South Korea's Finance Ministry is considering taxation on cryptocurrencies and Initial Coin Offerings (ICOs), daily English-language newspaper The Korea Times reports Monday, Dec. 3. Hong Nam-ki, South Korea’s new Minister of Economy and Finance as well as new Deputy Prime Minister, revealed that а crypto taxation plan will be finalized according to global taxation trends in the industry. Pointing to the current ICO ban in South Korea, the deputy prime minister stated that the authorities will also form a new stance to the crypto industry, based on careful consideration of “market conditions, international trends and investor protection issues.” In his …

Mike Novogratz's crypto investment bank Galaxy Digital has lost $136 million in the first three quarters of 2018, Bloomberg reports Nov. 28. According to Bloomberg, Galaxy Digital’s realized and unrealized losses in Q3 amounted to $41 million, which when combined with the results of previous quarters, amounts to the firm being out $136 million so far this year. The firm’s share price also dropped to a record low after tumbling 55 percent this month. Founded earlier this year, the company explained that the losses were mainly due to tumbling prices of major cryptocurrencies such as Bitcoin (BTC), Ripple (XRP), and …

The World Trade Organization (WTO) released a report on blockchain technology’s effect on international trade today, Nov. 27. Per the study, blockchain’s economic value-add on a global scale could reach almost $3 trillion by 2030. “Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation” analyzes blockchain applications and challenges that must be considered before the technology’s deployment in various sectors. The study considers the technology’s effect on industries such as trade finance, customs clearance, logistics and transportation. Blockchain Business Value Forecast. Source: WTO The study estimates that blockchain has the potential to significantly cut trade costs by …

On Nov. 6, the post-trade market infrastructure behemoth, the Depository Trust & Clearing Corporation (DTCC), announced that it is entering the test phase of its attempt to replatform its Trade Information Warehouse (TIW) via the use of distributed ledger technology (DLT). DTCC enters active trial phase for TIW replatforming The move to a blockchain platform comes at a time when many financial institutions are trialling the technology. In early November, Morgan Stanley released a report updating its clients about Bitcoin and blockchain, documenting several industry giants who have either already implemented blockchain or are in the process of trialling it. …

The majority of global financial institutions surveyed believe that central banks should develop central bank-issued digital currencies (CBDCs), according to a joint study by IBM Blockchain World Wire and the Official Monetary and Financial Institutions Forum (OMFIF) released Oct. 25. The study includes 21 central banks that participated in the OMFIF's research between July and September 2017. The reports notes that participants failed to find a compromise on whether governments should issue their own cryptocurrencies, as well as were divided over the associated processes of managing and accessing those CBDCs, tech news media The Next Web notes. 76 percent of …

Many startups, major conglomerates, supply chain operators, and distributors have attempted to integrate blockchain technology over the past two years, to increase transparency and reduce the power of central entities in data processing. With billions of dollars being invested annually by major corporations in blockchain development, the emerging technology has become the focal point of the long-term vision of many companies internationally. The exponential increase in demand and interest in blockchain technology has enabled multi-billion dollar markets for the blockchain in major sectors including manufacturing, agriculture, retail, supply chain, IoT, and payments. Blockchain in manufacturing to be $566 million by …

The Bank of Japan’s (BOJ) deputy governor Masayoshi Amamiya has recently reiterated his negative stance towards central bank-issued digital currencies (CBDC), the New York Times reports Oct. 20. Speaking on Saturday at a meeting in Nagoya, central Japan, Amamiya expressed doubts about the use of CBDCs, claiming that such digital currencies are unlikely to improve the existing monetary systems. Amamiya also stated that the BOJ does not plan to issue digital currencies. The article reports that some financial experts consider a CBDC as a tool for central banks to control the economy once interest rates fall to zero. According to …

What if the volatility of cryptocurrencies could be eliminated, making crypto more of a feasible, mainstream investment? An established fintech company is working to achieve just that. Rise, which was founded in 2012, is planning to adapt its artificial intelligence (AI) trading technology to the cryptocurrency markets – enabling users to manage their investments and trade across dozens of exchanges. The Germany-based software firm began life in 2012, and its algorithms are already being applied to stock markets, forex, precious metals, and other commodities. Since its launch, Rise says its technology has been “proven to outperform major markets.” Unlike other …

The adoption of blockchain technology is slowly taking shape across a multitude of industries. At the forefront of the amalgamation of payment systems and logistics is US tech giant International Business Machines Corporation (IBM), which has established itself as a leader in terms of blockchain-based products and offerings. The latest developments aim at the logistics sector – but IBM has been keen on blockchain for over 5 years that reveals a slow and steady approach to the adoption of enterprise-scale blockchain solutions. Exploring the Internet of Things Their beginnings in the space were focused on research on the capabilities of …

The Italian Banking Association (ABI) has revealed they successfully passed the initial phase of testing their blockchain-powered interbank system, Italian financial media outlet Ansa reported September 29. By applying distributed ledger technology (DLT), the group of 14 Italian banks is planning to improve interbanking processes. Specifically, the association intends to boost the processing time of operations, increase the transparency of banking information, and enable the verification and exchange of information directly within the application. According to local Italian source Corriere Nazionale, the application of blockchain technology will also assist in specific aspects of banking operations that usually involve a number …

The Financial Times (FT) has released a Special Report on global financial markets Monday, October 1. In the report, FT dedicated two out of six sections to the cryptocurrency industry. In their report entitled “Exchanges, Trading and Clearing,” FT names cryptocurrency alongside such phenomena as Brexit and the emergence of new markets as “some of the biggest changes” in financial markets over the past ten years. One of the two crypto-focused articles in the report, entitled “Crypto exchanges must face up to responsibilities as they mature,” provides an overview of crypto markets in comparison with traditional markets, pointing out major …

Hydrogen, a NYC-based business that was recently named KPMG’s fintech startup of the year has signed a public blockchain licensing deal with TD Bank – the world’s 12th-biggest bank in terms of market capitalization. Hydrogen is a decentralized ecosystem for financial services that combines artificial intelligence, record keeping, authentication, payments and identity services. The initial phase of the collaboration will integrate Hydrogen’s APIs into TD’s WebBroker program, which will allow all TD clients to design their own financial plans and implement custom investment portfolios. Future developments will include several new capabilities for TD retail banking customers as planned integration of …