#CryptoCorner: Japan's #Crypto Space Officially Recognized as Self-Regulating, #Coinbase and Circle Launch #Stablecoin USDC
October 24th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 24, 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.
Japan's Crypto Space Officially Recognized as Self-Regulating, Coinbase and Circle Launch Stablecoin USDC, Coinbase Approved for Custody Services in New York State and Taiwan Drafting ICO Regulation for June 2019
The Japanese Virtual Currency Exchange Association (JVCEA) has been granted official status as self regulator of the crypto space in Japan by the country's Financial Services Authority (FSA), according to a notice today. This gives the industry the ability to formulate rules and policies to protect customers' assets. Reuters quotes an unnamed FSA official, who explains the move.
"It's a very fast moving industry. It's better for experts to make rules in a timely manner than bureaucrats do."
Crypto exchange giant Coinbase and blockchain payments company Circle have partnered to launch a new stablecoin, according to a blog post yesterday. Called USDC, the coin "is a 1:1 representation of a US dollar on the Ethereum blockchain". From the announcement:
The advantage of a blockchain-based digital dollar like USDC is easier to program with, to send quickly, to use in dApps, and to store locally than traditional bank account-based dollars. That's why we think of it as an important step towards a more open financial system.
Yesterday also saw Coinbase being approved by the New York State Department of Financial Services (DFS) to offer crypto custody services in the state. The company's wholly-owned subsidiary, Coinbase Custody Trust Company LLC, has been approved to offer custody services for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC) XRP and Litecoin (LTC).
The Taipei Times reports that Taiwan's Financial Supervisory Commission (FSC) is drafting ICO regulations, and aims to have them completed by June 2019. FSC chairman, Wellington Koo, indicated, however, that the body would not regulate cryptoassets that were not ICOs, as it may stifle innovation.
"The commission has no intention of curbing the creativity and productivity associated with cryptocurrencies if they are not used as securities. The more we regulate, the more this new economic behavior wanes."
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