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.