Eight South Korean Exchanges Fined $130k

Korbit, Coinone, Upbit, Coinplug, RippleForYou, Coinpia and other were fined for poor security standards 
24 January 2018   69

Korbit, Coinone, Upbit, Coinplug, RippleForYou, Coinpia and other received fines from the South Korea Communications Commission (KCSC) ranging in size from $ 10,000 to $ 100,000. In total, fines were issued to eight crypto-exchanges for a total of 140 million won ($ 131600). This is reported by CCN.

The reason was weak security systems that violate the rights of users and put their personal data at risk.

While daily trading volumes and the number of users of cryptocurrency exchanges are increasing exponentially, local trading platforms have implemented extremely poor security measures. Basic measures including access control device installation and operation, storage of user passwords, and protection of users were integrated poorly.

South Korea Communications Commission 

Out of the 10 cryptocurrency exchanges that were investigated by the five Korean ministries, eight were found to be in violation of the Information and Communication Network Act, and to have implemented poor security measures.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   82

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.