South Korea reaches out to Asian neighbors in effort to regulate cryptocurrencies

South Korean financial authorities plan to cooperate with Chinese and Japanese colleagues
09 January 2018   844

Right now South Korea is one the countries with the biggest cryptocurrency-related infrastructure. Several large exchange services are also stationed there. All this makes South Korean regulators the biggest heavy-hitters in the field of cryptocurrency regulations. And now they plan to join forces with their Chinese and Japanese colleagues to promote inter-state regulations and law-making effort.

Also, as you can understand, the prosecutors will be able to reach across borders to investigate and close up any illicit activities such as money laundering and crime financing, performed through the blockchain.

Korean authorities plan to step forward and exchange their trial-and-error experience in cryptocurrency regulations for all of the Asian countries to benefit from. Deputy finance ministers from all three countries have already conducted a meeting last month to exchange ideas in the field.

For example, right now South Korean authorities are investigating six banks for the possible involvement in money laundering. Accounts of cryptocurrency traders are the primary targets in this investigation effort. The banks should acts as a gatekeeper to filter out the possible illegal activities and must report any such findings, said South Korean Financial Service Commission chairman Choi Jong-ku. In the latest interview to Yonhap News Agency he also briefed media about upcoming bank inspection, that will run starting this Thursday with Korean Financial Intelligence Unit participating in the action.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   125

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.