Regulation

UAE-Based Crypto Exchange Seals Preliminary Approval From Regulators

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United Arab Emirates (UAE)-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6.

GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with  regional exchanges founder Arshad Khan — aims to serve as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders.

According to Markets Mediz, ABX implements technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion.

GMEX Group and Arshad Khan are reportedly developing ABX as an “integrated ecosystem for crypto assets listing, trading and settlement with associated digital custody, depository and data services.” The forthcoming ecosystem will aim to bridge crypto activity in the Middle East and Northern Africa with other international crypto centers.

ABX is to be based in the Abu Dhabi Global Market Authorities Building — reportedly in order to benefit from the city’s proactive crypto asset regulatory framework, high concentration of international financial institutions, and the ostensibly rapidly developing crypto asset industry in the wider region.

As Cointelegraph has previously reported,  UAE-based cryptocurrency exchange BitOasis secured preliminary approval with financial regulators in mid-May of this year.

Data released by CoinSchedule this April indicated that the UAE had been the world’s biggest contributor to crypto token sales since the start of 2019 (raising over 25% of funds, or $210.5 million.

In September 2018, Richard Teng — head of the Financial Services Regulatory Authority of the ADGM, had called for more robust international regulation of cryptocurrencies, noting that “every time a coin gets stolen or lost, it affects the confidence in this asset class.”




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On July 12, 2019, Tokyo-headquartered cryptocurrency exchange Bitpoint promptly suspended its services after noticing an error in the outgoing funds transfer system. Soon, an official announcement followed, revealing that the trading platform had lost around 3.5 billion yen (roughly $32 million) as a result of a security breach. The exchange’s administration has managed to find a portion of the missing funds since the initial announcement was published. Nevertheless, the security breach seems to continue the streak of hacks targeting Japan-based exchanges.

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According to the breakdown of the hack published by Bitpoint’s parent firm, Remixpoint Inc., Bitcoin (BTC) accounted for the highest share of total losses. The total amount of stolen BTC (1,225) is worth over 15 billion yen (just over $138 million). Further, over 28 million XRP (10 billion yen, or $92 million) and 11,169 ETH (3.3 billion yen, or $30 million were…



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Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

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David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate.

Addressing the issues of money laundering and terrorism financing, Senator Cortez Mastro asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that the company will have an Anti-Money Laundering program, reiterating Facebook’s commitment to FinCEN.

Marcus stated that “Calibra will be affordable and accessible and also safe and secure” and will comply with FinCEN and state regulation. According to Marcus, Libra Corporation will still register with FinCEN despite the…



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R3 to Support a Startup-Focused Stock Exchange in Brazil

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Blockchain consortium R3 has partnered with Brazilian fintech company Banco Maré to launch a stock exchange for investing in technology firms.

Banco Maré, a blockchain-powered digital bank focused on financial inclusion, intends to build a tokenized stock exchange offering investments in technology companies with “social impact,” Cointelegraph Brazil reports July 16.

The new R3 technology-backed platform, provisionally named BVM12, will purportedly open a new funding source for technology startups, as well as enable individual investors to generate dividends from investments in new technologies, the report notes.

Rio de Janeiro-based Banco Maré has reportedly conducted its first informal consultations with the Brazilian Securities and Exchange Commission, and is reportedly planning to make an official request to the agency in August 2019.

Banco Maré CEO Alexander Albuquerque claimed that the new venture aims to democratize risky investment and bring the low-income public to the stock market.

Earlier in June, Cointelegraph reported that the…



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For quite some time now, the term “privacy coins” is associated with illegal activity on the internet and in the real world. This is primarily because of the privacy and anonymity features these currencies tend to provide to its users. In the case of Monero, for example, it is impossible to determine who owns how many coins, or who is sending and receiving transactions. This makes it a thorn in the side of government officials and financial experts, as they only see the negative side of this…



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‘I like bitcoin,’ says House GOP leader McCarthy, hits Facebook Libra

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House Minority Leader Kevin McCarthy told CNBC on Tuesday that he likes the decentralized nature and the security of bitcoin.

“I like bitcoin” and the security of the blockchain ledger technology behind cryptocurrencies, the California Republican said, as he criticized Facebook’s plans for a Libra digital coin ahead of hearings on Capitol Hill this week.

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