Iran Developing #Cryptocurrency, Japan's SBI to Launch Exchange and Australia Cracks Down on #ICOs

Crypto Corner - May 1, 2018

By Samuel Mowers at

Iran Developing #Cryptocurrency, Japan's SBI to Launch Exchange and Australia Cracks Down on #ICOs

Iran is progressing with its own cryptocurrency project despite having banned crypto trading in local banks according to a report at Reuters.

Information and Communications Technology Minister Javad Azari-Jahromi said the ban from Iran's state bank would not apply to development of a domestic cryptocurrency:

"The central bank's (ban) does not mean the prohibition or restriction of the use of the digital currency in domestic development," he was quoted as saying by state news agency IRNA.

"Last week, at a joint meeting to review the progress of the (local cryptocurrency) project, it was announced that the experimental model was ready," Azari-Jahromi added.

According to a report in Business Insider Japan, Japanese financial services giant SBI Holdings aims to launch its own cryptocurrency exchange late this summer. Among the coins to be supported by the exchange are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH). Quoted in the piece is SBI president Yoshitaka Kitao, who in a rough translation said that the exchange will see rapid success and will be able to cope with high business volume:

"When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear. [sic] We have to pursue safety thoroughly."

The Australian Securities and Investments Commission (ASIC) is focusing on the risk to investors from ICOs as reported in a recent statement:

"ASIC is issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive. This is in addition to our inquiries where we identify potentially unlicensed conduct. As a result of our inquiries, some issuers have halted their ICO or have indicated the ICO structure will be modified.

ASIC Commissioner John Price explained that the underlying principle for the body's inquiries was to protect investors from misleading information:

"‘If you are acting with someone else's money, or selling something to someone, you have obligations. Regardless of the structure of the ICO, there is one law that will always apply: you cannot make misleading or deceptive statements about the product. This is going to be a key focus for us as this sector develops.'"

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