South Korea to ban foreigners from crypto trading

South Korean Government is deeply concerned about due to the "unchecked speculation" on cryptocurrency market
13 December 2017   1424

The government of South Korea announced that it would prohibit foreigners and minors from dealing with currency trading or opening accounts in local banks. This is reported by ZDNet.

Such a statement was made after an emergency meeting of high-ranking representatives of financial regulators, at which the risks of trading crypto-currencies were discussed.

According to the publication, the country will also introduce a profit tax on virtual money and will tighten requirements for the authentication of traders.

In turn, banks and other financial institutions will not be able to own, buy and mortgage crypto-currencies or their derivatives. In addition, transactions with the participation of virtual money institutional traders will be able to perform exclusively on stock exchanges.

Last week, the price of bitcoin in South Korea ranged from 14 million won ($ 13,000) to 25 million won ($ 23,000). As a result, officials expressed fears that the crypto-currency sphere could be a financial bubble because of "unchecked speculation."

It is also noted that the departments will make every effort to prevent losses of "ordinary" investors and suppression of speculation on stock exchanges. However, the full prohibition of crypto currency is out of the question, since such a move could hamper the development of financial technologies.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   102

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.