Crypto News | New crypto assets about to appear?

Hello and welcome once again to our weekly recap of the most relevant news from the crypto world. As always, it’s been quite a hectic week, with a lot going on, from tightening of regulation and verification rules in one case to a whole class of new crypto assets to be launched soon in the other. Of course, that’s not all. There are plenty of other interesting crypto news to discuss, so we shouldn’t waste any more time. Here’s what you need to know if you’re interested in investing in this type of trading. Read on and stay in touch with the global crypto market.

bitFlyer changing their verification process

The first piece of news comes to us from Japan. The country’s Financial Services Agency (JFSA) issued an order on June 22 to bitFlyer, a cryptocurrency exchange, that they have to improve their verification process. Now, it is important to mention that this order applies to the exchange’s Japanese branch only, and not to its US and European counterparts. The consequence of this is that new clients may not be able to register on the exchange’s website for a while. Additionally, the company will also re-evaluate ID verifications of some of their clients to make sure everything is in order. The exchange has issued a public apology to everyone affected by this procedure and has even made public the list of tasks they have to undertake. These include building various management systems for things like system risks, information safety, anti-money laundering etc. So, if you’re planning to sign up here, this is why you may encounter some difficulties. However, knowing how professional bitFlyer is, we firmly believe everything will be back in order very quickly. We have more things to discuss, though, so let’s move on, shall we?

New crypto assets coming soon?

Are we going to see new crypto assets on the market soon? Well, according to news coming from Cordite, a community dedicated to creating on Corda, new tokens for the banking industry. The Royal Bank of Scotland is said to be the biggest supporter of this project which should help assets held by high-brow trading institutions become more widely available. As a matter of fact, it is speculated that Cordite could have the same affect for them the ERC-20 had for ICOs. Various enterprises are the main target of this project, so you will often find these new crypto assets being referred to as enterprise tokens. Large companies could use them as a way to transfer funds all over the world without ever having to worry about conversion rates, which certainly seems like an interesting proposition. Furthermore, this whole idea could have a huge impact on distributed ledgers themselves because the financial side of them would become much more plausible as fees would become dispersed. Certainly, these new crypto assets look very promising for now, but we will keep monitoring them and keep you posted of the situation. But there is even more news from this bustling industry worthy of your attention – stay with us and learn all about it.

Facebook allows crypto adds

Big news from Facebook – from now on, crypto adds are going to be allowed on this huge social network. Well, some crypto adds, anyway. ICOs are still out of the question, as are binary options, but some progress is definitely being made. If you want your crypto company to be able to advertise itself on Facebook, you will have to fill out a form in which you will state what your company does and how well regulated it is. The move was welcomed by the crypto community, as many people believe this will help legit and professional crypto companies make a name for themselves, which will ultimately benefit the whole industry as its public perception will improve. Of course, Facebook will profit from that too, since they will expand the basis of customers willing to pay for adds on that network. It should be noted, however, that more changes, albeit not huge ones, to this policy may be expected in the future, once Facebook sees how things are going and whether some additional tweaks are needed. Until then, this certainly represents a big step for the crypto world because regulated companies will now be able to reach a massive audience. So, don’t be surprise if you see crypto adds pop up on your feed from now on. We will keep monitoring the situation, but now we must move on. Keep reading and see what else is new.

Bithumb recovering

We have some good news from South Korea, as well. You may already know that Bithumb, on of the country’s largest cryptocurrency exchanges, was hacked a few days ago. That’s not the good news, obviously. What is good is the fact that approximately 50% of the stolen money has already been retrieved. That translates to about 14 million dollars. The Bithumb hack resulted in loss of coins worth about 31 million dollars, most of which were bitcoins (more than 2000 of them), but more than 5 million XRP were stolen, too. The exchange has stated that the investigation is still being conducted, and we sincerely hope damage will be diminished further in the days to come. Some assets and withdrawals for some people may still be inaccessible, so have some more patience if you’re trading there. There is still no official deadline for the website returning to its full capacity.

China introducing crypto licences?

We’re staying in Asia, but this time we’re going to China. It was recently suggested that this huge country should consider introducing licences for everything crypto-related. This means that the licenses would apply not just to cryptocurrency trading but to ICOs and anything related to distributed ledgers, as well. Considering the fact that this suggestion comes from a paper written by two researchers in the Chinese Regulatory Banking Commission, this could be very indicative of the things to come. It would appear that the solution adopted by the US is the role-model in this case, but more details on how this licensing system would be implemented in China are unknown. We remind you that the country’s seven different financial institutions came out last year and flat out declared exchanging crypto for fiat currencies and projects resorting to ICOs illegal. Hopefully, this is a step towards resolving that.

Conclusion

And that’s pretty much everything we have in store for you this time. As you can see, there is much to keep track of, and more news are popping up every day, so stay on your toes. New crypto assets which could have a huge impact on top-tier financial institutions could come out soon, and Facebook and China appear to be slowly but surely changing their rigid stances, so things are definitely looking up. Not only that, but the Bithumb hack investigation is yielding some results and a lot of the funds have already been located. This case is not over, though, so we expect more good news soon and will hopefully see the exchange back to its full strength in the days to come. Until then, follow us and stay in touch with the latest developments, and do check out our lists of the most popular brokers and exchanges if you’re looking for a place to trade. We have all the information on all the best websites, so just give us a couple of minute of your time and we’ll point you in the right direction. Best of luck! 

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