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Will Switzerland’s FINMA license boost cryptocurrency prices?

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The Financial Supervisory Authority of Switzerland is planning to authorize cryptocurrency exchanges to act like commercial banks with new licensing.

The Financial Supervisory Authority of Switzerland is planning to authorize cryptocurrency exchanges registered in the country to act like commercial banks with new licensing starting from 2019 allowing them to store the deposits of trades up to 100 million Swiss Franc (100302400 USD).

The government of Switzerland has been cryptocurrency friendly by providing cryptocurrency regulations and inviting more and more cryptocurrency related businesses to register in the country.

 

What the FINMA license will work?

The reserves held with the exchange which has a limit of 100 million Swiss Franc cannot be invested funds. The exchanges who would like to register under the new license shall convey their request to FINMA demonstrating their business plan and scope for the next 3 years and mentioning about their targeted customers.

The registrations shall be checked in depth by FINMA and the history and criminal records of the officials of exchanges applying shall be examined carefully before granting the license. For the overseas exchanges (outside of Switzerland) wanting to obtain the license shall register all their shareholder who holds more than 5% of the companies stake under the license agreement.

 

The government of Switzerland has been adopting new technologies such as blockchain and cryptocurrencies very quickly in comparison to other nations which make Switzerland one of the top nations for crypto and blockchain businesses. Recently, the government of Switzerland had approved the world’s first cryptocurrency ETP on SIX EXCHANGE which is one of the largest stock exchanges in Europe.

 

The question which arises here is that with more and more nations around the world are adopting cryptocurrency and blockchain technology, is a price boom foreseen? What are your thoughts? Tell us in the comments section below.

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Japan to establish new regulations for cold wallets of crypto exchanges

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The Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets of cryptocurrency exchanges.

As reported by Reuters, the Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets for the storage of cryptocurrencies for cryptocurrency exchanges.

 

According to the report, the financial regulator of Japan is going to need a more strict internal supervision of the cold storage wallets (offline wallets) within the crypto exchanges.

 

The Financial Services Agency of Japan is going to mark the issues of protecting the security of the cryptocurrencies and other endangers to the country by establishing new regulations since the agency wants to uplift the fintech industry in order to encourage the economical growth.

 

Even though the cold storage wallets are in offline mode (not connected to the internet) and are considered a lot safer than the online wallets, Japan’s Financial Services Agency is considering the internal thefts within the organization itself. Currently, a lot of cryptocurrency exchanges do not have a procedure of rotating the individual responsible for the cold storage wallets.

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Kraken Sued for $907,000 by ex-Employee

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An ex-employee of Kraken, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company.

An ex-employee of Kraken, a major cryptocurrency exchange, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company. The lawsuit has demanded more than $900,000 from the company.

 

Kraken Sued:

According to a publication on Bloomberg, Jonathan Silverman was responsible for managing the institutional sales and trading desk of the exchange. He was posted in New York and had an agreement with Jesse Powell, the CEO of Kraken for a salary of $150,000 for his job. They also had verbal communication regarding the payment of 10% of the yearly profit of the desk to Jonathan.

Jonathan is alleging that the desk had made more than $19 million profit in 3 months during his working period in 2017 and did not receive the 10% payment as a commission as he was promised.

However, according to Christina Vee, one of the spokeswomen for Kraken mentioned that Jonathan Silverman is giving false statements and also violating his confidential agreement.

 

Did Kraken leave New York in 2015?

Jonathan Silverman also claims that Kraken had not left New York in 2015 despite the fact that the controversial Bitlicense was introduced by the State’s department of financial services back then. He said that the company has been misleading the common people and the government regulators about not operating in New York since 2015. Jonathan claims that most of the OTC (Over the counter) traders of the exchange were done in New York.

In 2015, Kraken had posted an official publication which said that the exchange is shutting down its services in New York due to the controversial BitLicense of the State that was being brought out by the financial services department.

 

The lawsuit claims that when he left the job, Jonathan Silverman had reached an agreement with the company that he would receive $907,000 as a settlement amount which was never received by him.

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Alert: Singapore Exchange DragonEx Hacked

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DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack on telegram.

DragonEx crypto exchange based in Singapore has allegedly been hacked on 24th March 2019. The exchange told its users about the hack through an official message on their telegram channel.

 

DragonEx Hacked:

According to the announcement, the hack led to the theft of the cryptocurrencies that belong to the exchange as well as the cryptocurrencies that belong to the users. The hack was instantly identified by the DragonEx team.

 

According to the official announcement by the admin, they were able to retrieve only a portion of the total cryptocurrencies and the team is working hard to get back the other stolen cryptocurrencies as well. Also, the team has informed many judicial administrations about the cybercrime base lodged by the exchange which includes Singapore, Thailand, Hongkong, Estonia etc. The team is currently trying to assist the police in the investigation and the exchange has currently shut down its operations.

 

The admin also told the users that DragonEx is taking full responsibility for the lost assets of users. The total amount of cryptocurrencies that were compromised during the hack is however still unknown.

 

The admin also stated a warning that the exchange will never ask the users about any personal information such as password, verification code, SMS code etc and users shall be aware of such fact. The admin also provided twenty addresses to which the hacked or stolen cryptocurrencies were sent. These twenty addresses are of twenty different cryptocurrencies such as BTC, LTC, ETH, XRP etc.

 

The admin also requested other cryptocurrency exchange as well as the people in the cryptocurrency industry to help them in investigating the case and trace the cryptocurrencies.

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