04/09/2018: Biggest Stories in the Cryptosphere

1. Philippines To Release ICO and Crypto Exchange Regulations Soon
At the beginning of last month, we reported on the Philippines close to finalising their ICO regulatory framework. According to the draft, all tokens would be considered securities ‘by default’. A final version, amended based on feedback from the public, will be released by the end of next week. With the new system, companies won’t have to go through the PSE (Philippine Stock Exchange) and the PDEx (Philippine Dealing Exchange) anymore. Local newspaper The Manila Times has also reported that a final draft of the crypto exchange regulations might be released might be released at the same time. Additionally, they would be able to operate as trading platforms. SEC Commissioner Ephyro Luis Amatong affirmed that the virtual currency exchange (VCE) rules of Australia and Switzerland are being used as sources of inspiration. Finally, SEC is working in collaboration with the country’s central bank Bangko Sentral ng Pilipinas (BSP).

2. South Korea To Increase Blockchain Projects
We previously reported on South Korea taking steps towards a greater implementation of blockchain in the country. Now, the government wants to increase the number of blockchain projects along with the amount of allocated fund. Ministry of ICT’s sub-organisation Korea Internet & Security Agency (KISA) is set to make the number of blockchain pilot projects for the public sector grow from the current six to 12 in 2019. Senior Executive Min Kyung-sik added that the organisation will also back at least three private-led blockchain national projects. The budget for 2019 will go from $9 million which were being shared with 2018 to $9 million only for the year of 2019. Furthermore, the Ministry of ICT announced in June that it would collaborate with other ministries to create six blockchain projects, as we previously covered.

3. Deutsche Börse Establishes Unit For Blockchain and Crypto
Deutsche Börse, the ninth-biggest stock exchange in the world by market cap, has established a unit specifically for ‘DLT, crypto assets, and New Market Structures’. Jens Hachmeister will be in charge of the 24-person team. The German exchange has been investigating for some time the various potential applications of DLT and crypto assets. For example, through collaborations with international central securities depositories and the Deutsche Bundesbank. Before setting up the unit, Deutsche Börse invested in various projects in order to gain more knowledge and experience of the matter. However, it has now decided to take a ‘centrally steered approach’ to reach the full potential. These technologies will benefit the core functions of the company’s value chain.

4. Crypto Mining Could Revive Canadian City
Ocean Falls is a town located in the Canadian province of British Columbia. Due to its remote location and the departure of its paper industry, the town went from 5,000 inhabitants to just 100. However, Ocean Falls’ water mill is still producing 13 megawatts of electricity, which is being also used by two neighbouring towns. Furthermore, it is also creating electricity in excess. This prompted interest from cryptocurrency miners, in spite of the ‘bad’ weather and accessibility restrictions. The growing popularity of crypto mining meant that the activity went from being carried out from PCs to data centres with specific hardware, requiring more space. The biggest location at the moment is China. However, the instability is starting to take a toll on miners. Canada’s cool weather and political stability are attracting a growing number of them. Even if the population of Ocean Falls doesn’t know how long this will last, they still have the chance to sell the electricity in excess and improve the employment rate in the town.

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Sources:

1. https://medium.com/swlh/02-08-2018-biggest-stories-in-the-cryptosphere-f512419a4c75
2. https://www.manilatimes.net/cryptocurrency-trading-rules-eyed/437546/
3. https://www.coindesk.com/south-korea-to-double-blockchain-trials-in-public-sector-next-year/
4. https://www.coindeskkorea.com/kisa-%EB%82%B4%EB%85%84-%EB%B8%94%EB%A1%9D%EC%B2%B4%EC%9D%B8-%EC%8B%9C%EB%B2%94%EC%82%AC%EC%97%85%EC%97%90-100%EC%96%B5-%EC%9D%B4%EC%83%81-%ED%88%AC%EC%9E%85/
5. https://medium.com/@BlockEx/21-06-2018-biggest-stories-in-the-cryptosphere-7db7af5cec94
6. https://www.finextra.com/newsarticle/32599/deutsche-bourse-sets-up-dedicated-blockchain-and-crypto-assets-unit
7. https://www.bloomberg.com/news/features/2018-09-04/the-bitcoin-boom-reaches-a-canadian-ghost-town