- Bitcoin surges back above USD 8,000 on Tuesday price action
- Kraken hints at resumption of crypto-based financial services in India following the Supreme Court’s overturning of a previous crypto ban
- Indonesia’s commodities regulator approves a new crypto exchange
Bitcoin has thrown off the shackles placed by sellers over the past two days by recapturing USD 8,000 territory today, going as high as USD 8,159 (CoinDesk) before settling just above it as the world’s most prized digital asset looks to find strength amid oversold indicators.
One of the biggest positive headlines this week has been coming. After the Indian Supreme Court overturned a two-year crypto banking ban by the Reserve Bank of India, many observers theorized that it would only be a matter of time before big crypto names in the industry turned their eyes back to the second most populous country in the world.
And it has happened. Kraken, one of the space’s most famous digital assets derivatives and Bitcoin trading platform, has now made a pledge to rebuild its presence in India. Although the references made in its blog announcement were rather vague, it said that it had recommitted to the market there, and points it out as a significant earning opportunity for those willing to fill the void left by companies who exited India after the ban.
Kraken expressed enthusiasm at the legal decision and promised to “recommit resources to grow its service in the region through new features and offerings”. It said that it had provided services to the Indian community before, and by saying that it was excited to help Indian, “with its youthful and tech-savvy population and status among the world’s largest gold and remittance markets”, “send value” abroad, it suggests the firm will tackle crypto remittance. Kraken Head of Global Business Development Sunny Ray, the India founder of Unocoin was quoted as saying:
“This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Meanwhile, positive news flows out from Southeast Asia, as the Commodity Futures Trading Regulatory Agency of Indonesia, also known as Bappebti, has now given the thumbs up to Zipmex, a crypto exchange service.
This is actually just the latest in Zipmex’s series of applications to multiple regulators in the Asia Pacific region, following the success of green lights received from Australian and Thai authorities.
Zipmex chief legal officer Bank Yimwilai told CoinTelegraph that the company practised a multi-approach style in attempting to accommodate different regulatory requirements from each individual jurisdiction in the region, but practising the same fundamental philosophies. He explained:
“Even though each jurisdiction has its own sets of rules and regulations, they are rooted in core principles of good corporate governance, strong custody solutions and comprehensive KYC/AML [Know Your Customer and Anti-Money Laundering] policies.”
Yimwilai insisted that the different regulators were typically similar in what they wanted, even in spite of “nuances and small differences”. If anything, he said some of the discrepancies helped to improve overall standards of compliance. He stated:
“Operating across multiple regions has allowed us to adopt the best practice from each particular region. For example, we adopt AML policies that satisfies AUSTRAC, the Australian regulator that regulates money laundering. In addition, SEC Thailand requires institutional-grade custody solutions of digital assets, which we then use in all of the markets that we operate in.”
Today, all crypto exchanges operational in the country are required to register with Bappebti. Successful applications are dependent on proof of secure risk control management, security and transaction systems. This process is part of a new crypto framework of regulations that began last year.
Image Courtesy: Pixabay