#CryptoCorner: CFTC Contradicts LedgerX BTC Futures Approval Claim, ICE CEO: Bakkt to Launch Soon, Gibraltar Licenses #Crypto Derivatives Trader and UAE to Launch #Blockchain Consortium for Businesses
#CryptoCorner:
CFTC Contradicts LedgerX BTC Futures Approval Claim, ICE CEO: Bakkt to Launch
Soon, Gibraltar Licenses #Crypto Derivatives Trader and UAE to Launch #Blockchain
Consortium for Businesses
Point Roberts WA, Delta BC -August 1, 2019
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Stocks
discussed: (NYSE:ICE)
CoinDesk reports that the U.S. Commodities
Futures Trading Commission (CFTC) has contradicted recent claims from crypto
exchange LedgerX that the latter had received approval to offer physically
settled bitcoin (BTC) futures. Ledger X had announced the
launch of the first physically-settled bitcoin futures contracts in the U.S. on
Wednesday, but the CFTC claims the futures had “not yet been approved by the
Commission”. While other bitcoin futures contracts exist, LedgerX is the first
company to offer physically settled futures – which is to say, customers
receive actual bitcoin when the contracts expire, as opposed to a cash
equivalent. An advantage of this approach is that customers won’t have to wait
on banks for settlements to transact in fiat currencies. LedgerX CEO Paul Chou
told CoinDesk:
“As
a digital commodity, bitcoin trades 24/7/365 and our customers expect that from
us, so if you trade Sunday night, the banking system did not have to be open.”
Another bitcoin futures
platform, Bakkt, is set to launch soon, also reported by CoinDesk. During a quarterly earnings call,
Intercontinental Exchange (NYSE:ICE) CEO Jeff Sprecher said Bakkt (of
which ICE is a parent firm) is “working to develop a regulated ecosystem that
services the evolving needs of [participants] around the world”, and that
“subject to final regulatory approvals, we plan to launch our physically
settled bitcoin futures in the very near future.”
Elsewhere, crypto
derivatives trader Quedex has been granted a Distributed Ledger Technology
(DLT) Providers license by the Gibraltar Financial Services Commission (GFSC),
according to a company blog post yesterday. According to the post,
Quedex offers users “the opportunity to trade in futures and options contracts
on crypto assets on a fully-fledged, transparent and secure financial
platform”. Gibraltar’s Minister for Commerce, Albert Isola MP, commented:
“From
early on in the process Quedex has shown admirable commitment to Gibraltar’s
principles-based approach to regulation and I am pleased that they will join
the growing group of licensed firms operating from Gibraltar in this evolving
space. They form part of a strong line up of DLT licensed companies who will
help further develop crypto into a maturing and sustainable industry and
demonstrate that Gibraltar is leading the way in this industry.”
And over in the United
Arab Emirates (UAE) it was reported in local outlet Emirates
News Agency yesterday that the Dubai International
Financial Centre (DIFC), along with Mashreq Bank will launch the region’s first
KYC-based blockchain consortium for businesses. Arif Amiri, CEO of the DIFC
Authority, said:
"This
initiative provides a unique opportunity to harness innovative technology to
deliver a seamless experience for both newly established and existing companies
at the centre."
Sam
Mowers, Investorideas
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