Abstract : The People’s Bank of China，China Bank Insurance Regulatory Commission and China Securities Regulatory Commission jointly released the Administrative Measures of Anti-Money Laundering and Anti-Terrorist Financing for Internet Finance Entities (for Trial Implementation).
China’s three top regulators-the People’s Bank of China (PBoC), China Bank Insurance Regulatory Commission (CBIRC) and China Securities Regulatory Commission (CSRC) jointly released the Administrative Measures of Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) for Internet Finance Entities (for Trial Implementation) (“Measures”) , which comes into effect since 1st January 2019.
The Measures aim to establish an AML regulatory mechanism combining the regulator’s supervision and self-regulatory…
Cryptocurrencies such as bitcoin result in the concentration of wealth, not greater equality
With the value of bitcoin having fallen by about 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin and XRP have all fallen by over 80%, thousands of other digital currencies have plummeted by 90%-99%, and the rest have been exposed as outright frauds. …
The biggest blockchain story of the last year or so — other than a plethora of ICO scams and bitcoin crashing about 67% from its $19,783 December 2017 high — has been the steady stream of powerful mainstream figures and companies who have declared blockchain is the next big thing for…something.
In that context, it seems almost a given that after leaving the Trump White House to spend more time driving his Tesla and playing golf in the Hamptons, Gary Cohn would pop up next doing blockchain…something. And so he has. …
The Office of Compliance Inspections and Examinations (OCIE) of the SEC has recently reiterated guidance that they plan to evaluate the cybersecurity practices of Registered Investment Advisors (RIAs) as part of their National Exam Program (NEP). The OCIE will be evaluating advisers in regards to their ability to fend off cybersecurity attacks and respond appropriately if an incident occurs. To guard against attacks and avoid OCIE penalties, firms should take steps now to review and enhance their current cybersecurity posture.
The OCIE has once again named cybersecurity as one of its top areas of focus for 2018 and Registered…
The chairman of Korea’s Financial Services Commission Choi Jong-koo has reaffirmed his negative position on digital currencies and Initial Coin Offerings (ICOs), Business Korea reported Oct. 11. Choi spoke at a parliamentary audit session of the commission held at the National Assembly.
South Korea prohibited ICOs in September last year, stating that such a type of fundraising is “almost a gamble.” This August, Korean lawmakers, including participants from governmentministries, returned to the cryptocurrency issue, focusing on repealing the country’s ICO ban. Lawmakers agreed on the need to develop a related policy before carrying a resolution on ICO reallowance.
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Want to start a business but not sure what it should be? For starters, take a look at what’s trending in 2018.
Data analyzed by online graphic design marketplace 99designsuncovered the top four hottest emerging industries to watch in 2018 and unsurprisingly, cryptocurrency ranked in first. Today, Bitcoin has become a dinner table topic and cryptocurrency in general has picked up incredible traction with emerging currencies such as Litecoin, Ethereum and Ripple. According to the research, the term “cryptocurrency” saw a 458 percent increase since 2015 in its appearance in logos and projects created on 99designs…
Marijuana businesses are mostly blocked from banks and have onerous compliance obligations. Blockchain is a promising solution to both problems.
Image credit: GeorgePeters | Getty Images
Barriers to banking and increasingly complex regulations make running a cannabis business costly and complicated, hampering what could be astronomical growth for the industry. Cannabis cryptocurrencies can solve both problems but, like all cryptocurrency, cannabis cryptocurrencies weren’t created equal. Some cannabis cryptocurrencies exist as a means to invest. Others were designed to address cannabis business’ inability to process credit cards, and little else.
Robo-traders and index funds may have taken over most of the stock market, but the psychology of bubbles is still strong.
The economist John Maynard Keynes wrote: “The game of professional investment is intolerably boring and over-exacting to anyone who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll.”
Ever since the crisis, the message to investors has been to embrace the “intolerably boring” style: Index. Rebalance. Diversify. Rebalance again. Reduce your fees. And don’t be so foolish as to think that you, sitting at home, could ever hope…
The world of cryptocurrencies has many secrets, despite its young age. However, as this technology promotes transparency, many of those secrets are slowly being discovered. One such secret includes the sudden rise of crypto exchanges, many of which were next to unknown only a few, short months ago.
Today, exchanges like BitForex, which is a perfect example of this sudden growth, are among the largest platforms around. Their daily volume can be counted in billions of dollars, which makes them almost a match for traditional stock exchanges, some of which are around for over two centuries.
Earlier this month, major Japanese crypto exchange Zaif was hacked, losing $60 million worth of crypto in user funds.
The Financial Services Agency (FSA), the main financial watchdog of Japan, has stated that it regrets allowing Zaif to continue its operation after the exchange was given two warnings to drastically improve its system.
“It is extremely regrettable that such an incident happened when (Tech Bureau) was given two business improvement orders,” an FSA official said.
On September 24, the Japanese government officially opened an investigation into Zaif to evaluate the method of hacking attack utilized to breach into the exchange…