Cryptocurrencies posting moderate gains as Japan’s FSA officially recognizes self-regulating cryptocurrency industry body
Oct 24, 2018
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- Coinbase has been granted approval from New York State regulators to offer cryptocurrency custody services in New York, per an announcement on Tuesday. The New York State Department of Financial Services (DFS) granted authorization for Coinbase to offer custody services to New Yorkers for cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), and Litecoin (LTC). Coinbase’s custody services, launched this past July, utilizes measures like on-chain segregation of digital assets, offline multi-signature verification, and cold storage auditing and reporting to ensure cryptocurrency assets are secure.
- Japan’s Financial Services Agency (FSA) officially recognized and approved the Japanese Virtual Currency Exchange Association as a self-regulating industry body on Tuesday. The Japanese Virtual Currency Exchange Association is comprised of 16 licensed Japanese cryptocurrency trading platforms and was created in the beginning of 2018, shortly after the USD$530 million hack on Japanese cryptocurrency exchange, Coincheck. In the past, the Japanese Virtual Currency Exchange Association has taken action by imposing regular audits on cryptocurrency exchanges and setting limits on margin available to crypto traders. With the Japanese Virtual Currency Exchange Association's new ‘certified fund settlement business association’ status, the self-regulating body will be legally allowed to set rules for Japanese cryptocurrency exchanges and take action if said rules are violated.
- Novatti Group, an Australian online payments processor, announced at the Money 20/20 conference in Las Vegas on Tuesday that it is launching a new Australian dollar (AUD)-pegged stablecoin on the Stellar blockchain on November 19th, 2018 -- the stablecoin will be collateralized 1:1 by AUD held in a trust. Stablecoins have traditionally been used to move money quickly between cryptocurrency exchanges, however, Novatti Group aims for this token to be for more common use cases, including purchases and remittances. Peter Cook, a Managing Director with Novatti, said in an interview with Coindesk, “We think that people will use them [stablecoins] to help purchase goods for Australian enterprises. And we think that [people] will also use them for the payment of bills or for services inside of Australia.”
- People Capital, the venture capital division of People’s Daily Online, China’s largest newspaper, has officially entered an agreement with Xunlei Limited to leverage blockchain technology for innovation and to empower the Chinese economy -- this agreement is part of a larger global partnership agreement signed earlier in 2018 at the People’s Daily Online’s China-US Entrepreneur and Investment Summit hosted in the US. As part of the agreement, People Capital and Xunlei Limited will build a blockchain laboratory to explore how blockchain technology can be implemented in various business sectors across China. The laboratory will fall under the jurisdiction of People Capital’s Blockchain Research Institute, a research platform focused on distributed ledger technology.
- Police officers in Bangalore, India have shut down and taken possession of a cryptocurrency ATM set up by cryptocurrency exchange, Unocoin, just weeks earlier. According to a report by the Times of India, Harish BV, co-founder and CTO of Unocoin, was arrested by police while attending to the cryptocurrency ATM on Tuesday. In a news report by Bangalore Mirror published Wednesday, Alok Kumar, commissioner of the Bangalore City Police, said that Unocoin did not have a license from the Reserve Bank of India, the Securities Exchange Board of India, or any other agency allowing Unocoin to conduct cryptocurrency transactions. This arrest comes as India’s Supreme Court is deliberating on the legality of the Reserve Bank of India’s outright cryptocurrency ban in India, which came into effect on July 6th, 2018.
- The Chinese Financial Blockchain Shenzhen Consortium (FISCO) is set to present its coinless blockchain, FISCO BCOS, at the Singapore Fintech Festival that takes place from November 12th through November 14th -- Chinese telecommunications giant, Huawei, and Chinese tech company, Tencent, are among the largest companies in the consortium. FISCO BCOS is a platform of various applications designed to serve the general public. FICSCO BCOS reportedly utilizes the Byzantine fault tolerance protocol and has a transaction volume capability of over 1,000 transactions per second.
- Unikrn, an esports company that received USD$15 million in funding from its initial coin offering (ICO) pre-sale last year, has been awarded a sports betting license in the Isle of Man -- Unikrn's ICO attracted notable investors, including Mark Cuban, Ashton Kutcher, and Elisabeth Murdoch. The sports betting license awarded to Unikrn will allow users to place bets on esports teams, events, and players in popular esports games like Fortnite, League of Legends, and Dota 2 after the platform launches. UnikoinGold (UKG) will be the native cryptocurrency of Unikrn’s platform -- the token will be used to bet on esports and give users exclusive benefits. Unikrn hopes to become the default esports wagering platform in more than 20 countries and has the ability to process more than 9,000 bets per second.
- While interviewing with Cointelegraph on Tuesday, Dash Core Group’s CEO, Ryan Taylor, expressed that he believes central bank-issued cryptocurrencies are the “inevitable future”. Taylor went on to state that he thinks global cryptocurrency regulation is coming very soon, adding, “the smaller nations will move first as the risks [for them] are lower.” Taylor believes central banks stand to benefit from issuing their own cryptocurrencies, but he is not sure how markets would react, saying, “I do think it’s inevitable. They [governments] all are going --through either competitors’ pressure or through their own desires -- to launch their own cryptocurrencies. But I don’t think it is where the greatest innovations will occur.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio