Seoul Court Rules that Banks Cannot Block Crypto Exchange Transactions Based on AML
A Civil Law court in Seoul has ruled that banks cannot block fiat-transactions of a cryptocurrency exchange solely based on AML suspicions. The case in question was that of Coinis against the Nonghyup Bank. It was the first time that an exchange took legal action against a bank in South Korea. However, Coinis does not comply with the real-name regulation that the South Korean government introduced earlier this year. According to Nonghyup’s management, exchanges that do not enforce this system are at high risk to participate in money laundering activities. However, the bank could not provide enough evidence to justify its blockade.
Singapore Token Day Launched to Increase Adoption of Cryptocurrencies
The 10th year cryptocurrency anniversary was celebrated yesterday, 31st October 2018. On the same day, Singapore Token Day was launched in a bid to promote the adoption of cryptocurrencies and blockchain technology in the country. This is a national campaign and not just a one-day event that is scheduled to run from October 31st to November 18th.
Bank of America Secures A Patent For Cryptographic Keys Storage Device
The U.S. Patent and Trademark Office has awarded the Bank of America (BoA) a patent for a cryptographic keys storage device. The device has been described as a “hardened storage device” that is deemed to be at par with what blockchain platforms such as Ethereum and Bitcoin offer. There are possibilities that the new technology will find use in securing cryptocurrencies and other digital keys of high value.
Tether Lost 1bn USD in Market Cap in October
Tether has lost more than $1 billion USD just in October in market capitalization. The capitalization fell from $2.83 billion USD on October 1st to $1.78 billion USD on November 1st. The decline followed the rise of alternatives to Tether like True USD and other stablecoins that rely on other fiat currencies. Tether also had a strong price disparity. Shortly, one Tether traded for $0.90 USD in October.
GIES Believes That Blockchain Technology Will Boost Islamic Finance Sector Worldwide
The Global Islamic Economic Summit (GIES) for the year 2018 has convened in Dubai, UAE. Experts at the summit are positive that Blockchain technology enables the Islamic Finance Sector to grow tremendously in companies that have adopted DLT. In particular, the delegates singled out Islamic Banking as the subsector likely to benefit the most. Additionally, the experts believe that in the new future, the impact will be outstanding if the current trend continues.