Bitcoin Daily: Huobi Group Announces Argentine Crypto Exchange Launch; BIS Research Favors Blockchain Regulation

Huobi Group has announced the official launch of a digital asset exchange in Argentina.

Reuters reported that Huobi Argentina will hire a local team and establish a fiat gateway to trade or convert the Argentine peso to cryptocurrency. The gateway is expected to launch around mid-October, but in the meantime, users can buy cryptos with the Argentine peso through Huobi’s over-the-counter service.

The gateway, which was founded in China, will allow users to buy cryptos via credit card, wire transfer and more.

In other news, the World Blockchain Initiative (WORBLI) said its protocol eliminates any concerns that a token can be used for illegal activities.

WORBLI explained that its technology enables blockchain developers to issue security tokens with a ruleset that “ensures that transfers follow a customizable framework, replacing or updating the ecosystem a token currently uses,” according to Coin Telegraph.

“Compliance is actually one of the biggest barriers to entry for small businesses in any highly regulated industry,” the company wrote in a blog post. “Financial services businesses bear some of the highest compliance costs of any industry. The cost of financial compliance has been rising steadily for the past several decades. There is no indication this trend will stop or reverse. We can expect it will continue costing more and more until only the largest and wealthiest corporations are able to do business. The costs and compliance burdens are steadily rising even for companies whose primary business isn’t of a financial nature, if they process any payments or financial transactions.”

Meanwhile, Gvchiani and Cryptolex announced they have partnered to develop MasterBlock, the first luxury watch to be created into the blockchain.

“We decided to combine ancestral SWISS watch-making knowledge with the latest revolutionary technology,” MasterBlock stated on its website. “For the very first time we have created an unfalsifiable, blockchain certified masterpiece Swiss quality watch.”

The companies revealed that they are creating 2,010 pieces, with each one having its own blockchain address.

And the Bank for International Settlements (BIS) has recommended building regulation into blockchain-based financial markets.

“As data credibility in such markets is assured by economic incentives, supervisors need to ensure that the market’s economic consensus is strong enough to guarantee the finality of transactions and resultant ownership positions,” Raphael Auer, a BIS economist, wrote in a working paper.

He also brought up using “embedded supervision,” which is a framework that allows regulators to automatically monitor a tokenized market by reading its ledger, “thus reducing the need for firms to actively collect, verify and deliver data.”