Back in April 2018, the Reserve Bank of India decided to go ahead and issue a notice prohibiting all of India’s banking and financial institutions from offering their services to crypto exchanges, companies operating within the space, and individuals seeking to explore the nascent asset class. Following the ban, India’s crypto ecosystem was brought to its knees, with a majority of operational exchanges either folding up completely or relocating to other nations with more hospitable regulations. Additionally, the notice resulted in digital currencies being maligned across India’s investment landscape, with many casual enthusiasts starting to view the overall sector with …
A new report has found strict regulations in Japan are likely to benefit new players in the long term. Double jump.tokyo, the game developer behind My Crypto Heroes, introduced So & Sato, a Japan-based law firm specializing in crypto and blockchain, to Cointelegraph Japan. On March 31, the law firm released a report covering all aspects of digital assets in the Asian nation, from tokenized securities to crypto derivatives. Entering the crypto market under strict regulations Joerg Schmidt and So Saito from So & Sato told Cointelegraph Japan in an interview that local regulations for cryptocurrency exchanges are “far stricter” …
Major Japanese bank Resona will withdraw from Ripple-powered blockchain payment project MoneyTap on May 13, the bank announced on April 11. A subsidiary of Resona Group, the fifth largest banking group in Japan as of 2012, Resona Bank joined the project in October 2018, along with SBI Sumishin Net Bank and Suruga Bank. Launched on Oct. 3, MoneyTap payment service uses Ripple’s blockchain solution xCurrent, which claims to offer instant domestic bank-to-bank transfers. The project was co-developed by Japanese financial services giant SBI Holdings and blockchain firm Ripple, the firm behind XRP, the third top cryptocurrency by market cap. In …
SBI Ripple Asia and the Japan Payment Card Consortium have announced a joint proof of concept (PoC) to combat fraud with blockchain technology, according to an official release published Nov. 16. According to the news release, the PoC will be conducted on R3's blockchain platform, Corda, and will aim to prevent damage wrought by fraudulent transactions by enabling the real-time sharing of data between parties using blockchain. The Japan Payment Card Consortium counts nine major credit card issuers – including American Express (Amex), Credit Saison and Toyota Finance – and two payment-card technology providers as members. SBI Ripple Asia is …
A former Deutsche Bank trader has joined Japanese crypto exchange-startup FXcoin Ltd., Bloomberg reports September 3. According to the announcement, Yasuo Matsuda, an institutional trader from Deutsche Bank, will join FXcoin as a senior crypto strategist starting in September 2018. The strategist position includes providing analysis of crypto markets and daily reports on the market’s activity. The newly appointed 49-year old Matsuda worked as foreign-exchange dealer at the German bank from 2012 until this June. FXcoin Ltd., founded in September 2017, is currently seeking regulatory approval from Japan’s financial regulator the Financial Services Agency (FSA) in order to operate “virtual …