SBI Group has announced on the acceptance of new users to its digital currency platform launched recently. The platform supports Ripple (XRP), Bitcoin (BTC), and Bitcoin Cash (BCH). The exchange tested its operations with a trail run among 20,000 customers. The Japanese users in the age group between twenty and seventy would be able to create an account.
South Korea is undeniably one of the most developed countries when it comes to the cryptocurrency industry. There is $2 billion worth of virtual coin stored in the South Korean banks. The general acceptance and adoption of cryptocurrency among the South Korean are one of the factors that contribute to the significant boost of cryptocurrency development.
A notice by the Financial Industry Regulatory Authority (FINRA) demands firms that sell a security to disclose activities related to cryptocurrency and virtual tokens. The authority stressed on mandatory registration under SEC stating, “Every firm and broker that sells securities to the public in the United States must be licensed and registered by FINRA.”
The U.S. Commodity Futures Trading Commission (CFTC) published an advisory statement so as provide clarity for the exchanges and clearinghouses. The statement was subject to the listing of virtual currency derivative products. The release quoted, “CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations.”
Eric T Schneiderman, New York Attorney has presented “Virtual Markets Integrity Initiative.” The intimation with respect to the proposed initiative along with a three-page questionnaire has been sent to thirteen leading crypto exchanges. The initiative is aimed at promoting ‘accountability and transparency in the virtual currency marketplace’ for the benefit of crypto dealers.
The Sri Lankan Central Bank has affirmed that there are no authorizations and approvals granted to digital currency schemes, ICOs, and cryptocurrencies. The Daily Mirror article detailed that the ‘Virtual currencies are not central bank-issued currencies.’ It is said that the possibility of using virtual currencies in unlawful activities are high due to its volatile nature.
Gregory J Iverson has been recruited as the Chief Financial Officer of the Overstock.com. Iverson was associated with Apollo Education Group Inc., since 2007. The CEO of Overstock.com announced Iverson’s joining the team “at a time when the opportunities for the future of our business will greatly benefit.” The company intends to launch a virtual coin trading platform.
The Reserve Bank of India has advised all entities under its control to ‘cut ties with corporations dealing in digital currencies.’ BP Kanungo, the Deputy Governor of RBI, has stressed that the entities associated with digital currencies will have to withdraw association within three months. He also added that those currencies affect capital markets adversely.
Lin Xiaolin, 30-year-old corporate executive, was charged by the police in Tokyo. He had opened an account with the virtual currency exchange fraudulently accessing the server of the exchange impersonating himself as a Vietnamese. It is identified that the man has later sold the account to a criminal group for 100,000 yen as consideration.
Kakao rivalry company, LINE Plus reported to has formed a blockchain subsidiary after Kakao announced its own blockchain subsidiary named Ground X headquartered in Japan last month. Although the South Korean Authority announced new regulations for virtual currencies yet there is no restriction towards blockchain business in the country.