#CryptoCorner; Japan’s FSA Targets Privacy-Oriented #Altcoins, #Binance Signs Deal with Bermuda and the Market Shows Stability
#CryptoCorner; Japan’s FSA Targets
Privacy-Oriented #Altcoins, #Binance Signs Deal with Bermuda and the Market
Shows Stability
Point Roberts, WA, Delta BC – April 30, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
By Samuel Mowers at Investorideas.com
Japan’s FSA Targets
Privacy-Oriented Altcoins, Binance Signs Deal with Bermuda and the Market Shows
Stability
Japan’s Financial Services Agency (FSA) is
pressuring cryptocurrency exchanges to drop privacy-oriented altcoins,
according to a piece in Forbes. Coins
such as Monero (XMR), Dash (DASH), and Zcash (ZEC) are being targeted as they
are sometimes “favoured by criminals and hackers”:
“Sources close to the FSA confirmed that they were
taking all available steps to discourage the use of certain alternative virtual
currencies that have become attractive to the underworld because they are
difficult to track. In September of last year, the European Union’s law
enforcement agency, Europol, released a report that warned “other
cryptocurrencies such as Monero, Ethereum and Zcash are gaining popularity
within the digital underground.” Criminals, who were some of the earliest
adopters of Bitcoin, have increasingly dropped that cryptocurrency for
transactions in favor of Monero and other less traceable "altcoins."”
Cryptocurrency giant Binance recently signed a
memorandum of understanding (MOU) with Bermuda’s Premier and Minister of
Finance, David Burt. Bernews, a Bermudan news outlet, reported on the press conference held on April
27, in which Burt outlined the benefits proposed by Binance in the MOU:
1. Develop its global compliance base in Bermuda,
creating at least forty [40] jobs in Bermuda, with at least 30 jobs for
Bermudians;
2. Through the Binance Foundation sponsor
university-level training for Bermudians in blockchain technology development
and compliance in an amount up to US$10 million;
3. Through Binance Labs make up to US$5 million
available for investments in new Bermuda based blockchain companies;
4. As soon as practicable, develop a Digital Asset
Exchange in Bermuda subject to all required legal and regulatory processes; and
5. Work collaboratively with the Government of
Bermuda and all necessary oversight agencies in the development and improvement
of a robust legal and regulatory framework.
Coming out of the weekend, the total cryptocurrency
market cap is about $430 billion USD at press time. This is roughly $15 billion
USD higher than it was going into the weekend. Most of the top coins have
remained stable throughout the weekend, following a correction in the market in
the middle of last week. EOS (EOS) has notably seen a drop in price of nearly
ten percent in the last 24 hours, trading at about $18.75 USD at press time
after reaching $22 USD yesterday.
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