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Paxtradings Crypto Minute: June 10, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: June 10, 2018

EOS Network Enters Voting Phase After Appointed Block Producers Agree to Launch Mainnet

The appointed block producers of the EOS network have voted to launch the EOS blockchain. According to Cryptoslate, the vote to launch the main network (mainnet) was nearly unanimous. Next, EOS token holders are responsible for staking their tokens as votes into democratically-elected block producers. Once 15 percent of all EOS tokens are staked as votes for block producers, the EOS chain is considered valid and all normal functions of the EOS mainnet are activated.

Thailand’s SEC Announces New Framework for Cryptocurrency and ICOs

Thailand’s Securities and Exchange Commission (SEC) has revealed details of its new regulatory framework for cryptocurrencies and initial coin offerings. The SEC permits seven cryptocurrencies for ICOs as trading pairs: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, and Stellar. In addition, ICO issuers, digital exchanges, brokers, and dealers involved cryptocurrencies must register with the SEC within 90 days of the ICO start date or the effective date of this new regulatory framework. Thailand’s Finance Ministry’s is responsible for approving those registrations. Finally, cryptocurrency exchanges must pay an annual fee equivalent to 0.002% of the total trading volume (or at least USD 15,600), while brokerage firms must pay 0.001% of the total trading volume (or at least USD 7,800). According to Bitcoin.com, the new framework will come into effect in the beginning of July 2018.

Poland Financial Regulator Says Use, Trade, and Business in Cryptocurrencies Allowed

Poland’s financial regulator, the Financial Supervision Authority (KNF), declared that cryptocurrency transactions are legal in the country. According to Blockt, the KNF clarified that no specific law prohibits the use, trade, or business of cryptocurrencies. However, the country’s government is looking into options for taxing cryptocurrencies, which are currently categorized as “property.” Details of the country’s new regulatory and tax framework will, which comes into effect on July 13, will aim to bring cryptocurrencies under the purview of their anti-money laundering (AML) and counter-terrorism (CTF) laws.

Russian President Vladimir Putin Addresses Cryptocurrency Issues in Annual Q&A Session with Russian Citizens

In his 2018 Q&A session with Russian citizens, Russian President Vladimir Putin stated cryptocurrencies has its place in the world, and that his government should carefully consider when and how to participate its development. According to Bitcoin.com, Putin went on to claim that neither Russia, nor any other country could have a national cryptocurrency. “If we talk about cryptocurrency — this is something that goes beyond national borders,” Putin said.

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