Two Bills in Hawaii to Capture Virtual Currency

Hawaiian lawmakers are aiming to address cryptocurrency by updating money transmission law in the state
31 January 2018   392

Last week the Hawaiian Senate introduced two bills which are aiming to define and include cryptocurrencies within domain of the state's Money Transmitters Act.

If passed, two bills, HI SB2853 and HI SB3082, would require a license to transmit cryptocurrencies. According to those two bills, persons or businesses must issue a warning to consumers prior to enabling such transactions.

Nevertheless, the legislation exempts exchanges from section 489D-8 of the Act, mandating money transmitters to maintain reserved cash which is equal to the virtual funds.

However, the bill HI SB3082 warns that cryptocurrency is not backed by any government. The cryptocurrency can potentially be lost due to a computer failure, malicious software attack, lack of security, loss of a private key, change in value or closure of a cryptocurrency exchange company.

Both bills were published in 2017 as a guide for states in order to enact policies to this new fast-developing technology.

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.