Day: September 13, 2018

Japan’s FSA Expands Crypto Team to Handle Exchange License Reviews

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Japan’s financial market watchdog is looking to expand its team focused on crypto-related activities next year to better handle the growing interest among Japanese companies in gaining a cryptocurrency exchange license. The Financial Services Agency hosted the fifth study group meeting on cryptocurrency Wednesday, with trading platforms, scholars, lawyers, and government officials present. Kiyotaka Sasaki, vice commissioner for policy coordination at the FSA, said the authority currently has about 30 people in charge of the overall supervision of crypto-related activities, including license registration reviews. The FSA, Sasaki said in a Reuters…

Blockchain Could Boost Trade Finance by $1 Trillion, WEF Research Says

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Blockchain is able to fill in much of the $1.5 trillion-dollar supply-demand gap in global trade finance by easing financing for small- and medium-sized enterprises (SMEs) in emerging markets, new research says. Jointly conducted and released by the World Economic Forum and Bain & Company, the research indicates that, by deploying blockchain, global businesses can generate an extra $1 trillion in trade finance that would otherwise be missed out on. According to an Asian Development Bank calculation, the global trade finance gap is currently at $1.5 trillion and is estimated to…

Japan’s Financial Regulator Expands to Handle Influx of Crypto Exchange License Demand

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Japan’s Financial Services Agency (FSA) plans to bolster its workforce by 12 personnel to better handle the growing influx of applications for crypto exchange licenses, Reuters Japan reported September 12. At a crypto exchange study group meeting Wednesday, the FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said that the agency is currently conducting its oversight of crypto exchanges with a team of around 30 people, whose work includes the review of license applications. Yet Sasaki reportedly stressed that with over 160 firms currently awaiting review, the dedicated number of…

Blockchain Can Add $1 Trillion to World Trade by 2028, Says World Economic Forum

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Distributed ledger technology (DLT) such as blockchain could generate $1 trillion in new trade over the next ten years, a joint report from the World Economic Forum (WEF) claims Thursday, September 13. The report, ‘Trade Tech – A New Age for Trade and Supply Chain Finance’, published in collaboration with Bain & Company, evaluates DLT prospects within the global trade finance industry. Long an area of increasing focus for innovation, trade finance continues to rely on legacy technology, with multiple blockchain-based initiatives now dedicated to increasing efficiency. “Distributed ledger and…

Morgan Stanley Plans Bitcoin Trading for Clients

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U.S. banking giant Morgan Stanley is planning to offer clients Bitcoin trade swaps, anonymous sources told Bloomberg Thursday, September 13. Citing “people familiar with the matter,” the publication reveals the U.S. multinational will follow in the footsteps of fellow Wall Street players in pursuing Bitcoin exposure options. According to the sources, Morgan Stanley “will deal in contracts that give investors synthetic exposure to the performance of Bitcoin.” “Investors will be able to go long or short using the so-called price return swaps, and Morgan Stanley will charge a spread for…

A Bitcoin massive adoption is the way to another Market boom

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The coming of cryptocurrency mass adoption is still to come The cryptocurrency market has experienced a significant influx of users that was conducted through new market players. There has been a lot of new and unusual investors in the market, with individuals getting really interested in what this technology has to offer. Some are institutional traders, Enterprises, Technicians, computer scientist, and Businesses oriented companies.  This has lead to institutions, programmer and developers getting more interested in what cryptocurrencies have to offer and the applicability to the financial system. Despite this…

Bitcoin Price Looks North After Passing $6.4K Resistance

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Bitcoin (BTC) is teasing a decent bullish move, having cleared crucial resistance a few hours ago. The leading cryptocurrency moved past $6,400 earlier today, signaling that bearish exhaustion – as indicated by Tuesday’s spinning bottom candle – is paving way for a corrective rally. Notably, the positive price action was preceded by a solid defense of the long-term trendline connecting the June low and Aug. 11 low and an upside break of the symmetrical triangle. As a result, the stage looks set for an upside move. However, caution is still…

Mt Gox’s Corporate Creditors Can Now File Claims for Bitcoin Refunds

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The trustee of the long-defunct bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped bitcoin through a recently approved rehabilitation process. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to file proof backing up their claims for refunds of crypto assets held by the exchange. “We have released an online rehabilitation claim filing system … which allows corporate users to file their…

Mt Gox’s Corporate Creditors Can Now File Claims for Bitcoin Refunds

boss

The trustee of the long-defunct bitcoin exchange Mt. Gox has announced that corporate creditors can now enter claims to claw back trapped bitcoin through a recently approved rehabilitation process. Nobuaki Kobayashi, attorney-at-law and the rehabilitation trustee for Mt. Gox said in a release on Wednesday that former corporate users of the exchange will have until Oct. 22 to file proof backing up their claims for refunds of crypto assets held by the exchange. “We have released an online rehabilitation claim filing system … which allows corporate users to file their…

Uber’s Largest Shareholder Prototypes a Blockchain for Mobile Payments

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A trio of technology companies including SoftBank, Uber’s biggest shareholder, has trialed a global payment service using a blockchain platform. Synchronoss Technologies, Inc., an IoT and messaging provider, has teamed with Japan-based telecom carrier SoftBank Corp. and blockchain technology provider TBCASoft Inc. on a cross-carrier payment service (CCPS) that will use TBCASoft’s blockchain platform and the Rich Communication Services (RCS) global messaging standard. TBCASoft and SoftBank have partnered under the Carrier Blockchain Study Group while Synchronos’ platform, which covers email, SMS and RCS, launched earlier this year. Proof Of Concept…