Crypto Exchange Offers Fiat FX, Tron Head Controversy – Best of the Week

Catch up on last week's top stories.

A network with no product?

The Tron Network, a “global broadcast network” with a market value of $2.3 billion, will soon hold an election to choose its ‘Super Representatives’, of which there will be 27. The winning candidates will be responsible for validating transactions and making decisions regarding the development of the network. Last week, the creator of Tron announced himself as a candidate.

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Justin Sun has attracted criticism for the announcement because blockchain networks are supposed to be run by the users. He also holds huge amounts of voting tokens. However, Sun has promised not to use the tokens and also avoided asking for votes directly, saying instead that he hopes to be elected.

CMC releases annual report

Foreign exchange broker CMC Markets published a 150-page document detailing the state of its accounts and plans for the future. It covers areas such as partnerships, expansion plans, system upgrades and regulation.

Finance Magnates went over the report and provides a summary here.

G20 committee sees no current threat from cryptocurrency

The Financial Stability Board, an advisory committee which is manned by representatives of the G20, published a new report on the subject of cryptocurrency regulation. It discusses how G20 organisations are faring in their efforts to formulate and enforce these laws.

It came to the conclusion that cryptocurrency is not a threat to the market stability, but could become a threat in the future if not controlled. It also talks about how a lack of reliable data has made it difficult to quantify the level of exposure that banks have to cryptocurrency.

European cryptocurrency regulation mapped

The European continent is a patchwork quilt of countries, all with their own languages, cultures, food – and cryptocurrency regulation. There are now several countries that are actively trying to attract such businesses.

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In this analysis, we look at the state of cryptocurrency legislation on the old continent and show you the most crypto-friendly jurisdictions in the form of an infographic.

Cryptocurrency exchange goes foreign

BitBay, Poland’s largest cryptocurrency exchange, has added a new service for customers – a standard fiat currency foreign exchange platform. It will offer trading with the euro, dollar, and złoty.

The company handles millions of dollars’ worth of cryptocurrency trading every day, but from September will not be able to operate this area of its business in its home country anymore because of problems with local banks. It has been exploring Malta as a possible location for its new headquarters.

Two brokers partner up

Cryptocurrency brokerage Genesis Markets signed an agreement with cryptocurrency exchange LMAX Digital. The latter company is a subsidiary within a wide network of foreign exchange businesses. The former company will benefit from the deal by receiving access to a bigger money pool, better technology, and more customers.

Genesis Markets said the results of this partnership will be almost invisible to the end user. “Having such a reputable and legitimate powerhouse on our side makes us feel much more confident about the prospect of fiat gateways,” said the company in a statement.

Valutrades exclusive

London brokerage Valuetrades upgraded its licence, raising £1.4 million from its shareholders to take on the status of ‘IFPRU €730k’. Such licences are given only to UK-based firms which have at least €730,000 and adhere to all relevant European financial regulation.

CEO Graeme Watkins told Finance Magnates that the new licence will help his company to expand and also to be more compliant with new regulations which are due to be implemented soon. He even said that firms without this licence would not be able to operate.

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