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Sun Cryptocurrency https://suncryptocurrency.com Crypto News Thu, 23 May 2019 11:12:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 Price Dip Leaves Bitcoin Exposed to $7.2K Support https://suncryptocurrency.com/price-dip-leaves-bitcoin-exposed-to-7-2k-support Thu, 23 May 2019 11:12:19 +0000 https://suncryptocurrency.com/price-dip-leaves-bitcoin-exposed-to-7-2k-support View Bitcoin suffered a contracting triangle breakdown on Wednesday, as expected. The range breakdown is backed by bearish developments on the daily and 4-hour chart indicators. BTC, therefore, risks falling to $7,206 (May 18 low) in the next day or two. A UTC close below $7,206 would confirm a double-top...

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  • Bitcoin suffered a contracting triangle breakdown on Wednesday, as expected.
  • The range breakdown is backed by bearish developments on the daily and 4-hour chart indicators. BTC, therefore, risks falling to $7,206 (May 18 low) in the next day or two.
  • A UTC close below $7,206 would confirm a double-top breakdown and open doors for a drop to $6,070 (target as per the measured move method).
  • The outlook would turn bullish if the price finds acceptance above $8,050 in the next 24 hours.

Bitcoin (BTC) dived out of a narrowing price range on Wednesday, opening the doors for a deeper drop to $7,200.

The leading cryptocurrency by market value fell below $7,850 in the U.S. trading hours yesterday, confirming a downside break of a contracting triangle pattern – a series of higher lows and lower highs – created in the first two trading days of the week.

The period of indecision ended with sellers gaining an upper hand, and the resultant range breakdown neutralized the immediate bullish view put forward by the near 13 percent price rise seen on Sunday.

As a result, BTC could continue to lose altitude in the short term. Currently, the cryptocurrency is trading at $7,530 on Bitstamp, representing a 4 percent drop on the day. Prices hit an intraday low of $7,468 earlier today.

Looking forward, the focus is on the key support at $7,200– a level the bulls must defend, as a break lower would confirm a short-term bullish-to-bearish trend change on the technical charts.

4-hour chart

BTC dived out of the contracting triangle yesterday, validating bullish exhaustion signaled by multiple rejections at $8,300.

More importantly, the range breakdown is backed by a bearish below-50 reading on the relative strength index (RSI) and a drop into bearish territory below zero on the the moving average convergence divergence (MACD) histogram.

The path of least resistance, therefore, is to the downside.

Daily chart

On the daily chart, early signs of temporary bearish reversal have emerged in the form of a “hanging man” candle, as discussed earlier this week. Further, the daily MACD has turned bearish for the first time since May 2 and the RSI continues to create bearish lower highs.

BTC, therefore, could complete the forming double-top pattern seen above with a drop to $7,206 (May 18 low) in the next day or two.

A UTC close below $7,206 would confirm a double-top breakdown – a short-term bullish-to-bearish trend change – and would create room for a slide to $6,070 (target as per the measured move method).

That said, the historically strong support of the 30-day moving average (MA) is currently located at $6,475. That average is seen sloping upwards to $6,500 in the next couple of days. As a result, any following sell-off could be cut short near that level.

The outlook would turn bullish if prices rise above $8,050 in the next 24 hours, contradicting the bearish developments on the short-term charts. In that case, a rally to $8,500 (June 2018 high) could be seen.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; technical charts by Trading View



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Major Swiss Stock Exchange SIX Developing Stablecoin Pegged to the Franc https://suncryptocurrency.com/major-swiss-stock-exchange-six-developing-stablecoin-pegged-to-the-franc Thu, 23 May 2019 10:28:58 +0000 https://suncryptocurrency.com/major-swiss-stock-exchange-six-developing-stablecoin-pegged-to-the-franc Financial service provider SIX is developing a stablecoin pegged to the Swiss franc, a company spokesman confirmed to Cointelegraph on May 23. The company is also planning to launch a blockchain-powered exchange for digital tokens in the second half of 2019, but the spokesman said he was currently not at liberty to discuss...

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Financial service provider SIX is developing a stablecoin pegged to the Swiss franc, a company spokesman confirmed to Cointelegraph on May 23.

The company is also planning to launch a blockchain-powered exchange for digital tokens in the second half of 2019, but the spokesman said he was currently not at liberty to discuss further details concerning whether the stablecoin will operate on that exchange.

SIX also runs Switzerland’s top stock exchange — and earlier this month, a top executive revealed that the company is planning to issue its own tokens on the upcoming digital exchange. Thomas Zeeb, SIX’s head of securities and exchanges, said at the time:

“Ultimately we want to be able to tokenize existing securities — equities, fixed income, funds. Maybe the token will eventually replace the share one day.”

Testing is expected to begin later in the summer, paving the way for a live rollout early next year. It is unclear whether the stablecoin will be ready in time for this launch.

Last year, the SIX Swiss Exchange announced plans to list the world’s first crypto-based exchange-traded product (ETP) — tracking a basket of five major coins including bitcoin (BTC), ripple (XRP) and ethereum (ETH).

An ETH-based ETP, backed by the Swiss startup Amun AG, began trading on March 5.





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Swiss Watchmaker Franck Muller Launches ‘Functional’ Bitcoin Timepiece https://suncryptocurrency.com/swiss-watchmaker-franck-muller-launches-functional-bitcoin-timepiece Thu, 23 May 2019 10:23:28 +0000 https://suncryptocurrency.com/swiss-watchmaker-franck-muller-launches-functional-bitcoin-timepiece Swiss luxury watchmaker Franck Muller has launched limited-edition timepiece dubbed “Encrypto” that it’s calling “the world’s first functional bitcoin watch.” Aesthetically, the dial of the watch – launched in partnership with cryptocurrency trading platform Regal Assets – sports bitcoin’s logo and a QR code of bitcoin’s genesis block address. The face...

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Swiss luxury watchmaker Franck Muller has launched limited-edition timepiece dubbed “Encrypto” that it’s calling “the world’s first functional bitcoin watch.”

Aesthetically, the dial of the watch – launched in partnership with cryptocurrency trading platform Regal Assets – sports bitcoin’s logo and a QR code of bitcoin’s genesis block address.

The face also includes a laser-etched QR code for a public wallet address that can be used to deposit bitcoin and check its balance. An included sealed USB stick stores the private key, Regal Assets announced Wednesday.

The “deep cold storage” wallet uses “offline generated, non-deterministic TRNGs (True Random Numbers Generated) that cannot be hacked,” according to the announcement.

The Encrypto is currently available online and at Franck Muller’s Dubai Mall store, with accepted payment options being credit card and bank transfer, as well as bitcoin.

A maximum of 500 each of men’s and women’s versions will be sold, with the cost being anywhere between $10,000-$60,000 apiece, according to information from the maker’s website. Some models also include precious metals and diamonds in the dial and frame.

Franck Muller is also exploring models featuring ether (ETH) and other “top five coins”, including XRP in the future.

Earlier this year, luxury Swiss watchmaker A. Favre & Fils also announced that it is developing a handcrafted mechanical timepiece with a built-in crypto-wallet. The watch will cost in the range of $102,000–$153,000, depending upon the model and its features and materials.

Encrypto watch images via Regal Assets



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Crypto Markets Turn Red, Indian Stock Markets Post Record Highs Amid Election Results https://suncryptocurrency.com/crypto-markets-turn-red-indian-stock-markets-post-record-highs-amid-election-results Thu, 23 May 2019 10:07:36 +0000 https://suncryptocurrency.com/crypto-markets-turn-red-indian-stock-markets-post-record-highs-amid-election-results Thursday, May 23 —  following a mild correction which began yesterday, crypto markets have today tipped into deeper red with bitcoin (BTC) dropping below the $7,600 mark, as Coin360 data shows. Market visualization courtesy of Coin360 Bitcoin has sustained a 4.25% correction and is trading at $7,590 by press time....

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Thursday, May 23 —  following a mild correction which began yesterday, crypto markets have today tipped into deeper red with bitcoin (BTC) dropping below the $7,600 mark, as Coin360 data shows.

Market visualization courtesy of Coin360

Bitcoin has sustained a 4.25% correction and is trading at $7,590 by press time. The top coin has seen considerable volatility this week, posting an intra-week low of under $7,100 on May 17 before surging to the $8,250 mark on May 20.

The top coin had brushed $8,300 yesterday, May 16 — a bullish price point not seen since August 2018.

Today’s renewed correction has brought bitcoin a 5.24% loss on its 7-day chart.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a heftier loss, down 7.9% on the day to press time to trade at $235.85. Ether has seen a jaggedly downward trend on its 7-day chart, having peaked at $273 on May 16. The top alt is now trading 8.66% down on the week.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has seen a 7.2% price dip on the day to trade at $0.37 by press time. Like ether, the asset saw its weekly peak on May 16, followed by a second recovery on May 20. With today’s accelerated downturn, XRP is reporting a 15.2% loss on the week.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies, all are red. The market-wide price downturn includes a 10.8% loss for 10th largest crypto cardano (ADA), a 9% loss for fourth ranked coin bitcoin cash (BCH), and an 8.8% loss on the day for stellar (XLM), ranked 9th.

The seventh-largest crypto, native exchange token binance coin (BNB), is showing relative resilience — down a mild 2.29% on the day..

Widening out to the top twenty, all coins are again unanimously red, with several posting double digit losses. These include nem (XEM) — ranked 20th and down 13.15% on the day — 15th largest coin iota (MIOTA), which is down 11.8% on the day, and dash (DASH), ranked 14th and down 10.7%.

Other hefty losses have been reported by tron (TRX) — down 9.47% — and neo (NEO), down 9.9% to press time.

The total market capitalization of all cryptocurrencies is currently around $234.77 billion — remaining roughly $10 billion higher than its intra-week lows — with bitcoin dominance at 57.2%.

Total market capitalization of all cryptocurrencies

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In an interview yesterday, crypto trader Anthony Grisanti of NYMEX anticipated that bitcoin would likely correct back to $7,000 and consolidate recent gains.

Earlier this week, crypto fund manager Brian Kelly gave his short-term forecast, telling CNBC that an upcoming supply cut — or the “halvening,” next due to take place in 2020 —  could boost bitcoin prices rise further in the coming months.

In traditional markets, Indian stock markets soared following news of incumbent Prime Minister Narendra Modi’s anticipated landslide victory, before swiftly correcting downwards, as the Economic Times of India reports live.

Earlier in the day, the Sensex — a stock market index of 30 companies listed on the Bombay Stock Exchange — soared 1,000 points to break past the 40,000 mark for the first time ever, with the Nifty 50 — the National Stock Exchange of India’s stock index for the equity market— crossing the 12,000 mark, setting a new record high. To press time, the Sensex has scaled back down and is trading at 39,103 levels, with the Nifty 50 at around 11,750.





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Bitcoin Purchases Roll Out to 2,200 US Coinstar Kiosks as Partnership Expands https://suncryptocurrency.com/bitcoin-purchases-roll-out-to-2200-us-coinstar-kiosks-as-partnership-expands Thu, 23 May 2019 10:03:25 +0000 https://suncryptocurrency.com/bitcoin-purchases-roll-out-to-2200-us-coinstar-kiosks-as-partnership-expands Bitcoin ATM operator Coinme has expanded its bitcoin (BTC) purchasing options for United States residents to cover 21 states, the company confirmed in a press release on May 22. Coinme, which began as the U.S.’s first licensed bitcoin ATM provider in 2014, will now serve around 2,200 locations in the...

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Bitcoin ATM operator Coinme has expanded its bitcoin (BTC) purchasing options for United States residents to cover 21 states, the company confirmed in a press release on May 22.

Coinme, which began as the U.S.’s first licensed bitcoin ATM provider in 2014, will now serve around 2,200 locations in the country via its existing partnership with coin kiosk operator Coinstar.

As Cointelegraph reported, Coinstar first started selling bitcoin for USD in January this year, so far restricting the feature to the U.S. market.

“Bitcoin and other digital currencies offer unique benefits to consumers — including the potential for more cost-effective and faster remittances to family and friends,” Neil Bergquist, Coinme cofounder and CEO, commented in the press release.

The feature is integrated into participating Coinstar machines, with users able to convert up to $2,500 to bitcoin using a Coinme account. Trades are subject to a flat 4% fee.

According to monitoring resource CoinATMRadar, there are now over 3,000 bitcoin ATM or teller points available in the U.S., making it easily the global leader.

Second is Canada, with just under 700 locations, followed by Austria with 270 and the United Kingdom on 238 known locations.

Traditionally, cryptocurrency users have preferred online methods of changing in and out of assets, with the physical ATM sector nonetheless seeing rapid expansion in recent times.

“The response to being able to purchase Bitcoin at Coinstar kiosks has been extremely positive with overwhelming demand by both consumers and new retailer partners,” Coinstar CEO, Jim Gaherity, added.





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Coinstar Expands Bitcoin Buying Service to Cover 21 US States https://suncryptocurrency.com/coinstar-expands-bitcoin-buying-service-to-cover-21-us-states Thu, 23 May 2019 09:26:32 +0000 https://suncryptocurrency.com/coinstar-expands-bitcoin-buying-service-to-cover-21-us-states Supermarket kiosk network Coinstar has further expanded its bitcoin-buying service, adding around 100 new outlets and growing U.S. coverage to 21 states and the District of Columbia. The service, offered through a partnership with blockchain startup Coinme, now allows individuals to buy bitcoin with cash at over 2,200 locations, Coinme...

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Supermarket kiosk network Coinstar has further expanded its bitcoin-buying service, adding around 100 new outlets and growing U.S. coverage to 21 states and the District of Columbia.

The service, offered through a partnership with blockchain startup Coinme, now allows individuals to buy bitcoin with cash at over 2,200 locations, Coinme announced Wednesday. As of last month, the service was available at around 2,100 locations in 19 states.

The service allows purchases using U.S. dollar bills, not coins, for any amount up to $2,500.

Coinstar CEO Jim Gaherity said that the service had received a positive response, seeing “overwhelming” demand from both consumers and new retailer partners. He added that Coinstar will continue expanding to new markets “in the coming months.”

The currently supported states include Boston, Chicago, Dallas-Fort Worth, Houston, Los Angeles, Philadelphia, San Diego, Seattle and Washington D.C, among others.

Coinstar first partnered with Coinme in January of this year, enabling bitcoin purchases at Safeway or Albertsons stores in California, Texas and Washington states at the time. Last month, it added support for Jewel, Shaw’s, Save Mart and more.

Coinme co-founder and CEO, Neil Bergquist, said:

“Bitcoin and other digital currencies offer unique benefits to consumers – including the potential for more cost-effective and faster remittances to family and friends.”

Overall, Coinstar said it now owns and operates over 20,000 fully automated self-service coin-counting kiosks in nine countries, with thousands in the U.S. that allow bitcoin purchases.

Coinstar image via Coinme



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State Street’s Blockchain Lead Departs to Build Data Privacy Startup https://suncryptocurrency.com/state-streets-blockchain-lead-departs-to-build-data-privacy-startup Thu, 23 May 2019 08:11:17 +0000 https://suncryptocurrency.com/state-streets-blockchain-lead-departs-to-build-data-privacy-startup Moiz Kohari, State Street’s global chief technology architect, has traded his position at the custodian bank for a move into the startup world, he told CoinDesk. Kohari helped kickstart the bank’s wide-ranging technology transformation program structured on a bedrock of distributed ledger technology (DLT) from the point he joined State...

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Moiz Kohari, State Street’s global chief technology architect, has traded his position at the custodian bank for a move into the startup world, he told CoinDesk.

Kohari helped kickstart the bank’s wide-ranging technology transformation program structured on a bedrock of distributed ledger technology (DLT) from the point he joined State Street in September 2016. Prior to that, he spent five years as head of technology innovation for London Stock Exchange Group.

While Kohari and the co-founders of his new project are officially in stealth mode, he said that at a high level, the incipient startup will focus on the data privacy space and how enterprises interact with users in this area.  

Kohari told CoinDesk:

We are looking at how best to create a software-as-a-service (SaaS) platform that allows enterprises to really provide compliance to [data privacy] regulations and at the same give control of that data directly to the users. It will use both DLT and traditional types of data stores such as [Amazon Web Services’] S3. We think this is an underserved area and a great opportunity.”

Data as an asset

Kohari explained that the work he did in the open source community building a DLT backbone for State Street’s custody business informs the new privacy project. The difference is that the latter treats data itself as the asset class.

“Normally we don’t think of data as an asset class,” said Kohari citing as typical examples consumers’ personally identifiable information (PII) or the way data is managed in the adtech space. “It’s about how do you represent that information in such a way you allow consumers to take direct control of that data, instead of enterprises allowing it to happen via archaic interactions in emails and written communications.”

Many of Kohari’s team members have been working as maintainers of Hyperledger Fabric for some years now and adopted the open-source blockchain tech with his team at State Street. Kohari further confirmed that work on Fabric continues within the bank.

“That journey continues in full force and I’m very excited to see where that will land and the huge implications of how that changes the custody world so you can create reconciliation-less systems,” he said.

State Street did not return requests for comment by press time.

State Street image via Wikimedia Commons 



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Binance CEO CZ Is Suing VC Giant Sequoia for Reputational Damages https://suncryptocurrency.com/binance-ceo-cz-is-suing-vc-giant-sequoia-for-reputational-damages Thu, 23 May 2019 04:37:48 +0000 https://suncryptocurrency.com/binance-ceo-cz-is-suing-vc-giant-sequoia-for-reputational-damages Binance founder and CEO Changpeng Zhao is taking a unit of Sequoia Capital back to court after the VC investor’s case against him was dismissed. The crypto exchange mogul, nicknamed CZ, claims Sequoia Capital China hurt his reputation and prevented him from raising money at favorable valuations and wants the VC...

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Binance founder and CEO Changpeng Zhao is taking a unit of Sequoia Capital back to court after the VC investor’s case against him was dismissed.

The crypto exchange mogul, nicknamed CZ, claims Sequoia Capital China hurt his reputation and prevented him from raising money at favorable valuations and wants the VC giant to compensate him.

According to a filing submitted on May 20 to the High Court in Hong Kong and obtained by CoinDesk, Zhao has sent an application via his attorneys for a hearing before the court chambers on an order for “immediate summary of assessment of damages.”

A hearing for the case, HCMP 2770/2017, will take place on June 25, according to information available on the court’s website, between Zhao and SCC Venture VI, a company incorporated as a special purpose vehicle of Sequoia Capital China.

The application demands an inquiry be held to determine if Zhao “has sustained any and what damages” resulting from the injunction order Sequoia obtained on Dec. 27, 2017, which prevented Zhao from raising capital from other investors until March 1, 2018.

If it’s decided that “any such damage has been sustained,” Zhao asks that Sequoia pay him the amount determined at the inquiry. (He did not suggest an amount.)

Zhao stated in the new filing:

“The injunction order has caused loss to me for which I am entitled to reasonable compensation by Sequoia. In particular, I have suffered i) a loss of chance to raise capital through successive rounds of financing at increasing high valuations; and ii) damage to my reputation.”

Sequoia Capital China has not responded to CoinDesk’s request for comment as of press time.

Zhao’s punch-back follows a December 2018 decision by the Hong Kong International Arbitration Centre, which dismissed all of Sequoia Capital’s claims that Zhao had breached an exclusivity agreement when negotiating Binance’s Series A equity financing.

‘Abuse of process’

The case began when Sequoia Capital obtained the December 2017 injunction order in an ex parte or unilateral procedure without notifying Zhao and subsequently filed a notice for arbitration in January 2018 as a claimant against him.

Sequoia accused Zhao of breaching exclusivity by talking to IDG Capital when still in discussions with Sequoia for the Series A round.

Three months later, following an April 11 hearing, a Deputy High Court Judge ruled in a judgment on April 24 that Sequoia “was wrong to pursue the ex parte application without notice to Zhao,” since there was no explanation or evidence as to why no efforts were made to involve both parties.

“I agree that the use of the ex parte procedure without notice to D. [Defendant, Zhao] was an abuse of process,” the judge said. “If the Injunction were not already spent, I would have set it aside on that basis alone.”

The parties then proceeded with the arbitration in the following months in 2018 with the submission of various evidence before a three-member tribunal at the Hong Kong International Arbitration Center.

According to a final decision made on Dec 14, 2018, the Tribunal dismissed Sequoia’s claims that Zhao had breached exclusivity based on the findings that the discussion with IDG Capital was, in fact, for a Series B round financing.

“The Tribunal finds that that the negotiations with IDG were not in respect of a ‘rival transaction’ to the Series A Financing but were in respect of a proposed Series B financing transaction which was not in competition with the Series A Financing and which did not become a Series A Financing,” the Tribunal stated in its decision.

Changpeng Zhao at Consensus: Singapore 2018, image via CoinDesk archives.



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Japan to Check Money Laundering Policies of Crypto Exchanges Ahead of FATF Inspection https://suncryptocurrency.com/japan-to-check-money-laundering-policies-of-crypto-exchanges-ahead-of-fatf-inspection Thu, 23 May 2019 01:43:15 +0000 https://suncryptocurrency.com/japan-to-check-money-laundering-policies-of-crypto-exchanges-ahead-of-fatf-inspection Japan’s Financial Services Agency (FSA) is reportedly cracking down on crypto exchanges that offer anonymous transactions or have weak identity verification practices in preparation for inspection by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review reported the development on May 22. The FATF will reportedly send its...

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Japan’s Financial Services Agency (FSA) is reportedly cracking down on crypto exchanges that offer anonymous transactions or have weak identity verification practices in preparation for inspection by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review reported the development on May 22.

The FATF will reportedly send its investigatory arm to review the strength of the Japanese FSA’s anti-money laundering (AML) policies, which includes policy for crypto exchanges and other financial services.

Japan reportedly was given the worst possible score for identity verification in financial institutions in a 2008 report by the FATF. A decade later, the Japanese FSA issued business improvement orders to practices that did not take appropriate AML measures, such as allowing users to sign up for their accounts with a PO box in lieu of a personal home address.

According to the report, Japan was the first country to implement a registration system for cryptocurrency exchanges.

In October, the FATF amended its rules to include crypto exchanges in its AML regulatory framework, and implored G-7 member countries to start implementing strategies for registration, licensing, and monitoring crypto exchanges.

Japan is hosting the Summit on Financial Markets and the World Economy (G20 2019) in Osaka this June, and will be expected to talk address the forum on international crypto regulations and initial coin offerings (ICOs). Unlike China and South Korea, Japan has not declared a national ban on ICOs.

As previously reported on Cointelegraph, Japanese FSA revealed in January that there are currently seven pending applications for crypto exchange licenses in the country. The applications are reviewed over a six month period, as the financial organization scrutinizes the applicant’s responses to over 400 questions.

In July of last year, the FSA underwent major restructuring in order to better meet the challenges of regulating the fintech and cryptocurrency sectors.





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South Korean Gov’t Announces Second Study Group for Blockchain Regulations https://suncryptocurrency.com/south-korean-govt-announces-second-study-group-for-blockchain-regulations Wed, 22 May 2019 22:11:33 +0000 https://suncryptocurrency.com/south-korean-govt-announces-second-study-group-for-blockchain-regulations The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21. The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm...

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The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain regulations, according to a Yonhap News report on May 21.

The study is called the “Blockchain Regulation Improvement Study Group” and is part of an initiative run by the government’s science and tech arm to figure out how regulations could be improved so that blockchain tech could achieve widespread institutional adoption.

The Blockchain Regulation Improvement Study Group was launched in June of last year, and initially focused on improving legal regulations pertaining to blockchain tech such as personal privacy, smart contracts, electronic documents and digital signatures, and the application of distributed computing systems.

This year’s research group will focus on five institutional areas where blockchain tech can achieve widespread adoption: logistics and distribution, public services, healthcare, finance and energy.

Seoul, the capital of South Korea, will reportedly add blockchain technology to its citizen cards. This tech will purportedly allow the card holders to easily verify their identity and access administrative services.

Seoul Mayor Park Won-soon remarked that Seoul has also already implemented other blockchain-based administrative services, such as mobile e-voting. Moreover, the government of Seoul has stated that it has earmarked over $1 billion to fund blockchain and fintech startups over the next 3 years.

As previously reported by Cointelegraph, governments in countries around the world are planning or implementing blockchain strategies for economic development, including New Zealand, Germany, Australia, and the United Arab Emirates (UAE).





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