South Korea will adopt “reasonable” regulations for cryptocurrency exchanges but not ban them, sources report Tuesday. ‘Reasonable Requirements’ Uploading information from local news outlet Daum.net, Stellar co-founder Joyce Kim confirmed that contrary to previous beliefs, trading would remain legal in the country. “The Korean (government) will regulate bitcoin exchanges but not ban them,” Kim wrote on Twitter late Monday. Exchanges will have 6 reasonable requirements on KYC/AML, key storage, separation of fiat into 3rd party
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While China’s Localbitcoins market sets new records, investors appear to be piling in to a brand new Ethereum-based asset – OneCoin. CEO: We Didn’t Want The Speculation As Quartz reports Monday, the unfortunately named OneCoin, which domestic tech company Xunlei released in October, since achieved an all-time high of 80 times its original price. China has sought to ban crypto-to-fiat trading this year by closing down exchanges, and has also prevented any ICOs from raising
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The same week China banned ICOs outright, Hong Kong regulators have released a “cautionary statement” to prospective investors. Hong Kong Stays Softer On ICOs The Chinese autonomous territory, despite the increasing influence from Beijing on its internal affairs, has so far opted to follow the example set by more lenient jurisdictions regarding cryptocurrency regulation. The statement, which was publicly published Tuesday on the Hong Kong Securities and Futures Commission (SFC) website, reiterates the message that
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Chinese Bitcoin miners are deliberately shutting down operations due to worries over future regulatory pressure. Chinese Abandoning ‘Legal’ Mining As the traders begin withdrawing BTC under new laws, mining farms in the country’s Szechuan province are concerned a lack of rules for them might lead to repercussions. “Bitcoin regulation that the central bank conducted mainly focused on financing and leveraging trading among platforms,” Zhang Jun, a senior analyst at Tai Cloud Research Institute, told YiCai Global.
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On August 31, 2016, Coinfirm and Billon announced a partnership to make blockchain transactions more in-line with Anti-Money Laundering laws (AML), helping companies that deal with blockchains to better comply with the law. Also read: KIBO: Creating the World’s First Blockchain Lottery Blockchains Better Complying with Regulations The two blockchain-focused companies have joined forces in an attempt to bring digital currency and blockchain transactions into the institutional and mass market. According to the press release about the partnership,
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The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital
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FinCen has issued two basic administrative rulings over digital currencies; The first one relates to the application of FinCEN regulations to a virtual currency trading platform, while the second discusses the application of FinCEN regulations to a virtual currency payment system.