Stablecoins Aren't Cryptos, FSA Says

Japanese watchdog said that companies need to register as the ‘Issuer of Prepaid Payment Instruments’
29 October 2018   761

The Financial Services Agency of Japan does not consider steablcoins as virtual currencies regulated by the country's current regulations for cryptoindustry. This is reported by Bitcoin.com.

According to representatives of the ministry, according to the legislation adopted last April, the definition of “virtual currencies” includes cryptoassets used as a means of payment. The latter are not subject to consumption tax. Also crypto exchange operators need to register with the Financial Services Agency.

In principle, stable coins pegged by legal currencies do not fall into the category of ‘virtual currencies’ based on the Payment Services Act. Generally speaking, companies need to register as the ‘Issuer of Prepaid Payment Instruments’ or the ‘Funds Transfer Service Providers’ based on Payment Services Act, when virtual currency broker dealers trade stable coins.

Financial Services Agency

Earlier, Japanese IT giant GMO Internet announced the launch of a stablebcoin tied to the Japanese yen in 2019. 

OKEx Ex-CEO to Intend to Raise $40M

Funds are needed for the new exchange called ACDX, which will offer  futures, options, revocable bear/bullish contracts and more
06 February 2020   555

Andy Cheung, who until recently was the operating director of the OKEx cryptocurrency exchange, will open a new derivative trading platform ACDX by the end of the first quarter, CoinDesk reports. The exchange will offer its clients futures, options, revocable bear / bullish contracts, debt contracts and fixed coupon notes.

One of our main goals for the exchange is to provide retail investors with ... structured products that are more commonly used by accredited crypto investors and wealth managers.

 

Andy Cheung

Former chief operating officer at OKEx

In the future, ACDX plans to reach a global level, but first of all it will gather a client base in Asia, using the connections of Cheung and partners in Hong Kong and China. In preparation for the launch, she intends to raise $ 40 million through the sale of tokens and shares in her business to crypto funds, private investment firms and family capital management companies in Europe and Asia. 

We have over $4 million so far and most of the money comes from our own funds. We are in talks with potential investors and likely to announce new investments in the next two months.

 

Andy Cheung

Former chief operating officer at OKEx

To date, ACDX has hired more than 25 employees, including eight developers who are preparing the trading platform for launch.