UK Watchdogs to Release Cryptocurrency Report

Recognizing that cryptocurrencies do not directly fall within the scope of the Agency, FCA stressed that some aspects of their use are within its competence
09 April 2018   527

According to the plan of the Financial Conduct Agency (FCA) of Great Britain for 2018/2019, it, intends to publish a report on crypto-currencies together with the UK Treasury and the Bank of England. 

Technology plays a pivotal role in delivering financial products and services. It enables firms’ innovation (see the Innovation, big data, technology and competition crosssector theme) and supports their business strategies. New technologies can lead to harm if they are not safely adopted and managed. For example, new technologies such as distributed ledger (blockchain) and artificial intelligence rely on access to sensitive and high quality data. But new technologies present opportunities for helping firms to meet Know Your Customer or anti-money laundering requirements more efficiently.
 

FCA Business Plan

The "key activity" of the innovative FCA program will be directed, among other things, to crypto-currencies - FCA plans to assist the companies with regulatory recommendations, as well as to keep up with new market trends such as "ICO and distributed registry technology."

The FCA report also says that the cryptocurrencies themselves do not fall under their jurisdiction, but some models of using cryptocurrency packaged in other financial instruments fall under it, which makes the overall landscape more complicated.

FCA also notes that it has already begun to regulate work with cryptocurrency derivatives, including futures, contracts for price differences and options.

Agency will continue to monitor parameters such as the number of new entry points to the market and the emergence of new innovative products to understand whether fintech can help "improve competition for the benefit of customers.

Binance to Change Launchpad IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   13

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.