South Korean digital currency exchange Bithumb has reportedly reopened registration features for new customers, after reaching a new bank services agreement with its banking partner, Nonghyup Bank. That agreement includes greater real-name registration protections that comply with the government’s focus on eliminating anonymous digital currency trading, according to Yonhap News.
Cryptocurrency custodial services firm Kingdom Trust confirmed on Tuesday that its roughly eight-year quest to obtain insurance has been successfully concluded. According to Reuters, the company has secured insurance coverage through the Lloyd’s of London marketplace.
North Korea reportedly plans to host an international blockchain conference in October, according to Yonhap and other media outlets in Asia. The news was first reported by U.S.-based Radio Free Asia and suggested that the conference would bring together blockchain experts from other nations and include planned meetings with North Korean business officials.
The Reserve Bank of India has launched a research unit to explore cryptocurrency, blockchain, and other emerging technologies like artificial intelligence, according to a report in the Economic Times.
A New York federal court delivered a major win to the Commodities Futures Trading Commission this week with a permanent ban against cryptocurrency operator CabbageTech Corp, according to reporting from Bloomberg. In addition to the ban, Judge Jack B. Weinstein also ordered CabbageTech head Patrick McDonnell to pay more than a million dollars in restitution and penalties.
Japan’s new Financial Services Agency commissioner, Toshihide Endo, signaled this week that his agency does not intend to place burdensome regulations on the cryptocurrency industry. In an interview with Reuters, Endo suggested that the FSA is focused on enabling continued innovation in the crypto space, while providing greater protections for consumers.
Governing bodies have been the sole arbiter of sanctions and stimulus for too long now, and the people have very little control over economic matters that affect their own lives. Ordinary people often lack a voice on the stage where these matters are discussed, and even if they had a voice, they have no real leverage to bring to the negotiating table. Most ordinary people face heavy burdens from debt, liabilities, lack of liquid assets, many fail to grasp basic economic concepts, and there are a lot of people who couldn’t care less. It is high time that people who do care take back control of their own lives, begin reducing nanny state economic controls, and embrace the free market on a society wide level.
SEC staff rejected a number of proposed Bitcoin ETFs on Wednesday, citing concerns about potential market manipulation and fraud. One day later, SEC Commissioner Hestor Peirce announced via Twitter that the rejection decision has been stayed pending a full Commission review by the regulatory agency’s four commissioners.
Ohio Republican Representative Warren Davidson has reportedly invited cryptocurrency industry leaders and other interested parties to Capitol Hill on September 25, to participate in an ICO regulatory forum.
Venezuelan banks shut their doors on Monday to prepare for the country’s newly-issued ‘sovereign bolivar’ currency, part of President Nicolas Maduro’s newest plan to combat Venezuela’s out-of-control inflation. The new currency has already drawn fire from many observers, due to the government’s decision to back the sovereign bolivar with its petro cryptocurrency – a controversial digital currency that is allegedly backed by the country’s oil reserves.
A group of four digital currency exchanges issued a press release Monday announcing the formation of the Virtual Commodity Association (VCA) Working Group. The VCA plans to hold its inaugural meeting next month, when representatives from Gemini Trust Company, bitFlyer USA, BitStamp, Inc., and Bittrex will gather to discuss the creation of an industry-led self-regulatory organization (SRO).
Chinese authorities have reportedly arrested three suspected hackers believed to be responsible for the theft of about $87 million in cryptocurrency, according to The Jakarta Post. The arrests were made after a lengthy investigation that began in March 2018 to examine complaints that hackers stole roughly $15 million of Bitcoin and ether by seizing control of a computer.
25-year-old Serbian and Italian citizen Martin Marisch was arrested at San Francisco International Airport on August 8 and charged with an alleged hack of Electronic Art’s gaming servers that resulted in the theft of roughly $324,000 of EA’s in-game currency. On Thursday, a federal court judged ruled that he could be released to a halfway house while awaiting trial, if he paid $750,000 bail using Bitcoin or some other form of cryptocurrency.
On Friday, The UK Financial Conduct Authority (FCA) published an updated warning on its website about the danger of cryptocurrency investment scams, advising consumers to be skeptical of online ads that promise “high returns on investments in cryptocurrencies.” The warning also reminded consumers that the FCA has no regulatory authority over cryptocurrencies.
California resident Michael Terpin has filed a lawsuit against telecommunications firm AT&T, alleging that the company’s negligence caused him to suffer cryptocurrency losses totaling about $24 million. He filed the complaint in a Los Angeles District Court on Wednesday, according to a report from CNBC that noted the full scope of damages sought by the plaintiff:
In a recent interview with Bloomberg at the Players Technology Summit in San Francisco, Coinbase CEO Brian Armstrong said that Bitcoin adoption and use is growing every year. However, he suggested that real mass adoption of Bitcoin as a payment solution is going to take time. Armstrong compared the industry’s growth with that of the internet nearly two decades ago:
The U.S. Securities and Exchange Commission’s Office of investor Education and Advocacy recently published a new Investor Alert focused on risks associated with unregulated self-directed Individual Retirement Accounts. The alert advised investors to be cautious when dealing with this type of IRA, citing “unique risks” that include potential investment in digital assets like cryptocurrency:
In an August 12 announcement, Saudi Arabia’s Standing Committee for Awareness on Dealing in Unauthorized Securities Activities in the Foreign Exchange Market declared digital currency trading to be illegal “inside the Kingdom of Saudi Arabia.” The committee statement cited issues with security, regulatory concerns, and market risks as reasons for its warning:
In an op-ed published this week, noted economist and American Institute for Economic Research Editorial Director Jeffrey A. Tucker suggested that governments and central banks should maintain a hands-off approach to cryptocurrency and other innovations.
Golden Gate Ventures has announced that it plans to launch a $10 million cryptocurrency and blockchain startup investment fund, according to TechCrunch and other media outlets. The Singapore company’s new fund will be called LuneX Ventures and will focus investments on “early-stage” cryptocurrency exchanges, security firms, and similar digital currency and blockchain-related projects.