#CryptoCorner: #Square (NYSE: $SQ) is Granted NY #BitLicense, Japan’s FSA to Issue ‘Business Improvement Orders’ to at Least 5 Exchanges and Bank of Korea Rules Out Central Bank Digital Currency
#CryptoCorner: #Square (NYSE: $SQ) is Granted NY #BitLicense,
Japan’s FSA to Issue ‘Business Improvement Orders’ to at Least 5 Exchanges and
Bank of Korea Rules Out Central Bank Digital Currency
Point Roberts, WA, Delta BC –June 19, 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 –June 19, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/06191SqureBitLicenseFSABankOfKorea.asp
Square is Granted NY BitLicense, Japan’s FSA to Issue ‘Business
Improvement Orders’ to at Least 5 Exchanges and Bank of Korea Rules Out Central
Bank Digital Currency
The New York State Department of Financial Services
(DFS) has granted digital payments company Square a virtual currency license,
or BitLicense, according to a report
yesterday. DFS superintendent Maria T. Vullo made the announcement:
“DFS is
pleased to approve Square’s application and welcomes them to New York’s
expanding and well-regulated virtual currency market. DFS continues to work in
support of a vibrant and competitive virtual currency market that connects and
empowers New Yorkers in a global marketplace while ensuring strong
state-regulatory oversight is in place.”
This marks the
seventh BitLicense granted by the DFS, following licenses to Xapo, Inc.,
Genesis Global Trading Inc., bitFlyer USA, Coinbase Inc., XRP II and Circle
Internet Financial.
Nikkei reports that Japan’s Financial Services Agency (FSA) will
issue “business improvement orders” to at least five crypto exchanges in the
country. Among the exchanges targeted are bitFlyer, Quoine, Bitbank, BITPoint
Japan and BtcBox.
Upon
inspections, the agency concluded there were flaws in the exchange operators'
internal management systems, such as measures to prevent money laundering. The
FSA intends to hand down the improvement orders by the end of this week.
South Korea’s
central bank, the Bank of Korea (BOK), has come out against the idea of a
central bank digital currency (CBDC), according to a piece in the Korea Times today. The BOK cited concerns of market destabilization
that might accompany the adoption of CBDC, as well as characterizing crypto as
not being genuine currency.
"We
reviewed the possible feasibility of digital currencies as currency; however,
our thoughts are that digital currencies have been exposed to various
categories of risk associated with credit, liquidity and legal
management," Kwon Oh-ik, a researcher at the bank's economic research
institute, said in the report. "Digital currencies don't perform as
money."
Sam Mowers, Investorideas
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