In recent exchange news, Seba Crypto AG has predicted that it will receive a Swiss banking license within the first half of 2019. We also look at the Independent Reserve, which has integrated a tax estimator tool into its user interface, as well as Point95 Global, which has announced plans to launch a “crypto quantitative fund” based in the Cayman Islands.
‘Crypto Bank’ Aims to Secure License in 2019
Guido Bühler, the chief executive officer of Seba Crypto, has predicted that the company — which recently raised $103 million to launch a so-called “crypto-bank” — will receive a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before the end of the second quarter of 2019.
Bühler indicated that Seba Crypto already sees significant demand from major financial institutions. He claimed that “five large asset managers from Germany and abroad have already made representations to [Seba Crypto].”
Australian Exchange Integrates Crypto Tax Estimator
Independent Reserve, an Australian cryptocurrency exchange, has announced the launch of a tax estimator developed by KPMG. The tool will allow the exchange’s users to estimate the tax obligations of their portfolios from its user interface.
Adrian Przelozny, the chief executive officer of Independent Reserve, described the tool as “a piece of critical infrastructure that will help our users understand and help manage their risk.”
Laszlo Peter, head of blockchain services at KPMG Australia, emphasized the need for cryptocurrency traders to diligently observe their tax obligations. “The possibility of being non-compliant is a major source of legal risk,” Peter said. “We want to provide an easy-to-use tool that may assist participants in the newly emerging token-based economy to understand their tax obligations.”
Point95 Global to Launch ‘Crypto Quantitative Fund’
Point95 Global, a Shanghai-based digital asset management firm, has announced plans to launch a “crypto quantitative fund” in partnership with an unnamed asset manager in Hong Kong. The fund, to be domiciled in the Cayman Islands, will target professional investors and will use algorithms to capitalize on arbitrage opportunities across various crypto-asset markets.
Point95 Global claims to already be using these strategies to trade the top 10 cryptocurrencies by capitalization. It has put forward $3 million in seed capital, with the initial size of the fund expected to be $30 million.
Ye Jingyuan, the co-founder and chairman of Point95 Global — as well as the former vice-president of the global markets division of Bank of America Merrill Lynch in London — expects to launch the fund before 2019. He stated that the company is “aspiring to be one of the first crypto quantitative fund platforms that are compliant with the Hong Kong securities regulations, by operating with the right licenses.”
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