Thursday events: the Korean stock exchange could steal funds from the user; Coinbase says regulators hurt innovation; Playboy will release its own purse; Telegram does not permit individuals sanctioned for their ICO; the Legacy continued.
• Korean exchange can steal the funds to users:
Południowokoreańscy prosecutors this week have taken control of three job boards on crypto currency because of suspicions that the staff sprzeniewierzyli funds from client accounts in accordance with local messages.
Employees of the exchange, including the heads of the suspected import of money from customers ‘ accounts and use them to purchase bitcoin at other exchanges, as reported Chosun.com. The Prosecutor’s office in southern Seoul, allegedly confiscated hard drives, mobile phones and documents in search of evidence. One Prosecutor said:
The company appeared on our radar in January, during our investigation into suspicious money transfers between a number of stock exchanges that were identified during audits conducted by the Commission and Korean Financial Unit Financial Analyst.
Another report shows that exchange was taken control of by the financial of the country, the Financial services Commission (FSA) and that the operators of companies charged defacytacją. This message appears in the conditions of growth control kryptowalutowych companies in South Korea, because this country has decided to suppress in the midst of speculation and criminal activity such as money laundering.
In January, the Financial Supervisory Service, apparently, indicated it is investigating in relation to insider trading kryptowalutami through its own staff, and that podałby the public all decisions relating to charges. Later, this month Korea Customs Service said that in General 637,5 billion won (about $ 600 million) in foreign currency was called illegally – including the unchecked flow of capital, using the crypto currency.
Moreover, ICO, ultimately, was banned in September of last year, although recent reports indicate that regulators may consider easing this post.
The government also restricted trade kryptowalutami blocking at the end of January the possibility of using anonymous virtual account. After this date only on account of identified users, can be taken at approved banks.
• Coinbase says regulators hurt innovation:
The Subcommittee of Capital markets, Securities and Investments discussed the main issues related to kryptowalutą and ICO at the recent hearing entitled «Research on crypto currency markets and ICO». During the hearings discussed the ICO and kryptowaluty, the potential benefits for the economy, providing legal support for investors and the development of management approaches used by the relevant U.S. regulatory authorities.
In his testimony, Mike Lempres, Director of Legal and Risk at Coinbase, said that the power of digital currency can change the creation of capital, innovation and the economy, saying that its huge potential can be achieved only through a responsible position. Argues that at this stage of the American regulation system healthy harms innovation because of the lack of understanding of what should be allowed and what is not, and how to consider digital assets – securities, commodities, real estate or money.
There is so much uncertainty, and to determine the safety and range control, regulation, market spowalniany. It’s bad for everyone because technology will not cease to work – just move abroad, and we miss the chance to receive benefits in the United States. It’s bad for everyone, because this technology does not stop – simply move abroad and we will lose our chance at raising benefits in the United States.
For Lempresa goal is that the potential benefits of new technologies, will not be distracted by uncertainty as a result of regulatory or legal violations. He provided a brief overview of key U.S. regulatory bodies such as the Commission on Securities and exchange Commission (SEC), Commission Commodity Futures of type Future (CFTC) Federal trade Commission (FTC), Internal Revenue Service (IRS) and The Financial Crimes Enforcement Network (FinCEN).
For Lempresa, SEC, which is responsible for operations with securities, said crypto securities, while the CFTC, which completely controls the commodity agreements on derivatives, says that markers are products. FinCEN has full access to the Know Your Customer (KYC) and Anti-Money Laundering (AML) and considers the tokens for money, and, in accordance with the position of the IRS, a digital coin should be considered property for tax purposes. Notes that this is an extreme lack of coordination.
Answering a question of the Chairman of the Subcommittee, Rep. Bill Huizengi, Lempres said that Coinbase cannot begin to support the ICO until then, until you have taken the necessary regulations.
Currently we do not support any [ICO], because we do not believe that this change […]. Wait until the situation between the CFTC and SEC to calm down before we decide to take the support of the ICO.
• Playboy will release its own wallet:
Playboy Enterprises will develop a web wallet which will allow customers to use bitcoin to pay for online media company and will be integrated with the new token Vice-Industry (VIT). The first sector of Playboy, which uses the portfolio will kryptowalutowego Playboy.TV that will accept crypto payments for access to exclusive content. The wallet should be released at the end of this year.
Marker Vice Industry, which had collected 22 million DOLLARS in Ethereum for the first 24. from the first hours of the money supply, allows viewers of the content from the adult industry, on the sites using VIT earn tokens for free just by watching for these materials. The use of VIT for Playboy.TV gives viewers the opportunity to earn tokens and use the tokens to pay for the content, and the ability to vote and comment.
Stanley Patel, Director Commercial and chief operating officer of Playboy Enterprises, Inc., said in a statement Playboy that the company understood the need to provide its customers with more flexible payment options.
This innovation allows millions of people who love our content, as well as those who in the future will participate in our games casualowych, VR and AR platforms, more choices for payment, and in the case of VIT – a chance to be rewarded for participation in the auction of Playboy.
Kryptowaluty and the adult entertainment industry have a history. In January of this year the world famous brothel Bunny ranch was considered to add Bitcoin as form of payment its anonymous nature kryptowaluty.
• Telegram does not permit individuals sanctioned for their ICO:
According to RBC, which claims to have a copy of the contract allegedly issued by a Telegram with the participants of the private pre-order, each person indicated in the list of sanctions of the USA, UK, European Union or UN Security Council will not be allowed to participate in each round of the ICO.
These restrictions include also close relatives of persons who are under sanctions, and the population of the territories covered by the sanctions, including Crimea, Cuba, Iran, North Korea and Syria. Family suffered from the «children, spouses, parents, brothers and sisters» of persons under sanctions, the publication adds.
According to RBC, «one of the Russian participants of the ICO, as well as «the Supreme Manager of the venture Fund» it confirmed the content of the contract.A telegram in the course of that sources believe the ICO in history.
A quiet pre-sale this presale the second it kryptowaluty – Gram could grow by about 1.6 billion dollars, even before the public phase of the ICO will go.
• Drop the continuation:
NOTE: Today, the exchange Bitbay entered the RIPPLE AND XIN.
Minion day on the stock exchange shows the continuation of the losing streak. None of the 10 major currencies recorded growth. Bitcoin was down 2.3%, Ethereum 3.3%, Surge 5.3% and Bitcoin Cash of 4.3%.
Capitalization the total market declined by 15 billion dollars and currently stands at 325 billion dollars.
source: coindesk.com.com, cointelegraph.com, coinmarketcap.com.