Coincheck to Receive FSA License

Coincheck exchange was hacked last January and $ 533000000 worth NEM stolen
11 January 2019   162

The Financial Services Agency of Japan allowed the Coincheck cryptocurrency exchange to continue its work, reports Cointelegraph.

Coincheck exchange was hacked last January. NEM cryptocurrency was stolen in the amount of 58 billion yen ($ 533 million) according to the price of that time. Soon after, the Japanese authorities began to tighten the regulation of the industry, and Coincheck became the property of the online broker Monex.

In December last year, it was reported that the Japanese regulator issued a license to Coincheck, as well as plans to resume the stock exchange. Against the background of these transformations, the marketplace improved the risk management system and gradually resumed the operation of services.

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.