Two Japanese exchanges shut down

Japanese cryptocurrency exchanges

As Japan’s financial regulator continues to scrutinise the country’s cryptocurrency industry, reports are suggesting that two exchanges are going to shut down. According to a report by Nikkei on Thursday, Tokyo Gateway and Mr. Exchange have withdrawn their applications to operate as recognised exchange operator under Japan’s Financial Services Agency (FSA). The regulator had previously demanded that both exchanges make moves to improve their data security and cybersecurity. It looks...

Switzerland publishes ICO guidelines

Switzerland issues ICO regulations

Switzerland has released a document outlining new ICO guidelines which it hopes will be become a new standard among developed countries. The release comes days after Gibraltar announced it would be introducing its own ICO regulations in the coming weeks. Switzerland has swooped out of nowhere and has apparently beaten the British overseas territory to the punch. The document, released by the Financial Market Supervisory Authority (FINMA), looks to create “clarity for market...

Risk management, regulation and the cryptocurrency markets

Risk management and the cryptocurrency markets

According to Reuters: “Japan’s financial regulator said on Friday it had ordered all cyrptocurrency exchanges to submit a report on their system risk management, following the hacking of over half a billion dollars of digital money from Coincheck.” Whilst the whole premise of blockchain technology and crypto currencies revolves around it being essentially unhackable, the exchanges that trade these currencies are vulnerable. The introduction of system risk management (which we assume...

China looks to ban foreign exchanges

Central Bank of China

China is preparing a fresh round of regulations aimed at curbing cryptocurrency trading. According to reports from the People’s Bank of China (PBOC) affiliated Financial News, the government is looking specifically at “offshore platforms”. As part of the move, the Chinese government will be blocking websites and ads related to ICOs, crypto-trading and exchanges. Domestic ICOs and local exchanges have already been banned across the country since September, but the new regulations...

Stifling innovation with regulation: why countries shouldn’t ban cryptocurrency trading

Stifling innovation with regulation

Earlier this month, South Korea Justice Minister Park Sang-ki released news that the country is considering regulation to ban cryptocurrency trading. Along with South Korea, other governments are looking into regulations to stay afloat as the world of cryptocurrency continues to evolve constantly, but banning cryptocurrency is definitely not an option we would recommend. Banning cryptocurrency would be like choosing to opt out of something that will inevitably become a part of our daily...

Autonomous vehicles and data ownership: drivers have rights too

Autonomous vehicles and data ownership is a thorny issue.  We are facing the reality that authorities in key markets, like the US and UK, have ducked out of answering the key question of who should own the data these vehicles generate.  By 2020 Business Insider Intelligence estimates there will be 10 million vehicles with self-driving functionality, so we do not have long to come up with a solution that will satisfy vehicle owners and manufacturers. The consequences if we fail are...

SEC promises increased scrutiny over blockchain ‘pivots’

SEC - Blockchain pivots

The SEC has specifically mentioned the practice of US companies changing their names to include the word ‘blockchain’ in recent comments. The remarks regarding blockchain-based ‘pivots’ were made on 22 January by SEC chairman Jay Clayton, were he addressed the growing number of companies looking to capitalise on the current hype by changing their names. Clayton said: “I doubt anyone in this audience thinks it would be acceptable for a public company with no meaningful track...

Billions wiped off global cryptocurrency market follows news of South Korea trading ban

Reports of SOuth Korean ban on Cryptocurrency trading

According to CNBC, over $106 billion of value was wiped off the global cryptocurrency market on Thursday following news that South Korea may be preparing a band on all cryptocurrency trading. The country’s justice minister, Park Sang-ki made comments in a press conference on 11 January that the government was “basically preparing a bill to ban cryptocurrency trading through exchanges”. Legislation putting the ban into force will be subject to a vote in South Korea’s National...

Exploring the intersection of blockchain and the Internet of Things

It may be very early days – but the intersection of distributed ledger technologies (DLT) and the Internet of Things (IoT) has the potential to give the latter “a level of interoperability, transparency, and security currently absent from today’s architectures.” That’s according to a new report from research firm Kaleido Insights. The company – which only launched in October – explores the relationship between the two technologies both at the ‘thing’ level, in terms of how...

What will the new SEC cyber unit mean for the ICO market?

SEC - cyber unit - ICO scams

As we reported last month, the US Securities and Exchange Commission has set up a new cyber unit that will look to protect retail investors from being scammed by people misusing ICOs and blockchain technology. The SEC is on high alert for investment scams that misuse public excitement about relatively unknown technology. "Pump and dump" scams are age-old, and fraudsters often seize upon new market advances to prey on unsuspecting investors. Legitimate market participants need to be...