Circle Intends to Receive US Banking License

This will allow it to store client assets in cryptocurrency or in dollars without having to coordinate its activities in each individual case
07 June 2018   1311

Based in Boston, the cryptocurrency start-up Circle announced its intention to obtain a banking license at the federal level in the United States. This will allow it to store client assets in cryptocurrency or in dollars without having to coordinate its activities in each individual case. This is reported by Bloomberg.

To hold reserves with the Federal Reserve, to natively access the central-banking system without intermediaries, to directly settle with other banks in other markets around the world through those networks -- that can improve the efficiency of what we deliver, it can reduce the costs.
 

Jeremy Allaire

CEO, Circle

Circle also plans to obtain a license from the Securities and Exchange Commission (SEC) as a brokerage and trading platform. If this happens, the startup can help customers buy and sell tokens, which are recognized in the US as securities.

As reported, not a single start-up, which began its journey in the uncontrolled world of cryptocurrency, has achieved such status from US regulators.

According to representatives of Circle, the company has already conducted preliminary negotiations with the Commission for Regulation of Commercial Banks, the SEC and the Agency for the Regulation of Financial Institutions.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.