HyperLinq : Weekly Digital Asset Digest #7


The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!


Bitstamp Granted BitLicense, Will Expand Crypto Services in US : Nikhilesh De | CoinDesk

Bitstamp was awarded the 19th BitLicense today by The New York Department of Financial Services (NYDFS), which now allows one of Europe's largest crypto-exchanges to offer Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ether (ETH) and Ripple (XRP) trading pairs to US residents. This year, BitLicense was the fifth exchange to be granted this "virtual currency license" so the pace is definitely picking up. The other organisations to have been granted this coveted license are stock trading app Robinhood, Bitcoin ATM operators Cottonwood Vending and LibertyX as well as prime brokerage Tagomi. According to Nejc Kodrič, CEO of BitLicense, you can recieve a BitLicense once you follow the set of rules and regulations corresponding to the license on a daily basis.

Canadian Crypto Exchange QuadrigaCX Officially Declared Bankrupt : Ana Alexandre | CoinTelegraph

A major Canadian crypto-exchange, QuadrigaCX has officially been declared bankrupt. The bankruptcy was approved by Nova Scotia Supreme Court Justice Micheal Wood, following a recommendation of Ernst & Young (EY). The ruling now grants EY enhanced investigative powers as a trustee under the Bankruptcy and Insolvency Act (BIA), which means the company can require production of documents and testimony from witnesses.  Wood also granted a so-called asset preservation order from EY, which extends to all assets held by Jennifer Robertson — the wife of Quadriga’s late co-founder Gerald Cotten — and the Cotten estate. The order prohibits Robertson from selling, removing and transferring any assets. Currently, the exchange reportedly owes more than $195 million to over 115,000 customers.

Bipartisan South Korean Lawmakers Call on Gov’t to Ease Crypto, Blockchain Regulation : Marie Huillet | CoinTelegraph

The South Korean Government has been asked to ease the regulation of cryptocurrency and blockchain technology by a cross-party group of lawmakers. They claim that the Moon Jae-in administration's measures are stifling the growth of the nascent industry and that The Financial Services Commission, the country's financial regulator, has taken an unduly conservative stance toward easing regulation of the sector. South Korea banned initial coin offerings (ICOs) in September 2018, claiming that the practice of raising funds through the issuance of cryptocurrency tokens was almost a gamble.  In January 2019, the FSC resolved to keep the ICO ban, and in early March, the country’s Supreme Prosecutors' Office established a dedicated task force to fight crypto-related crimes. The government has nonetheless said it will triple its blockchain budget for 2019 as compared with the previous year, and has to date pursued numerous blockchain initiatives at local and state-levels and in February 2019, the Liberty Korea Party pledged to promote blockchain across multiple fields, isolating it as one of the key technologies of the fourth industrial revolution.

Chinese Traders Pay Extra for Bitcoin Through OTC Desks Amid Crypto Market Surge : William Suberg | CoinTelegraph

Bitcoin’s price surge last week has led Chinese traders not only return to trading but pay a premium for doing so, social media-based news account cnLedger reported on April 7. Reproducing price spreads from cryptocurrency exchanges Huobi and OKEx, cnLedger revealed an increasingly common practice among Chinese traders who wish to acquire Bitcoin. Purchasing stablecoins such as Tether via over-the-counter services and converting them to other cryptocurrencies has become the principal method, cnLedger noted. Now, in the wake of a bullish week for Bitcoin which saw BTC/USD advance by over $1,000, prices for those OTC services have steadily risen in CNY terms, marking an increase in demand. As Cointelegraph reported, this has extended to anything construed as propaganda, while associated instruments such as initial coin offerings are also outlawed. By contrast, authorities continue to advocate the development of blockchain technology, both within the state and private sector. Last week, Beijing approved almost 200 firms as part of new plans to register blockchain service providers.

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