Idealism increases in direct proportion to one's distance from the problem.
— John Galsworthy
Switzerland will list the world's first crypto ETP next week
The only thing I want to comment on here is that there is a difference between an ETP (exchange traded product) and an ETF (exchange traded fund).
ETFs are liquid and traded on secondary markets. They rarely have a restriction on type of investor.
ETPs (used in common parlance) is mostly a private fund with a ticker. Buying and selling shares in the fund usually both have a notice period for redemption. It’s also not available to retail (see excerpt from the ETP prospectus below).
Here’s a breakdown of what’s going into this product.
Lot’s of XRP there…
Kinda reminds me of how crypto index funds used to hold Bitconnect in their portfolio because “Top 10 Coinmarketcap coin bro.”
SEC enforcement actions against AirFox & Paragon
The SEC appears to be developing a template for ICO enforcement.
You can read an analysis of what happened from a lawyer’s perspective here or read another perspective on the Twitter thread below.
You can also read the SEC’s statements here.
South Korean banks are now required to provide fair services to crypto exchanges
South Korea’s main financial authority officially cleared banks to work with crypto exchanges for the first time in history.
Banks will not be able to reject crypto exchanges for any reason other than money laundering. As long as cryptocurrency exchanges are compliant with local KYC and AML regulations, then banks are not permitted to refrain from providing banking services to trading platforms.
International Monetary Fund (IMF) head Christine Lagarde says central banks around the world should consider issuing digital currency
"I believe we should consider the possibility to issue digital currency," Ms Lagarde said in a speech at a conference in Singapore. "There may be a role for the state to supply money to the digital economy."