#CryptoCorner: #Litecoin Foundation Acquires 9.9% of WEG Bank, Partners with #TokenPay, South Korean Lawmakers to Propose #Crypto Legislation and Philippines Grants Licenses for Three Exchanges
#CryptoCorner: #Litecoin Foundation Acquires 9.9% of WEG Bank, Partners
with #TokenPay, South Korean Lawmakers to Propose #Crypto Legislation and
Philippines Grants Licenses for Three Exchanges
July 11th #CryptoCorner and Podcast sponsored by Crypto
payment tech, #Flip @FlipToPay ($NXTD)
Point Roberts, WA, Delta BC – July 11, 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 – July 11, 2018
Read this in full at http://www.investorideas.com/news/2018/crypto-corner/07111Litecoin-TokenPay-SouthKorea-Phillippines.asp
Litecoin Foundation
Acquires 9.9% of WEG Bank, Partners with TokenPay, South Korean Lawmakers to
Propose Crypto Legislation and Philippines Grants Licenses for Three Exchanges
Litecoin
Foundation, the Singapore-based non-profit that supports Litecoin (LTC), has
acquired 9.9 percent of Germany’s WEG Bank, according to a press release yesterday. This share had
previously been acquired by TokenPay, a blockchain development company, and has
now been transacted to Litecoin Foundation in exchange for “broad and
comprehensive marketing and technology service agreement to benefit TokenPay
and its related cryptocurrency and business operations.”
Charlie Lee, Litecoin Foundation’s
managing director said of the transaction:
“This partnership is a huge win-win for
both Litecoin and TokenPay. I’m looking forward to integrating Litecoin with
the WEG Bank AG and all the various services it has to offer, to make it simple
for anyone to buy and use Litecoin.”
A piece in the Korea Times today reports that South Korean
legislators are introducing drafts of bills to regulate the crypto market
during the country’s National Assembly between July 13 and July 16. There are
bills being proposed by all three of South Korea’s major parties, including the
ruling Democratic Party of Korea, Liberty Party Korea and Bareunmirae Party.
Furthermore, Liberty Party Korea’s Rep. Song Hee-kyung will host a policy
debate on crypto exchange security on July 19, which will be co-hosted by The Korea Internet and Security Agency
(KISA).
The Cagayan Economic Zone Authority
(CEZA), a special economic zone of the Philippines, has granted provisional
licenses to three new crypto exchanges according to a report in the Manila Times. Two of the exchanges are from
Hong Kong, with one being identified as Golden Millennial Quickplay Inc., and
one from Thailand. Regulations of CEZA require companies to invest $1 million
USD within their first two years of operations so as to weed out scam ICOs.
CEZA deputy administrator for planning
and business development Raymundo T. Roquero explained the various fees
associated with operating in the zone:
“When they apply, they will pay an
application fee of $100,000 and a ]license fee of $100,000. Then you go into
probity checks, then application programming integration (API), which costs an
additional $100,000.”
Roquero cited the robust regulation of
the zone as the reason 70 companies had submitted applications to operate.
“Companies want to invest here because we
are the first to provide rules and regulations for cryptocurrencies,” he added.
Sam Mowers, Investorideas
Crypto Corner Sponsors:
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