Kraken to Create Crypto Security Unit

Kraken's new security director Nicholas Percoco, "more than two decades worked as a practice and consultant" in security industry
27 March 2019   868

In the light of various incidents with hacking of trading floors and other services, Kraken intends to take a series of measures aimed at improving the security of its product and the cryptocurrency ecosystem as a whole. This is reported by Kraken's new security director Nicholas Percoco, "more than two decades worked as a practice and consultant" in this industry.

As a primary measure to increase security, Kraken introduced mandatory two-factor authentication for the accounts of all its users. The option has been available since September 2013, but until recently it was activated voluntarily. For authentication on Kraken, you can choose between Google Authenticator and YubiKey.

Percoco also said that he had developed a roadmap to ensure the security of the exchange for 2019 and later. Currently, the company does not disclose information about its plans, but promises to inform users about new features as they are implemented.

Also, the Kraken Security Labs subdivision will be formed on the base of the exchange, whose task will be to “increase the security of the entire cryptocurrency ecosystem by checking the vulnerability of third-party products, such as hardware, software wallets, etc.” so as not to harm the safety of their users.

MAS May Allow BTC Derivatives to Approved Desks

The Singapore watchdog's initiative is related to interest in this type of assets of hedge funds and institutional investors
21 November 2019   97

Listing and turnover of cryptocurrency derivatives in Singapore may be allowed on regulated exchanges. This was stated by the country's Monetary Authority (MAS), writes Bloomberg.

The regulator's initiative is related to interest in this type of assets of hedge funds and institutional investors.

So far, according to the law of the country, payment tokens - these include bitcoin and ether - are not assets that can form the basis of regulated derivative financial instruments.

As reported, under the proposal, trading of derivatives on common cryptocurrencies such as Bitcoin and Ether will be subject to the Securities and Futures Act, the Monetary Authority of Singapore said Wednesday in a statement. The plans are in response to interest from hedge funds and asset managers that trade such products. 

Legal sites in Singapore include the Asia-Pacific Exchange, ICE Futures Singapore, the Singapore Derivative Exchange and the Singapore Stock Exchange.

The Central Bank hopes that this initiative will satisfy the need of large investors in managing their payment tokens under state control.

At the same time, MAS emphasized that derivatives of payment tokens are not a suitable financial instrument for retail investors due to high volatility.