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When societies discuss cryptocurrencies, the argument that the decentralized and unregulated nature of the crypto space leaves the door open to abuse, like money laundering and financial fraud, is often put forward by officials and authorities. However, a string of cases involving precisely these sins, and many, many banks, show that regulations are largely ineffective … Read more
Thailand’s central bank has announced the rules under which financial institutions, including commercial banks, and their subsidiaries can engage in cryptocurrency activities. They include securities, asset management, and insurance firms. This follows the country’s crypto regulatory framework that went into effect last month. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space New Circular, New … Read more
When bitcoin came out, supporters believed that the decentralized cryptocurrency would decimate the banking industry. Years later, as digital currencies became more mainstream, these networks were suddenly commanding billion dollar valuations. Meanwhile, cryptocurrency exchanges, brokerage services, and over-the-counter market makers have started to look into purchasing shares of banks and even becoming the banks themselves. … Read more
Leading companies from the crypto sector in Ireland have complained they are being denied services by some of the country’s major financial institutions. Among the affected businesses are bitcoin exchange Bitcove, winner of the bank-sponsored “Best Business Startup” award, and Ireland’s “longest running” bitcoin broker, Eircoin. Also read: Swiss Crypto Company Acquires License to … Read more
In today’s Bitcoin in Brief, regulators in Berlin have revealed that at least six German financial institutions are involved in cryptocurrency trading. Also, it has been reported that American universities have started investing in crypto hedge funds. The investments are on a limited scale but nevertheless indicate a growing interest from academic institutions. And, authorities … Read more
Iran’s central bank has issued a statement banning the country’s banks and financial institutions from dealing with cryptocurrencies such as bitcoin, citing money laundering and terrorism financing risks. However, the local crypto community in Iran believes that the ban will not affect them and some exchanges continue to operate normally. Also read: Russian Regulators Draft Law … Read more
If you’re wondering whether cryptocurrencies threaten financial institutions, you’re not the only one. In some sectors, particularly finance, funnily enough, it’s fast becoming the topic du jour. You don’t have to be a Harvard graduate to see that it isn’t just robots and AI that have FSIs quaking in their boots. Blockchain technology is thundering … Read more
Singapore – Singapore based Blockchain Technology Company, XinFin that focuses on blockchain protocol development to power larger enterprises to create real world use cases by tokenizing various physical assets and powering a global peer-to-peer trade and finance platform called tradefinex.org has successfully conducted its initial coin offering (ICO) recently. The company raised $15 million USD … Read more
Just recently the startup Smartbtc announced the execution of a bitcoin-based smart contract written in the Python codebase. The team intended to grow their Twitter following by creating a contract that paid 0.011 BTC after it accrued 1,000 followers in sixty days. After the goal was met, Smartbtc’s Python contract executed on February 19. Also … Read more
The Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities, including banning customers from buying cryptocurrencies with credit cards. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies Banks Banned From 5 Crypto Activities The Bank of Thailand (BOT) issued a circular on Monday asking “financial institutions … Read more
