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Japan: Seven Cryptocurrency Exchanges Could Receive FSA-Issued Licenses in Two Months

Seven applications will be either approved or rejected within two months, according to data recently released by the agency. According to new insight into the Japanese financial agency’s review process of companies applying for a cryptocurrency exchange license, seven applications will be either approved or rejected within two months. Cointelegraph Japan reported on this development on Jan. 12. The new information in regard to the review process offered by the Financial Services Agency (FSA) revealed that it involves a lengthy procedure that takes almost six months from the time of application — which includes the submission of answers to over 400 questions — to official decline or approval. According to the FSA’s explanation, after receiving the answers, the agency communicates with the company to verify its business plan, governance, cybersecurity, management system, and anti-money laundering (AML) and counter-terrorist financing. In this phase of the review, the agency’s officers w..

Long-Dormant Bitcoin Whales Resuming Activity Could Rock Price Action, Analysts Say

The number of active Bitcoin wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements, analysts claim. The number of active Bitcoin (BTC) wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements, Bloomberg reports Jan. 11. Bloomberg bases its report on data and analysis from crypto analytics startup Flipside Crypto, which sealed the backing of major crypto exchange Coinbase and veteran crypto venture capital firm Digital Currency Group (DCG) back in November. According to Flipside, as of Oct. 2018, a high number of long-inactive Bitcoin holders — defined as those that haven’t transferred their Bitcoin for between six and thirty months — have begun to transfer their coins, resulting in wallets active over the past month now holding around 60 percent of the coin’s circulating supply. Overall, the supply of active Bitcoins has reportedly surged 40 percent since summer 2018. Eric ..

What We Know About Yellow Vests’ Bank Run and How Crypto...

French grassroots political movement is planning a bank run on Jan. 12. On Jan. 7, activists of the French grassroots political movement the Gilets Jaunes — Yellow Vests — announced a bank run via social media, essentially hoping to meet their goals by destabilizing the local financial system. Dubbed the “Collectors’ Referendum,” the movement’s latest demonstration calls on supporters to withdraw their savings from financial institutions on Saturday, Jan. 12. While the political action does not mention cryptocurrencies, it seems that such a run on the banks could hypothetically affect the crypto market — and vice versa. What’s a bank run?A bank run entails a lot of people withdrawing their money from a given bank. It normally happens when investors start to feel that their bank may cease to operate in the near future. As a result, a fractional-reserve banking system — in which banks keep part of their assets locally, usually at least equal to a fraction of their deposit liabilities — ..

Crypto Trailblazer Nick Szabo: Central Banks Could Turn to Crypto to...

Cryptocurrency pioneer Nick Szabo has argued that amidst rising geopolitical uncertainty, central banks could soon turn to cryptocurrency reserves. Cryptocurrency pioneer Nick Szabo has argued that central banks could soon turn to cryptocurrencies to shore up their reserves, Finance Magnates reports Jan. 9. Szabo is a veteran cryptographer, having developed the concept of "BitGold" — a never-implemented, pre-Bitcoin (BTC) privacy-focused digital currency back in 1998. He is also the first to have conceptualized smart contracts, in 1996 — well ahead of their industry-wide traction — and remains a leading thinker in the crypto sphere. In remarks following his presentation at the Israel Bitcoin Summit at Tel Aviv University on Tuesday, Szabo proposed that in 2019 — in a context of mounting global geopolitical uncertainty — cryptocurrencies may increasingly be viewed as a sound alternative to existing central bank reserve denominations, arguing: “There’s going to be some situations where ..

Japanese Banks Launching Digital Currencies Could Inspire the Traditional Cash Society

Can a largely cash-based society become the leader in bank-issued digital currencies? Japan is known as a land of contrasts. A country where serenity and tranquillity can be found in the middle of the hustle and bustle of large global cities, where proud traditionalism stands side-by-side with the developers and innovators of breakthrough technologies, where kimonos are often found next to the latest fashion trends. This contradictory tendency is no different in Japan’s cryptocurrency ecosystem. It ranks as one of the top crypto-friendly nations on Earth, with favorable and forward-thinking cryptocurrency regulations. They made Bitcoin legal tender in 2017, and at one point, the Japanese yen dominated the buying and trading of Bitcoin. The Japanese Financial Services Agency (FSA) has also received 190 cryptocurrency exchange license applications. Yet, even though Japan has played host to some of the biggest crypto hacks to date (including Mt. Gox and Coincheck), they are still mostly..

Bitcoin Could Revolutionize Governance, Says Cypherpunk Jameson Lopp

According to Jameson Lopp, Bitcoin is an experiment that, if successful, could make the transition to an anarcho-capitalist society possible. Jameson Lopp — a crypto industry figure and self-proclaimed professional cypherpunk — described Bitcoin (BTC) as the first step in a broader transition to an anarcho-capitalist society. Lopp’s comments were made in an interview on the Stephan Livera Podcast, published Dec. 29. According to Lopp, Bitcoin is an experiment that — if successful — could make the transition to an anarcho-capitalist society possible: “I believe that Bitcoin is a very interesting experiment that if is successful in the long run could not only revolutionize money, but revolutionize how we think about governance.” Lopp explains further that a “more self-sovereign, anarcho-capitalist society” could be developed if services currently provided by centralized third parties — such as governments — were provided by “software agents that can start to replace pieces of government..

Galaxy Digital Trading: Current Rally Could Be Leading to Something Bigger

In a note to clients, crypto investment bank Galaxy Digital said that the current rally in markets “has more legs” than people realize. Amidst another crypto rebound, crypto investment bank Galaxy Digital said in a note to clients on Dec. 20 that short rallies like the current one are what happens “before a real rally ensues.” Crypto markets are seeing a fifth day of rebound, with Bitcoin (BTC) breaking the $4,000 threshold for the first time since it plunged below the price point on Dec. 3, Mike Novogratz's Galaxy Digital told its clients that crypto markets could gain even more momentum. In a note entitled “Why this rally could end up lasting longer than you think,” Galaxy Digital concluded that the recent “short” crypto rebound “has more legs” than people realize, citing the upcoming involvement in the industry by institutional players. The note reads: “Short rallies are exactly what happens before a real rally ensues. This could set up a more sustained ‘Buy the Dip’ market as..

Crypto Could Represent New Asset Class in Next Decade, Says BitMEX...

Crypto has the potential to become a new asset class in the next ten years, BitMEX CEO Arthur Hayes has said. Bitcoin (BTC) has the potential to become a new asset class in the next ten years, CEO of major crypto derivatives platform BitMEX claimed on the podcast Unchained Dec. 16. Arthur Hayes, CEO and co-founder of BitMEX, the largest crypto exchange by reported daily trade volumes, spoke with host Laura Shin and a group of other industry leaders at CME's Global Financial Leadership Conference last month. When asked if cryptocurrency represents a new asset class, Hayes expressed skepticism, saying crypto “is sort of a blend” but that it is “still extremely small”: “Could it become a bona fidе asset class in the next ten years? Maybe. Still, jury’s out on whether or not Bitcoin is actually secure in the long run [...] It’s still an experiment.” Hayes, however, added optimistically that crypto “could be a new way of raising capital and sending value around the world.” BitMEX’s CE..

Blockchain Could ‘Jeopardize the Safety’ of Current Financial Marketplace, DTCC Exec

Fintech is believed to be a risk for financial stability, the Depository Trust and Clearing Corporation Systemic Risk Barometer Survey states. Fintech is believed to be a “systemic risk” to the broader economy, according to a survey conducted by the United States Depository Trust and Clearing Corporation (DTCC), Dec. 11. 20 percent of respondents to the so-called “DTCC Systemic Risk Barometer,” identified fintech among the system risks for the global economy in 2019. The results are up from 15 percent in last year’s survey. Stephen Scharf, DTCC’s Managing Director and Chief Security Officer, declared that the increased concern over fintech “demonstrates a growing awareness of the potential risk and highlights the need to evaluate both risks and rewards associated with fintech initiatives.” He then explained: “As the industry continues to adopt fintech innovations, like blockchain, AI and cloud solutions, we must ensure that those innovations do not jeopardize the safety and security o..

Its ICO Portfolio ‘Could’ See 25 Percent Refund Rates Over Non-Compliance,...

Securities law enforcement means the investor’s various ICO project could come in for penalties, Pantera Capital has warned. Blockchain and cryptocurrency-focused investment firm and hedge fund Pantera Capital has warned that a quarter of its ICO projects could be found to violate the United States’ securities laws. According to the company’s most recent newsletter cited by a Bloomberg article Dec. 13, the ongoing crackdown by U.S. regulators means many ICOs, which have already felt the pinch from declining markets, may have to repay investors. “While we believe the vast majority of the projects in our portfolio should not be affected, approximately 25 percent of our fund’s capital is invested in projects with liquid tokens that sold to U.S. investors without using regulation D or regulation S,” the publication quotes co-chief investment officers Dan Morehead and Joey Krug as saying. “If any of these projects are deemed to be securities, the U.S. Securities and Exchange Commission’s (..
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