Huobi expands to Japan as it buys one of sixteen government-approved exchanges
As of now, the Japanese government has approved only 16 crypto exchanges in its country. Today the exchange was acquired by Huobi Global’s Japanese subsidiary Huobi Japan Holding Ltd. Representatives of the exchange declared that they want to “aggressively scale this trading platform into the largest in Japan”. Words that fit the overall strategy of all crypto exchanges at the moment. As the Japanese Yen is the most invested fiat currency in the cryptomarket, the Japanese market is deemed one of the most important ones. A lot of players in the market have recognized the importance of Japan for the crypto market. Last month only, Coinsquare and SBI-Holdings and Bithumb expanded to Japan.
Morgan Stanley might offer its clients to deal with Bitcoin soon
Alistair Marsh, a journalist for Bloomberg reported that Morgan Stanley will offer its clients options to deal with cryptocurrencies. The Bloomberg reporter has connections to the financial institutions. According to them, Morgan Stanley will offer complex derivatives which allow its clients to either short or long Bitcoin. However, Morgan Stanley has not yet reacted to this allegation.
Central bank of India demands supreme court to position itself
The supreme court of India is currently hearing a case between India’s central bank and several Bitcoin exchanges. The Reserve Bank on India (RBI) has bid for an affidavit by the supreme court to reveal its official stance on cryptocurrencies. The supreme court announced that according to the legal frame in India Bitcoin it does not consider Bitcoin to be money. Therefore, it is no legal means of payment. Earlier this year, the RBI ordered banks to stop providing crypto exchanges with financial services. However, the RBI recognized that it cannot decide for the government how to deal with cryptocurrencies. Therefore, both the supreme court and the RBI await an elaborate and precise legal framework on cryptocurrencies.