US to criminalize concealment of crypto-ownership

The Judiciary Committee of the US Senate is working on the bill whose purpose is to criminalize the concealment of ownership of a financial account connected including digital currencies
04 December 2017   783

The Unites States Senate Judiciary Committee is maintaining bill S.1241 which will control ownership of a financial account and financial institution and criminalize its non-disclosure, now including ownership of cryptocurrency and maintaining cryptoexchanges.

Section 5312(a) of title 31, United States Code, is amended— in paragraph K by inserting “prepaid access devices, digital currency,” after “money orders,”; and by inserting before the semicolon at the end the following: “, or any digital exchanger or tumbler of digital currency”.
 

Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017

The amendments towards the definition of a 'financial institution' in the United States Code are also included.

Financial institution - an issuer, redeemer, or cashier of prepaid access devices, digital currency, or any digital exchanger or tumbler of digital currency.
 

United States Code

The abovementioned law may be enforced in order to make changes to existing Anti-Money Laundering laws, which are legal standards regulating the processes of preventing, detecting and reporting instances of money laundering by businesses and financial institutions.

If the bill will actually be imposed it might have a very unexpected and forceful effect on the users of cryptocurrency inside the US as well as the whole world crypto-community.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   110

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.