China May Implement Crypto Licenses

The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency" and authored by researchers from the CBRC
28 June 2018   662

The China Banking Regulatory Commission (CBRC) is in favor of introducing licensing of cryptocurrency activities. This is reported by CoinDesk.

According to the CBRC, any capital transactions that are linked to accounts in the distributed ledger, blockchain, cryptocurrencies, derivatives, ICO and stock transactions should be considered as financial services.

Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license.
 

Research Paper

The regulator believes that not only the crypto platforms and ICO-projects are the subjects to licensing. Requirements should be presented to any services that are associated with transactions in the blockchain.

Until this moment the Chinese regulators did not mention the topic of licensing of the cryptocurrency business.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.