Crypto Regulation considered by Chilean President

Mario Marcel has noted in favor of developing a regulatory apparatus: evident openness to crypto regulating contrasts the recent banking embargo
23 May 2018   432

President Marcel at a forum recently kept by Chile’s Finance Commission of Deputies, made comments displaying that his administration is considering developing an apparatus designed to regulate and monitor activities pertaining to Chile’s cryptocurrency sector. Cryptocurrencies are entirely unregulated in Chile, and are not legally admitted as a means of exchange or securities. Mr. Marcel claimed in favor of developing an effective ways through which to monitor the cryptocurrency markets:

Incorporating a regulation would allow having a registry of the participants in these activities and thus have information to monitor the associated risks. These activities could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing.
Mario Marcel
President, Chile

By contrast, President Marcel declared that developing an ad hoc regulatory apparatus may risk supplying a false “sense of security” whilst flawed to sefficient  manage associated risks. Nevertheless, Mr. Marcel still questioned whether or not a regulatory framework for virtual currencies is warranted in Chile, affirming:  “Considering that these assets exist in the country, there is an associated industry and people who own them, it is questionable if it would be appropriate to change this situation.”

The apparent openness on the part of the Chilean administration to developing a regulatory apparatus for cryptocurrencies comprises a significant a departure from the recent banking embargo experienced in Chile.

BitForex to be Suspected of Fraud Due to MFG Delisting

After 13 days of trading, crypto-exchange froze trading of this coin without a warning
14 August 2018   80

Users of the BitForex exchange have suspected the platform management in fraud after the platform has delisted the SyncFab (MFG) token without any explanation. This is reported by Cryptovest.

On July 18, at a recently opened BitForex exchange, trading of the own token of the SyncFab blockchain platform started. After 13 days, crypto-exchange froze trading of this coin without a warning. According to users, BitForex still retains part of the deposit funds in order to further steal tokens.

In turn, commenting on the situation, SyncFab representatives refer to vulnerabilities of unknown character in the smart contract of the token.

BitForex has a lot of tokens listed, however, not everything can be found through the search. The main page of the platform lists only coins with active trades.

Price of the MFG coin fluctuates around $ 0.0059. Token is traded on the IDEX, Cobinhood, CoinExchange, Bancor Network. In August, the leading company in the field of bitcoin-security and the provider of the popular BitGo wallet announced support for MFG.