Category: Cryptocurrency market news

October 5th, 2017 by VK-edit

Virtual Kash previously reported that Malaysia was planning to set guidelines on crypto-currencies by the end of 2017. Tan Sri Muhammad Ibrahim, Bank Negara’s governor, has now said that they would “in less than 3 months” make a decision on whether crypto-currencies can be a legal investment scheme in Malaysia.

Tan Sri Muhammad Ibrahimsaid that if Bank Negara decided to accept crypto-currencies, guidelines would soon be issued. A possibility is that Bank Negara could place a ban on cryptocurrencies such as bitcoin, following China’s example.

In January 2014, Bank Negara stated that bitcoin is not recognised as legal tender in Malaysia. 

Some countries, the main one being Japan, have legalised crypto-currency and allowed legal crypto-currency exchange operators.

But China recently banned initial coin offerings (ICOs) and China-based crypto-currency exchanges had to  end trading by end of September. Then recently, South Korea also announced a ban on domestic ICOs and margin trading in cryptocurrencies.

 

Posted in Cryptocurrency market news, Initial Coin Offering ICO news

October 4th, 2017 by VK-edit

In an effort to help protect consumers, the US Securities Exchange Commission (SEC) has announced  the creation of two new units – the Retail Strategy Task Force and the Cyber Unit – in its Enforcement Division to combat cyber-based threats and protect the interests of retail investors.

The SEC wants to implement stricter rules and regulations for companies looking to raise funds through Initial Coin Offering (ICO). The SEC will also have clearer grounds to control companies that do not comply with its rules.

Cyber-related threats are among the greatest risks facing investors. The Cyber Unit will enhance the SEC’s ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance.

The Retail Strategy Task Force is mandated to develop proactive and targeted programs to identify illegal activities that adversely affect retail investors such as the sale of unsuitable structured products and micro cap pump-and-dump schemes.

The task force will include SEC enforcement personnel across the country and will collaborate with the agency’s units, including the National Exam Program and the Office of Investor Education and Advocacy.

The Cyber Unit will focus on identifying and preventing cyber-related misconduct, such as market manipulation scams through electronic and social media, violations involving distributed ledger technology (DLT) and initial coin offerings (ICO) and cyber-related threats to trading platforms and other critical market infrastructure.

 

 

Posted in Cryptocurrency market news, Initial Coin Offering ICO news

October 3rd, 2017 by VK-edit

Ripple has announced the opening of a new office in Singapore. This completes their current international set up with offices in San Francisco, New York, London, Sydney, India, and Luxembourg.

Dilip Rao, managing director for Ripple APAC, said, “Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems. In fact, one of the key themes raised during the Prime Minister’s recent National Day Rally was the importance of digitizing payments in the country’s aim to become a Smart Nation.”

“Our new office can support this ambition and equally brings us closer to our customer base across the Asia-Pacific region, enabling banks, payment providers and corporates to make instant payments into-and-out of the country using blockchain. As a leading trade and fintech hub, Singapore offers Ripple leverage in the region as we expand our global footprint.”

Singapore has stated ambitions to be the world’s leading fintech and innovation hub. It is also one of the biggest and busiest global trade centers with many large, multinational companies basing their regional treasury offices in the country. For these reasons, and to support our rapidly-growing customer base across Asia-Pacific markets – including Standard Chartered, a Ripple investor, member of the RippleNet Advisory Board, and early adopter of blockchain technology to power payments.

The World Economic Forum rates Singapore as the world’s most open and trade-friendly economy, with competitive institutions, policies, infrastructure and services to encourage the free flow of products and services. Impressively, Singapore’s trade stands at 2.7 times its GDP; it is on track to become the biggest commodity trading hub worldwide; and it is the leading trading hub for Asian currencies in the banking industry.

Singapore’s trade flows – worth about $550 billion annually and projected to grow significantly – coupled with its aspirations to become the leading fintech center, are set to drive the demand for more efficient payments. We are already seeing huge demand for our enterprise blockchain payments solution from local banks, as well as payment providers and corporates across the region more broadly.

 

Posted in Cryptocurrency market news, Ripple and XRP news

October 2nd, 2017 by VK-edit

Following China’s ban on Initial Coin Offerings (ICOs) last month, South Korea’s financial regulator have now followed suit and have banned local businesses from participating in ICOs. 

South Korea’s Financial Services Commission now prohibits all forms of the blockchain funding method  as well as margin trading of virtual currencies. They stated that they will crack down on offenders with severe penalties.

The FSC also intends to review the operations of digital currency companies, which may lead to on-site inspections and the analysis of digital currency accounts.

Arrest were recently made and companies shut down after a scan marketing fake crypto-currencies defrauded local investors. 

South Korea has recently benefited for China’s ban on exchanges, with a sharp increase in crypto-currency trading, with South Korean digital currency exchanges such as Bithumb seeing a strong influx of transactions. A number of Chinese exchanges are likely to shift their operations to Japan, South Korea and Hong Kong.

Ether prices have been impacted as a result of this new ICO ban, but slightly rebounded shortly afterwards.

Posted in Cryptocurrency exchange news, Cryptocurrency market news, Ethereum and Ether news, Initial Coin Offering ICO news

September 29th, 2017 by VK-edit

Dunamu is launching the Upbit digital currency exchange, with the aim to become the largest digital currency exchange in South Korea.

Upbit will trade over 110 crypto-currencies, such as bitcoin, ethereum, litecoin and ripple. By comparison, most exchanges in Korea usually trade less than 10 different digital currencies.

Dunamu signed an exclusive partnership agreement with Bittrex, the digital currency exchange based in the USA.

Pre-registration for Upbit began on 25 September. Pre-registered users will then be entered into a drawing to receive one coin from the list of crypto-currencies which will trade on Upbit, including bitcoin.

Upbit will provide users with Bitgo wallets tand Kakao Pay authentication for added security. Upbit will be available on both Android and iOS, as well as online. 

South Korean fintech company Dunamu is affiliated with Kakao Corp, which owns Kakao Talk, Korea’s leading smartphone messenger app.

 

Posted in Cryptocurrency exchange news, Cryptocurrency market news

September 28th, 2017 by VK-edit

Mining is the process of adding transaction records to a crypto-currency’s blockchain. Mining is designed to be resource-intensive and difficult so that the number of new blocks remains under control. Mining is also the mechanism used to introduce new Bitcoins or other crypt-currency, where miners are paid transaction fees and newly created coins.

Some websites have recently tried to utilize their users’ processing power for crypto-currency mining, and without their user’s knowledge or approval.

Pirate Bay have used a javascript miner to get their users’ computers to mine Monero. And the Showtime cable network site owned by CBS also followed a similar path this month, and also without their users’ consent.

In reply to users’ complaints, both Pirate Bay and Showtime stopped this shadow mining practice. Pirate Bay presented it as a test in their official statement: “As you may have noticed we are testing a Monero javascript miner. This is only a test. We really want to get rid of all the ads. But we also need enough money to keep the site running”

 

While the majority of users are unlikely to be happy with the additional strain on their computers, a few users have replied that they could accept their computers being used for mining in exchange for free subscription or the removal of adverts. 

In any case, ad-blockers can be used to prevent the running of javascript miners and similar code.

Posted in Cryptocurrency market news, Monero news

September 27th, 2017 by VK-edit

Emcredit is partnering with Britain’s Object Tech Group to develop contactless payments on smartphones, using the emCash digital currency in Dubai.

emCash will be the digital currency in the emPay wallet and will be used to pay for a number of services, both in the private sector and government based.

emPay will allow the UAE residents to make varied payments through the near field communication (NFC) option on their smartphones.

emCash is expected to accelerate Dubai’s evolution into a smart economy. It should simplify and improve how to do business in Dubai. emCash should also help reduce fraud and inflation.

Emcredit is a subsidiary of Dubai Economy.

 

Posted in Cryptocurrency market news

September 26th, 2017 by VK-edit

A consortium of Japanese banks plan to launch the J Coin digital currency in time for the Tokyo Olympics in 2020. The J coin will be convertible into yen, and can be used to buy goods and and services, via a smartphone app or by scanning a QR code. 

It is expected that the banks will provide this service for free and shops won’t have to pay banks a fee, unlike with credit or debit cards.

This is not the first crypto-currency experiment by Japanese banks: MUFG previously developed the MUFG coin, its own blockchain currency. The MUFG coin might be linked or join the J coin, but the topic is still open.

Japanese are still heavy users of cash, with typically up to 70 percent of transactions being made in cash, while the ratio in most other developed countries is closer to 30 percent. As such, the J coin may present an alternative to the Yen. By reducing cash handling and settlement costs, the J coin or electronic currencies may be contribute an extra Yen 10bn to the economy.

The J coin may be also a way to counter Alibaba’s Alipay, which was recently launched in several Japanese cities.

 

Posted in Cryptocurrency market news

September 25th, 2017 by VK-edit

Before 2017, there were only five completed ICO projects in China. In the first half of 2017, this mushroomed to 65 ICO projects in China, for a total amount of RMB 2.6bn.

This bubble is likely to burst as 17 crypto-currency trading platforms have now publicly announced that they are going to stop crypto-currency trading in Shanghai. BTCChina, Binance, SZZC, Lhang, ETCWin, Bitekuang, 51SZZC, Hanbiwang, Bitbill, 19800Net, FreeWillex, ICOAGE, 91ICO, ICOrace, ICOfox, ICORaise and ICO17 will no longer be involved in ICOs.

This follows the announcement earlier this month PBOC that ICOs are illegal. The government of Shanghai later instructed crypto-currency trading platforms to stop trading by end of September. 

The management of these platforms have been asked to cooperate with the refunding activities and stay in Shanghai until it is done. 

Investors are being offered refunds, and more than 90 percent of ICO projects have been refunded. However a number of investors have expressed they would prefer not to accept these refunds, as the prices of some tokens have increased. 

 

Posted in Cryptocurrency exchange news, Cryptocurrency market news, Initial Coin Offering ICO news

September 22nd, 2017 by VK-edit

South Korea’s daily Bitcoin trading volume has now overtaken the Chinese market’s third position, behind Japan and the USA. However Japan remains by far the most dominant bitcoin market in the work, at just under 50% of the global market share.

Prior to the recent Chinese ban, China represented over 10% of the bitcoin market.

The largest South Korean exchange, Bithumb, is now the largest crypto-currency trading platform in the world, with a trading volume larger than that of Bitfinex and Bittrex combined.

This comes at a time when Bitcoin remains stable near the $4,000 mark, following a sharp correction from its recent $5,000 high.

Posted in Cryptocurrency market news