#CryptoCorner; #Pakistan Bans #Crypto Transactions, Indian #Exchanges Look Abroad and More #FSA Crackdowns
#CryptoCorner; #Pakistan Bans #Crypto Transactions, Indian #Exchanges
Look Abroad and More #FSA Crackdowns
Point Roberts, WA, Delta BC – April 9, 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.
Crypto Corner –April 9, 2018
By Samuel Mowers at Investorideas.com
Pakistan Bans Crypto Transactions, Indian Exchanges Look Abroad and More
FSA Crackdowns
The State Bank of Pakistan (SBP) has issued a statement that it is banning all banks from partaking in the transaction of
cryptocurrencies or ICOs.
The statement explains that cryptocurrencies
“potentially can be used for facilitating illegal activities” and lists the
following risks that individuals would have no legal protection from:
a) High
price volatility as investments tied to Virtual Currencies are highly unstable
and are primarily based on speculations;
b)
Failure/closure of Virtual Currency exchanges/businesses due to any
reason including action by law enforcement agencies; and
c)
Hacking/security compromises of crypto currency exchanges and wallet
businesses as a number of instances have been recorded around the world where
huge amount of funds have been lost due to the exchange/wallet operations being
hacked/compromised.
This follows a similar move by the Reserve Bank of
India (RBI), which announced a ban on crypto trading on Thursday. In the wake of this, the Economic Times reports that cryptocurrency exchanges like Zebpay, Unocoin, CoinSecure,
BuyUcoin and BTCX India are considering moving their operations outside of
India.
“Most
cryptocurrency exchanges now fear that the RBI’s announcement could be a death
knell for the business and they would find it difficult to operate in the
country.
“We have to
move our company to some foreign country where regulations allow opening of
bank accounts plus we won't be dealing in fiat currency. It will become a
global operation rather than an India centric operation,” said Shivam Thakral,
CEO, BuyUcoin, a cryptocurrency wallet and exchange.”
Japan’s
Financial Services Agency (FSA) continues to penalize
crypto exchanges for not complying with recent regulation. CoinDesk reports that Eternal
Link and FSHO have been ordered to halt their operations for two months.
Through
its months-long inspection, the agency alleged the two operators had not
properly required to customers to provide information such as purposes of
trades. They had also not implemented procedures around reporting suspicious
transactions to the FSA.
The
failure to put such anti-money laundering efforts in place is not in compliance
with the Act on Prevention of Transfer of Criminal Proceeds, the agency said.
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