#CryptoCorner: #Coinbase Not Going Public "Any Time Soon", Korea's Financial Services Commissioner Affirms Legality of Banks Working with Crypto Exchanges
Oct 31st #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App
Point Roberts, WA and Delta, BC - October 31, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news reports on what's driving the cryptocurrency markets with today's edition of Crypto Corner, now available in podcast.
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#CryptoCorner: #Coinbase Not Going Public "Any Time Soon", Korea's Financial Services Commissioner Affirms Legality of Banks Working with #Crypto Exchanges
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Coinbase Not Going Public "Any Time Soon", Korea's Financial Services Commissioner Affirms Legality of Banks Working with Crypto Exchanges, Indian Authorities Consider Ban of Private Crypto Use and Brazilian Banks Reopen Local Exchange Accounts
In an interview with Bloomberg, Coinbase President and COO Asiff Hirji said the company had no immediate plans for an initial public offering (IPO). Hirji said the company would eventually, but that it was not the most important thing to consider at this time.
"There's not going to be an IPO any time soon. We have so much to do. At some point, yes, we will go public, but that's not even close to the top of the list of things we're worried about right now."
CCN reports that the commissioner of Korea's Financial Services Commission (FSC), Choi Jong-Ku, has affirmed the legitimacy of banks working with cryptocurrency exchanges. Choi stated that as long as crypto exchanges observe the Know Your Customer (KYC) and Anti Money Laundering (AML) systems, there should be no barrier in working with banks.
"There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges,"
A meeting of India's Financial Stability and Development Council (FSDC) yesterday considered the banning of the private use of cryptocurrencies. A Press Information Bureau release from the meeting indicates that the council talked about developing a legal framework to make private use illegal but to urge growth in blockchain technology.
The Council also deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private crypto currencies in India and encouraging the use of Distributed Ledger Technology, as announced in the Budget 2018-19.
Two major Brazilian banks, Banco do Brasil and Santander Brasil, have reopened the accounts of local crypto exchange Bitcoin Max, according to Portal do Bitcoin. This follows a preliminary ruling by the Federal District and Territorial Court that the banks had failed to notify Bitcoin Max of the closure which violates consumer protection rules. If the banks had failed to reopen the accounts, they would have been fined.
Sam Mowers, Investorideas
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