The global nature of digital currencies makes following international news beneficial for investors and interested parties participating in the market. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again. This week, European digital asset brokers called for clear regulation, South Korean authorities raided the country’s largest exchange, and more. As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines.
Reports earlier this week from the Korea Times indicated that the new governor of South Korea’s Financial Supervisory Service (FSS) could bring changes to the country’s currently harsh digital currency regulations.
[maxbutton id="1" ]
Reportedly, the new FSS governor, Yoon Suk-heun, praised positive aspects of digital currencies. Further, he vowed to collaborate with the country’s Financial Services Commission (FSC) when appropriate for inspecting the country’s regulatory policies.Previously, the FSC innacted regulations effectively banning anonymous digital currency trades in South Korea.
On May 11th, South Korean police raided the country’s largest digital currency exchange, UPbit. According to reports from the country’s massive media outlet, Chosun, regulators are investigating claims that some of the exchange’s executives are engaging in fraudulent behaviour. Reportedly, prosecutors raided the digital currency exchange’s head office in the Gangnam-gu district, seizing hard disks and accounting books. According to the exchange’s website, UPbit acknowledges that it is under investigation but stated that all transactions and withdrawals are operating normally.
Due to economic uncertainty in the wake of American-led sanctions against Iran, the country is turning to digital currency as a way to get money out of the country, Forbes reported. This follows the country’s recent progress with its own state-backed digital currency. Further, despite recent regulation prohibiting the country’s financial institutions from dealing with bitcoin, some people in Iran still see digital currencies as a necessary means of transferring money out of the country.
According to documents viewed by the New York Times, the parent company of the New York Stock Exchange is working on a trading platform for bitcoin. Purportedly, Intercontinental Exchange (ICE)’s online platform would allow large investors to trade the popular digital currency. The news seemingly broke for the first time courtesy of the New York Times on May 7th, and reflects a growing wave of interest from traditional investment institutions. This trend is further demonstrated by Goldman Sachs’ recent hire of a digital currency trader, and the CEO of Nasdaq’s potential interest in the industry.
This week, a Bloomberg report indicated that Puerto Rico could soon leverage blockchain technology as a solution to current issues in the wake of hurricanes Irma and Maria. Power Ledger, an Australian blockchain company, is setting out to assist the U.S. territory in its bid to restore electricity. The company hopes to achieve this partially through the hire of Dante Disparte, a security and grid resiliency and expert from Puerto Rico.With hurricane season once again approaching, Disparte called the situation urgent, citing the territory’s currently unreliable power grid.
Digital currency brokers operating in Europe are calling for clearly defined regulation and guidelines from regulatory bodies. With clear regulation, these brokers hope to eliminate stigma surrounding digital currencies and allow for smoother operation within the guidelines defined by government bodies. These requests arrive from some of the continent’s largest digital currency brokers, such as eToro Europe, and Bitpanda, according to Bloomberg. The news reflects similar sentiment in Canada, where businesses like Leadweb await clearly defined regulation that will allow the country’s blockchain companies to flourish. Recently, the Ontario Securities Commission (OSC) vowed to make innovative digital currency regulation a key focus for the 2018-2019 financial year.
