This could include developing and regulating new financial products that allow investors to positively engage with climate change finance and cryptocurrencies.

“This would be a more beneficial approach to taking the financial sector forward than to focus on deregulation in a ‘big bang 2.0’.

“The unavoidable reality is that financial services business and jobs will continue to be lost as a result of Brexit. But with a thoughtful, future-focused approach to managing the sector, there is also plenty of scope for it to rebound.”

READ MORE: Brexit sparks doubt in Sweden: Country 'in unresolvable position'

Brexit had sparked concern in the City after Prime Minister Boris Johnson admitted that talks with the EU “perhaps does not go as far as we would like” over access to EU markets for financial services.

Mr Johnson appeared to confess to making concessions in his interview with the Sunday Telegraph, but attempted to ease fears over regulatory divergence.

There are measures in the agreement for the possible imposition of tariffs if the UK diverges notably from existing standards.

But Bitcoin has enjoyed a big rise in recent days, sitting on a value of around £34,000 ($47,000) after Tesla, owned by Billionaire Elon Musk, bought £1.1billion ($1.53bn)'s worth of the cryptocurrency last week.

David Sacco, an expert in cryptocurrencies from the University of New Haven, told Express.co.uk that other companies will follow Tesla's lead, and tipped Bitcoin to reach a value of $1million (£738,000).

He said: "Companies tend to do what other companies do, especially if something is seen to be effective.

"Other companies will follow suit because they've seen the results.

"There's the scarcity associated with it, I think we are at the tip of the iceberg of people's acceptance of it.

"We have a globalised economy in which people have less trust in global institutions, making Bitcoin an appealing prospect.

"I wouldn't bet against Bitcoin hitting a million dollars in my lifetime, even in the next five to ten years."

Thailand’s Finance Minister Arkhom Termpittayapaisith has expressed concerns over the exponential growth in cryptocurrency trading activities in the country.

According to Bloomberg, Termpittayapaisith speaking at a capital market conference on Thursday (Feb. 11, 2021) noted that excessive crypto speculation could negatively affect the country’s capital markets. The Thai Finance Minister added that retail investors have been allocating their savings to crypto, to get hyperbolic return on investments (ROI).

In January 2021, cryptocurrency trading on Thailand regulated exchanges skyrocketed to about 65 billion baht ($2.17 billion). The January figure was more than thrice the figure recorded back in December 2020, which was $19 billion baht ($636 million).

Indeed, there has been increased interest in cryptocurrency, with most coins recording double-digit gains and reaching new all-time highs. With the massive price rallies of most coins, cryptocurrency’s market capitalization is currently close to $1.5 trillion.

However, Termpittayapaisith stated that crypto trading was a high-risk business. According to the government official:

“Cryptocurrencies have enormous risk. Risk awareness will help those investors in avoiding excessive speculation on those assets.”

While the Finance Minister warns about the risks associated with crypto, he, however, said that government authorities were open-minded to companies using crypto as a new funding mechanism.

Termpittayapaisith’s statements are similar to an earlier warning by Thailand’s regulatory body. The secretary-general of the Securities and Exchange Commission (SEC), Ruenvadee Suwanmongkol, noted that crypto exchanges in the country have a large percentage of young traders, which was causing high volatility.

Thailand authorities oversee the activities of cryptocurrency exchanges, with cryptocurrency trading regulated by the SEC and the Ministry of Finance. Back in January, the SEC ordered major crypto exchange Bitkub, to shutdown. The order came after the exchange’s trading system crashed multiple times due to a surge in its daily trading volume.

Meanwhile, the Stock Exchange of Thailand (SET) announced that it was planning to launch a digital assets platform. According to the bourse, the new platform would not include crypto assets, as they do not meet the SET’s criteria.

Also, the country’s central bank, the Bank of Thailand (BOT), is working on developing its central bank digital currency (CBDC) project. As at July 2020, the CBDC was at the third stage of development.