1. Dubai Police Chief: Digital Currency Will Soon Replace Cash Despite Hurdles

A senior Dubai law enforcement official has predicted that digital currency will soon usurp cash. Dubai has taken a progressive-stance on both cryptocurrency and blockchain regulation in recent years, with the highly-publicized Blockchain Strategy and state-level interest putting the United Arab Emirates considerably ahead of its neighbors in the sector. Lt-Gen Dhahi Khalfan Tamim, deputy chairman of the Dubai Police and head of general security in Dubai, said that hurdles to digital currency becoming mainstream remained in lack of public awareness and insufficient crime prevention tactics. Dr Saeed Al Dhaheri, chairman of digital smart services provider Dubai SmartWorld, thinks that for every one successful digital transaction, there are five failed currencies. UAE lawmakers could adopt soon formal regulations that are referring to both fintech and ICOs.

2. Ripples Sarbhai: Regulators No Longer Take the Blockchain Good, Crypto Bad Approach

Sagar Sarbhai, believes that blockchain technology and crypto assets are now being tackled more holistically by policymakers. Regulators are no longer taking a compartmentalized approach that takes distributed ledger technologies (DLT) such as blockchain in isolation from crypto assets themselves. Policymakers are recognizing there is a strong benefit that crypto assets bring. He pointed to the open-source protocol of the XRP ledger and its independence from the corporation itself, emphasizing that RIpple controls only 7 percent of the validator nodes operative on the network. XRP investors do not secure a stake or shareholder-like position when they purchase the asset and countries such as Australia, Philippines and Thailand have therefore all classified XRP as a commodity. In all probability, Ripple will soon launch a commercial application of its xRapid liquidity solution for banks.

3. Binance to Start Closed Beta Testing of New Crypto-Fiat Exchange in Singapore

Binance, the largest global crypto exchange, will soon start private beta testing a crypto-fiat exchange in Singapore. The testing will be launched on September 18. According to Finance Magnates, prior to posting the news on Twitter, Binance co-founder and CEO, Changpeng Zhao, first revealed the plans to launch the fiat exchange while speaking at a recent blockchain event led by crypto assets-specializing firm Cumberland. The conference also featured another disruptor of the industry — Tyler Winklevoss, co-founder and CEO of crypto exchange Gemini. While no further details have been specified, the crypto-fiat Singapore-based exchange will presumably support the local Singapore dollar, Finance Magnates notes.

1. Gemini Dollar Code Review Reveals the Stablecoin’s Accounts Can Be Frozen

Gemini USDG is a new centralized stablecoin (similar to tether) implemented as an ERC20 token on the Ethereum blockchain, that was created by the cryptocurrency exchange owners the Gemini Trust. The current implementation gives Gemini the ability to freeze any account or make all tokens non transferrable. The custodian is able to completely change the implementation of the token every 48 hours. Since the rise of tether, and the slew of other stablecoins released over the past few months, many other cryptocurrency firms are in the midst of creating their own stablecoin.

2. The $1 Billion Tezos Blockchain Is Officially Launching Monday

The Tezos Foundation will officially launch the protocol on Monday, at which point the platform, whose token supply is today valued at more than $1 billion, will no longer be in beta, meaning it will be fully operational and run by its community. While the blockchain was being used as intended throughout that time – with the number of network participants and staked tokens on the rise – technically the blockchain could have been paused for maintenance at any time. When it first launched, only the Tezos Foundation validated transactions on the network, but on July 20 the foundation opened up to third-party validates.

3. Ethereum’s Constantinople Hard Fork to Activate on Testnet in October

Ethereum’s upcoming hard fork, Constantinople, will activate in a testing environment next month, core developers agreed on Friday. Constantinople features changes designed to increase the platform’s efficiency, alter its economic policy and delay the so-called “difficulty bomb,” a piece of code meant to encourage the network to alter its core consensus algorithm. Developers said the upgrade will activate around October 9 on a cross-client testnet, named Ropsten, which mimics the conditions of the ethereum network itself. However, due to the unpredictability of block confirmation times in the testing environment, an exact block number – the way most upgrades are timed within the blockchain space – for the testnet activation has yet to be finalized.

1. Crypto Exchange Offering CFTC – Regulated Derivatives Raises $15 Milion in Funding RoundCrypto Exchange Offering CFTC – Regulated Derivatives Raises $15 Milion in Funding Round
Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, licensed digital asset exchange for both spot market and U.S. Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the recent investment to improve its physical trading infrastructure, expand its network of institutional trading groups and create new job opportunities to increase personnel. In April, Bain Capital Ventures participated in a $133 million funding round of U.S.-based stablecoin project Basis, formerly known as Basecoin. Basis claimed that it would provide a non-volatile cryptocurrency by means of automated operations carried out by a blockchain-based “algorithmic central bank”.

2. Mt. Gox Victims Must Take Claims to Tokyo, Not US
The U.S. District Court for the Eastern District of Pensilvania determined recently it does not have jurisdiction in a case involving Gox victims and a bank closely associated, in effect condemning the victims to settle their complaints at the crime scene, Tokyo, Japan. According to the court decision, “Mizuho facilitated international cash wire transfers from Mt. Gox users into the exchange and processed user requests to withdraw fiat currency from the exchange to their outside bank accounts. Clients began agitating about not being able to withdraw from accounts. Either unknowingly or willingly, the bank continued to take deposits and collecting requisite fees up until Gox, and not the bank, blocked users. Mr. Pearce was among them. He received notice of a “delay” for international withdrawals. The court affirmed not having general jurisdiction in this matter, arguing Mr. Pearce did not establish “a prima facie case for specific jurisdiction over Mizuho.” Victims could only either file in Tokyo proper or hitch their claims to a larger class action suit filed in Japan.

3. Fintech Investor Ribbit Capital Sets $420 Million Goal for Its Latest Fund
U.S. based capital firm Ribbit Capital, the portfolio of which includes notable cryptocurrency and blockchain projects, is aiming to raise $420 million for its latest fund, as a nominal increase from the $300 million the company attracted last year. Ribbit Capital has also invested in Andreessen Horowitz, Battery Ventures, and Cross River Bank, which according to TechCrunch provides the “sole link” between many fintech companies and regulated financial institutions. U.K.-based alternative banking app Revolut raised $250 million in a Series C investment round led by Ribbit Capital, in April this year. The raised money gave the company an overall $1.7 billion valuation, making them a “unicorn” – a startup with over a $1 billion valuation.

1. Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000. Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

2. Huobi Buys Majority Stake in Japanese-licensed Crypto Exchange

Huobi Japan Holding Ltd has recently acquired a majority stake in Japan’s Bit-Trade – one of only 16 regulated crypto exchanges in the country. Huobi Japan will get 100 percent of the shares from True Joyful Limited, BVI, which holds all of the beneficiary interest in the company. FXTF Asset Investment Private Ltd. reportedly had 75 percent of the shares, with FX Trade Financial with 25 percent. Both Huobi and BitTrade officials will develop a platform to expand its global reach, Huobi Japan will enlarge the platform to provide more professional and user-friendly services. Huobi is ranked the fourth largest in the world by daily trade volumes, seeing around $573.2 million in trades over the 24 hours before press time. BitTrade is one of only 16 regulated and Japanese government-approved crypto currency trading platforms.

3. Crypto Industry Leaders Establish Washington- Based Lobby Group

A group of U.S.-based blockchain and crypto companies will form the first lobbying group representing the blockchain Industry in Washington D.C., the Blockchain Association. It will be located in Washington representing entrepreneurs and investors who are engaged in blockchain-powered projects. The lobbying organization will work closely with lawmakers on anti-money laundering (AML) and Know Your Customer (KYC) policy development within the industry. The main goal is to get the preeminent companies in the space together and try to develop a legal and regulatory system that will stand the rest of time.

4. 66% of Cryptocurrency Enthusiasts Don’t Want to Receive Wages in Fiat

Human resources startup Chronobank has surveyed 445 cryptocurrency enthusiasts from all over the world including the US, Australia, and Russia to learn more about their work preferences. 66% of those surveyed wanted their employers to embrace the change and answered that they personally would be willing to receive wages in cryptocurrencies. And 83% of respondents said they would like to receive their bonus payments in cryptocurrencies. 72% of those surveyed said they would prefer an employer who has a salary payment option in cryptocurrency when choosing their next place of employment. 92% of the survey respondents were male, 40% were aged between 25 and 34 and 75% are currently employed.

1. Canadian Bitcoin Fund Receives Status as Mutual Fund Trust

Canada’s “first” and “only” regulated Bitcoin (BTC) fund First Block Capital Inc. has obtained mutual fund trust status, allowing investors to put their fund units in self-directed registered accounts. First Block Capital Inc. (First Block) announced that investors in its flagship product the FBC Bitcoin Trust — available for accredited investors only — can now put their holdings in such accounts as a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). Essentially this will allow accredited investors to deposit their fund units into accounts which provide substantial tax benefits for retirement and savings purposes.

2. Crypto Price Gap Between Local, Foreign Exchanges Could Widen Again

South Korea Central Bank, the Bank of Korea (BoK), has cautioned of another possible widening of the gap in crypto prices between local and foreign exchanges according to today’s report. In the report, the bank warned the public about another possible emergence of the so-called “kimchi premium,” a phenomenon consisting of the difference between the prices of crypto at South Korea’s exchanges and crypto exchanges abroad. The “kimchi premium” is allegedly an “indicator of the overheated domestic market.” A high “kimchi premium” level can cause other side effects on the country’s market, such as an infusion of illegal foreign exchanges transaction.

3. Saudi British Bank Joins Consortium R3’s Global Blockchain Ecosystem

The Saudi British Bank (SAAB) has become the first Saudi bank to join enterprise software firm and global banking consortium R3’s blockchain ecosystem. The Saudi British Bank has been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for the 10th consecutive year, “Best Supply Chain Finance Bank” in the Middle East for 2018, as well as Saudi’s “2018 Best Trade Finance Bank” for the 2nd year running. David Dew, managing director of SABB, noted that the bank hopes to offer its clients “all the far-reaching advantages of transaction-speed and security” that flow from distributed ledger-based solutions. The bank joins R3’s efforts to enlist a broad spectrum of partners and members from different industries, to help develop its Corda open-source blockchain platform, alongside its commercial iteration, dubbed “Corda Enterprise.” The Saudi Arabian Monetary Authority (SAMA) officially warned citizens against trading cryptocurrencies this August.

1. Citigroup to Let Investors Trade Custodian-Held Cryptocurrency
U.S. multinational bank Citigroup is developing a cryptocurrency product to give institutional investors access to crypto markets without owning cryptoassets directly. Citigroup, which had previously taken a centralized approach to cryptocurrency, will reportedly use a revamped version of the American Depositary Receipts (ADR). The end product will be known as a Digital Asset Receipt (DAR), the sources claim. A DAR works much like an ADR, both giving U.S. investors a way to own foreign stocks that don’t otherwise trade on U.S. exchanges.

2. Bitcoin Markets Volatile After US SEC Suspends Trading in Two Crypto-Based Securities
US regulators banned trading of XBT Provider’s Bitcoin and Ether Tracker One securities. The SEC’s statement reads: “The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.” If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. The SEC’s move comes amid a testing time for cryptocurrency investors versus the U.S. regulatory establishment, the regulator having recently rejected a slew applications for a Bitcoin exchange-traded fund (ETF).

3. Winklevoss Brothers Launch Fiat- Backed Stablecoin After New York Regulator’s Green Light
Tyler and Cameron Winklevoss, creators of cryptocurrency trading platform Gemini, have received permission from New York regulators to launch their own stablecoin. Their mission is to launch a Bitcoin exchange-traded fund (ETF) received a second rejection from regulators in July. The Gemini dollar has the backing of the New York Department of Financial Services (NYDFS). The coins are being backed by U.S. dollars that are kept in the United States bank and eligible for FDIC ‘pass-through’ deposit insurance, subject to applicable limitations. Trading of the Gemini dollar begins today, and there is hope it will solve issues associated with time delays between 24/7 crypto markets and time-restricted fiat ones.

1. South Korean Official Proposes Greater Cooperation for Global Crypto Regulation

An official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation. Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday, September 6, and attended by officials from 15 countries. The South Korean official stressed that country’s main aim is to “improve transparency in transactions to prevent illegal activities.” As Asia Economic TV reports, Yoon Suk-Heun urged the need for international coordination, including information sharing among countries, in preparation for the risk of money laundering that could rise as new financial products or services emerge.

2. EU Lawmaker Wants Standard Regulations to Allow ‘Passport’ for ICOs

A European lawmaker believes that new regulations for initial coin offerings (ICOs) are the key to making them more “accessible” within the European Union. Ashley Fox, a Member of the European Parliament (MEP) said that the rules would be voluntary for projects that engage in token sales, though he hopes that companies will want to abide by them if they are adopted. The MEP’s proposal would limit the proceeds for ICOs to 8 million euros, mandate know-your-customer/anti-money laundering rules, and provide token startups with access to the entire EU.

3. Uzbekistan Legitimises Bitcoin

The President of Uzbekistan, Shavkat Mirziyoyev, has now signed a decree that permits the existence of cryptocurrency exchanges and other activity surrounding the industry. The decree gives an account of the policy details pertaining to cryptocurrencies. It has also laid out a host of requirements that exchanges must have to follow in order to operate in the country. As per decree crypto activity won’t be regulated by current legislation surrounding securities and that it will instead be regulated by specific acts put into place for digital assets. The exchange license will be granted to foreign entities only if they meet certain criteria, mentioned in the decree.