S. Korea to Support 'Normal Transactions' of Crypto

Head of the Financial Supervision Service (FSS) said the government will support the cryptocurrency industry
20 February 2018   442

South Korea's financial regulator confirmed information that the government intends to support trade in crypto-currencies and call banks to servicing stock exchanges, crypto-currency, once again refuting information about a possible ban on this type of activity. This is reported by Yonhap News.

Choe Heung-sik, head of the Financial Supervision Service (FSS), said the government will support the cryptocurrency industry. In particular, he noted that the government will facilitate the conduct of "normal transactions" using crypto currency, after the rules prohibiting anonymous trade in crypto-currencies entered into force three weeks ago.

Chow held a meeting with representatives of the crypto exchanges, where he said that the government "will support (cryptocurrency trading) if normal transactions are made."

The new system of regulation of the crypto-currency trade in South Korea began to operate on January 30. It requires the use of bank accounts tied to the real names of market participants. Anonymous traders can still participate in trades using assets that are already on the stock exchange crypto currency, but they can not work with the fiat.

Although several large exchanges are already serviced by the country's leading banks, smaller sites often do not have access to new accounts and are forced to provide services in a limited amount.

Chow, in turn, assured that the government will "facilitate" the establishment of links between the exchange of crypto-currencies and banks.

Bitfinex to Launch New Improved Fiat Deposit System

New system of deposists supports 4 popular currencies and requires KYC procedure completion
17 October 2018   114

Bitfinex Cryptocurrency Exchange has introduced a new system for fiat currencies deposits: the US dollar (USD), the British pound (GBP), the Japanese yen (JPY) and the euro (EUR). Now, the users who have completed the KYC procedure will create an application, indicating the deposit amount and currency, and the platform representatives will consider it within 48 hours.

Then, if approved, users will be sent the recipient's bank data, and the deposit itself will be credited to the account within 6-10 business days.

In this case, the minimum threshold of $ 10,000 was not abolished.

Earlier, Bitfinex had an anomalous growth of Bitcoin to the level of $ 7,788, which was associated with the possible collapse of Tether.

Nevertheless, the USDT price also stabilized, and representatives of the issuer said that the tokens were fully secured.