South Korean Banks Drop Crypto Accounts as Government Plans a Ban
South Korean regulators have allegedly announced a plan to ban banks from activities involving cryptocurrencies, prompting major banks in the country to declare they will no longer issue accounts required for crypto trading. South Korea’s top Bitcoin exchanges are all affected, including Bithumb,Coinone, and Korbit. The Banks that have made announcements are Shinhan Bank, Korea Development Bank, and Industrial Bank of Korea. According to AFP:
"The Prime Minister’s Office said Seoul would ban financial institutions from dealing in virtual currencies – including buying, possessing, or holding them as collateral."
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ICO Utility Tokens Are Probably a Securities Offering: SEC Chairman
The U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton issued a public statement on cryptocurrencies and Initial Coin Offerings (ICOs), providing blockchain startups and ICO investors with the most in-depth look into the SEC’s stance on this fundraising model. Chairman Clayton stated:
“A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation. By and large, the structures of Initial Coin Offerings that I have seen promoted involve the offer and sale of securities and directly implicate the securities registration requirements and other investor protection provisions of our federal securities laws"
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Japan's GMO Internet to Roll Out Bitcoin Payroll System
Japanese web giant GMO Internet Group revealed yesterday that it soon allow its staff to receive some of their salary in Bitcoin. The company plans to start rolling out the system from February 2018 within GMO Internet Co Ltd, with a gradual expansion across the entire group and over 4,000 employees to follow. The company states:
"The GMO Internet Group will contribute to the development of virtual currencies in the world by promoting efforts related to virtual currency throughout the group."
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Facebook Messenger VP Joins Coinbase's Board of Directors
Coinbase has announced the addition of David Marcus, vice president of messaging products at Facebook to its board of directors. David Marcus will bring years of experience in building large-scale mobile products, according to a Coinbase statement posted yesterday.
Previously president of online payment giant PayPal, Marcus said that he has been "fascinated by cryptocurrencies since 2012," and that the technology "has the potential to materially change the lives of people around the world." Brian Armstrong, CEO and co-founder of Coinbase, said:
"David's knowledge of both the payments and mobile space will help guide us in achieving our mission of creating a truly open financial system that will bring opportunity to people all across the globe."
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