August 27 – September 2, 2018 | Futures Contracts, Canadian Regulations & More Crypto News

3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.


CBOE Plans to Launch Ether Futures Trading in 2018

September 1 – The Chicago Board Options Exchange (CBOE) is expecting to launch ether futures by the end of 2018. The CBOE will be basing its futures contracts off Gemini’s underlying market, similar to the bitcoin futures that they operate already. The CBOE is reportedly awaiting the final approval of the Commodities Futures Trading Commission (CFTC) before the contracts begin trading. Last month, the Chicago Mercantile Exchange (CME) reported that the average volume of bitcoin futures had increased by 93% over the first quarter. Additionally, the open interest of the number of bitcoin futures had exceeded 2,400, which was a 58% increase over the first quarter.

Back in June, the US Securities and Exchange Commission (SEC) announced that due to their decentralization, and among other deciding factors, both bitcoin and ether were not securities. Similar to bitcoin futures, the creation of ether futures may help legitimize Ethereum as a financial asset. “This announcement clears a key stumbling block for [ether] futures, the case for which we’ve been considering since we launched the first [bitcoin] futures in December 2017,” said Chris Concannon, the CBOE Global Markets president.

Read the full article here.


Government of Canada Delays Cryptocurrency and Blockchain Regulations

August 28, 2018 – The Government of Canada has postponed the release of its final regulations for cryptocurrency and blockchain companies. The published regulations were set to be released this fall, but the federal government says they won’t be released until sometime in late 2019. The new cryptocurrency and blockchain regulations therefore won’t take effect until sometime in 2020, as there is a 12-month waiting period after official publications are released. Some Canadian cryptocurrency and blockchain companies believe that the delay may be positive for the industry, as the proposed drafts that were published back in June 2016 were seen as strict and could have hurt Canadian competitiveness in the industry. Other companies are concerned that the delay of the regulations may hurt their competitive positions already, as on an international level, countries such as Switzerland and Malta have been actively encouraging cryptocurrency and blockchain-related businesses with lenient regulations and favourable tax structures.

“The decision to delay the proposed regulations bodes well for the Canadian blockchain and cryptocurrency space. The government is committed to an innovation agenda and sometimes … it may be best to observe and intervene as little as possible,” said Kyle Kemper, the Executive Director of the Blockchain Association of Canada. However, other industry professionals believe that the delay may prevent Canadian companies from establishing key relationships. “Until the regulations are final, it will be challenging for Canadian crypto businesses to establish critical banking and other relationships because many financial sector players are waiting for a regulatory framework to be in place. The longer the delay, the harder it may be for the industry to grow in the meantime,” said Evan Thomas, an associate at Osler, Hoskin & Harcourt LLP.

Read the full article here.


Coinbase Report: 18% of Students Own Cryptocurrencies

August 28, 2018 – In a new report, major cryptocurrency exchange and service provider Coinbase has found that 18% of students now own cryptocurrencies, and around 25% would take a cryptocurrency or blockchain-related course sometime in the future. The survey was conducted with the help of the data research company Qriously on 675 students in the US. In addition, the research report found that 42% of the world’s top 50 universities currently offer at least one crypto or blockchain course, and 22% already provide more than one course. The growing interest for education in cryptocurrencies, blockchain, and their surrounding technologies may in part be a reaction to the growing job market in the space. “If you’re an expert in cryptocurrencies and cryptography you’ll have a difficult time not finding a job,” said Benedict Bünz, a doctoral student at Stanford University.

Coinbase has reportedly ramped-up its efforts in recruiting students and graduates through this most recent academic year. “It’s exciting to see widespread interest in cryptocurrency and blockchain technology taking off in the global academic community, including students attending the top universities in the world,” said Nat McGrath, the vice president of people at Coinbase. “That’s one of the reasons we’re focused on building partnerships with underrepresented student groups across college campuses, and we look forward to expanding these efforts in the spring.”

Read the full article here.


deVere CEO: Bitcoin Sell-off Was a Standard Correction

August 31, 2018 – Nigel Green, the CEO of global wealth advisor deVere, believes that the sell-off in bitcoin earlier this year was just a standard market correction, and that investors need to see the bigger picture about bitcoin being the future of money. Green believes that cryptocurrencies are subject to greater volatility than existing financial markets, and sees the lows in cryptocurrency markets as opportunities to buy. Green’s firm recently launched a cryptocurrency exchange earlier this year, titled “deVere Crypto”. While investors know that there may be more regulations on the horizon, Green believes that investors should also recognize that financial institutions and other market sectors are starting to embrace cryptocurrencies and their underlying blockchain technologies.

“Despite what the doom mongers would want you to believe, the recent sell-off was only ever going to be temporary and prices were bound to rise again relatively quickly – as they are now doing,” said Green. “Increasingly, savvy investors are aware that what is taking place is a maturation of a relatively new market – hence the highs and lows almost every other week. As anyone who has analysed the sector in recent years will know, the dips and peaks are a usual part of the cryptocurrency market.”

Read the full article here.


PwC to Launch Digital Skills Training Program to Boost Internal Blockchain Expertise

August 31, 2018 – One of the “big four” auditing firms, PriceWaterhouseCoopers (PwC), is launching training programs for employees to teach them about the blockchain and other digital technologies. The course will be offered as a two-year program to employees, and is set to begin in January 2019. The course is titled “Digital Accelerators”, and will train around 1000 employees on topics such as blockchain, drones, 3D printing, and other emerging technologies. The courses are aimed to enhance PwC employees and their knowledge about digital technologies, all while cutting costs for clients and boosting internal blockchain expertise. Each participating employee will be required to spend around 10 hours per week on the course material, irrespective of their past duties. Out of 46,000 nationwide employees, around 3,500 employees have already applied to take the course.

“My job is to future proof our workforce. It just seems table stakes at this point that people should have more technology skills. It’s needed for us to remain competitive and to be responsive for what our clients are also going through,” said Sarah McEneaney, a digital talent leader and head of PwC’s program.

Read the full article here.


3iQ Global Cryptoasset Fund: Price as at August 31, 2018

3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.


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2018-09-24T13:56:58-04:00 September 2nd, 2018|