Monat: September 2023

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Taiwan releases new guidelines for crypto exchanges

  • Taiwan’s regulator, the Financial Supervisory Commission (FSC) has announced new guidelines for virtual asset service providers (VASPs).
  • The agency published the VASP guidelines on Tuesday, which includes exchange registration, segregation of customer funds and prohibition of certain products.

Taiwan’s financial regulator, the Financial Supervisory Commission, has released new guidelines aimed at streamlining the crypto exchange space in the country. Specifically, the watchdog has outlined guidelines for virtual asset services providers (VASPs) as it looks to bolster its crypto regulation.

The new guidelines were highlighted in a new report the FSC published Tuesday, September 26, 2023. Wu Blockchain shared news of the development via X, including a link to the Financial Supervisory Commission’s publication.

Foreign exchanges must register before offering services

Per the guidelines, crypto platforms must integrate and make public mechanisms for listing and delisting assets, segregation of customer funds from exchange assets and having a security management system in place. Information disclosures are also emphasised, with details on internal audits and other procedures a requirement.

More than that, the FSC says any offshore crypto exchange seeking to offer products and services must register before offering services to Taiwan customers.

“Overseas virtual asset platform operators are not allowed to solicit business within the territory of Taiwan or from Taiwan citizens, unless they have been registered in accordance with the Company Law, submitted to the Financial Supervisory Commission and completed a declaration of compliance with money laundering prevention laws,” a translation of the guidelines reads in part.

According to the FSC, VASPs will be allowed to form or join self-regulatory standards organisations. 

The goal is to promote self-discipline within the industry, with relevant VASP associations outlining the standards and norms based that crypto platforms will need to embrace to enhance customer protection.

The post Taiwan releases new guidelines for crypto exchanges appeared first on CoinJournal.

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Crypto market maker KeyRock secures Swiss regulatory clearance

  • KeyRock has secured anti-money laundering compliance clearance from the Swiss Financial Services Standards Association (VQF).
  • The startup is expanding its OTC services via new on ramp/off ramp fiat currencies, including GBP and AUD.

Belgian crypto market maker Keyrock has secured a key regulatory approval from the Swiss Financial Services Standards Association (VQF). The approval follows a comprehensive review of the company’s structure and processes with regard to compliance with the Swiss Anti-Money Laundering Act (AMLA) regulation.

KeyRock expands OTC desk

Compliance with AMLA guidelines is a milestone that not only ensures the crypto market maker aligns with anti-money laundering regulations, but also offers a crucial base for the startup’s expansion efforts.

KeyRock CEO Kevin de Patoul said in a press release:

“Securing the VQF membership reinforces Keyrock’s stance on upholding rigorous regulatory standards within the crypto space. As the landscape evolves, our focus remains steadfast on ensuring both compliance and trust in our services.”

VQF is a government-approved financial standards body that has previously granted regulatory clearance for crypto startup Bitcoin Suisse and custodian BitGo. The KeyRock approval allows the startup to expand its OTC services around the globe, the firm noted.

The expansion will involve new fiat on-ramp and off-ramp designed to support more than ten new currencies, including GBP and AUD. Currently, the service has been offered via USD and Euro.

The post Crypto market maker KeyRock secures Swiss regulatory clearance appeared first on CoinJournal.

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Crypto exchange Gemini to invest $24 million in India hub

  • Gemini has revealed plans to invest $24 million in its technology and crypto hub in India. 
  • The crypto exchange is hiring more in compliance, software engineering and support to add to its 70+ workforce at the Gurgaon center.

US crypto exchange Gemini plans to invest INR 200 crore ($24 million) in its India-based development center, according to details announced today.

The exchange will plough this amount into the Gurgaon technology hub over the next two years, said Pravjit Tiwana, Gemini’s CEO of Asia Pacific. Tiwana is also the cryptocurrency company’s global chief technology officer (CTO).

“India has long been regarded as a hub for bar-raising talent by the world’s top technology companies, and we are thrilled to share that we are deepening our investment in the country. Over the next two years, we plan to invest INR 200 crore ($24 million USD) to grow our development center in Gurgaon,” Tiwana wrote in a blog release published September 26.

Growing crypto and Web3 in India

Gemini launched the Gurgaon technology development center in May and recently opened an office at the Cyber Hub at Campus Cyber Greens. 

Despite the uncertain regulatory landscape in India, the tech hub has seen its employee count grow to over 70 people.  The investment will be used to grow the team and to further the innovation at the Gurgaon hub.

This should see Gemini support the overall growth of the crypto ecosystem in India and around the globe, cutting across all 70+ countries that the exchange has operations. Other targets include using the development center to enhance “core platform fundamentals”, which includes compliance, security, data pipelines and warehousing, and payments. 

Other than software engineers and technical product managers, Gemini is looking to hire talent in finance, customer support and compliance.

Gemini’s India expansion looks to tap into the country’s position as one of the leading entrepreneurial and technological development hubs to bring crypto and Web3 to the masses.

The post Crypto exchange Gemini to invest $24 million in India hub appeared first on CoinJournal.

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MicroStrategy’s latest BTC purchase sets Bitcoin price in motion

  • Bitcoin is defending the $26k after the recent MicroStrategy’s latest BTC purchase.
  • Concerns over the US dollar’s impact on BTC may be overstated by investors.
  • Coinbase holds about 5% of the total bitcoin in circulation.

MicroStrategy’s recent acquisition of Bitcoin worth nearly $150 million has made waves in the cryptocurrency market, causing a notable shift in Bitcoin’s price dynamics.

The move was a demonstration of MicroStrategy, a prominent business intelligence firm led by CEO Michael Saylor, of its strong commitment to Bitcoin. The recent Bitcoin purchase sent ripples throughout the cryptocurrency world.

A boost to Bitcoin price

Before MircoStrategy’s BTC acquisition announcement, Bitcoin had briefly dipped below the $26,000 level, around which it has been hovering for a week. However, as soon as news of the purchase became public, Bitcoin price saw a significant upward movement, gaining several hundred dollars in value and hitting a daily high of $26,421.51.

In addition to MicroStrategy’s purchase, China’s Shanghai People’s Court also recently made a significant announcement recognizing Bitcoin as a distinctive digital currency, despite the country’s established ban on cryptocurrencies. This recognition has garnered attention, notably due to Justin Sun, the founder of Tron, drawing attention to the Shanghai No. 2 Intermediate People’s Court’s recent publication, which outlines key characteristics of Bitcoin.

The Shanghai court clearly distinguished Bitcoin from virtual counterparts like Q coins, emphasizing its unique attributes. These include Bitcoin’s scarcity, widespread global acceptance, and intrinsic monetary qualities. This acknowledgement represents a notable departure from China’s traditional classification of cryptocurrencies primarily as speculative investments.

The recognition by the Shanghai People’s Court marks a shift in how Bitcoin is officially perceived within the Chinese legal system. While the ban on cryptocurrencies remains in place in China, this recognition of Bitcoin’s distinct nature as a digital currency signifies a nuanced perspective on its role and significance within the broader financial landscape. It highlights the evolving discourse surrounding cryptocurrencies in China and their potential utility beyond speculation.

Bitcoin’s resilience

Despite the volatility in recent weeks, Bitcoin has shown resilience. Last week, it reached a 20-day high at $27,500, only to experience a drop to $26,400 by the end of the business week, partly influenced by the US Federal Reserve’s latest meeting.

The weekend remained relatively stable, with Bitcoin maintaining a level of around $26,600. However, Monday started on a bearish note, leading to a temporary dip below $26,000.

MicroStrategy’s announcement acted as a catalyst, helping Bitcoin recover from this low point. While MicroStrategy’s continuous accumulation of Bitcoin strengthens the company’s position as a major institutional investor in the cryptocurrency, it also underscores the growing acceptance of Bitcoin as a valuable digital asset.

The post MicroStrategy’s latest BTC purchase sets Bitcoin price in motion appeared first on CoinJournal.