Japan allows the cryptocurrency industry to set its own regulations

in cryptocurrency •  11 months ago 

From Wednesday's events: Japan allows the cryptocurrency industry to set its own regulations; Coinbase and Circle emit a new stablecoin; Johny Depp will make a movie for the crypto platform; The Binance branch in Uganda is launching trade in Fiat - crypto; China's largest newspaper helps in the development of Blockchain; Minimal moves on stock exchanges.

Japan allows the cryptocurrency industry to set its own regulations

According to today's Cointelegraph Japan, the Japanese Financial Services Agency (FSA) has given the local crypto industry 'self-regulatory' status, leaving supervision over the space of the Japanese Association for Virtual Currency Exchange (JVCEA).

The FSA expects the self-regulatory body to lay down rules for the protection of clients' assets, develop anti-money laundering (AML) rules and provide working guidelines for cryptographic exchanges.

An anonymous FSA official quoted by Reuters says that JVCEA experts can better manage regulations than a government body.

" It is a very fast growing industry. It is better that the experts set the rules in a timely manner than the bureaucrats do."

Self-regulation comes into force immediately, starting today - the main principles and guidelines are already published on the JVCEA website. The regulatory body currently has 15 employees, but according to Cointelegraph Japan, this number is expected to increase to 20 people by November.

JVCEA was founded in April 2018 and consists of 16 companies that have registered as cryptocurrency exchanges. The formation of the group took place after the January burglary during which 534 million dollars from the Coincheck cryptocurrency exchange in Japan were stolen.

The Association's responsibilities include security control of cryptographic exchanges in the country, as well as other specific tasks, such as assessing tokens issued as part of initial monetary offers (ICO).

Coinbase and Circle emit a new stablecoin:

The Coinbase exchange has launched stablecoin USD Coin (USDC) - it is also the first stablecoin that can be traded on the platform. The underlying technology used at USDC was developed thanks to the joint efforts of Coinbase and Circle, a company dealing in payments based on Blockchain technology.

Coinbase customers in supported jurisdictions can now buy, sell, send and receive USDC on coinbase.com and on iOS and Android. Coinbase notes in a statement that US customers outside of New York have the opportunity to buy and sell, while customers from other parts of the world can send and receive coins.

"We spend stablecoin secured with 1: 1 US dollar, completely controlled, completely transparent. We believe that this is a key step towards unlocking innovation in the crypto space." - said Coinbase president and operations director Asiff Hirji, at Money 20/20 conference in Las Vegas.

Stablecoin is a digital currency linked to another stable currency, such as the US dollar, and aims to minimize price volatility. The stablecoina value is based on the monetary value of the support currency, which is maintained by the third party financial entity.

Earlier this month, another stablecoin, Tether, found itself at the source of controversy after volatility caused it to lose its long-term anchoring in the US dollar. At the same time, Tether dropped to the value of 0.91 dollars. After this news, an investor and entrepreneur, Michael Novogratz, crypted, said that Tether should create more transparency in its operations.

OTHER NEWS:

• Johny Depp will make a video for the crypto platform:

American actor and producer Johnny Depp has partnered with the cryptographic social entertainment platform TaTaTu. Under the new agreement, the Hollywood star intends to join forces with the founder of TaTaT, Andrea Iervolino, to jointly create films and digital content. The content is to be produced by Johnny Depp's Infinitum Nihil. Launched in May 2018, TaTaTu intends to combat illegal piracy and increase transparency for right-holders, as well as help in advertising high-quality brands using DLT technology.

• Binance Branch in Uganda launches trade fiat - crypto:

Binance Uganda, the first Binance owned fiat - crypt in Uganda, officially launched trade. Users can purchase two main cryptocurrencies - Bitcoin and Ethereum - using the Ugandan Shilling. After this announcement, Binance also spoke about the recent $ 500,000 donation to Uganda through her charity wing, Blockchain Charity Foundation. The launch of the Fiat - crypto exchange in an African country is part of the company's intention to contribute to the development of Blockchain in this region, as well as being part of future plans to expand this technology on the African continent.

China's largest newspaper helps in the development of Blockchain:

The wing dealing with venture capital of the official newspaper of the Communist Party of China - People's Capital - has signed a contract with Xunlei Limited based in Shenzhen. Under the terms of the contract, both companies will construct a laboratory of 'technological innovation' at the Blockchain Research Institute, which belongs to People Capital. In addition to testing Blockchain applications, the partners will also build a 'high-level industrial services platform', which will aim to organize competitions, seminars, workshops and promote and identify startups in the Blockchain industry.

Minimal moves on the stock markets:

The last day in the markets is very calm. Almost all of the leading currencies are green, but the increases do not exceed 1% - Bitcoin increased by 0.5% and Ethereum by 0.6%. The only exception was XRP, which records an increase of 4.5%.

The capitalization of the entire market has increased by USD 2.2 billion and currently amounts to USD 210.8 billion. The total turnover on the stock markets was 9.6 billion dollars.

source: cointelegraph.com, coinmarketcap.com.

@pansokal

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Johny Depp will make a video for the crypto platform is a sign that bitcoin is here to stay and more and more people will be able to find bitcoin as a good and porfitable investment and also a business.

" It is a very fast growing industry. It is better that the experts set the rules in a timely manner than the bureaucrats do."