Crypto Corner - June 28, 2018
Japan's LINE to Launch BITBOX Exchange, South Korea Publishes New Regulations, Huobi Expands to London and Binance Opening in Uganda
Japanese messaging app, LINE, announced today plans to launch a cryptocurrency exchange called BITBOX. The exchange is set to launch in July 2018 and will be available internationally except in Japan and the U.S. The announcement boasts that BITBOX will offer "at least 30 different cryptocurrencies such as Bitcoin (BTC)" and "15 languages except Japanese".
South Korea's top financial regulator, the Financial Services Commission (FSC) has published a new set of guidelines as a regulatory framework for cryptocurrency exchanges. Focusing on anti-money laundering (AML), the guidelines highlight the principles of Customer Due Diligence (CDD) and Enhanced CDD (EDD).
The financial company should confirm the identity information such as the real name of the counterparty of the financial transaction (confirmation of the customer), and if the customer is concerned about the money laundering activity, the transaction purpose and fund source should be additionally confirmed Confirmed customer)
Chinese crypto exchange giant Huobi will be expanding to London and has confirmed over-the-counter (OTC) trading to start in Q3 of this year, according to a report on Cointelegraph. Following the lead of exchanges like Binance, Huobi has made expansion into Europe one of its top priorities.
"London was selected as the first office in Europe, due to its preeminence as a global financial center and the largest cryptocurrency trading centre in the region with an active blockchain community and fast developing market," the exchange wrote in praise of the local UK landscape.
In another exclusive with Cointelegraph, Changpeng Zhao, CEO and founder of Binance, has announced that the exchange giant will be expanding to Uganda. Zhao indicated the state of Ugandans relationship with banking and how it may be ideal for crypto adoption.
"Uganda [is a] really interesting situation, only 11 percent of the population has bank accounts. It's both a challenge and an opportunity. So it may be easier to adopt cryptocurrency as a form of currency instead of trying to push for bank adoption. It's an interesting experiment - Africa's a big market, that's why we're there."
Sam Mowers, Investorideas
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