Makor Group to cooperate with New ICO Investre Network

The Makor Group declared that its crypto brokerage, Enigma securities, has started a strategic partnership with the Investre Network, a new ICO
28 June 2018   1869

Makor mentioned the partnership in a company statement: “marks the beginning of an exciting collaboration between two major players in the cryptocurrency community.” Enigma securities supposes the alliance will let it provide better service to its institutional customers: “the collaboration will enable Enigma and Investre to deliver truly world-class crypto capabilities. This joint effort will be exceptional in the under-serviced, fast-growing cryptocurrency market.”

Being a part of the Makor Group, Enigma Securities is a specialised broker-dealer that provides the institutional investors with the access to the cryptocurrency market. Over the platform, its clients can sell and settle in crypto as well as in US dollars. The Investre Network is a cross-chain lending platform which is focused on crypto financing, powered by blockchain. The service is like securities lending but in a disintermediated manner. That means there is no involvement of intermediaries or centralised agencies.

The network customers can transact on standardised borrowing/lending contracts in disintermediated crossing networks. The investors are also able to transact on non-standardised and customised contracts with preliminary matching. These contracts are simplified by Investre and the bilateral negotiation is being held in a secured virtual meeting room.

The network also plans to facilitate the completeness of the crypto market. Its cross-token clearing technology makes an infrastructure that will let the future introduction of different cryptocurrency products. The network is stated for a full-scale launch in the second quarter of 2019.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   6

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].
 

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.
 

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.