Survey: 88% of Crypto Exchanges Want Regulation for the Industry to Mature

A new survey has found that 88 percent of crypto exchanges want regulation, while a third believe a market crash is a significant threat to the industry. The study, conducted by Mistertango, a crypto payment app that is regulated by the Bank of Lithuania, is based on responses from 24 cryptocurrency exchanges across Europe, Asia, […]
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DSTOQ Launches MVP of Decentralized Stock Exchange for Security Tokens

DSTOQ, a licensed, decentralized stock exchange for trading security tokens, has come out of stealth mode and launched its minimum viable product (MVP), the company said on Monday. The first version of the DSTOQ platform, which allows users to invest in real-world assets including equity, bonds and gold using cryptocurrency, runs on the Stellar blockchain […]
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Malta Stock Exchange to Launch Blockchain-Powered Trading Platforms for Security Tokens

The Malta Stock Exchange is going after the thriving security token sector with new partnerships unveiled on Thursday to develop and launch blockchain-powered trading platforms for security tokens, according to a news release. Through a newly launched subsidiary called MSX, the Malta Stock Exchange has signed two Memoranda of Understanding (MoUs) with OKEx, one of […]
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Line’s Cryptocurrency Exchange Bitbox Begins Operations

Line Corporation, a Japanese Internet firm and the operator of the country’s most popular messaging app, have today launched their new cryptocurrency exchange platform, Bitbox. The crypto-to-crypto exchange platform, operated by Singapore-based subsidiary Line Tech Plus, allows for the trading of 28 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for users around the globe […]
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Japan’s Financial Regulator Begins On-Site Inspections Of Cryptocurrency Exchanges

Japan’s financial regulator said on Friday that it has begun on-site inspections of cryptocurrency exchanges following the hack of Coincheck last month.

After the late-January theft, the Financial Services Agency (FSA) requested cryptocurrency exchange operators in Japan, both licensed and those awaiting approval, to report to the authority on how they manage risks to protect customer assets.

The FSA searched Coincheck’s offices last week after slapping the company with an administrative order. Officials have suggested Coincheck lacked proper security measures, making itself vulnerable to theft.

“We have started on-site inspections on multiple operators to examine their internal management systems, including system risk management,” Financial Services Minister Taro Aso told reporters after a Cabinet meeting.

The FSA said the inspections will be expanded to all cryptocurrency exchanges in the country over the next few months, according to Japan Today. Japan has 16 licensed cryptocurrency exchanges and another 16 exchanges awaiting approval.

Hackers stole US$530 million worth of NEM cryptocurrency (XEM) from Coincheck in late-January, surpassing the US$480 million in cryptocurrency stolen in 2014 from MtGox.

Coincheck said it would reimburse customers who lost money and the NEM.io Foundation, the Singapore organization representing the peer-to-peer NEM blockchain platform, said it has developed an automated tagging system to trace the stolen funds with the objective of identifying wallets holding stolen funds.

Local authorities are currently investigating the theft in cooperation with foreign authorities but Japan’s media have already reported that hackers may have accessed the platform from abroad.

The Yomiuri Shimbun cited unnamed police sources as saying Coincheck was illegally accessed through servers in the US, Germany and the Netherlands in the days before it was hit.

The Asahi Shimbun daily reported that some of the stolen cryptocurrency were transferred to nine cryptocurrency exchanges in such locations as the US, the Czech Republic, and New Zealand in an exchange called Cryptopia.

An analysis of transactions records found that the hacker had stored the stolen NEM cryptocurrency in 45 different accounts as of early February 8.

Reuters reported earlier this week that according to South Korea’s intelligence agency, North Korean hackers could have been behind the thief.

Major South Korean E-Commerce Firm’s Integration of Cryptocurrencies Will Fuel Adoption

WeMakePrice, one of South Korea’s largest e-commerce platforms, will integrate 12 cryptocurrencies including bitcoin, Ethereum, EOS, Ripple, Qtum, and Bitcoin Cash to its existing payment application, to allow its consumers to pay for products using cryptocurrencies.

Local mainstream media outlets have reported that WeMakePrice will partner with Bithumb, the country’s largest cryptocurrency exchange to integrate all 12 cryptocurrencies listed on the exchange.

In the upcoming weeks, the two companies will work together to integrate Bithumb’s payment system into the existing infrastructure of WeMakePrice to ensure that consumers can seamlessly transact using cryptocurrencies.

The company’s spokesperson told HanKyoReh in an interview:

“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.”

WeMakePrice

WeMakePrice, headquartered in Seoul, is an influential e-commerce company and retailer in South Korea that has gained massive success by offering quick and cheap deals through its mobile applications.

The integration of cryptocurrencies by a company the size of WeMakePrice is expected to fuel the demand for cryptocurrencies by local investors, especially given the current state of the market.

In recent weeks the South Korean cryptocurrency market has faced several hindrances including the government’s decision to strictly regulate the sector and the abrupt decision from Kookmin Bank, the largest bank in the country, to stop offering virtual bank accounts to cryptocurrency exchanges, which are necessary for local trading platforms to operate.

Almost immediately after the decision was announced, six major banks including Shinhan Bank, the country’s second-biggest bank, announced that they will provide support to cryptocurrency exchanges. Consequently, the Korbit team stated:

“in order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018,” further emphasizing that both existing and new investors will only be able to trade using Shinhan Bank accounts.

WeMakePrice’s decision to integrate cryptocurrencies is the most positive piece of news from South Korea in recent weeks and is likely to please local investors. WeMakePrice is also the first major e-commerce platform to adopt cryptocurrencies in South Korea. As such, it is possible that competitors may also look to accept cryptocurrencies for their businesses to address the growing demand from South Korean investors.

Gibraltar Blockchain Exchange Lists Crowdvilla Token, Third Project Launched

The Gibraltar Blockchain Exchange (GBX) Grid has revealed the third project to be listed on its platform: Crowdvilla, a blockchain-based startup that is aiming to democratise real estate ownership worldwide. Located in Singapore, Crowdvilla is based on the concept of the common good. It is a non-profit organisation that wants to ‘provide true sharing of its […]
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Philippines Central Bank Approves 2 Cryptocurrency Exchanges

Two new cryptocurrency exchanges have been authorized by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, to process conversions between cyrptocurrencies and the Philippine peso. BSP’s deputy governor Chuchi G. Fonacier said the Philippines central has approved applications filed by Virtual Currency Philippines, Inc. and ETranss as platforms, reports the Philippine Star. This […]
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Swiss Stock Exchange Operator SIX to Launch DLT-Based Exchange for Digital Assets

SIX, the financial services provider that operates the infrastructure of the Swiss Stock Exchange, is building a fully integrated trading, settlement and custody infrastructure for digital assets. The first set of services will be rolled out in the first half of 2019, the firm said on Friday. The move aims to position the firm as […]
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Report: More than US$750M Stolen from Crypto Exchanges in First Half of 2018

The first half of 2018 has seen more than US$750 million worth of cryptocurrency stolen from exchanges, nearly three times as much as in all of 2017. The losses could rise to US$1.5 billion this year, according to a new report by CipherTrace, a US-based cybersecurity firm that develops blockchain security, anti-money laundering (AML) compliance […]
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