ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAs

ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAs

In recent news pertaining to initial coin offerings (ICO) regulations, an EU report has advocated the regulation of ICOs according to crowdfunding legislation, the governor of Korea’s Jeju Island wants his jurisdiction to become a special economic zone regarding cryptocurrencies and blockchain, and the U.S. SEC has warned consumers regarding the risks of self-directed Individual Retirement Accounts that offer exposure to ICOs and cryptocurrencies.

Also Read: Markets Update: Bloody Crypto-Markets Suffer More Losses

EU Report Advocates Incorporating ICOs into Fundraising Laws

ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAsThe European Parliament’s Committee on Economic and Monetary Affairs has published a draft report proposing that initial coin offerings become regulated under crowdfunding legislation.

The report states: “This Regulation gives the opportunity to ICOs that want to prove their legitimacy to comply with the requirements of this regulation. Whilst this regulation may not provide the solution for regulating the ICO market, it takes a much-needed step towards imposing standards and protections in place for what is an excellent funding stream for tech start-ups. […] Crowdfunding service providers that wish to offer an ICO through their platform, should comply with specific additional requirements under this Regulation. However, private placements, ICOs raising in excess of 8,000,000 [euros] or ICOs that do not use a counterparty do not fall within the scope of those requirements.”

The report asserted that “at present initial coin offerings are operating in an unregulated space and consumers are at risk from fraudulent activity taking place in this market,” emphasizing that the regulation of ICOs would provide greater protection to investors.

Jeju Island Governor Seeks to Build ICO Hub

ICO Regulations Round-Up: Fundraising Law, Jeju Island, Self-Directed IRAsWon Hee-Ryong, the governor of Jeju Island, the largest island located off the coast of the Korean Peninsula, has requested that South Korea’s central government designate the island as a special economic zone for cryptocurrency and distributed ledger technology. The governor met with a number of policymakers and other high-ranking government officials on Wednesday, according to local media.

“Blockchain is an opportunity for Korea to take the lead in global internet platform [development], […] Blockchain can cut costs, provide stable transactions and essentially has the potential to become a game changer that could alter the ecosystem of the internet platform industry,” Won said. “For Korea to become a leader rather than a consumer of this new global industry, we need to quickly allow [the operation of] blockchain and cryptocurrency [firms].”

Emphasizing the need for a permissive stance regarding initial coin offerings, governor Won stated: “Entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency.”

SEC Warns of Self-Directed IRAs and ICOs

The United States Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) has published a report that seeks to warn investors of the potential “risks associated with self-directed Individual Retirement Accounts (self-directed IRAs)” in which initial coin offerings and cryptocurrencies are highlighted.

The report states that “Certain self-directed IRAs allow investment in so-called “digital assets,” which include crypto-currencies, coins, and tokens, such as those offered in so-called initial coin offerings (ICOs),” asserting that “Fraudsters may use the allure associated with ICOs and other digital assets to entice self-directed IRA investors with the promise of high returns. While it is possible that digital assets may provide fair and lawful investment opportunities, they may also be conducted without SEC registration or a valid exemption from registration, and may not provide complete or accurate information to aid investors in making informed decisions.“

Lori Schock, the director of the SEC’s OIEA, stated: “Now that some self-directed IRAs include digital assets — cryptocurrencies, coins and tokens, such as those offered in so-called initial coin offerings — we think it is important to alert investors about the potential risks and fraud involved with these kinds of investments that may not be registered.”

Do you think ICOs should be governed by crowdfunding legislation? Share your thoughts in the comments section below!


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EU Study: International Nature of Cryptocurrency Markets Is a Challenge for Regulators

EU Study: International Nature of Cryptocurrency Markets Is a Challenge for Regulators

An EU study claims that the international nature of the cryptocurrency markets is a challenge for European regulators because many players, especially miners, are outside their reach. The researchers also expect that bank-issued coins could reshape the balance of power among cryptos, with commercial banks using underhanded tactics to stifle the competition.

Also Read: The Daily: TCAP Explores Market, Tutanota Accepts Cryptos, Huobi Launches Cloud

Regulatory Challenge

EU Study: International Nature of Cryptocurrency Markets Is a Challenge for RegulatorsA recent study titled “Competition issues in the Area of Financial Technology”, which was requested by the European Parliament Committee on Economic and Monetary Affairs, raised a couple of interesting issues from a regulatory point of view. First, the researchers say that the international nature of cryptocurrency markets is a challenge to the implementation of competition policy at the European level.

The paper explains that many of the players operate from locations outside the jurisdiction of EU competition authorities, which makes investigation or prosecution more difficult. The main weakness of European regulators is the concentration of the mining activity in non-European countries. The researchers write: “Mining is the most strategic, sophisticated and technology dependent activity in the cryptocurrency market, and there currently appears to be a significant concentration of mining activities occurring in certain Chinese provinces.”

Bank-Coins to Reshape Competition?

EU Study: International Nature of Cryptocurrency Markets Is a Challenge for RegulatorsThe EU study also claims that the arrival of “permissioned cryptocurrencies” issued by banks, both commercial and central, will reshape the current competition level in the cryptocurrency market. A potential inadequacy of traditional policy to address competition issues in the cryptocurrency markets can be found, “suggesting direct public participation through a central-bank digital currency as a remedy.”

The researchers warn that the market power of incumbent commercial banks might be used to limit competition in the cryptocurrency market through preemptive acquisitions or predatory pricing schemes. The banks may also engage in anti-competitive practices by denying access to their gateways for exchange or wallet services, such as payment and transfer systems or card processor schemes. This may be conducted by means of low service quality, delays in negotiation, proprietary technical standards or excessive pricing. They say that these practices may deter consumers from using normal cryptocurrencies in favor of those promoted by the banks.

Is the international cryptocurrency market being outside of a single regulator’s reach really a problem for competition? Share your thoughts in the comments section below.


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PR: SoPay – Blockchain Payment Platform Lists on Three Major Exchanges to Create Digital Assets “Alipay”

SoPay - Blockchain Payment Platform Lists on Three Major Exchanges to Create Digital Assets “Alipay”

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

SoPay has announced its arrival in three exchanges (CoinEx, Gate.io and BCEX) with an emphatic announcement of the trading contest that will feature 30 million SOP tokens.

SoPay is a new blockchain payment platform that brings a disruptive experience in the money market. Also, it has innovative operating models that it wants to leverage to make the digital asset trading environment more convenient.

Besides, SoPay will allow users to transact at no handling fee and with quicker processing duration of just 1 second. The platform supports transaction between numerous digital assets as well as cross-platform transactions. Furthermore, users can exchange digital assets for goods and services available in traditional offline and online businesses.

SoPay for Users
The SoPay experience is truly disruptive for users since it introduces a human touch to transactions. The platform eliminates the need for complicated passwords, elaborate processes and unnecessarily long confirmation durations. It has a simple, safe and user-friendly interface that is only comparable to Alipay.

How SoPay Works and its Reward Model
The simple process at SoPay involves registering a mobile phone number and a 6-digit transaction password. These two are equivalent to the average login information. This is all that users need to be able to make payment.

The platform hopes that this simple process will make blockchain payments open to everyone. Right now, the global population of participants in the blockchain space is a paltry 30 million. The platform foresees this number growing to 200 million by 2020 following the advantages that SoPay offers.

The SoPay platform rewards people that use the platform through its payment-mining model. This model gives incentive to users that deposit, lock assets or pay using the platform. The mine pool on SoPay comes from the income of service provider.

The First Target – The Gaming Space
SoPay is alive to the consumption barrier of digital assets among the gaming companies. To this end, it already has 40 gaming companies from the Orient, Europe and the U.S. in its pocket. These companies represent some 20 million players.

Market predictions estimate that blockchain payments in the gaming environment will reach US$ 100 billion in just three years. SoPay, therefore, sees it as a good starting point on its onslaught that also targets enterprises operating in the financial management, e-commerce and other allied industries. This strategy will enable it provide comprehensive services to all kinds of digital asset holders.

A New Consensus with Heightened Safety and Efficiency
SoPay is a product of extensive research and innovation in technology. The efforts intended to create a product that is different from existing payment platforms. Importantly, it’s SO Chain application gives users a chance to create accounts and virtual assets, transfer, confirm, transact, pledge and witness transactions, to name just a few among many other basic online transaction functions.

In addition, the platform offers users increased privacy at high operational speeds and enhanced security. The improvements and innovations are possible because the platform combines the benefits of EOS and third-generation consensus Delegated Proof of Stake (DPos).

More information about the SoPay platform:
Official website: https://sopay.org/
Telegram group 1: https://t.me/sopay_en
Telegram group 2: https://t.me/sopay_en02
Facebook: https://www.facebook.com/SoPaypayment/
Twitter: https://twitter.com/SoPayORG

Press Contact Email Address
aditya@inboundment.com

Supporting Link
https://sopay.org/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Knotel acquires 42Floors in order to build the blockchain of property

Another day, another blockchain. This time Knotel – a coworking space rental service in Manhattan – has acquired 42Floors, a commercial real estate search engine in order to, according to founder Amol Sarva, get “access to data and technology on over 10 billion square feet of office space, driving further liquidity to Knotel’s marketplace while also accelerating its plans for a blockchain platform.”

Knotel is building the Agile HQ platform, a way to rent office space for a few hours or a few months without getting stuck in a least. The company has 1 million square feet of space in New York, San Francisco, London, and Berlin and it raised $100 million in funding. The company has more has more buildings in NY than WeWork.

“42Floors built a powerful tool to organize a dark market that hasn’t changed in a hundred years,” said Amol Sarva, CEO of Knotel. “It’s still backroom and bilateral while the rest of the world is becoming digital and standardized. This is what leads to transactions that take months to close with a dozen middlemen – no reliable information. You can buy a house faster than you can rent a floor. Partnering together will help give owners and customers what they both want: truth.”

Knotel recently launched an ICO in April. Their Knotel Koin aims to speed up real estate transactions by allowing instant settlement and allow for charge-backs and shorter rental periods. The 42Floors purchase enables the company to bring new properties onto its platform and could let non-blockchain-based contracts move to the blockchain.

Facebook under fresh political pressure as UK watchdog calls for “ethical pause” of ad ops

The UK’s privacy watchdog revealed yesterday that it intends to fine Facebook the maximum possible (£500k) under the country’s 1998 data protection regime for breaches related to the Cambridge Analytica data misuse scandal.

But that’s just the tip of the regulatory missiles now being directed at the platform and its ad-targeting methods — and indeed, at the wider big data economy’s corrosive undermining of individuals’ rights.

Alongside yesterday’s update on its investigation into the Facebook-Cambridge Analytica data scandal, the Information Commissioner’s Office (ICO) has published a policy report — entitled Democracy Disrupted? Personal information and political influence — in which it sets out a series of policy recommendations related to how personal information is used in modern political campaigns.

In the report it calls directly for an “ethical pause” around the use of microtargeting ad tools for political campaigning — to “allow the key players — government, parliament, regulators, political parties, online platforms and citizens — to reflect on their responsibilities in respect of the use of personal information in the era of big data before there is a greater expansion in the use of new technologies”.

The watchdog writes [emphasis ours]:

Rapid social and technological developments in the use of big data mean that there is limited knowledge of – or transparency around – the ‘behind the scenes’ data processing techniques (including algorithms, analysis, data matching and profiling) being used by organisations and businesses to micro-target individuals. What is clear is that these tools can have a significant impact on people’s privacy. It is important that there is greater and genuine transparency about the use of such techniques to ensure that people have control over their own data and that the law is upheld. When the purpose for using these techniques is related to the democratic process, the case for high standards of transparency is very strong.

Engagement with the electorate is vital to the democratic process; it is therefore understandable that political campaigns are exploring the potential of advanced data analysis tools to help win votes. The public have the right to expect that this takes place in accordance with the law as it relates to data protection and electronic marketing. Without a high level of transparency – and therefore trust amongst citizens that their data is being used appropriately – we are at risk of developing a system of voter surveillance by default. This could have a damaging long-term effect on the fabric of our democracy and political life.

It also flags a number of specific concerns attached to Facebook’s platform and its impact upon people’s rights and democratic processes — some of which are sparking fresh regulatory investigations into the company’s business practices.

“A significant finding of the ICO investigation is the conclusion that Facebook has not been sufficiently transparent to enable users to understand how and why they might be targeted by a political party or campaign,” it writes. “Whilst these concerns about Facebook’s advertising model exist generally in relation to its commercial use, they are heightened when these tools are used for political campaigning. Facebook’s use of relevant interest categories for targeted advertising and it’s, Partner Categories Service are also cause for concern. Although the service has ceased in the EU, the ICO will be looking into both of these areas, and in the case of partner categories, commencing a new, broader investigation.”

The ICO says its discussions with Facebook for this report focused on “the level of transparency around how Facebook user data and third party data is being used to target users, and the controls available to users over the adverts they see”.

Among the concerns it raises about what it dubs Facebook’s “very complex” online targeting advertising model are [emphasis ours]:

Our investigation found significant fair-processing concerns both in terms of the information available to users about the sources of the data that are being used to determine what adverts they see and the nature of the profiling taking place. There were further concerns about the availability and transparency of the controls offered to users over what ads and messages they receive. The controls were difficult to find and were not intuitive to the user if they wanted to control the political advertising they received. Whilst users were informed that their data would be used for commercial advertising, it was not clear that political advertising would take place on the platform.

The ICO also found that despite a significant amount of privacy information and controls being made available, overall they did not effectively inform the users about the likely uses of their personal information. In particular, more explicit information should have been made available at the first layer of the privacy policy. The user tools available to block or remove ads were also complex and not clearly available to users from the core pages they would be accessing. The controls were also limited in relation to political advertising.

The company has been criticized for years for confusing and complex privacy controls. But during the investigation, the ICO says it was also not provided with “satisfactory information” from the company to understand the process it uses for determining what interest segments individuals are placed in for ad targeting purposes.

“Whilst Facebook confirmed that the content of users’ posts were not used to derive categories or target ads, it was difficult to understand how the different ‘signals’, as Facebook called them, built up to place individuals into categories,” it writes.

Similar complaints of foot-dragging responses to information requests related to political ads on its platform have also been directed at Facebook by a parliamentary committee that’s running an inquiry into fake news and online disinformation — and in April the chair of the committee accused Facebook of “a pattern of evasive behavior”.

So the ICO is not alone in feeling that Facebook’s responses to requests for specific information have lacked the specific information being sought. (CEO Mark Zuckerberg also annoyed the European Parliament with highly evasive responses to their highly detailed questions this Spring.)

Meanwhile, a European media investigation in May found that Facebook’s platform allows advertisers to target individuals based on interests related to sensitive categories such as political beliefs, sexuality and religion — which are categories that are marked out as sensitive information under regional data protection law, suggesting such targeting is legally problematic.

The investigation found that Facebook’s platform enables this type of ad targeting in the EU by making sensitive inferences about users — inferred interests including communism, social democrats, Hinduism and Christianity. And its defense against charges that what it’s doing breaks regional law is that inferred interests are not personal data.

However the ICO report sends a very chill wind rattling towards that fig leaf, noting “there is a concern that by placing users into categories, Facebook have been processing sensitive personal information – and, in particular, data about political opinions”.

It further writes [emphasis ours]:

Facebook made clear to the ICO that it does ‘not target advertising to EU users on the basis of sensitive personal data’… The ICO accepts that indicating a person is interested in a topic is not the same as formally placing them within a special personal information category. However, a risk clearly exists that advertisers will use core audience categories in a way that does seek to target individuals based on sensitive personal information. In the context of this investigation, the ICO is particularly concerned that such categories can be used for political advertising.

The ICO believes that this is part of a broader issue about the processing of personal information by online platforms in the use of targeted advertising; this goes beyond political advertising. It is clear from academic research conducted by the University of Madrid on this topic that a significant privacy risk can arise. For example, advertisers were using these categories to target individuals with the assumption that they are, for example, homosexual. Therefore, the effect was that individuals were being singled out and targeted on the basis of their sexuality. This is deeply concerning, and it is the ICO’s intention as a concerned authority under the GDPR to work via the one-stop-shop system with the Irish Data Protection Commission to see if there is scope to undertake a wider examination of online platforms’ use of special categories of data in their targeted advertising models.

So, essentially, the regulator is saying it will work with other EU data protection authorities to push for a wider, structural investigation of online ad targeting platforms which put users into categories based on inferred interests — and certainly where those platforms are allowing targeting against special categories of data (such as data related to racial or ethnic origin, political opinions, religious beliefs, health data, sexuality).

Another concern the ICO raises that’s specifically attached to Facebook’s business is transparency around its so-called “partner categories” service — an option for advertisers that allows them to use third party data (i.e. personal data collected by third party data brokers) to create custom audiences on its platform.

In March, ahead of a major update to the EU’s data protection framework, Facebook announced it would be “winding down” this service down over the next six months.

But the ICO is going to investigate it anyway.

“A preliminary investigation of the service has raised significant concerns about transparency of use of the [partner categories] service for political advertising and wider concerns about the legal basis for the service, including Facebook’s claim that it is acting only as a processor for the third-party data providers,” it writes. “Facebook announced in March 2018 that it will be winding down this service over a six-month period, and we understand that it has already ceased in the EU. The ICO has also commenced a broader investigation into the service under the DPA 1998 (which will be concluded at a later date) as we believe it is in the public interest to do so.”

In conclusion on Facebook the regulator asserts the company has not been “sufficiently transparent to enable users to understand how and why they might be targeted by a political party or campaign”.

“Individuals can opt out of particular interests, and that is likely to reduce the number of ads they receive on political issues, but it will not completely block them,” it points out. “These concerns about transparency lie at the core of our investigation. Whilst these concerns about Facebook’s advertising model exist in relation in general terms and its use in the commercial sphere, the concerns are heightened when these tools are used for political campaigning.”

The regulator also looked at political campaign use of three other online ad platforms — Google, Twitter and Snapchat — although Facebook gets the lion’s share of its attention in the report given the platform has also attracted the lion’s share of UK political parties’ digital spending. (“Figures from the Electoral Commission show that the political parties spent £3.2 million on direct Facebook advertising during the 2017 general election,” it notes. “This was up from £1.3 million during the 2015 general election. By contrast, the political parties spent £1 million on Google advertising.”)

The ICO is recommending that all online platforms which provide advertising services to political parties and campaigns should include experts within the sales support team who can provide political parties and campaigns with “specific advice on transparency and accountability in relation to how data is used to target users”.

“Social media companies have a responsibility to act as information fiduciaries, as citizens increasingly live their lives online,” it further writes.

It also says it will work with the European Data Protection Board, and the relevant lead data protection authorities in the region, to ensure that online platforms comply with the EU’s new data protection framework (GDPR) — and specifically to ensure that users “understand how personal information is processed in the targeted advertising model, and that effective controls are available”.

“This includes greater transparency in relation to the privacy settings, and the design and prominence of privacy notices,” it warns.

Facebook’s use of dark pattern design and A/B tested social engineering to obtain user consent for processing their data at the same time as obfuscating its intentions for people’s data has been a long-standing criticism of the company — but one which the ICO is here signaling is very much on the regulatory radar in the EU.

So expecting new laws — as well as lots more GDPR lawsuits — seems prudent.

The regulator is also pushing for all four online platforms to “urgently roll out planned transparency features in relation to political advertising to the UK” — in consultation with both relevant domestic oversight bodies (the ICO and the Electoral Commission).

In Facebook’s case, it has been developing policies around political ad transparency — amid a series of related data scandals in recent years, which have ramped up political pressure on the company. But self-regulation looks very unlikely to go far enough (or fast enough) to fix the real risks now being raised at the highest political levels.

“We opened this report by asking whether democracy has been disrupted by the use of data analytics and new technologies. Throughout this investigation, we have seen evidence that it is beginning to have a profound effect whereby information asymmetry between different groups of voters is beginning to emerge,” writes the ICO. “We are a now at a crucial juncture where trust and confidence in the integrity of our democratic process risks being undermined if an ethical pause is not taken. The recommendations made in this report — if effectively implemented — will change the behaviour and compliance of all the actors in the political campaigning space.”

Another key policy recommendation the ICO is making is to urge the UK government to legislate “at the earliest opportunity” to introduce a statutory Code of Practice under the country’s new data protection law for the use of personal information in political campaigns.

The report also essentially calls out all the UK’s political parties for data protection failures — a universal problem that’s very evidently being supercharged by the rise of accessible and powerful online platforms which have enabled political parties to combine (and thus enrich) voter databases they are legally entitled to with all sorts of additional online intelligence that’s been harvested by the likes of Facebook and other major data brokers.

Hence the ICO’s concern about “developing a system of voter surveillance by default”. And why she’s pushing for online platforms to “act as information fiduciaries”.

Or, in other words, without exercising great responsibility around people’s information, online ad platforms like Facebook risk becoming the enabling layer that breaks democracy and shatters civic society.

Particular concerns being attached by the ICO to political parties’ activities include: The purchasing of marketing lists and lifestyle information from data brokers without sufficient due diligence; a lack of fair processing; and use of third party data analytics companies with insufficient checks around consent. And the regulator says it has several related investigations ongoing.

In March, the information commissioner, Elizabeth Denham, foreshadowed the conclusions in this report, telling a UK parliamentary committee she would be recommending a code of conduct for political use of personal data, and pushing for increased transparency around how and where people’s data is flowing — telling MPs: “We need information that is transparent, otherwise we will push people into little filter bubbles, where they have no idea about what other people are saying and what the other side of the campaign is saying. We want to make sure that social media is used well.”

The ICO says now that it will work closely with government to determine the scope of the Code. It also wants the government to conduct a review of regulatory gaps.

We’ve reached out to the Cabinet Office for a government response to the ICO’s recommendations. Update: A Cabinet Office spokesperson directed us to the Department for Digital, Culture, Media and Sport — and a DCMS spokesman told us the government will wait to review the full ICO report once it’s completed before setting out a formal response.

A Facebook spokesman declined to answer specific questions related to the report — instead sending us this short statement, attributed to its chief privacy officer, Erin Egan: “As we have said before, we should have done more to investigate claims about Cambridge Analytica and take action in 2015. We have been working closely with the ICO in their investigation of Cambridge Analytica, just as we have with authorities in the US and other countries. We’re reviewing the report and will respond to the ICO soon.”

Here’s the ICO’s summary of its ten policy recommendations:

1) The political parties must work with the ICO, the Cabinet Office and the Electoral Commission to identify and implement a cross-party solution to improve transparency around the use of commonly held data.

2) The ICO will work with the Electoral Commission, Cabinet Office and the political parties to launch a version of its successful Your Data Matters campaign before the next General Election. The aim will be to increase transparency and build trust and confidence amongst 5 the electorate on how their personal data is being used during political campaigns.

3) Political parties need to apply due diligence when sourcing personal information from third party organisations, including data brokers, to ensure the appropriate consent has been sought from the individuals concerned and that individuals are effectively informed in line with transparency requirements under the GDPR. This should form part of the data protection impact assessments conducted by political parties.

4) The Government should legislate at the earliest opportunity to introduce a statutory Code of Practice under the DPA2018 for the use of personal information in political campaigns. The ICO will work closely with Government to determine the scope of the Code.

5) It should be a requirement that third party audits be carried out after referendum campaigns are concluded to ensure personal data held by the campaign is deleted, or if it has been shared, the appropriate consent has been obtained.

6) The Centre for Data Ethics and Innovation should work with the ICO, the Electoral Commission to conduct an ethical debate in the form of a citizen jury to understand further the impact of new and developing technologies and the use of data analytics in political campaigns.

7) All online platforms providing advertising services to political parties and campaigns should include expertise within the sales support team who can provide political parties and campaigns with specific advice on transparency and accountability in relation to how data is used to target users.

8) The ICO will work with the European Data Protection Board (EDPB), and the relevant lead Data Protection Authorities, to ensure online platforms’ compliance with the GDPR – that users understand how personal information is processed in the targeted advertising model and that effective controls are available. This includes greater transparency in relation to the privacy settings and the design and prominence of privacy notices.

9) All of the platforms covered in this report should urgently roll out planned transparency features in relation to political advertising to the UK. This should include consultation and evaluation of these tools by the ICO and the Electoral Commission.

10)The Government should conduct a review of the regulatory gaps in relation to content and provenance and jurisdictional scope of political advertising online. This should include consideration of requirements for digital political advertising to be archived in an open data repository to enable scrutiny and analysis of the data.

PR: Bixtrim Launches Innovative Crypto Exchange Platform

Bixtrim Launches Innovative Crypto Exchange Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The One Solution to all of blockchain Issues

The cryptographic money industry keeps on developing in 2018, with a groundswell of undertakings helping push cryptos into the standard. Bixtrim is a creative crypto-trade stage with rearranged access for everybody. Here at Bixtrim, we trust everybody ought to have simple and quick access to crypto-money related administrations, that is the reason our group made a stage explaining the present most consuming issues in the crypto world.

The stage covers different idealized adaptations of capacities found in return stages.

The Bixtrim group has an inventive vision of a future with rearranged use of crypto in consistently life and we need our clients to be a piece of it.

The fame and speedy achievement of cryptographic forms of money has made it critical for framework and usefulness to keep up. That is precisely why we discovered such huge numbers of snags and issues that should have been explained. Our group of similar individuals aroused keeping in mind the end goal to make these progressive thoughts a reality.

Furthermore, BXM is attempting to make cryptos available and streamlined for use regularly. The approach of blockchain innovation takes into account apparently boundless conceivable outcomes that remain to drastically enhance heritage frameworks and other customary types of installments, ventures, and different utilities. BXM is likewise attempting to set up its own particular biological community of money related instruments in light of these advantages, saddling the influence of blockchain innovation.

What BXM can improve the situation you Despite countless propelling in the business, there is as yet plentiful space for development and advancement. Numerous stages and advances are simply starting to begin to expose what’s underneath and potential. BXM is attempting to idealize a few of these advances, supporting a more extensive item suite that is characterized by administrations for the mass market. BXM perceives the primary issues that are as of now tormenting the business. This incorporates the moderate trade of cryptos and as a rule the failure to trade them to fiat cash immediately. This procedure is as yet protracted and can take upwards of a few business days.

Additionally, numerous coin holders are taking a chance with their venture and could possibly lose cash. The gathering has taken measures to help give answers for each issue. BXM is in association with a main smaller scale back association in Georgia – an individual from its holding, which is encouraging the trade out of cryptos out minutes at BXM’s money decks. What’s more, BXM will expand accounts in different banks, helping support whatever number current cash exchange strategies as could be allowed (e.g. SEPA) to make exchanges brisk. As far as helping bolster the estimation of coins, BXM is likewise attempting to build up a crypto pawn shop where coins proprietors can pawn them for some period and get them back, in the wake of paying off the dedication.

This plausibility is to a great degree advantageous as it manages clients the chance to keep coins, and additionally acquiring the required money for a here and now and benefit in a long haul. Issuance of universally upheld crypto BXM is additionally issuing a worldwide crypto, with the capacity to process no less than 100k exchanges for every second. By outfitting such innovation, this interface can bolster preparing all around, with BXM coins filling in as an impetus that associates cryptos to retail showcases. Through its multifunctional stage, BXM and its different highlights and administrations will expect to fill the holes of the current elective models for installments, investment funds, exchanging, trade and loaning. The venture started out of Georgia, which is deliberately arranged amongst Europe and Asia.

The total achievement of BXM’s stage has likewise profited BXM token holders by giving expanded value strength, whereby prompting higher estimation of their token resources. Tokens helps alleviate commissions on trade stage, implying that their market cost won’t be constrained. Basically, the more exchanges are handled on stage, the more esteem BXM tokens acquire. Tokens permit to bring down commissions in second hand store, which implies that their market cost won’t be constrained – the more coins are pawned, the profitable BXM tokens progresses toward becoming. At long last, BXM tokens can be traded to new digital money, which implies that their market cost won’t be restricted – the higher ascents the cost of coin, the significant BXM tokens movees toward becoming. To help drive the advancement of its venture, BXM had startes its ICO, with BXM tokens disseminated among members and speculators. BXM tokens are the primary instrument utilized for the accompanying exchanges.

Specifically, the general volume of issued tokens will be 72.0 million BXM tokens. Imminent financial specialists are urged to acquaint themselves with BXM’s whitepaper for more points of interest. Proprietors of BXM tokens have the chance to gain considerably more tokens. private deal has completed, 3 000 BXM were available to be purchased, 80% markdown with least request, 20 000 tokens. It was sold 2 340 000 BXM (468 000 $), this is prominent number and in like manner assurance of successfully finished stage. It’s necessary to mention , that this will expand trust in individuals and it will be essential of future achievement.

The new stage is beginning , phase 1 of sales . It will last from 21 to 30th of June. 1 300 000 BXM will be sold .60 % markdown with minimum arrange 30 000 token. At last, every enlisted client that has just bought any number of tokens will be given a referral code and a referral interface. This code or connection can be imparted to any unregistered individual, so they can open enrollment frame with the connection or enter the code amid enlistment physically. At whatever point a buy is produced using a record enlisted by means of referral code or connection, the arbitrator will get number of tokens, equivalent to 10 percent of unique buy, as a referral reward. This is one anticipate you would prefer not to pass up a great opportunity for. With the business proceeding to develop at a solid pace, an opportunity to be a piece of a developing stage is presently.

Contact Email Address
m.elizbarashvili@bixtrim.com
Supporting Link
https://www.bixtrim.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Watch all the interviews from TechCrunch Sessions: Blockchain

What a day. Yesterday, hundreds of people gathered in Zug, Switzerland for TechCrunch Sessions: Blockchain. In addition to some of the key people of the Ethereum Foundation, the team interviewed the entrepreneurs behind Binance, Coinbase, ConsenSys, CryptoKitties and many other organizations.

The event was packed with interesting content. But if you couldn’t be there in person, don’t worry as you can watch everything that happened in Zug:














Europe’s Top Speed Trading Firm Flow Traders Joins the Crypto-Economy

Europe's Top Speed Trading Firm Flow Traders Joins the Crypto-Economy

This week one of Europe’s largest speed trading platforms and exchange-traded fund (ETFs) dealers, Flow Traders NV, announced the firm is entering the cryptocurrency space by offering bitcoin and ethereum exchange-traded notes (ETNs) to its clientele.

Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services

Speed Trading Platform Flow Traders Enters the Cryptocurrency Trading Ecosystem

Europe's Top Speed Trading Firm Flow Traders Joins the Crypto-EconomyThe Amsterdam market maker, Flow Traders, provides liquidity to its customers by providing traders bid and offer prices for Exchange Traded Products (ETPs). Flow Traders was founded in 2004 and has become one of the top ETP exchanges in Europe, pulling in over €250 million in revenue per year. Now the trading platform has announced it’s entering the cryptocurrency space by providing customers ethereum and bitcoin ETNs. According to Flow Trader’s Co-Chief Executive Officer Dennis Dijkstra, the company’s trade volumes have “dramatically increased.”

“People underestimate crypto,” Dijkstra explains during an interview on July 6.

It’s big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests.

High-Frequency Traders Polarized by Bitcoin

Speed trading otherwise known as high-frequency trading (HFT) is a technique that uses algorithmic swaps to trade products at high speeds, and fast turnover rates. Typically HFT operations trade extremely large volumes of trades which in turn makes up the low margins offered by the exchange. Flow Traders is not the first high-speed trading company that’s entered the cryptocurrency ecosystem. Five well-known HFT dealers Tower Research, Susquehanna, Jump Trading, DRW Holdings, and Hudson River are selling cryptocurrency products to clients as well. The proprietary trading firm DRW Holdings claims its been swapping cryptocurrencies since 2014.    

“What’s surprising me is how polarizing bitcoin is,” Bobby Cho the head of over-the-counter trading DRW’s OTC subsidiary Cumberland Mining.

Everyone has a viewpoint on bitcoin, whereas with other asset classes you either care or you don’t care.

Europe's Top Speed Trading Firm Flow Traders Joins the Crypto-Economy

Focusing on the New Asset Class

Flow Trader’s Dijkstra details that the firm has been hedging its bitcoin (XBT) and ethereum ETNs with CME Groups and Cboe’s XBT products. The XBT provider’s managing director at Coinshares Ltd., Laurent Kssis, says with firms like Flow Traders purchasing ETNs they continue to see steady institutional demand for their cryptocurrency exchange-traded notes.  

“With the growing interest from institutional clients willing to invest in digital assets, I can see why so many proprietary trading businesses are now focusing on this new asset class,” Kssis added.

What do you think about Flow Traders getting into dealing with cryptocurrency ETNs and futures products? Do you think more HFT platforms will flock to digital assets? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, and Flow Traders. 


Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

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