Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.
Asia and Australia
Regulators forcing hacked exchange to improve its model: Fisco, the investment firm that took over the assets of the hacked cryptocurrency exchange Zaif is being scrutinized and forced to improve its handling of the previously hacked exchange according to a press release from the Financial Services Agency (FSA).
The FSA report claims that a number of violations and irregularities were found in the acquisition of the hacked cryptocurrency exchange and also found out that the firm also had issues in its model. The blunt report suggests that the ““management did not recognize the importance of legal compliance.”. In a hack back in September 2018, the exchange lost over 62.5 million USD worth of coins from its wallets and was eventually acquired by the Fisco group. The Japanese government has also hardened rules for cryptocurrency exchanges in the country so that hacking attempts and their losses can be minimized in the country.
Agency reports a 170% increase in crypto related inquiries: Japanese Consumer Affairs Agency (CAA) has claimed that the number of cryptocurrency related inquiries in the country rose by almost 170% last year. The increase is among the highest in countries around the world despite a slump from last year’s increase (450%).
Most of the requests were regarding various facets of the cryptocurrency trading and investment. Other government data shows that the cryptocurrency inquiries faced a decrease in percentage during the second half of 2018 and thus it shows a correlation with the price.
New Responsibility imposed on Korean exchanges for user losses: The South Korean authorities have imposed new rules on cryptocurrency exchanges regarding user losses and liabilities according to report from Korean news outlet The Korean Herald.
A Fair Trade Commission has asked repeatedly hacked exchanges including Bithumb to adopt new policies to hold themselves accountable in the case of hacked funds.
Moody ‘s throws its weight behind Singapore banks against fintech: Credit rating agency Moody’s has come all out in support of commercial banks in Singapore and is backing them against a struggle with the fintech startups mushrooming the country that seek to challenge their hegemony.
The new report titled Fintech – Singapore: Bank of the Future: Fintech threats are growing fast but large incumbents will hold their ground’ goes in depth around the topic and eventually picks its winner: the banks.
Libra may not be launched in India: Facebook’s flagship cryptocurrency project Libra may not be launched in India in the near future due to its issues with the topic according to a report by the Economic Times. Not just India but other countries where cryptocurrencies are officially banned will not see the addition of Libra wallets in 2020 when the project is expected to take off.
Cryptocurrencies are currently banned in India but all of that could change once the ban is lifted by the government.
Central Bank again argues against the practicality of Bitcoin: The Australian Reserve Bank is once again repeating its rhetoric that cryptocurrencies will never be used as mainstream payment options in the country.
According to a report titled ‘Cryptocurrency: Ten Years On,’ the banking regulator commemorated the tenth year of BTC’s existence while acknowledging zero faith in its future mainstream use. It clearly believes that cryptocurrencies will continue to remain a niche asset only.
Concluding, the report says:
As long as the Australian dollar continues to provide a reliable, low-inflation store of value, and the payments industry continues to work on the efficiency, functionality and resilience of the Australian payments system, it is difficult to envisage cryptocurrencies presenting a compelling proposition that would lead to their widespread use in Australia.”