Coinbase On Track to Get a License to Operate in Japan
Japan has one of the most stringent regulations on cryptocurrency exchanges, and many crypto-based companies end up abandoning the venture altogether due to the stipulated rules. However, according to Smarterum, Mike Lempres, the Chief Policy Officer at Coinbase, the process of getting a license is on track. Coinbase announced in June 2018 that they were expanding their operations to Japan and prospects indicate that they might get the license in 2019.
Singaporean company buys majority stake in Bithumb
BK Global Consortium has bought a majority stake in the South Korean crypto exchange Bithumb. The Singaporean company paid 400 million won ($353 million) of shares. Previously it held only a minority stake. The CEO of BK is a former plastic surgeon who invested successfully in the medical and medical technology sector. He takes over Bithumb in an era where exchanges seek to expand and face the potential ascendance of decentralized exchanges. As of now, Bithumb is working to launch its own decentralized exchange as well as its own stablecoins.
SEC shuts down Blockvest’s ICO
The crypto project claimed to generate passive income through smart contracts that share profits through asset investment. The investment company claimed to be approved by the SEC and another made up authority. The authorities learned about this and the California District Court ordered to shutdown the company. As a consequence, the authorities froze Blockvest’s bank accounts, assets and stopped an on-going Pre-ICO. Reginald Buddy Ringgold, III who also goes by the name Rasool Abdul Rahim El has to answer before court on the 18th October 2018.