Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, CryptoUK, a consortium of exchanges, has proposed a regulatory framework in response to a Treasury Select Committee inquiry.
CryptoUK, a group of seven digital asset exchanges in the UK, responded to a Treasury Select Committee inquiry. The group believes the Financial Conduct Authority should turn its focus to regulating trading platforms and brokers as opposed to the digital assets themselves. The group is asking for the FCA to issue licenses to approved platforms, enhance anti-money laundering rules and increase operating standards.
In the annual general meeting, CEO Jes Staley denied the opening of a digital asset trading desk. However, he confirms helping clients settle Bitcoin futures through other counterparties. The bank is exploring businesses in the digital currency industry.
Iran announced its digital currency is ready for testing. It has been in development by Postal Bank in cooperation with local experts. Next steps involve onboarding domestic banks for review and approval.
Activist short seller Andrew Left believes the two largest digital currencies are bubbles, but would rather short Ether than Bitcoin. His thesis is centered around bullish sentiment from ICO demand, deeming it a circular argument.
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