Venezuela to Limit New Exchange Launches

Venezuela's authorities may move to limit the number of exchanges that will be able to operate on its market
26 February 2018   367

According to the ten-page manual, related to the launch of the state crypto currency "petro", only 8 exchanges of crypto-currency can receive the necessary permission. This is reported by CoinDesk.

Familiar with the situation, the sources claim that the requirements imposed on the exchange are, in practice, even more stringent than those specified in the document.

Daniel Arraez, co-founder of BlinkTrade, engaged in the development of software for bitcoin exchanges, expects that at the initial stage the permit will receive less than 8 trading sites.

We feel the current regulation change is a positive change. We're already in conversations to operate as soon as possible. We feel the market is going to be safe and we can get operational guarantees to safeguard our customers' funds and safety.

Daniel Arraez

Co-founder, BlinkTrade

Earlier, Venezuelan President Nicholas Maduro stated that he was negotiating with 36 "the main cryptocurrency exchange houses in the world", but it is not yet known which exchanges are being discussed.

Nevertheless, the publication of this document suggests that among other measures to promote its national crypto currency "petro" Venezuela intends to establish control over the  crypto exchanges in its jurisdiction.

Korea May Issue New Crypto Regulation Soon

Ass reported, during the period from July 13 to 26 members of political parties will present their proposals on regulating the sphere of cryptocurrencies
12 July 2018   170

In the coming days, the National Assembly of South Korea, presumably, will consider a number of legislative initiatives related to the regulation of the cryptocurrency.

As reported by The Korea Times, during the period from July 13 to 26 members of a number of political parties of the country will present their proposals on regulating the sphere of cryptocurrencies, the ICOs and blockchain.

According to the source, among others, the representative of the ruling Democratic Party Pak Jon-ji and representative of the leading opposition party "Free Korea" Chun Tae-ou will present their bills.

It is expected that many bills will be considered these days, but it is unknown exactly how the process will proceed. The Korea Times notes that members of the National Assembly "remain mostly scattered" when discussing the problem of cryptocurrency.

In any case, this initiative should serve as a catalyst for a new debate on the status of the country's cryptocurrency, whose population shows an increased interest in this market.

Another member of the National Assembly will hold another event this month, which can also affect the fate of the country's exchanges. The representative of "Free Korea" Song Hy-kun will participate in the debate with the Korean Agency for Internet and Security regarding the safety of local crypto exchanges. The event is organized in the light of the recent hacking of Coinrail and Bithumb.