As it happened: The World’s Biggest Bitcoin Party on a Cruise

A man out of nowhere jokes, “Look at this Bitcoin Titanic.”

A few in the queue, who could make out the meaning of the pun, laughs uncontrollably while admiring a colossal cruise before them for its unmatched beauty with their iPhones out.

The check-in queue moves slowly as usual, but the conversation about the Bitcoin’s meteoric rise keep everybody occupied. The people are meeting for the very first time, but they have read about each other. Business cards are out and being exchanged for other business cards. The crypto-community, it seems, has finally come out of their digitized pseudonymous avatars to finally interact in the real world.

It is January 15, 2018, the day when blockchain investors, developers, enthusiasts, and media professionals are about to board Royal Caribbean’s Mariner of the Seas. The 1,020-foot-long ship will be a host to the CoinsBank Blockchain Cruise Asia conference for the next four days, during which it will travel from Singapore to Thailand via Malaysia.

Day 1: The Blockchain Journey Begins on Water

The attendees are handed over the entire conference program, which mentions a long list of crypto-celebrities as speakers. They include Jose Gomez, a former assistant to the late Venezuelan President Hugo Chavez; Jorg Molt, one of the few early Bitcoin adopters who claim to hold billion dollars worth of digital currency assets; and Kaspar Korjus, the chief of Estonia’s famous e-residency program.

But the biggest takeaway is John McAfee, the celebrated cybersecurity expert and a cryptocurrency evangelist, who will be joining the rest of the Blockchain Cruise attendees in Thailand. During the conversations at the dinner table that night, people are enthusiastic about listening to McAfee’s views on emerging cryptocurrencies and their impact on businesses and on Bitcoin.

Day 2: The Day of Blockchain Governance and Penang

Savoy Theater, Deck 3: It is January 16, 2018, 0900 hours. Susan Poole, celebrated blockchain columnist and the honorable host to Blockchain Cruise Asia, starts with an enthralling opening keynote. The topic, in the meantime, remains to be blockchain and its imminent integration into government schemes.

The speakers, which include Ann Charleus, the founder of; Travis Right, the co-founder of CCP Digital; Taavi Roivas, Member of Parliament, Estonia; Kaspar Korjus, managing director of Estonia’s e-Residency program; Dr. Jose Gomez, Vice-Chairman at TecnoConsult; speak on various topics ranging from entrepreneurship and e-governance to e-residency and cryptocurrency security.

But perhaps the biggest draw is government panel discussion, which lists important bureaucratic figures from all around the world. They include Taavi Roivas (Estonia), Kaspar Karjus (Estonia), Pratin Vallabhaneni (US), Tim Bird (UK), Antonio Morales (Venezuela), Jose Gomez (Venezuela) and Artem Subotin (Belarus), and Sergey Drobyshevsky (Belarus).

Watch them speak in our exclusive two-part coverage:

The conference for the day concludes. It is time to enter Malaysia and have some tourist time.

Day 3: Bitcoin Drops Huge and THAI Blockchain Conference

The Mariner of the Seas is docked a little far from Phuket, Thailand. The Blockchain Cruise Asia attendees are required to gather for an event on Paradise Beach. Everybody looks excited about stepping out from the cruise for a while. Most of them are already talking about taking a swim into the sea on a sunny day; while many of them are just hoping to meet John McAfee in person.

It is the same day when Bitcoin price has dropped towards $10,000. Attendees, however, are least nervous about such fluctuations. They look sure about their positions. Some quite discussions take place but get overcome by the excitement of an event that is lying ahead.

The crowd reaches Paradise Beach. This event is no less than a beach party. The stage is set. Songs about Bitcoin are echoing through the place. Some attendees are already inside waters. Others are enjoying sips of iced juice in a beach-bar while discussing their future cryptocurrency positions after the latest BTC drop.

The beach begins to be less of an attraction when the clock hits 1315 hours. The shacks before the stage start getting occupied. John McAfee is visible behind the stage, perhaps rehearsing his speech. His name gets announced.

Watch John McAfee’s speech from CoinsBank THAI Blockchain Conference here:

The momentum is kept alive by the following speakers. Ronnie Moas, founder, and director of research at Standpoint Research, Inc speaks passionately about Cryptocurrency Diversifications and Income Inequality. His initiative of raising funds for the poor gets lauded from everybody in the audience – and even from the backstage.

SilkRoad Equity’s Andrew J Filipowski and Forbes’ Salley Eaves also gives important keynotes on Cataclysmic Disruptors and Blockchain’s potential in business and social good, respectively.

A beautiful sunset before the main stage indicates the end of the conference for the day. Everybody gathers near the pickup spot and transports back again to the Mariner of the Seas.

Day 4: A Full-Day Discussion on Token Sale and Blockchain

January 18th, 2018 is the busiest day on the Mariner of the Seas. It is going to be a whole-day event and journey back to Singapore. The conference is taking place in two different theaters (not far away from each other). In Savoy Theater on Deck 3, Jorg Molt is speaking about Bitcoin vs FinTech’s growth in the next 5 years. While in Conference Center on Deck 2, a whole new discussion about Token Sales and Investments are going on.

The day goes on with discussions and speeches taking place concurrently. It’s all up to the attendees that which one they want to pick. If one has to compare the two auditoriums, the Conference Center on Deck 2 is literally catching more eyeballs than the Blockchain section on Savoy Theater. The shift signifies ICOs as the trendiest thing in the cryptoverse.

In the meantime, let’s not forget to mention some speakers on their brilliant insights. Tameez Abramjee, the CEO of Global Crypto Exchange, lays out a nutshell opinion about cryptocurrencies in Africa. Tone Vays, Blockchain Consultant and Researcher, and Jack Tatar, co-author of Cryptoassets, in their respective speeches, deliver powerful insights on crypto investment.

NewsBTC’s very own contributor and a long-term HODLER Jayanand Sagar also participate in a panel discussion on Media’s role in cryptocurrency sector.

Party Night

The event has concluded. As the cruise heads back to Singapore, the crypto-community is heading back to their party mood. Coinsbank has arranged a private lounge for them where they can interact further, and establish more business contacts before the journey ends. Some drink, some dance, while some just stay blockchain-zoned.

There is a lot to take away from this entire experience, something that cannot fit this article. It should be best enjoyed and relived in the next installment. Reports are that Coinsbank will soon organize another event. So to the 700 attendees, and to those who could not make it this time, there will be another announcement from Coinsbank soon.

In the end, I think to myself, ‘That was no Bitcoin Titanic. Titanic drowned.’

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The governor of the Bank of Canada thinks Bitcoin is nothing more or less than gambling.

Stephen Poloz, 62, told CNBC he does not believe in the term cryptocurrencies, arguing that new payment technologies like Bitcoin are definitely “cryptos but not currencies.” He made further statements about how Bitcoin cannot be called either an asset or a security due to its zero intrinsic value. At last, the term he thought could suit the digital currency was gambling.

Legal framework

The statement arrives at a time when regulators around the world are struggling to create a definitive legal framework for cryptocurrency ecosystem. They are creating their own definitions for Bitcoin to bring it within any kind of legislative purview. Some are even banning it for imaginary reasons. But in reality, the digital currency has by far proven itself as a multifaceted technology that could assume the role of both a financial and a tangible asset.

Poloz’s statements are extremely important hints towards the nature of upcoming Bitcoin regulations in Canada. It is almost confirmed that Bitcoin ecosystem will be regulated just as gambling ecosystem. At the same time, Poloz confirms that there will be no roadblocks for young Bitcoin and Blockchain startups. Excerpt from the interview:

“I have no doubt that at least for the purposes of consumer protection … We will be developing regulations around this space in due course. But what we are being careful to do here is to not stifle innovation.”

No effect on economy

Poloz also believes that a cryptocurrency crash event would not have any implication on the wider economy. Instead, it will be more like a tech wreck scenario, in which a segment of cryptocurrencies will fail.

“So I think if you take that experience to heart if something like that were to happen in the cryptocurrency space, it would probably be smaller today,” added Poloz. “I don’t want to minimize the risk that you raised because any mania has the scope to get much bigger.”

On being asked about launching a Canadian digital currency, Poloz felt that there is no rush to create national cryptocurrencies. Nevertheless, he confirmed that if Canada ever has one, it would not be needed to be on a blockchain.

Author’s note: Despite not showing the good nature of a random stable fiat currency, Bitcoin and other altcoins can be found being used in exchange for goods and services. Renowned companies like Expedia, Microsoft, Dell, etc. already accept Bitcoin as a payment method. Freelancers around the globe accept it to settle payments online. The fact that cryptocurrencies are being generally accepted or in use makes it a currency; howbeit implausible it may seem.

Cyber researchers at Fortinet have managed to unearth a cryptocurrency app that is actually a ransomware in disguise.

The cybersecurity firm, in its report, indicated SpriteCoin app to be a new kind of ransomware technique. It poses as a “sure-to-be-profitable” cryptocurrency, prompts targets into installing it for profits, and encrypts their files. The ransomware asks 0.3 units of Monero (~$100) to counterbalance the attack with a decryption key. But once the targets pay the sum, they further get harassed by receiving more malware attacks.

SpiteCoin seems to have an embedded SQLite engine. The revelation has led researchers to believe that the database management system is being used to store harvested credentials. The Fortinet report explains:

“The ransomware first looks to harvest Chrome credentials, and if it finds nothing it then moves on and tries to access the Firefox credential store. It then looks for specific files to encrypt. These files are then encrypted with [a] .encrypted file extension.”

In simple words, the passwords stored in target’s Chrome or/and FireFox are sent to remote servers, where they are likely to be accessed by the attackers for every wrong purpose.

Social Engineering to Lure Targets

SpriteCoin is the one-of-the-first kind of malware attacks which is delivered in the form of a cryptocurrency wallet. The traditional ransomware techniques, on the other hand, rely on phishing websites and emails. But the underlying technique of every ransomware remains the same: social engineering.

It is to be noted that every ransomware out there pretends to offer something ridiculously attractive in return for some confidential information/file download. These messages may contain a compelling story and context – a cliffhanger – to make you either click on the attached links or files. It is always recommended to follow a think-first-act-later policy.

Bitcoin Losing Steam in Ransomware Department

The SpriteCoin ransomware also proves reports indicating the hackers’ depreciating interest in demanding payments labeled in Bitcoin. Just recently, a California-based enterprise cybersecurity firm noted a steep 73% decline in the Bitcoin ransomware demands. Synchronically, it was assumed that hackers will choose a local fiat or an alternative cryptocurrency over the Nakamoto’s brainchild.

Increasing local demand in the face of limited supply has prompted Bitcoin price to reach an all-time high on Indian exchanges – nearly 15-percent the going rate in global markets.

According to the statistics available on, the current daily average Bitcoin buying and selling rate on all Indian exchanges are ₹ 834,812.90 (~ $12,951.87) and ₹ 820,489.20 (~ $12,729.64). In the international markets, the rate for the same Bitcoin unit is $11,246.

The event has two outcomes: good and bad. The good outcome is for the people who are accepting Bitcoins for goods and services from international clients. Due to the huge gap between the global and local rates, people can practically receive more money than they had invoiced. The flip side is for the locals who have no other mean to obtain Bitcoins than to buy it directly from the exchange – at skyrocketing prices.

Nonetheless, the demand for Bitcoin is increasing. ZebPay, one of India’s leading Bitcoin exchanges, has confirmed the surge by issuing an update on their support services. It reads:

“In the last two weeks, there’s been an unprecedented surge in new users. This has also led to a surge in calls and support tickets that we are getting. This is far higher than the capacity we had anticipated.”

[Author’s Note: ZebPay is successfully clearing the backlogs and the reference to their update is only to prove Bitcoin’s increasing demand in India.]

During the November 2016’s demonetization drive initiated by India’s Prime Minister Narendra Modi, Bitcoin price on Indian exchanges had similarly surpassed the global rates. Reason: Due to local laws, crypto-exchanges in India buy and sell Bitcoins only from Indian users. So, if demand increases, these exchanges cannot buy Bitcoins from international exchanges at cheaper rates.

In a similar event this year, the price of Bitcoin had touched $15,000 on a Zimbabwean exchange amidst a political turmoil and a feared coup.

After establishing an all-time high near 11,300-fiat mark, Bitcoin price ditched the uptrend and fell towards lower 9000s on Wednesday night.

It is not a normal price action, to be honest. But going by the history of Bitcoin market, the aforementioned relapse doesn’t surprise. Bitcoin has always expressed exaggerated upside-downside price actions in the past, but the trend overall has remained bullish.

Only this year, the price of Bitcoin has jumped 858%. Many Wall Street professionals have refuted Bitcoin’s meteoric rise by calling it as a “bubble”. Other financial academics have also discouraged Bitcoin by comparing it to 1990s dot-com bubble, some even claiming that the BTC price will hit $0.

At the same time, there are also finance celebs like David Shrier (Distilled Analytics) and Iqbal Gandham (eToro) who favor Bitcoin for its underlying technology and think that the digital currency is here to stay.

“While the price volatility in Bitcoin leads some commentators to assume we’re in a Bitcoin bubble, the reality is that emerging technologies carrying radically new ideas will always see swings in their value before their potential is fully realized and the price stabilizes.” – Gandham told CNBC.

For now, the BTC/USD pair is eyeing 9500-fiat as an immediate support. Failing to sustain it will push the price action towards 9000-fiat. In the event of a bounce back, 10,000-fiat appears to be a natural upside target under more controlled circumstances.

Other cryptocurrencies, including Ethereum and Litecoin, have also fallen hard after setting their all-time highs above $500 and $100, respectively.

Blockchain-based real estate platform Prime-Ex Perpetual is going to launch the token sale of its institutionalized tokens on November 15th, 2017.

PEX-Tokens will be available to be purchased from Prime-Ex Perpetual’s official website at the rate of $1.00 USD-equivalent per unit. Prime-Ex Perpetual has already sold over 3 million PEX-Tokens in a pre-ICO round. It started on November 1, 2017, and ended on November 8, 2017.  Prime-Ex Perpetual has secured its minimum targets of the campaign.

With a successful pre-ICO round behind, the next ICO round could be even more successful. In it, Prime-Ex Perpetual will issue a total of roughly 22 million PEX-Tokens for public sale.  This is a terrific opportunity to purchase PEX-Tokens ahead of its distribution to the DEX Exchange near the beginning of December.

The raised funds are building residential real estate in Panama that will prove to be the backbone of Prime-Ex Perpetual’s ecosystem in the future. To those who are unaware of this ecosystem, it is a tokenized system that allows expats to purchase residential properties with simple financing and mortgage payment options. Here, PEX-Tokens will prove to be this economy’s centerpiece, allowing easy and quick payment settlements, while incentivizing homebuyers at the same time.

For holders, PEX-Tokens will also prove to be an investment option as they will keep earning 80% of the company’s audited net profit every year.

Prime-Ex Perpetual’s CEO, John Gilbert, stated:

“Crossing over the 2,500,000 PEX-Token thresholds for token sales was a major achievement for us. We are eager to get out there and begin building the homes today that will be the backbone of our ecosystem tomorrow. Prime-Ex Perpetual will now start implementing its unique residential real estate ecosystem and breaking ground on the first houses in Panama.”

You may learn more about Prime-Ex Perpetual at and participate in their ICO at

After a week of scheduling and rescheduling, NewsBTC finally sat across with Vladimir Smerkis, the co-founder of Tokenbox, and discussed the future of tokenized funds in the new age markets. As the conversation matured, Vladimir opened up about the practicality, as well as the legal structure around the tokenized fund market. He also elaborated Tokenbox in a nutshell. Here are some of the key excerpts from our interview:

Yashu Gola: Before we begin, could you tell us a bit about your professional background?

Vladimir Smerkis: I was deeply into the digital marketing when I worked as a VP of international development at MailRu Group. is a large company, albeit innovative. Nonetheless, I felt that my own potential goes way beyond a corporate structure. After launching MyCom, I left to become an entrepreneur. I couldn’t help but notice the way blockchain and bitcoin were affecting the digital scene. I observed it for a while, but it was surely the next logical step to try and enter that market. That is how I and my partner got to the idea of The Token Fund. Later it raised even further into the platform.

What prompted you to launch Tokenbox, exactly?

In March 2017, we launched The Token Fund, one of the first coin-traded funds on the market. The model proved successful, fast. Hedge funds and investors worldwide,from Switzerland to Kazakhstan began reaching out, asking to white-label the system for use on their local markets.

The feedback got us thinking. As opposed to licensing the software out to foreign investors and institutions, why not just build a turnkey platform for international users? That is exactly what we are doing.

But you’re not exactly the first one to propose a tokenized fund. How is your platform different from others?

There are certain projects that already exist. What we need to work on is the legal functionality, like creating entities that will enable issuing sub-licenses to traders and funds that want to use the platform, this is what people’s been asking quite a lot for. And in the end, tarting up the UI of it all. We’re aimed to become a cross-platform solution that works on all operating systems and all phones.

TBX advantage is a combination of those 4 put together:

  • Legal transparency and KYC

  • New trading terminal for a perfectly balanced portfolio

  • Market liquidity solution

  • Fund’s tokenization

Could you give us a quick overview of the tools Tokenbox offers?

Tokenbox is an ecosystem aiming to solve all these current crypto market issues and insecurities at one place.

Traders and funds will be tokenized through the system’s web interface and  be legalized through the system’s umbrella license. They will then gain access to a large community of already Know-Your-Customer, or  KYC,  authorized investors. Meanwhile, for their part, investors will get access to a wide range of funds and traders, which have already gone through all the Tokenbox’s strict due-diligence procedures. Some of the key features of our platform include: Access to umbrella fund; KYC/AML Compliance; Mutual Settlements; Greater Liquidity; Software for investment management;  Access to the market of ICO-campaigns; Marketing support; Rating System; Secure, integrated gateway to the fiat banking system; Multi-currency wallet; Multi-level security; Client protection; Advisory service; amongst many others.

How do you propose to tackle the regulatory challenges, as you expand? How do you ensure that the funds you are working with are legally-compliant?

There is of course the issue of legality: it’s hard to legalize them completely. We’re planning to solve this problem by registering an umbrella fund that will sublicense to other funds and individual traders. Traders and other funds that want in will have to pass KYC verifications etc., so it’s not going to be like eToro where anyone can start their own fund or become a trader on the system. Our approach solves this issue.

Now, on the tech side of things. It’s obvious that terminals like MetaTrader that are used in classic trading aren’t suitable for crypto-trading. There’s also the issue of liquidity. Crypto exchanges set rather tight input/output limits, even after KYC checks — can be as low as $25,000. When we’re talking about large players that want to be in this business, this amount is laughably tiny, and this is a real problem that we solve. Of course, there’s a global issue of fiat money input and banking transactions within the economy. We’re planning to solve that, too. So, we’re talking tech, legal issues, market liquidity, and tokenization.

In your opinion what is the current health of the global cryptocurrency system? Are there hidden stress points which have not been priced in by the markets?

Right now, the market is still is in its infancy. Some great minds have made great strides and people are making enormous returns on modest investments. But we need to look beyond individuals and build a system that the wider world can buy into. We can make new products and perfect the process, turning blockchain into a secure system that can adapt to property deals, banking and more. Blockchain has the potential to change the world on so many levels, and now it’s the time for big business to embrace it. We have to make that easy.

How does one join Tokenbox?

Now, prior to out TGE event to join the crowdsale go to and click on “Join” button to subscribe.

Once the Alpha version is ready (Q2 2018) for investors it would be 4 easy steps: 1) KYC procedure; 2) Сreate a wallet on the platform; 3) Top-up; and 4) Choose the funds from our rating that matches your strategy and start investing.

ICORating, one of the leading blockchain startup rating agencies, has termed PlayKey’s decentralized cloud gaming platform as “Stable+” from the point of view of investing.

In their report, ICORating representatives noted that PlayKey’s tokens are ideal for medium term investments, thanks to their healthy hype and low risk status. They justified their reason for rewarding a favorable rating to PlayKey by stating,

“PlayKey already functioned for 2.5 years, so the team has enough experience. It should be noted that the team members have been working together for a long time, which we also highlight as one of the strengths of the project.”

The rating agency also noted that PlayKey will be working in a highly competitive environment, and would need quick reactions to new products from competitors, and almost instantaneous adjustment to customers’ desires. They termed competition as the only risk factor for PlayKey.

PlayKey Proves Competitive Advantage

PlayKey has differentiated itself from other decentralized gaming platforms, stating that they already have an infrastructure at place to meet their goals quickly. The platform cited its 100 NVIDIA-based servers that are serving over 2.5 million gamers globally as a strategic advantage over its competition. It also coupled the claim by proving strategic partnerships with some of the biggest names in the gaming sector, Ubisoft, Bethesda, and Wargaming being some of them.

“Remember, the Playkey technology will allow advanced games to be run from weak and outdated computers or laptops,” the company stated while explaining the longevity of its business model. “After the ICO the Playkey operating model changes and switches to a P2P-format where any owner of a powerful PC can offer his “hardware” in a lease with gamers that have weak computers.”

The ICO of PlayKey’s PKT tokens is already live.

Overall, a favorable rating from a reputed agency like ICORating (which has been noted by Forbes and TechCrunch for its comprehensive analytical approach), certainly creates a positive buzz for PlayKey.

Panama-based Prime-Ex Perpetual reports that their minimum raise goals are almost secure as their pre-sale winds down. “We’re sitting approximately 60,000 tokens away from our minimum raise goals this morning, and we expect to achieve our baseline objectives sometime today,” reports John Gilbert, CEO of Prime-Ex Perpetual. “We have through the 8th of November for our pre-sale, so those interested in buying PEX-Tokens should take advantage of this last chance to buy our tokens at a discount.”

Once their minimum raise goals are achieved Prime-Ex Perpetual says implementation of their residential real estate ecosystem and breaking ground on their first houses will begin immediateily. “First things first”, reports Gilbert. “We finish out strong with a great ICO, we get our PEX-Tokens distributed timely to our PEX-Token holders, and then we start putting flesh on the bones of our ecosystem. We’re thrilled to see our minimum goals within reach.”

Prime-Ex Perpetual will market their residential real estate to expats around the world who have traditionally had a hard time getting financed abroad though they enjoy the highest discretionary income of any group in the world. Prime-Ex Perpetual is creating a branded real estate ecosystem where expats can realize expectations of quality, value, and life experiences throughout the top expat destinations in the world.

Prime-Ex Perpetual’s real estate ecosystem has been tokenized, meaning that homebuyers will be incented to pay their mortgage payments in PEX-Tokens that they have to purchase from existing PEX-Token holders. Once 2,000 houses are sold inside of their worldwide ecosystem monthly token demand for PEX-Tokens will exceed each month the total supply of tokens that will ever be on the market. This organic demand inside of their own branded ecosystem makes Prime-Ex Perpetual a trailblazer in residential real estate, taking what’s good about REITs and creating a whole new asset class of value.

Prime-Ex Perpetual completes their pre-sale of PEX-Tokens on November 8th, while their ICO begins in earnest on November 15th and runs through the 30th. Gilbert reports that the marketing of homes begins in December. “We start are house marketing in December. If you think that Prime-Ex Perpetual has created buzz so far, just wait until token holders start receiving dividends. We can see the finish line and we’re ready to break out.”

The Saudi Arabian government has openly come out to say it is not considering regulating Bitcoin in the country. At a time when a lot of national governments are trying to hem the digital currency from growing, others are being careful not to get involved in regulating cryptocurrencies. However, there are those that want to be neutral on the issue. Saudi Arabia is one of those countries that want to be neutral as far as the issue is concerned.

Market is Not Mature to Regulate Bitcoin and ICOs

Recently, a top advisor of the Saudi Arabia Financial regulator informed CNBC Sunday, how the cryptocurrency market in Saudi Arabia is not mature enough in assessing the influence that these cryptocurrencies may have on the economy and regulation.

Another top advisor, Abdulmalik Al-Sheikh of the Saudi Arabian Monetary Agency (SAMA), noted how cryptocurrencies are not what SAMA as a body is focused on in regulating currently. According to him, it (cryptocurrency) is in its infant stage with trials and pilots everywhere. He didn’tconsider it as something strong in which there is anurgency to be part of at the moment. This comment came as a result of the FinTech event in Abu Dhabi.

He further highlighted how the country’s central bank is monitoring and measuring the impact of cryptocurrencies. For him, it could take additional five years before a real impact can be seen and the future operating model of the cryptocurrencies. According to him, key regulators are using the “wait and see approach” to initial coin offerings (ICOs). It is a medium for startups to acquire funds through a virtual coin issuing. Nevertheless, investors do not normally acquire equity stakes in a company when compared to those with an initial public offering (IPO). According to CoinSchedule, the industry’s website, this year alone, through the ICOs more than $3 billion has been raised.

Malik stated:

“For us it’s still not something that is traded and accepted globally, it’s something that is done and traded in different markets. As I mentioned before we are observing that and monitoring what’s happening and try to measure the risks associated.”

Throughout the world, regulators have taken diverse approaches to ICO regulation and cryptocurrency. For instance, of late China banned all outlawed ICOs and cryptocurrency exchanges. Besides China, South Korea also proscribed ICOs. However, Japan, on the other hand, gave allowance to companies in accepting Bitcoin as a means of payment. Recently, Abu Dhabi announced the plans of bringing ICOs under regulation.

By market capitalization, Bitcoin is the largest cryptocurrency and have achieved a new record high with huge price rally this year. Across the board, the interest in cryptocurrencies is on the rise, though there has also been criticism from some quarters. Recently, the CEO of Jamie Dimon, JP Morgan Chase called Bitcoin a scam.