We’re only into the second week of 2019 but there’s already been a lot of developments in the foreign exchange (forex) and cryptocurrency industries. You can read some of the most interesting stories below in our “Best of the Week” segment.
Nick Szabo: Crypto Usage will Increase in Conflict Countries
This week Nick Szabo, a cryptocurrency pioneer and a man many believe could actually be Bitcoin’s anonymous founder, Satoshi Nakamoto, gave his predictions for cryptocurrency in 2019 at the first Israel Bitcoin Summit.
Some of his key predictions include the use of cryptocurrency will grow in countries subject to conflict, which is something that is already coming to pass with a notable uptick in countries such as Ukraine and Venezuela. Furthermore, he also believes that central banks may start to supplement their gold reserves with cryptocurrency. You can read more on Szabo’s predictions here.
FCA Delivers Brexit Contingency Plan for Passporting
The Brexit deadline is now just months away and financial firms, consumers and regulators alike are waiting in anticipation to see what the outcome will be. The Financial Conduct Authority (FCA), however, is not sitting around idly, with the regulator announcing on Monday that the notification window for its contingency plan, the temporary permissions regime, is now open.
Should the United Kingdom exit the European Union without a grace period in place, the temporary permissions regime allows firms (brokers, electronic money institutions, payment providers fund managers, etc.) within the European Economic Area that are currently passporting in the UK to continue to do so for a limited period while they seek full FCA authorization. To find out more, click here.
Clive Diethelm is Named as New PrimeXM CEO
This week Finance Magnates learned that Clive Diethelm has replaced Cristian Vlasceanu as the Chief Executive Officer of PrimeXM. Vlasceanu, who became the CEO in February of 2016, stepped down from his role at the beginning of December. Now, PrimeXM’s founder, Clive Diethelm, has stepped in to take his place.
You can read more about the executive move here.
Finance Magnates Visits DX.Exchange as it Launches its Trading Platform
This week, Finance Magnates visited the main offices of DX.Exchange, the NASDAQ-powered crypto exchange, in Ramat Gan, Israel to see the exchange launched in real time.
The launch, which was delayed several times, comes just days after it revealed that it would be the first exchange to offer tokenized stocks of some of the largest publicly traded companies in the world, as Finance Magnates reported.
Interactive Brokers’ CEO to step down
At the beginning of this week, Interactive Brokers announced that its long-running Chief Executive Officer and founder, Thomas Peterffy, will be retiring from his role in the third quarter of 2019.
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Taking his place will be the firm’s President, Milan Galik. After stepping down from the role Peterffy will stay on as the Chairman of the company’s board. The brokerage also highlighted that he will remain closely involved in the operations of the firm. More details can be found here.
Hong Kong-based Physical Bitcoin Futures Aim at Retail Traders
Coin Futures and Lending Exchange (CoinFLEX), a company that was spun off from Coinfloor, is on its way to provide physical settlement cryptocurrency futures to Asian retail investors.
Based in Hong Kong, the company is owned by well-known market players such as Roger Ver, Trading Technologies International Inc., and Coinfloor UK.
As Finance Magnates reported CoinFLEX will provide up to 20 times leverage to its clients, going against the more conservative policies of larger exchanges, and will be offering Bitcoin, Bitcoin Cash, and Ethereum contracts.
Analysis: Do you owe taxes to the IRS on your crypto trades?
Cryptocurrencies have long been thought of as a way to avoid paying taxes. However, the days of sweeping your Bitcoin under the rug might be coming to an end. As Finance Magnates analysed, the United States government is getting better at understanding how the system works and it is eager to collect on taxes.
So, do you owe taxes to the IRS? Read our analysis here to find out.
Analysis: What will be the Biggest Trend in the Stablecoin Industry in 2019?
A new year brings fresh hope and determination to be better. Whether you’re starting a new diet or committed to quitting smoking, there’s no doubt that the starting of a new year makes you want to start fresh.
It appears that the stablecoin industry is also trying to commit to some new years resolutions. As Finance Magnates analysed, the growing industry seems to be moving towards a new transparency standard. So how will this impact the industry? Find out here.
Analysis: Are the UK and EU on the Verge of a Regulatory Spat?
The clock is ticking on Brexit, with the March deadline just around the corner. As the date quickly approaches, tensions between the European Union and United Kingdom government increase, as Finance Magnates analysed.
This week, finance ministers in the eurozone agreed that any companies willing to operate in the area would have to set up local branches. The move is likely to hurt every type of financial businesses which are currently working from London.
The UK, on the other hand, is on the brink of a general election or a second referendum. Rightfully so, the UK financial industry will remain nervous, right up until the fate of the UK is officially decided.