#CryptoCorner: Japan's FSA Denies Considering #ETFs and Derivatives, #Bittrex Launching OTC Trading Desk, Crypto Miner Bitmain Closes Amsterdam Office and Malaysia Begins ICO and Trade Regulation Tomorrow
January 14th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch
Point Roberts, WA and Delta, BC - January 14, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
Japan's FSA Denies Considering ETFs and Derivatives, Bittrex Launching OTC Trading Desk, Crypto Miner Bitmain Closes Amsterdam Office and Malaysia Begins ICO and Trade Regulation Tomorrow
The crypto market took another tumble over the weekend, bottoming at a market cap of just under $117 billion yesterday, but appears to making a slight rebound at press time. Data from CoinMarketCap shows that currently, total market capitalization is sitting at $123 billion. Bitcoin (BTC) is trading for $3706, again coming shy of the $4000 support level it has been courting in past weeks.
A representative from Japan's Financial Services Agency (FSA), the country's financial regulator, recently cleared up rumours that they were considering exploring Bitcoin ETFs and derivatives, in an interview with Bitcoin.com. The unnamed spokesman for the agency said:
"There is no such fact that we are considering approving ETFs which track crypto-assets at present ... we are not currently considering approving them"
And on the subject of cryptocurrency derivatives, the spokesman said:
"Taken it into consideration that it is difficult for us to find constructive and social significance of trading crypto-assets derivatives at present, we think that there is no need for trading crypto-assets derivatives at financial instruments exchanges where many market participants are able to trade."
CoinDesk reports that crypto exchange Bittrex will launch an over-the-counter (OTC) trading desk that will support nearly 200 cryptocurrencies. In doing so, Bittrex joins the likes of Coinbase and Poloniex, who have also launched OTC desks. Bittrex CEO Bill Shihara said:
"With one of the most extensive selections of digital assets of any OTC desk available, this offering will be another way for Bittrex to further advance adoption of blockchain technology worldwide, while also providing our customers with price certainty and a fast and easy way to trade large blocks of digital assets."
CoinDesk also reports that Chinese crypto mining giant Bitmain is closing an office in Amsterdam. This follows the closure of a blockchain development centre in Israel in November of last year. A spokesman for the company explained the move as part of the company's long-term strategy:
"As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices."
Reuters reports that Malaysia will begin regulation of ICOs and crypto trading tomorrow, January 15. The country's finance minister said the regulation, which will "recognize digital currencies and digital tokens as securities", will be carried out by the Securities Commission of Malaysia.
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