Category Archives: Crypto Finance Conference

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Swiss Point to Stablecoins as Next Crypto Innovation

Swiss Point to Stablecoins as Next Crypto Innovation

A computer scientist and economist who co-founded the Bitcoin Association Switzerland, Luzius Meisser, has spoken out about the direction of the cryptocurrency industry, pointing to stablecoins as the next big mover.

Meisser, who is also on the board at brokerage firm Bitcoin Suisse AG, was speaking at the Crypto Finance Conference in St Moritz on 16 January when he said that stablecoins and security tokens would have a significant effect on the ICO market moving forward.

Suggesting that up to now, ICO investors had been little more than donors with very few rights, the impetus is now shifting to consumer protection and that “payment and utility tokens are more or less over”. The direction for the future would be more likely to point toward stablecoins, which are legally considered to be payment or utility tokens rather than securities. Meisser commented:

“Stablecoins are a precondition to enable average companies to bring their equity onto the blockchain, because if they issue bonds or shares they want to do so against US dollars, euros or Swiss francs, because those are the currencies they calculate in, not Bitcoin (BTC) or Ethereum (ETH).”

Meisser reminded the conference that Swiss banks had been reticent towards cryptocurrencies, but clarified some of the alternatives available to the Swiss cryptocurrency community for circumventing the banks. The stablecoin alternative, however, is an ongoing debate globally with both its advocates and its detractors.

Since the Royal Mint in the UK canceled its stablecoin project after a US-based exchange group withdrew their support before the digital token launch last year, questions are continuing to be asked about the lack of institutional support for such projects.

One major concern is that stablecoins generally require the participation of traditional institutions, many of which are not fully convinced by the argument for digital currencies linked to traditional assets, and may be far more prone to withdrawing from token projects without warning as a result.

 

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Latest Report Shows US at Top of Most Favorable Countries for ICOs

The US has been ranked as the “most favorable” country for Initial Coin offerings (ICOs) according to a recent report linked to the Crypto Finance Conference, writes Cointelegraph.

According to the report, figures show that the US has seen 30 crypto start-ups launched, along with Switzerland and Singapore in the top three with 15 and 11 project launches respectively. The data was compiled by examining 100 ICO’s worldwide in terms of fundraising and designating their countries of origin.

The report also identified Russia, the UK, and Estonia as good locations for startup fundraising industry. Many crypto companies are now doing business in Estonia with Lithuania and Latvia, also experiencing an economic boom recently. Estonia’s widespread adoption of cryptocurrencies and fintech has become a breeding ground for new startups.

The start-up frenzy reached it hiatus in March of this year with $2.94 being raised in one month, although as many as 1000 cryptocurrencies have gone to the wall on the back of Bitcoin’s recent declining fortunes this year. The good news for the industry is the doubling of 2017’s start-ups in just the first half of 2018.

Second place Switzerland on the ICO report seems to be going from strength to strength with regulators attempts to support mainstream use, and startups in Crypto Valley are thriving as a result. Another step along that road has been the recent announcement that the country’s stock exchange, SIX, will open its doors to digital currencies.

Third place Singapore continues to deal with regulatory issues as it grows as an Asian start-up hub. Singapore, always at the forefront of technological advancement saw startup Tangem release its own version of a physical bitcoin banknote recently.

The US, in top place in the recent report in the ICO popularity stakes, continues to focus its attention on regulating the industry, particularly at State level. New major mining projects are making use of past defunct industry locations and making new homes in such installations, replacing steel for the cryptocurrency as the states attempt to integrate crypto into existing tax legislation.

Arizona is one of many states regulating ICO’s with a view to paving the way for regulatory framework for initial coin offerings (ICOs) in the state, although earlier this year both New Hampshire and the state of Georgia failed to pass a bill that was to require the state to accept cryptocurrencies for payment of taxes and license fees.

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