In the latest cryptocurrency news, we have the Japanese Financial Services Agency (FSA) and a number of even 190 cryptocurrency exchange license applications that this regulator has received. According to an unnamed FSA staff member, the FSA has given the local crypto industry a self-regulatory status and with that certified the Japanese Virtual Currency Exchange Association (JVCEA) to oversee the place.
The JVCEA is currently expected to develop some anti money laundering (AML) standards providing guidelines to the crypto exchanges. From what we know so far, such a license was recently granted to the cryptocurrency exchange Coincheck, after which it was hacked and received two business improvement orders from the FSA, which were focused on setting higher standards for customer protection and AML measures.
According to the commissioner of Japan’s FSA and his statement in August this year, the agency wished the crypto industry could “grow under appropriate regulation” but the also has “no intention to curb the crypto industry excessively.”
As the crypto and blockchain industries are growing in Japan, so is the FSA which recently went a major overhaul in order to deal with the fintech-related fields – including cryptocurrencies – in a better way.
Right now, the Strategy Development and Management Bureau is looking to develop a financial strategy policy and handle issues that address the digital currency market, fintech, as well as the money laundering space.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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