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Regulation

A Coinsquare Subsidiary Just Launched Two Tech-Based ETFs On TSX Exchange

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One subsidiary of the popular crypto exchange Coinsquare is in the crypto news lately – for launching two exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX), according to the reports from the local news agency The Globe And Mail.

The subsidiary is named Coin Capital Investment Management and is now the 30th ETF operator in Canada. With the launch of the Coincapital STOXX Blockchain Patents Innovation Index Fund (LDGR) as well as the Coincapital STOXX B.R.A.I.N. Index Fund (THNK).

The ETF trading initiated on Thursday, September 20th, with a management fee of 0.64% on the TSX, which is right now the 12th largest global stock exchange by its market capitalization.

Meanwhile, LDGR is a research-focused ETF that aims to provide investors with global equity securities of firms that invest in the development of blockchain technologies. The ETF is also based on the recently launched iSTOXX Yewno Developed Markets Blockchain Index which is an index that reflects a large volume of data to discover companies that focus on researching the distributed ledger technology.

The other ETF, named THNK, is focused on providing investments in global equity securities that are concentrated around four “megatrends” in technology – biotechnology, robotics, artificial intelligence as well as nanotechnology – all based on the iSTOXX Developed Markets B.R.A.I.N. Index.

The Toronto-based Coinsquare exchange was founded in 2014 and is now ranked 69th according to its daily trading volume. Coinsquare, on the other hand, is moving forward and has big plans for expansion, aiming to provide a “fully compliant platform” that would allow trading cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dogecoin and Dash.

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Regulation

US Congresswoman Wants Facebook To Pause Its Crypto Plans

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The long awaited cryptocurrency by Facebook, the Libra Project, was officially announced yesterday. As the Libra whitepaper showed, the cryptocurrency would be launched in the first half of 2020. However, the latest cryptocurrency news show that a US Congresswoman does not like the plans that Zuckerberg has with Libra - and apparently wants to pause the entire project. As reports from BBC featured in the altcoin news showed, the US House of Representatives' Financial Services Committee wants the social media giant to put the plan on hold. We are talking about Rep. Maxine Waters (D-CA) who is the Committee's Chairperson, arguing that the social media giant should wait for the legislators to examine the asset before making any new announcements. The full report by the US Congresswoman Waters reads the following:
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action.”
Right now, Waters' fears are warranted. In times when Facebook has a torrid history over its privacy and information handling performances, the CEO of the company Zuckerberg and the COO of Facebook Sheryl Sandberg had to appear before the Congress last year for questioning. The past that Facebook has, mixed with the US Congresswoman's intentions, may definitely halt the very long-awaited project and send shivers down the spine of the crypto community. Right now, it is clear that the Congress wants the social media giant to take things slow. Other lawmakers also said that they need more information regarding the project. The US Congresswoman and Chair Waters and her sentiment shows the following in a letter sent to the Rep. Patrick McHenry, who is another member of her committee:
“It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”
We don't know if Facebook responded to this letter. But as the coming altcoin news show, even if they did - lawmakers now want to hear more details about the Libra project.
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US Banking Committee Senate Sets Hearing For Facebook’s Crypto Project

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The US Banking Committee Senate has officially set a hearing in which it will hear testimony on the mega popular Facebook Libra cryptocurrency project which is everywhere in the coming altcoin news. Set for July 16, the hearing will address many questions in regards to the new cryptocurrency. As the economic news site MarketWatch reported on June 19, the social media giant released the white paper for its Libra token yesterday. This stablecoin will operate on a native eponymous blockchain and will apparently be backed by a basket of reserve assets that are “designed to give it intrinsic value” and mitigate some volatility fluctuations. Following the official release of the project, he US banking committee and regulators from it expressed their concern about the project's possible effects towards financial stability. For example, Rep. Maxine Waters, who is a chairwoman of the United States House of Representatives' Financial Services Committee, demanded that Facebook should halt the project's development during this in-depth regulatory investigation.
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
On July 16, the US Banking Committee will hold a hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations." Jerome Powell, who is the head of the US Federal Reserve, was featured on many best cryptocurrency news sites for his recent announcement in which he said:
“[Facebook] has made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us.”
As government officials in other countries noted, there is a lot of doubts and concerns about the new Facebook project. One of them was the French Minister of Economy and Finance Bruno Le MAire, who noted that the government intends to "ask for guarantees" from Facebook in regards to its Libra cryptocurrency project. Earlier today, other altcoin news spread showing that the Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, said that the country won't legalize the use of Facebook's Libra cryptocurrency.
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Regulation

Chinese Tech Giants Believe Crypto Regulation Is Major Concern

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Chinese tech giants say that the blockchain technology is mature but the regulation is among the biggest concerns. We are reading more about the possibilities and regulation in the latest cryptocurrency news below. The CEO of Binance Chanpeng Zhao used the opportunity to expand with the government’s help and let’s see exactly how. Zhao believes that governments should encourage the Chinese tech giants to build crypto tokens and this is one of the key factors that the blockchain should embrace. By dealing with the regulatory uncertainty in the countries around the world, companies worldwide have gone to other countries with more friendly jurisdiction such as Estonia and Malta. Countries around the world have a long way before establishing a complete regulation for the blockchain industry which is scaring the business away. The businesses around the world are demanding to know what the regulations are going to be rather than to work in a grey area that could lead to them losing money. Chinese exchanges, for example, have shut down because of the harsh climate and terrible regulation. In China, it is legal to own cryptocurrency but it is not legal to trade after the regulation that was brought up. Binance, for example, was one of the exchanges that went to Malta. Some countries as noted in the coming altcoin news are much less friendly to other Western ideas. For example, Iran’s establishment and the launch of their own cryptocurrency could boost the usage of blockchain technology for the central banks in the Middle East. Dubai, on the other hand, is quickly becoming a friendly blockchain hub. Most governments such as France have worked very hard to establish a crypto-friendly regulation. Billions are yet to be made with the help of blockchain and smart government leaders want to make that come true as soon as possible. As a response to Zhao’s tweets, many people around the world spoke about the centralized nature of the tokens he was calling the government to create. Zhao created the BNB token and went on to become its own blockchain. This is one of the most successful crypto token launches in the past several years. For the biggest part, the government cheerleading could turn out to be helpful but it might come with more costs than worth. It could be preferable for blockchain enthusiasts if the governments take a hands-to blockchain or create enforceable regulatory policies.
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Regulation

Bancor Exchange Plans To Restrict US Residents From Trading

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The decentralized Bancor exchange and trading platform is currently planning to restrict the United States residents from trading tokens on July 8, as the company confirmed in a blog post on June 18. The exchange cited a lack of clarity from the regulators side. According to its executives which went viral in our altcoin news section, the decision to ban all of the users with a US IP address from exchanging cryptocurrency was a shared one.
“This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most judicious decision for all the members of our ecosystem,” the blog post shared on Bancor exchange reads.
It also continues stating that the decision will "enable the Bancor community and ecosystem to innovate faster and with greater clarity." Currently, Bancor runs as a decentralized protocol using a P2P setup. As many best cryptocurrency news sites noted, it is unclear what was the factor that motivated the move. The regulatory situation now involves another decentralized exchange (DEX) named Etherdelta, which did the same thing in 2018 - illustrating the difficulties of operating such a service in the US. Last year, the country's Securities and Exchange Commission (SEC) charged the founder of Etherdelta, Zachary Coburn, with operating an unregistered securities trading platform and a $300,000 fine. Right now, the Bancor exchange is in the latest cryptocurrency news on many websites. As it adds in the blog post, all of its users will still be able to hold and transfer tokens, while conceding that the decentralized portions of its network were beyond its control and would thus remain open to the US traders.
“We would like to clarify that this functionality will be blocked to users accessing the website bancor.network, which offers an interface to blockchain activity. As the Bancor Liquidity Network is a collection of smart contracts on the blockchain, and a non-custodial system, we cannot restrict users from accessing the blockchain itself. This cannot be blocked,” the blog post concludes.
If you are new to the latest regulation frenzy in the US, you should know that new international recommendations from the Financial Action Task Force were brought up - placing stringent new ID requirements on any entity and user facilitating crypto trading - both for US residents living in and ones living out of the country.
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