14 Korean Exchange to be Vulnerable

Test was ran by authorities from September to December 2018, covered exchanges on 85 criteria
11 January 2019   150

The authorities of South Korea summed up the results of checking 21 cryptocurrency exchanges for compliance with security requirements. According to its results, only seven sites - Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco and Huobi Korea - received a positive conclusion from regulators, writes CoinDesk.

The test, which ran from September to December 2018, covered Bitcoin exchanges on 85 criteria. In particular, regulators were interested in administrative, network, system and operational security, as well as the presence of database backups and features of wallets management.

According to the Ministry of Economy and Finance, 14 trading platforms were recognized as “vulnerable to hacker attacks” due to “inadequate network security management.” At the same time, the regulator did not disclose the names of these platforms.

Exchanges Aren't Money Trasmitters, - Pennsylvania

Pennsylvania ruled that crypto exchanges do not fall subject to the Money Transmitter Act
24 January 2019   30

Cryptocurrency companies that provide money transfer services in Pennsylvania do not need a license to provide this service. This is stated in the new guide of the local Department of banking and securities.

Thus, only fiat currency, or currency issued by the United States government, is “money” in Pennsylvania. Virtual currency, including Bitcoin, is not considered “money” under the MTA. To date, no jurisdiction in the United States has designated virtual currency as legal tender.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

In favor of such a decision, the fact that cryptobirds "never directly work" with Fiat and carry out transactions through bank accounts, said the Department added.

The rules also apply to owners of cryptocurrency terminals.

In both the one-way and two-way Kiosk systems, there is no transfer of money to any third party. The user of the Kiosk merely exchanges fiat currency for virtual currency and vice versa, and there is no money transmission. Thus, the entities operating the Kiosks would not be money transmitters under the MTA.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

According to a December study, 15% of people send remittances from the US to cryptocurrency.