New cryptocurrency bank to be launched in Switzerland
A Swiss startup company called SEBA Crypto AG has managed to raise over $100 million to fund the launch of a cryptocurrency bank. The team behind SEBA consists of former USB bankers, and they aim to bridge the gap between the traditional finance industry and the world of cryptocurrency. The startup wants to help other companies launch their own ICOs to raise funds for their projects. It is no coincidence that this is happening in Switzerland, which is known for being very friendly towards blockchain technology startups. Andreas Amschwand from SEBA commented:
“In Switzerland, we have a commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets.”
North Korea avoids sanctions by using cryptocurrency
The sanctions placed on North Korea by the US are still in effect, but Pyongyang has figured out a way to get around them. It has been reported that they not only make use of popular cryptocurrencies like Bitcoin and Monero but are also in the process of creating their own. While North Korea is facing restrictions on their trade, they have been able to make a profitable business mining and selling cryptocurrencies on the international exchanges. This method will allow the country to get their hands on US dollars by trading cryptocurrency for fiat money — thus evading the sanctions altogether. It is doubtful, however, that North Korea will be able to pull this trick for long. The US government has already banned American traders from buying and selling the Petro token issued by the Venezuelan government.
Malta to implement new cryptocurrency regulations
While most of the world’s governments are being slow in their creation of cryptocurrency regulations, Malta has embraced the technological revolution. The government has plans to introduce new bills to help regulate the booming industry. Numerous startups have set up shop on the Mediterranean island due to the friendly environment created by the local government. These companies include the prominent cryptocurrency exchange Binance. The Virtual Financial Assets Act, or VFA for short, is going to come into effect on November 1st this year. The introduction of the bill, which will help regulate ICOs and trading, coincides with the Malta Blockchain Summit that takes place in St. Julians. The CEO of the Summit has expressed excitement about the introduction of the bill.
Israel still uncertain about cryptocurrency
Israel is among the few countries that have taken a calmer approach to the emergence of cryptocurrency. While the government has not gone as far as implementing a blanket ban as China has, they have not shown interested in proposing regulations of the market. The enormous surge and subsequent fall in price seen in late 2017 have left a negative impact on the Tel Aviv Stock Exchange, however. The exchange has now issued a ban on any companies working with cryptocurrency. Part of the reason for this is that individual companies would claim to be related to blockchain to raise the value of their shares. The Israeli government is, however, considering taking action and getting involved in the emerging market.