#CryptoCorner: Coinbase Encouraged by Japan's FSA Toughness, Bitcoin.com Plans to Launch Exchange According to CEO Roger Ver
October 10th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 10, 2018 (Investorideas.com Newswire) 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, now available in podcast.
Coinbase Encouraged by Japan's FSA Toughness, Bitcoin.com Plans to Launch Exchange According to CEO Roger Ver, Singapore's Monetary Authority Wants to Bring Banks and Crypto Startups Together and New Research Shows Crypto Hedge Fund Launches Accelerating from 2017
Nikkei Asian Review reports that Coinbase is encouraged by Japan's tough scrutiny on the crypto sector as they try for approval to operate in the country. The company's chief policy advisor, Mike Lempres, affirmed that Coinbase has a robust level of security to assure Japan's Financial Services Authority (FSA), and that licensing talks are "going well". A potential difficulty, however, may result if the FSA requires Coinbase's exchange to be managed in Japan.
"We have everything built to protect our storage... in the U.S. We won't do anything to even raise possibility of a hack. It would be hard for us to duplicate what we do in the U.S. today in Japan and other countries."
Roger Ver, the CEO of Bitcoin.com, a crypto wallet provider, told Bloomberg that the company plans to buy or develop its own exchange.
"If we build it ourselves, we can do it really, really cheap, and we get exactly what we want," he said of the the firm's early-stage plans. "But we don't have the security of a battle-tested exchange that's been around for a while."
Ver is a strong proponent of Bitcoin Cash (BCH) and said it would be the base-currency for the planned exchange.
An article on Bloomberg yesterday reported that Singapore's central bank and financial regulator wants to cultivate the fintech sector by making it easier for crypto startups to start working with banks. Ravi Menon, the managing director of the Monetary Authority of Singapore, emphasized that growth would not be achieved by relaxing regulations, but to get crypto firms and banks together.
"We should not be trying to create an extremely lax regulatory environment in order to attract that kind of business. What we are trying to do is to bring the banks and cryptocurrency fintech startups together to see if there is some understanding they can reach."
Recent data from Crypto Research Fund shows that, despite the bear market seen so far this year, the launch of new cryptocurrency investment funds has actually accelerated from 2017. This year crypto hedge funds are projected to reach 120, up from 118 in 2017 and 21 in 2016. This contrasts with the decline in all hedge funds launched this year, which is projected to be 596, down from 735 last year. When crypto funds based on venture capital and private equity are included, the total projection for this year comes to 220 new crypto funds.
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