Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Huobi seeks Canadian expansion while regulators see positive benefits to digital assets.
The Singapore-based exchange announced at EDCON that it was looking to expand its operations to Canada. The company views Toronto as a blossoming hub for blockchain technologies. They intend to staff the office with local Canadian talent and to support the community.
The FSA has clarified rules for exchanges seeking to register with the regulatory body. The criteria include the implementation of cold storage for client assets and multiple verifications for transfers. They have also increased AML and KYC standards for larger transfers, recurring checks of customer assets and rules to prevent the use of client assets by officers of the company. The FSA has also placed restrictions on privacy focused coins, a separation of system development responsibilities from asset management roles.
Yoon Suk-heun will take charge of Korea’s Financial Services Commission this week. He is widely seen as a reformist and is expected to relax regulation on digital asset trading.
Brokers in Europe have called for greater clarity in digital asset regulation. Increasing transparency would allow brokers to operate in a regulated environment without having to change domiciles to countries such as Malta or Gibraltar.
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