China’s decision to freeze fundraising through initial coin offerings continues to roil markets, but the regulatory decision may not be as controversial as the response from the bitcoin community would lead observers to believe.
On Monday, the People’s Bank of China announced that it was implementing a freeze on fundraising through ICO’s on Chinese exchanges. The move by China’s central bank, which is roughly equivalent to the Fed in the US, looks at first blush to be a blunt response to a nuanced issue.
Many in the US have chided the PBOC for its apparent overreaction. AngelList co-founder Naval Ravikant called the policy a “huge gift to Silicon Valley and its resident financiers.” VC Fred Wilson penned a thoughtful post comparing China’s approach to that of the SEC in the US, opining that “We needed a cooling off period and if China’s actions are that cooling off period, then I welcome them. However, a blanket ban on ICOs seems like bad policy to me.”
The news is ultimately, like all things blockchain, speculative. ICO trading has been frozen on exchanges, and exchanges are complying with government demands to offer refunds. The PBOC is mulling freezing bank accounts tied to ICOs. Local regulators have a list of 60 major platforms they plan to inspect. And, in a partial walk-back, “a Chinese official has clarified the position saying that China will look to resume ICOs in the future after establishing licensing regulations.”
Full story at http://tcrn.ch/2x6vzAd
Together with Copenhagen Fintech Lab Saxo are opening the door to connect and foster relationships with Fintech startups on a global scale.
In September Copenhagen based online brokerage provider Saxo Bank celebrates it 25 year anniversary and, after reporting a nice 4% increase in August trading volumes, the company just shared that has become a sponsor of Copenhagen Fintech Lab.
Saxo Bank joins Copenhagen Fintech Lab to support the Fintech environment in Copenhagen and to provide a platform on which Danish Fintech’s can build their international partnerships through Saxo Bank’s vast experience and expansive network of international client relationships.
Saxo Bank sees a wide range of new partnerships as the next disruptive factor in the financial industry and expects to see increased collaboration between fintechs and established institutions.
Full story at http://bit.ly/2x6qUhi
KUALA LUMPUR: Securities Commission Malaysia (SC) has signed series of innovation cooperation agreements – or ‘fintech bridges’ – with several regulators in major financial centres.
The move would spur greater cooperation in facilitating and regulating innovations emerging within the digital finance industry, according to SC.
Chairman Tan Sri Ranjit Ajit Singh said the fintech bridges with major markets in the Asia-Pacific and the Middle East form part of SC’s digital strategy, and build on the already well-established relationships with these regulators.
“Such efforts will promote innovation within capital markets, and enhance the cross-pollination of digital finance concepts which will benefit financial services institutions, startups and investors alike,” he said in a statement released today.
Full story at http://bit.ly/2x6kFu8
LONDON — Goldman Sachs has invested £100 million in a fintech startup founded by two of its former bankers that lets people borrow money and repay through their salaries.
Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates.
Repayments are then deducted from future salaries, lowering the risk for the lender and hopefully helping staff manage money better.
Goldman’s investment in the UK-based fintech startup is a mixture of debt and equity. It comes alongside an extra £15 million of lending capital for Neyber from existing investors, led by former Deutsche Bank COO Henry Ritchotte and Gael de Boissard, the former cohead of Credit Suisse’s investment bank.
Full story at http://read.bi/2x6jHOu
Source: Business Insider
First found on Steemit