Luno Exchange Funds Frozen by Malaysian Tax Officials

Luno problems arose shortly after the central bank of Malaysia published a bill on the regulation of the sphere of cryptocurrencies
16 January 2018   334

London cryptocurrency exchange Luno faced issues with Malaysia's tax service. This is reported by Bitcoin.com.

On January 13, the Malaysian Internal Revenue Service (IRB) froze the account of the exchange at a local bank.

As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions. We are working closely with the IRB to limit the parameters of this broad request. Navigating this requires everyone to work together to figure out optimal solutions to ensure the industry is safe and conducive to business — We are supportive of the recent measures by Bank Negara Malaysia to come up with reporting requirements for digital currency exchanges. As set out in our privacy policy, we value our customers’ privacy and strive to protect your personal information. We will only provide personal information where we are legally required to do so and are working with our local advisers to ensure that any disclosure is consistent with our obligations to you, our customers.

Luno Team

Malaysian users of Luno still have the opportunity to exchange bitcoins and Ethereum for the national currency. 

Luno problems arose shortly after the central bank of Malaysia published a bill on the regulation of the sphere of cryptocurrencies, which set out a number of requirements for companies operating in the region and citizens of the country.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.