Switzerland issues guidelines to help ICOs be successful, six companies partner to create $100 million fund for Ethereum-based projects, top 5 gainers and losers over the past 24 hours, and more!
Switzerland Sets Guidelines in Hope of Facilitating Success of ICOs
According to the Financial Times, Switzerland’s Finma financial authority has announced guidelines intended to help local ICOs. The authority is requiring entrepreneurs who are conducting an ICO to apply anti-money laundering and securities laws only in a few, clearly defined scenarios. According to research from PwC, four of the ten largest proposed ICOs have used Switzerland as a base.
Six ICO Companies Create $100 Million Fund to Invest in Ethereum-Based Projects
Six ICO companies — Omise Go, Cosmos, Golem, Maker, Raiden, and Japanese VC firm, Global Brain — have partnered to create a USD 100 million fund that will support Ethereum-based projects. According to TechCrunch, other projects and companies may join the new fund, called the Ethereum Community Fund. Ethereum founder, Vitalik Buterin, will serve in an advisory role.
Japan’s Two Cryptocurrency Industry Groups Planning to Merge into Self-Regulating Body
According to CNBC, Japan’s two cryptocurrency industry groups, the Japan Blockchain Association and the Japan Cryptocurrency Business Association, are planning to merge to form a self-regulating body. According to CNBC’s undisclosed sources, the merger could be completed as early as April 2018. In addition, the heads of the two industry groups may be appointed as chairman and vice chairman.
CFTC Issues Warning Over Cryptocurrency “Pump-and-Dump” Scams
The U.S. Commodities Futures Trading Commission (CFTC) has issued a warning to investors over cryptocurrency “pump-and-dump” scams, in which conspirators artificially inflate the price of coins and/or tokens by spreading misinformation. According to Reuters, “cryptocurrency ‘pump-and-dump’ schemes are generally carried out anonymously on public chat rooms or on mobile chat apps.” In a congressional hearing last month, CFTC Chairman Christopher Giancarlo claimed that his organization is focused on creating regulations that will reduce manipulation of cryptocurrency markets.
Blockchain (the company) Hires Facebook and Google Veteran, Peter Wilson, as First VP of Engineering
Blockchain, a popular London-based provider of Bitcoin wallets, recently launched a U.S. cryptocurrency exchange service that aims to compete with Coinbase. To enhance their new exchange, Blockchain announced the hiring of Peter Wilson, a veteran of Facebook and Google, as its first Vice President of Engineering. According to Fortune.com, Wilson is responsible for positioning the new exchange as the most reliable alternative to other exchanges.