South Korea to Ban Cryptocurrency Trading, MiFID II Causes Turmoil: Best of the Week

Catch up on last week's top stories.

Exclusive interview with co-founder of IOTA

This week we published an exclusive interview with one of the founders of IOTA. the blockchain making waves in the cryptocurrency world.

In the first half, Dominik Schiener explained to Finance Magnates’ Rachel McIntosh about the Tangle, what kind of financial stake the IOTA management owns in the blockchain, and why he expects IOTA to be one of the top three cryptocurrencies by the end of the year.

In the second half of the interview, we asked him about the Microsoft ‘partnership’ drama, and IOTA’s collaboration with ITIC.

IG Group’s Bitcoin Holdings

On Wednesday we reported that brokerage IG Group is holding approximately 20 percent of the Bitcoin positions offered by CME Group.

CEO Peter Hetherington said: “We would love to use Cboe as well, we can’t at the moment, because we don’t have a clearer yet.

Plus500 comments on FCA concerns

The FCA published a letter following a review of 19 CFD fims. The findings were not encouraging.

Asaf Elimelech, Chief Executive of Plus500, said“The guidance contained in the FCA’s letter today is not directly applicable to our business model. However, we take note of the FCA’s comments and guidance…”

In 2016, Plus500 was forced by the FCA to freeze all accounts and forbidden from signing up new clients because it was concerned that investors were not being protected from risk in the CFD industry.

CMC Markets also responds to the FCA

Following the FCA’s call on CFDs providers to review their business practices, CMC Markets noted that it had taken steps to address the points raised in the FCA’s review in conjunction with its preparation for the implementation of MiFID II.

South Korea about to ban cryptocurrency trading

Bitcoin prices dropped sharply over the weekend as the South Korean government announced that it is preparing a bill to ban trading at cryptocurrency exchanges.

This follows the recent on-site inspections by police and tax officials that surprised exchange operators.

MiFID II catches regulators unprepared

Despite being given an extra year to prepare, many financial firms are facing major difficulties in complying with the new European regulations.

The only national regulators that are operating smoothly at the moment are the FCA (UK), BaFIN (Germany), and the AMF (France).

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