1. Major Bank, Industry Players to Launch Blockchain – Based Commodities PlatformMajor Bank, Industry Players to Launch Blockchain – Based Commodities Platform

The Swiss-based venture, has been established by a group of major global banks, trading firms and leading energy company that include ABN AMRO, BNP Paribas, Citi, Credit Agricole Group, Gunvor, ING, Koch Supply & Trading, Macquarie, Mercuria, MUFG Bank, Natixis, Rabobank, Shell, SGS, and Societe Generale. The venture has been developed in partnership with the Ethereum-focused blockchain infrastructure and solutions group ConsenSys. It will digitalize trade and commodities finance processes trough a blockchain- based open platform. The first komgo product will standardize and facilitate the know-your-customer (KYC) process. The second will be a digital letter of credit, allowing commodity houses or other platforms to submit digital trade data and documents to the komgo customer banks of their choice. From the next year, the platform aims to widen to agriculture and metals.

2. Startup Launches Blockchain Powered Electric Vehicles That Mine Cryptocurrency, Leading UK Port Operator Seeks to Improve Logistics via Blockchain

A Singapore blockchain startup launches blockchain electric vehicles that mine crypto as users travel. The intention is to reduce carbon emissions, since road vehicles are the largest contributors of CO2 emissions in the transport sector. CyClean aims to combine blockchain and cryptocurrency software with electric-powered vehicles as well as other products, such as solar panels and bicycles. The company will allow its users to rent these energy-efficient products and be rewarded with cryptocurrency. The amount of CyClean coins awarded to users will be proportionate to the distance travelled or watts produced. The CyClean Coin (CCL), a CCL/USDT trading pair is now listed on HitBTC, a global cryptocurrency exchange. At the time of writing, CCL is the highest trading ICO token on HitBTC, following only the established cryptocurrencies and altcoins. UK’s leading port operator, Associated British Ports (ABP), has signed an agreement with digital logistics enabler Marine Transport International to develop blockchain use for port logistics. Blockchain solutions for port logistics could reduce time spent on the manual review of scattered data. With Blockchain, all those systems can be connected to ensure data is accurately and quickly shared, helping speed up and simplify the flow of trade in and out of the UK.

3. U.S. Regulators Acts Against Crypto Firm Falsely Claiming to Represent Coinbase, Cointelegraph

The Texas Securities Commission (TSC) has issued an emergency cease and desist order against a Russian crypto firm. The company allegedly misappropriated both Coinbase and Cointelegraph materials to attract investors. The cease-and-desist order states that Coins Miner falsely claimed to be registered at a U.K. address, but the firm was in fact operating from Volgograd in Russia. It is charged with sending unsolicited emails to many recipients including Texas residents, luring them to purchase investments in crypto mining programs issued by Coins Miner. Coins Miner is further charged with publishing a “phony” video that “falsely” depicts its facilities, engineers, and financial professionals, and with using “fake” photos that purport to show the interior of its office suite, but are in fact stock Internet photographs available for purchase online, and also with misappropriating a video of a Fortune journalist discussing crypto next to a superimposed Coins Miner logo.

1. Ripple Could Launch xRapid Solution In The Next Month

The xRapid product is a real-time settlement platform, built for commercial use, backed by XRP tokens and designed to speed up international payments. The xRapid addresses the issue of minimizing liquidity costs and making cross-border payment transactions faster. The new partnership made in August between Ripple, U.S.-based Bittrex, Mexican Bitso, and Philippin This spring, various financial institutions participated in a pilot of the xRapid platform, which tested payments between the U.S. and Mexico. The participants reported transaction savings of 40–70 percent. e Coins.Ph will enable xRapid to move between XRP, U.S. dollars, Mexican pesos, and Philippine pesos.

2. Ukrainian Parliament Proposes Tax Bill for Digital Currencies

The Ukrainian Parliament, Verkhovna Rada, proposes bill that would tax operations with crypto assets. It suggests a five percent tax on individuals and legal entities operating with virtual currency assets, such as cryptocurrencies and tokens. The main goal is to increase state budget revenues by adding a brand new type of revenue, as well as to encourage the development of crypto-related activity in Ukraine. Starting Jan. 1, 2024 crypto-related profits by businesses would be taxed at 18 percent, which is a basic rate for corporate and personal income tax in Ukraine. In June, the State Service for Special Communication and Information Protection of Ukraine revealed that the authority is not planning to regulate cryptocurrency mining, although there is a possibility that the Ukraine’s National Securities and Stock Market Commission (SSMCS) will consider recognizing cryptocurrencies as a financial instrument.

3. Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders

Robinhood has taken both the legacy retail stock exchange market and the cryptocurrency exchange market by storm, offering commission-free trades. In a short time, the startup has earned a multi-billion dollar valuation, which have brought the firm a lot of very positive media coverage. Financial journalist Logan Kane is accusing Robinhood of being less than transparent – Robinhood not only engages in selling customer orders but seems to be making far more than their competitors from it. Among brokers that receive payment for order flow, it’s typically a small percentage of their revenue but a big chunk of change nonetheless. Robinhood appears to be operating differently. He thinks that the only reason high-frequency traders would pay Robinhood tens to hundreds of millions of dollars, is that they can exploit the retail customers for far more than they pay Robinhood.

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.