Blockchain news: bitcoin fall and new ICO standards

Blockchain news: bitcoin fall and new ICO standards

South Korea finances blockchain projects, Uzbekistan invites foreign exchanges, and the European Parliament is considering a new standard for ICO. Read more about these and other events in the world of blockchain in the digest.

Bitcoin rate fell by almost $1000 per day

On September 5, the Bitcoin price took the plunge and fell from $7 377 to $7 000 in two hours. But the fall continued: on September 6, the cost of bitcoin was $6454.

Since the beginning of the month the value of the cryptocurrency remained stable and amounted to more than $7000.

Following the bitcoin, many altcoins also experienced a drop in the rate. For example, the cost of Ethereum fell by about $55 and reached $228 on September 6.

South Korea to increase investments in blockchain industry

The South Korean government reported that twice more funds will be allocated to finance blockchain projects next year.

According to representatives of the Korean Internet & Security Agency, the number of projects will also be increased: it is planned to launch 12 pilot ideas in the public sector and more than 3 in the private one.

The budget for the selected projects will be increased to $9 million by 2019. This year, the Ministry of Information and Communication allocated $3.76 million for projects in such sectors as animal breeding, custom service, real estate and logistics.

Uzbekistan approved licensing of foreign cryptocurrency exchanges

On September 2, a presidential decree on the cryptocurrency exchanges regulation came into force in Uzbekistan. According to the new rules, foreign companies can open their crypto exchanges in the country.

The document says that crypto exchange is an organization that provides an electronic platform for the exchange, purchase and sale of digital assets.

A license for opening a cryptocurrency exchanges can be obtained by legal entities from other countries. To do so, it is necessary to have an authorized capital in the amount of at least 30 thousand minimum wages (about $706 thousand).

The exchanges have to follow the legislative norms on combating money laundering and terrorism financing as well.

Members of the European Parliament discussed the introduction of the standard for ICO

The European Parliament's inter-party group on innovation discussed new rules for the ICO regulation. If approved, the proposals will form a basis for the ICO standard.

During the meeting, experts studied the advantages of tokensales. Ashley Fox, the Member of the European Parliament, proposed to determine the maximum amount of investment of €8 million, as well as to pay attention to the rules of KYC and AML.

Experts will offer their comments before September 11, after that another discussion will be held to make specific decisions.

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