SBI Group Invests in Rival Japanese Exchange

Financial giant SBI Group has made a second investment in LastRoots, a Tokyo-based exchange established in 2016. The undisclosed investment, made through financial subsidy SBI Holdings, is the group’s second within the space of a year, and comes just a month after the launch of the group’s own exchange, SBI Virtual Currencies.
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LastRoots, which is currently in the process of applying for an operating license from the regulatory Financial Services Agency (FSA), was slapped with a business improvement order in April this year, with the FSA expressing concern about the exchange’s security and management measures.

However, SBI has said it will provide LastRoots with support staff that will help bolster security networks and help shore up anti-money laundering systems – in the hope that this measure will help LastRoots meet the FSA’s terms.

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SBI has been spending big on its cryptocurrency-related businesses of late, with a massive investment in a Taiwanese blockchain startup in May, followed by the purchase of a 12% stake in American platform Clear Markets earlier this month.

SBI’s CEO has previously vowed that SBI Virtual Currencies would become Japan’s market leader “in the blink of an eye.” The group also plans to co-launch a blockchain technology-powered payments and transfer service before the end of this year through its internet banking arm.


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Author: Tim Alper
Image Credit: iStock/Kritchanut


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Japan: More Regulations ahead for Crypto Exchanges

Japan’s financial regulator, the Financial Services Agency (FSA), is set to make amendments to existing cryptocurrency-related laws.

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Numerous media outlets in the country have reported that the FSA is now mulling changes that will make it harder for investors to speculate on cryptocurrency markets.

Although the FSA is yet to let on exactly which of the country’s laws it will seek to change, it has previously asked the government to amend the Payment Services Act, a move that has required all new exchanges to obtain FSA-approved licenses.

The FSA has this year been intensifying its efforts to reduce anonymous trading, money laundering through exchanges and what it perceives to be lax security systems utilized by the country’s exchanges. Its policing has intensified in 2018, with many leading exchanges handed business improvement orders – and others being forced to suspend operations or even refused licenses.

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Meanwhile, the country’s largest industry group of licensed exchanges, the Japan Virtual Currency Exchange Association (JVCEA) has lodged a formal application with the FSA to become a recognized and certified “fund settlement business association” in line with the country’s Act on Settlement of Funds.

The association expects the FSA to take up to two months to review its application, and has proposed an exhaustive range of regulations for its members, including bans on “anonymous” tokens, mandatory audits, tighter security and comprehensive anti-money laundering measures.

The JVCEA says that its members have agreed to implement these measures should the FSA grant the body official recognition.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Tim Alper
Image Credit: iStock/Nuthawut Somsuk


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A Chinese Alleged Ex-gangster Raises USD 750m in ICO

A former gangster from Macau, the semi-autonomous Chinese gambling city next to Hong Kong, has raised USD 750 million in less than five minutes in an initial coin offering (ICO), the South China Morning Post reported on Saturday.



The report cited World Hung Mun Investment, a company of the Macau triad gangster known as “Broken Tooth” Wan Kuok-koi.

According to the report, “Broken Tooth” partnered with a mysterious Mainland Chinese company Zhonggongxin Cosmos to launch the cryptocurrency dubbed “HB” during an event in Cambodia. The event was said to be attended by senior government and military officials from both Hong Kong and Mainland China.

If the report is true, it marks an interesting turn of events given the fact that ICOs and cryptocurrency trading is banned in Mainland China.

World Hung Mun Investment is said to issue a billion “HB” tokens, with only half of them being offered to the public. So far, the company claims to have sold 450 million tokens at three events, in Cambodia, Thailand and the Philippines, with a final stop scheduled in Malaysia on Wednesday.

According to the article, Wan’s idea is to use the tokens as prize money during chess and poker tournaments in Mainland China this fall.

According to the report, HB is traded on an exchange called a.top that was launched by a Hong Kong company All In Group Limited.

Zhonggongxin Cosmos, a subsidiary of Zhonggongxin Assets Management Limited, which has a variety of business interests including asset management, construction projects in Russia, hints at being state-owned by claiming to report directly to a department of the Chinese central government.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Fredrik Vold
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