Christoph Hock

We are getting many questions on our Crypto Multi Barrier Reverse Convertibles -> here some insights 👍 Can independent asset managers create their own MBRC with Helveteq? YES 👍 How is your latest MBRC developing? BTC >70% above barrier, ETH > 80% above barrier, runs until 8th November 👍 Can you also include other crypto currencies? YES, we have in other products, can do > 40 coins including SOLANA, AVALANCHE, CARDANO etc. 👍 Can your MBRCs be made with European observation? YES We'll advise you more, just send us your questions to info@helveteq.com #Crypto #Bitcoin #Ether #Switzerland #investmentsolutions #structuredproducts #volatility #correlation #yield Bank Frick Helveteq AG ADEXAS Rechtsanwälte AG Baker McKenzie

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This was indeed a #privilege to moderate a #panel on #tokenization with four representatives from #the very early adopters on the german #Tradfi market. Really big asset managers issuing #Bitcoin #ETPs (as DWS Group) or investing in digital #securities under german #eWPG (as Union Investment), being one of the first recipients of a #Kryptoverwahrlizenz (as HAUCK AUFHÄUSER LAMPE) or providing #crypto #trading (as tradias). Thank you to all participants and the team of CONF3RENCE and BLOCKCHANCE for a great event. Christoph Hock claimed that within 5 years from now 80% of all securities on the german market will be in #digital format, will remind you of this in 2029! Bundesblock Hanseatic Blockchain Institute e.V. coinIX

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Interesting stuff. In this context "slow disintermediation’, [means] by which CBDC competes with bank deposits in normal times, leading to more expensive funding and a shrinking of the sector, and ‘fast disintermediation’, by which CBDC provides an especially convenient asset to convert to and hold in times of banking stress, enhancing the scope for bank runs" and the authors' review of German households is that they are likely to opt for fast disintermediation. Which should be thought of in the context that Germans are known to be heavy cash users and remains the most used payment type at the point of sale. In fact, in a piece written in 2018 research from Global Data forecasts German ATM cash withdrawals to increase from €245.7 million 2019 figures to €272.9 million (11%) in 2023. #digitalassets #centralbanks #CBDC #tokenization

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Bitcoin showed its volatility teeth again yesterday, the CF BVX printing above 60 for the first time since May 1st. With Bitcoin ETF & ETP AuM now back towards $70bn, downside protection will be in demand

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TURKEY CRYPTO ASSETS UPDATE The Bill of Crypto Assets was sent to the Parliament on May 16, 2024, and is expected to be legislated by June. Some highlights: 💼 Exchange and Custody Operations: Crypto asset service providers will be able to have both exchange and custody licenses. SPK will designate data localization requirements in the secondary regulations. TUBITAK will set the information systems and technological infrastructure requirements (including data localization) criteria. 🌐 Scope: The bill does not cover crypto asset transactions that may take place out of crypto platforms. Foreign exchanges must cease operations three months after the bill passes the Parliament. Taxation of crypto asset incomes is not covered in the bill. There are no restrictions on buying and selling crypto assets or transferring crypto assets to foreign platforms or wallets. 💰 Coin Listings: Listing of Layer-1 coins will be subject to SPK approval. There will be a separate blockchain-based securitization regime. Turkish Lira-based stable coins will be categorized as electronic money and fall under the regulatory purview of the Central Bank. 📈 Other Activities: Portfolio management and investment advisory in crypto assets will be subject to SPK regulation. SPK will regulate the advertisement operations of the platforms. Leveraged operations will be subject to SPK approval. 🌎 FATF Travel Rule: Implementation will be subject to the secondary regulations by the Financial Crimes Investigation Board (MASAK). 💡 Taxation: Crypto asset service providers will be required to pay a fee to the government totaling up to 2% of their turnover. 🔄 Transition: Platforms that are operational at the moment of the bill's enactment will declare this situation to SPK in a month. No new platforms can enter the market until SPK announces the secondary regulations. Both current and new platforms will issue license applications after the secondary regulations are announced.

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Switzerland's approach to crypto-asset regulation is principle-based and technology-neutral, meaning existing financial market regulations are applied to cryptoassets based on their economic function. The Swiss Financial Market Supervisory Authority (FINMA) categorises cryptoassets as payment tokens, utility tokens, or asset tokens, with each type subject to different regulations. The DLT (Distributed Ledger Technology) bill passed in 2020 updated existing laws to include cryptoassets and DLT, making the Swiss crypto regulatory framework one of the most advanced globally. Fundamental changes include easing segregation requirements for pooled wallet providers and introducing a new authorisation category for DLT trading facilities. The government aims to foster innovation while ensuring consumer protection and preventing financial crime. FINMA, the primary regulator, oversees the market supervision of crypto assets and collaborates with self-regulatory organisations (SROs) for AML supervision. Implications for Firms: Classification: Firms must carefully assess the nature of their crypto assets to determine the applicable regulations. Misclassifying a token could lead to regulatory penalties. Licensing: Depending on their activities, firms may need various licenses, such as a banking license for accepting public deposits or a securities house license for professional trading. Compliance: Firms must adhere to strict AML/KYC requirements, including due diligence, transaction monitoring, and reporting suspicious activities. Financial Promotions: Advertising and marketing of crypto assets must comply with existing financial market regulations, including prospectus requirements for public offerings. Technology Considerations: Firms using DLT for trading, clearing, and settlement must know the regulations and licensing requirements applicable to DLT trading facilities. Next Steps for Firms: Seek Legal Advice: Consult with legal experts specialising in Swiss financial market regulations to understand how the rules apply to your business model and crypto assets. Review Internal Processes: Ensure your firm's AML/KYC, data protection, and other compliance procedures align with the latest regulatory requirements. Engage with Regulators: Maintain open communication with FINMA and relevant SROs to stay informed about regulatory developments and seek guidance on compliance matters. #lexology #digitalassets

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INDUSTRY ROLLUP by Bitcoin Suisse AG We look at the state of the industry from Bitcoin Suisse's point of view: 🛑 Assets Classes Montly Performance 🛑 Assets Classes Correlation Matrix 🛑 Assets Classes Rolling Correlations 🛑 GCT Sector Performance 🛑 Digital Assets Monthly Performance 🛑 Macro Chart of the Month 🛑 Indicator of the Month 🛑 On-chain chart of the Month 🛑 Key crypto Developments 🛶 Our Vision 🛶 We can think that #Bitcoin is de-correlated from the markets during the analysis period, since the beginning of a bullish cycle in November 2023 prior to the Halving and derived by the approval of #ETFs, summing up the fatigue of the low market as it passes to a euphoria as a #digital asset , the desire for small portfolios to be incorporated, something similar occurred with the stock market with new maximums in some indices. The winners of this first year's cycle are the narratives of #Memecoins and #RWA, the bases of the growth of this last year have to do with the arrival of institutional institutions like BlackRock with their digital products, on the other hand we are all following around variables such as inflation and interest rates on the ground for what precedes the economy, as well as for what they represent for the behavior of assets such as bonds (Debt) and gold (Commodities). As long as the necessary liquidity in the cryptographic market has remained constant coinciding with the #BTC bullish cycle, liquidity is the king and new structural modalities of #stablecoins have emerged capturing new users alongside new associated #risks More information: https://lnkd.in/dXka9kXE #Digitalassets #BTC #Gold #liquidity #stablecoins #risk #assetsclass

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Institutional DeFi is "my" topic of the year. I did quite some in-depth market research with many experts. We will celebrate the release of our white-paper about that topic with a little in-person event in Frankfurt, June 4th. My co-authors Hagen Weiss (Dentons), Christoph Hock (Union Investment) and myself will present our unique and multi-faceted view on this emerging market. We decided that we won't bore you with a simple presentation. We'd rather like to entertain in a vivid expert interview style - moderated by the one and only Marcel Kaiser - whom you might know from Frankfurt School Blockchain Center's Crypto Assets Conference. We will also add some further voices from the market. Sebastian Hailer from Bankhaus Scheich Wertpapierspezialist AG agreed to give an additional impulse talk. Further speakers in the process. Rest assured, this evening will be interactive. There will be a lot of opportunity to network and exchange ideas. The talks are just the kick-starter. Seats are limited. Register here: https://lnkd.in/e-WW7RBz Brought to you by Zühlke Group's Blockchain:Circle in cooperation with Hanseatic Blockchain Institute e.V., Riddle&Code and Frankfurt School Blockchain Center Thank you Christoph for being our host in the heart of Frankfurt in the office of Union! #blockchain #defi #finance #assetmanagement

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#Deribit Option Market has its own expectation on #ETH price through Implied Risk Neutral Density (RND). Sounds fancy, but with right visualization becomes clear: #bullrun ETH price has recently risen, but distribution remains steady #expectation of mean price is decreasing, so the small correction is feasible #risk by May 2024: 5% Value at Risk at $2,400 #scenarios by June 2024: feasible price to be high at  $5,000 or low at $1,800 Full article: https://lnkd.in/dRFpREaY

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Nice article, although with a very timid conclusion. I think that the applications mentioned for (1) (decentralised database) are negligible compared to the monetary premium in (2) and that #bitcoin is building the status that gold achieved in hundreds of year within a couple of decades. Value is a social consensus. "Nothing is behind it", except for superior concepts. The more people believe that the concepts are superior, the more social consensus we have. And with this comes more value.

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Is the #Chinesemarket showing signs of recovery? Are you currently looking at #NIO (NYSE: NIO) or #Alibaba Group (NYSE: BABA) as potential investment opportunities? Do you anticipate an upward trend for these stocks in the coming months? Which other Chinese companies are you considering for #investment?

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What to look out for when buying #crypto? 🎙️ 13% of the German population already own crypto and another 30-40% are interested in them. But for many, the world of Bitcoin and Co. is still uncharted territory. That's why I was delighted to be able to give a wider audience some insights on how to get started and what to consider before investing.   Together with Andreas Braun from ARD I had the pleasure of discussing beginner's tips for first-time investors, including what investment options are available, how to choose a provider, and what to look for in terms of security and custody. Here's a quick summary of some of the aspects we’ve covered:   ⏱️ Advantages of direct investment Buying Bitcoin directly offers benefits for consumers, especially in Germany, where profits are tax-free after twelve months. Timing is crucial, and investing directly through a trading platform provides the advantage of 24/7 access.   📲 Reliable trading platform When selecting a trading platform, considering the provider's location and regulatory framework is essential. Germany is advantageous due to its strict regulations for providers and custodians. Key factors to weigh include trading fees, ease of use, custody and transfer options, available cryptocurrencies, features like savings plans and stop orders, and customer support, with trustworthiness being the most important aspect!   🔑 Self vs. fiduciary custody Lost keys mean lost access forever, so investors should secure self-storage carefully. If opting for a custodian, it is important that it is insured against fraud and loss to provide the best protection for the assets held in trust.   At BISON App, we make cryptocurrency trading as simple as possible and take care of the complicated technical aspects. As the first crypto trading platform backed by a traditional stock exchange, we never compromise on security and trust, while making it smart and easy for everyone to enter the world of Bitcoin, Ethereum and Co.!   If you are curious about the full feature on ARD, follow the link in the comments. Thank you for inviting me to share some insights with your audience! 🎙️   #BISONApp #crypto #investing #trading #interview

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+++Great news for German investors: DeFi Technologies Subsidiary Valour Inc. Expands Collaboration with justTRADE; 1Valour STOXX Bitcoin Suisse AG Blue Chip ETP Now Available for German Savings Plans+++ - DeFi Technologies' subsidiary Valour Inc. has expanded its partnership with justTRADE - JT Technologies GmbH, making the 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETP available for German savings plans. - This collaboration, initiated in August 2022, strengthens Valour's position as a key provider of cryptocurrency products and ETPs for justTRADE's clientele, aligning with their mission to provide simple and secure access to digital assets. - The launch of the 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETP, which follows a rule-based passive index methodology and leverages Bitcoin Suisse's Global Crypto Taxonomy, marks a historic milestone for STOXX and expands the accessibility of cryptocurrency investments within mainstream portfolios. Full news available here: https://lnkd.in/gjSGBu9w #etf #etp #finance #economy #marketing #cryptoadoption #bitcoin #btc

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Matthias Knab thanks for socializing~! Come listen in on June 11th for free! Opalesque #LiquidCryptoHedgeFunds   Liquid Crypto Hedge Funds vs. Venture Capital Crypto Funds: Kevin Dougherty and BR Capital's liquid fund "strategy is to take positions in the tokens/protocols with the best risk/reward profiles such as Ethereum, Solana and Toncoin for the Smart Contract sector, Uniswap and Jupiter for the DEX sector, or Render for Artificial Intelligence, etc., and adjust its positioning as the market develops and it becomes clearer which will be the 'winners', he continues. "At this phase of market evolution, sector leadership - the point where Facebook became dominant and Myspace and Friendster faded away - is likely to emerge quickly, and our SP2 strategy has the advantage over crypto VC strategies as it can quickly consolidate its holdings into the winners." Venture Capital (VC) funds cannot do that; a crypto VC fund backing protocols on other smart contract platforms such as Cardano or Polkadot, for example, cannot easily switch all of its investments into the winning network protocols. Finally, the institutional investment ecosystem around crypto is currently very different from any other asset class. Indeed, crypto VC firms had about $72bn in AuM at the end of 2023, whereas crypto hedge fund strategies only managed ~$15.2bn (Fundamental strategies held $11.4bn, Quant Directional funds $1.8bn, and Market Neutral funds $1.9bn according to digital-asset financial services firm Galaxy Digital). This roughly 80/20 split in favour of VC is the reverse of every other asset class, where hedge fund strategies are dominant with 90%+ of AUM. Dougherty expects the changing cryptocurrency institutional investment ecosystem to become more similar to those other asset classes, resulting in much greater AuM allocated to hedge funds like SP2. Read the full interview here: https://lnkd.in/gPySyymf... You also have the opportunity to meet Kevin at the upcoming interactive Opalesque SKILLSLAB Investor Workshop Tuesday, June 11th at 11 am ET (4 pm GMT, 5 pm CET, 6 pm Riyadh, 7 pm Dubai), click https://lnkd.in/gN7q2kyM to register for free now.

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Curious about the latest developments in the crypto space? Have a look at the Bitcoin Suisse Industry Rollup to get up to speed with the most important updates in our industry, including relations with macroeconomic factors and an outlook on future events. With this new report BTCS Research filters signal from noise, providing unique, actionable insights to navigate our complex, fast-evolving ecosystem. Check it out :)

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🔥 Mt. Gox Repayment: A Catalyst For Long BTC Short BCH Pair Trade? 🔥 ➡ The Mt. Gox’s Rehabilitation Trustee plans to distribute multi-billion dollars worth of BTCs and BCHs to the Mt. Gox creditors between July 1st and October 31st, 2024. This creates a shift in supply/demand dynamics in BTC and BCH during this 4 months period, potentially opening up a pair trading opportunity. ➡ Our analysis shows that the selling pressure for BCH will be four times larger than for BTC - i.e. 24% of the daily trading value for BCH vs. 6% of the daily trading value for BTC. The assumptions are, 1) for BTC, only a fraction will be sold, given that the creditors are mostly 'diamond-handed' wealthy Bitcoiners; 2) for BCH, 100% will be sold in the near term, given its much weaker investor base. ➡ Long BTC perpetuals paired with short BCH perpetuals is the most efficient market-neutral way to express this view, barring funding rate risk. Those looking to lock in a funding rate can explore other approaches, such as shorting term futures or borrowing BCH in the spot market. For more, https://lnkd.in/gZ_T697K To subscribe, https://lnkd.in/gxH8rJSG #Mt.Gox #bitcoin #bitcoincash #BTC #BCH #crypto #pairtrade

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