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Launch of Bakkt, Bitcoin Futures Exchange to be delayed, yet again?

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Bakkt launch is likely to be delayed yet again as The Intercontinental Exchange has still not received approval from the CFTC.

Cryptocurrency enthusiasts around the world have been waiting for the launch of Bakkt Exchange which is a bitcoin futures exchange being launched by Intercontinental Exchange which is the parent company of New York Stock Exchange, the largest stock exchange by market capitalization. The Bakkt Exchange launch which was earlier planned for December 2018 was delayed by the company and the launch date was set for 24th January 2019. However, the launch is likely to be delayed yet again as The Intercontinental Exchange has still not received the approval from the US Commodity and Futures Trading Commission or CFTC. There may be a delay for the approval which shall ultimately lead to the delay in the launch of Bakkt.

 

What’s Next for Bakkt?

Though Bakkt has not yet received approvals from the US Commodity and Futures Trading Commission, this does not mean they are not going to approve it and the delay could be just a few days and Bakkt may launch somewhere around the starting days of February 2018. Bakkt has applied for an exception to custody bitcoin in its own warehouse on the behalf of its customers although according to current regulations, the funds of the customers shall be held by either a bank, a commission merchant or a trust company.

The internal staff of the agency has already reviewed the exemption request and passed it to the CFTC yesterday i.e. 21st December 2018. Now the commissioners of the CFTC have to vote on if the proposal is to be put out for public comment. The comment period goes on for 30 days after which the commissioners will most likely take a few days to go through the comments and then vote on the same.

However, the delay may move the launch to February as the 30 days public comment period will most likely start on 26th December because of the Christmas holidays on 24th and 25th December. After a month’s time, i.e. most likely on 26th January, the commissioners shall start to read the public comments which shall further take a few days before they actually come up with a decision.

Bakkt is yet to announce a delayed launch date but will most likely announce the same in the coming few days once they are themselves sure of the same. The following delay will be the 2nd delay for the launch of Bakkt which was earlier planned to be launched in December this year.

 

What’s different in Bakkt?

The bitcoin futures which will be offered by Bakkt shall be physically settled which means that the bitcoin will change hands rather than cash when the contracts expire. The current bitcoin futures offered by CME group and Cboe are not physically settled. Also, the most interesting part of Bakkt is that the exchange is owned and will be controlled by the Intercontinental Exchange which owns the largest stock exchange in the world i.e. the New York Stock Exchange. Cryptocurrency Analysts are predicting that Bakkt will push the adoption of bitcoin and other cryptocurrencies to a whole new level with massive institutional adoption.

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Stock Exchange of Thailand moving towards Cryptocurrency

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The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange.

The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange. With continuous regulations, Thailand is set to become the cryptocurrency hub in Southeast Asia.

 

Stock Exchange of Thailand: Interested in Crypto

As more and more people are moving towards adoption of cryptocurrencies, institutional investors are getting attracted too. As such there not many specific institutional platforms for trading cryptocurrencies and thus the stock exchange of Thailand is planning to introduce one for the institutional investors. If the financial regulators in Thailand approve the licensing, it would be a great step ahead for the crypto industry.

Pattera Dilokrungthirapop, who is a member of the board of directors of the Stock Exchange of Thailand, the exchange is getting ready to invade into the cryptocurrency market by presenting brokerage services for crypto trading.

She also said they believe that cryptocurrencies will grow massively in the future as more and more investors gain an understanding about them. She added that securities firms are curiously waiting for the Stock Exchange of Thailand to apply for the digital license.

 

Thailand: A cryptocurrency hub

Thailand is steadily moving ahead in the crypto space with regulatory clarity unline other surrounding countries such as China and India who are moving away from crypto adoption. Thailand is all set to become a captivating place for cryptocurrency and blockchain businesses with the government of the country also promoting blockchain technology. Last year, Thailand also legalized some cryptos such as bitcoin, litecoin, ethereum and more while the securities and exchange commission of the country has also given clear regulations in relation to initial coin offerings. Around 2 weeks back, the Ministry of Thailand had also granted licensing to three new cryptocurrency exchanges to operate in the country,

 

What are your thoughts on the future of cryptocurrencies in Thailand and how the Stock Exchange of Thailand moving towards cryptocurrencies will help the overall crypto industry? Tell us in the comments section below.

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Cryptopia cryptocurrency exchange hacked: Millions Stolen

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Cryptopia, the New Zealand based cryptocurrency exchange was allegedly hacked on 14th January. The hackers were able to steal cryptocurrencies worth millions of dollars. According to the exchange, the local police authorities and New Zealand’s unit of high tech crimes are looking into the matter.

 

Cryptopia Hacked!

Cryptopia informed its users about the incident in a tweet yesterday explaining that the exchange had suffered a security breach which led to the loss of funds due to hacking. Cryptopia exchange was later put into maintenance while the team was trying to assess the damage. The exchange shall remain in maintenance mode and trading will be suspended until the issue has been resolved. The website of the exchange itself is offline.

On 13th January 19,391 ETH (Ethereum) worth around $2.5 million and 48,029,306 CENNZ tokens (Centrality) worth around $1.18 million were transferred from Cryptopia exchange to unknown wallets. However, the owner of the wallet is not yet confirmed. It could be the exchange itself or the hackers.

 

Here are the details of the transactions:

Transaction 1: 19,391 ETH

https://etherscan.io/tx/0x8a7c2b34f23eee02401e7c3fa1ea2ce8d3132e7ca3811d673ca35898c9535aae

Transaction 2: 48,029,306 CENNZ

https://etherscan.io/tx/0x31a58df14ea3420878267e2b9cdd242d983b5298ef48c5cd9a799ed10605f393

 

Crypto Reputation:

The increasing number of exchange hackings has led to spreading of negative reputation of cryptocurrencies. People are starting to lose hopes in crypto exchanges. Last year, CoinCheck, a Japenese cryptocurrency exchange was hacked which led to around $500 million of funds being stolen. If such incidences continue to occur, the newcomers in the crypto space will lose confidence over cryptocurrencies and hence the whole cryptocurrency market will have to suffer.
Prominent people in the crypto industry are calling out for people to opt for decentralized exchanges which are much more safer in comparison to the Centralized ones.

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Adoption: Three Cryptocurrency Exchanges Granted License in Thailand

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Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely BX, Bitkub and Satang Pro.

Three cryptocurrency exchanges have been grated licensing in Thailand by the Ministry of Finance. The exchanges namely Bitcoin Exchange Co. Ltd. (BX) Bitkub Online Co. Ltd. (Bitkub) and Satang Corporation (Satang Pro) were granted working licenses from the government. The ministry has also granted a working permit to Coins TH Co. Ltd, a crypto broker, and dealer.

 

Coin Asset Exchange Under Review:

Apart from the above-mentioned exchanges in Thailand, the government is also reviewing a cryptocurrency exchange licensing request from Coin Asset Exchange (Coin Asset Co). The request has been put on hold as the ministry has noticed some deformity in their management.

 

Two Exchange Licenses denied by Thailand:

The SEC has also denied licensing requests from two other cryptocurrency exchanges namely Cash2Coins (Cash2Coins Co. Ltd) and Seadex (Southeast Asia Digital Exchange Co. Ltd). The reason for the request being denied was the lack of cybersecurity and IT security in their management. Thus, the government has ordered the companies to stop their operations and notify their users about the same before the 14th of January so that the users are able to withdraw their funds from the exchange.

 

Thailand: An Upcoming Crypto Hub

More and more cryptocurrency related businesses are moving towards Thailand as the government is acting quite supportive of such business activities. Thailand had earlier approved ICO and cryptocurrency regulations in the country and even legalized seven top cryptocurrencies in the country which includes BTC and ETH. With neighboring countries such as China and India putting a strict ban on cryptocurrencies and related activities, people are moving towards crypto friendly nations such as Thailand which can soon become a hub for blockchain and cryptocurrency.

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