Crypto Corner - July 11, 2018
Litecoin Foundation Acquires 9.9% of WEG Bank, Partners with TokenPay, South Korean Lawmakers to Propose Crypto Legislation and Philippines Grants Licenses for Three Exchanges
Litecoin Foundation, the Singapore-based non-profit that supports Litecoin (LTC), has acquired 9.9 percent of Germany's WEG Bank, according to a press release yesterday. This share had previously been acquired by TokenPay, a blockchain development company, and has now been transacted to Litecoin Foundation in exchange for "broad and comprehensive marketing and technology service agreement to benefit TokenPay and its related cryptocurrency and business operations."
Charlie Lee, Litecoin Foundation's managing director said of the transaction:
"This partnership is a huge win-win for both Litecoin and TokenPay. I'm looking forward to integrating Litecoin with the WEG Bank AG and all the various services it has to offer, to make it simple for anyone to buy and use Litecoin."
A piece in the Korea Times today reports that South Korean legislators are introducing drafts of bills to regulate the crypto market during the country's National Assembly between July 13 and July 16. There are bills being proposed by all three of South Korea's major parties, including the ruling Democratic Party of Korea, Liberty Party Korea and Bareunmirae Party. Furthermore, Liberty Party Korea's Rep. Song Hee-kyung will host a policy debate on crypto exchange security on July 19, which will be co-hosted by The Korea Internet and Security Agency (KISA).
The Cagayan Economic Zone Authority (CEZA), a special economic zone of the Philippines, has granted provisional licenses to three new crypto exchanges according to a report in the Manila Times. Two of the exchanges are from Hong Kong, with one being identified as Golden Millennial Quickplay Inc., and one from Thailand. Regulations of CEZA require companies to invest $1 million USD within their first two years of operations so as to weed out scam ICOs.
CEZA deputy administrator for planning and business development Raymundo T. Roquero explained the various fees associated with operating in the zone:
"When they apply, they will pay an application fee of $100,000 and a ]license fee of $100,000. Then you go into probity checks, then application programming integration (API), which costs an additional $100,000."
Roquero cited the robust regulation of the zone as the reason 70 companies had submitted applications to operate.
"Companies want to invest here because we are the first to provide rules and regulations for cryptocurrencies," he added.
Sam Mowers, Investorideas
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