South Korea to Tighten Bitcoin Exchange Rules Amid ‘Speculative’ Boom

The South Korean government announced today it will move to prohibit domestic cryptocurrency exchanges from allowing users to make transactions through anonymous accounts, local news sources report. As part of what appears to be a series of updates designed to improve oversight of industry practices, the government will also seek to bar banks from issuing new virtual accounts to cryptocurrency exchanges. According to the South Korean news agency Yonhap, the announcements were made by Hong Nam-ki, the minister of the Office for Government Policy Coordination, after discussion with vice ministers…

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El-Erian Predicts Bitcoin Crash if Savvier Investors Sit Out Correction

While bitcoin’s price has recovered and held almost half of what it lost last Friday, one commentator believes the bitcoin market has reached a crucial juncture. After the markets saw an epic drop of 45 percent in bitcoin’s price on Dec 22 — down to $10,800, taking nearly every other cryptocurrency down with it, the price has since rebounded somewhat. Meanwhile, the chief economic advisor of Allianz SE and former CEO of Pimco Mohamed El-Erian has asked whether or not this could be a make or break moment for the…

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Massachusetts Securities Regulator: Bitcoin Fails ‘The Smell Test’

The top securities regulator in Massachusetts told CNBC yesterday that the bitcoin market is “entirely speculation.” “It doesn’t pass the smell test,” said Secretary of the Commonwealth William Galvin, whose responsibilities include overseeing the state’s securities division. He warned: “It’s also subject to manipulation, because no one can explain it, no one can control it.” Galvin’s comments are the latest from U.S. regulators that warn investors about risks associated with cryptocurrencies, following the Securities Exchange Commission and the Financial Industry Regulatory Authority earlier this month. Yet, it wasn’t Galvin’s first…

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2018 and Beyond: Tokens Are Slowly Eating the Firm

Tekin Salimi is a corporate lawyer and principal at Xastris.io, a blockchain advisory firm specializing in regulatory, capital markets and ICO execution services. The following article is an exclusive contribution to CoinDesk’s 2017 in Review. One of the most fascinating outcomes of the 2017 gold rush into open-source protocol development is the growth of “community management” – a business function that combines elements of marketing, business development, investor relations and human resources. Community managers are being hired en masse. Their job is to oversee all matters relating to a blockchain project’s…

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Singapore Court Dismisses Summary Judgment for $43 Million Bitcoin Dispute

The Singapore International Commercial Court ruled today to dismiss an application of summary judgment for a lawsuit where the plaintiff attempted to reclaim 3,092 bitcoin from a cryptocurrency exchange, document shows. First filed in April this year by the U.K.-based market maker B2C2, against the Singapore cryptocurrency exchange Quoine, the case has become notable due to the large amount of bitcoin involved. The 3,092 bitcoin at stake worth $3.7 million at the time but spiked to $43 million currently, data from CoinDesk’s Bitcoin Price Index shows. As reported before by CoinDesk, in…

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Bitcoin Among Year’s Top Searches, Google Data Says

Are people searching more for news about bitcoin or North Korea? According to recently released data from Google, bitcoin may be on top. As detailed in the search giant’s “Year in Search 2017,” an overview of what was trending in 2017, bitcoin ranked second under the “Global News” category, a distinction that indicates search volume was higher for the technology than even some of the year’s more talked-about news events including the Les Vegas shooting and this year’s Solar Eclipse. Similarly, “How to buy bitcoin” also took the third spot under the list’s…

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Hacks, Scams and Attacks: Blockchain’s 2017 Disasters

Hard forks? Soft forks? ICOs? Bombarded by no shortage of unfamiliar technical terms in 2017, consumers in the blockchain sector once again proved a ripe target for hackers and criminals. But, not all hacks and scams were created equal. Some rose above the froth – either due to their size or impact – as well as what they said about the state of blockchain technology and the industry itself. Still, the impacts of these incidents were far from academic. Whether it was a simple wallet hack, fraudulent ICO or a bug…

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Bitcoin or Blockchain? Bet That Both Will Thrive in 2018

Caitlin Long is the chairman and president of Symbiont, an enterprise blockchain platform.  The following article, an exclusive contribution to CoinDesk’s 2017 in Review, outlines Long’s personal views and is not intended to provide investment advice. Bitcoin and blockchain are often pitted against each other, but I come from both worlds and believe that both are game-changers in their own right. I first learned about bitcoin in 2012 through liberty-oriented channels, which I’d discovered during a search for answers about the financial crisis in 2008. But I also took a deep…

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2017: The Year Crypto Became a New Asset Class

Hunter Horsley is the co-founder and CEO of Bitwise Asset Management, a cryptocurrency specialist asset manager which launched the first cryptocurrency index fund earlier this year.  The following article is an exclusive contribution to CoinDesk’s 2017 in Review. 2017 has been a watershed year for crypto assets. The combined market cap rocketed from $15 billion in January to over $600 billion by year’s end. And in doing so, crypto assets crossed another kind of threshold, transforming from something easily dismissed to something hard to ignore. The multiple-thousand percent price appreciation has…

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Crypto Exchange Poloniex to Impose Customer ID Requirements

One of the longest-running cryptocurrency-only exchanges is taking steps to bring its customer registration processes in line with the wider industry. Announced on Dec. 27, U.S.-based exchange service Poloniex revealed it will soon disable all legacy accounts, that is unless these users complete the same verification process as its newer account users who must complete know-your-customer (KYC) due diligence. The exchange said a deadline for identification verification will be released within the first quarter of 2018. Stepping back, the requirement is perhaps the latest move by the exchange to meet regulatory compliance…

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