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| February 18, 2018

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Dubai Issues License to Cryptocurrency Firm

February 13, 2018 |

Dubai Issues License to Cryptocurrency Firm

The largest free economic zone in the UAE, with zero percent personal and corporate income tax, has started issuing licenses to firms trading cryptocurrencies. The first license has been issued to a gold trader that has recently started offering cryptocurrency services.

Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License

Attracting Crypto Businesses

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Dubai Multi Commodities Centre (DMCC) is a government entity established in 2002 to enhance commodity trade flows through Dubai. DMCC Free Zone is the largest and fastest growing free economic zone in the UAE.

“We perform a range of roles which continue to position Dubai as the preferred destination for global commodities trade and DMCC as the world’s No.1 Free Zone,” offering zero percent personal and corporate income tax, the center’s website states. Today, more than 14,100 multinational corporations and startups call DMCC home, with almost 90,000 people living and working there.

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe Centre has started issuing licenses to allow firms trading in cryptocurrencies to operate from its free zone, Thomson Reuters Zawya reported on Monday.

DMCC’s executive director for commodities, Sanjeev Dutta, told the publication that the Centre is “beginning to facilitate” a market in cryptocurrencies which, he acknowledged, is unregulated. Citing that firms looking to set up in the zone would be considered on a “case-by-case” basis, he elaborated:

To me, what is important is the fact that you are still evaluating it as part of your innovation strategy. You are not saying ‘no’ to something. You are not saying ‘yes’ either, but you are exploring, so you are clearly ahead of the others when the time to make a decision comes.

Cryptocurrencies as Commodities

DMCC is a member of the Global Blockchain Council, which began as a Dubai Smart City project and has 46 member organizations globally today. The Centre’s director of innovation hub, Franco Bosoni, said that a global consensus is emerging which favors classifying cryptocurrencies as commodities, the news outlet detailed and quoted him explaining:

DMCC’s view is that these [cryptocurrencies] meet the test of a commodity. They’re priced based on supply and demand, produced and sold globally at a uniform quality and (are) indistinguishable between products.

Wai Lum Kwok, head of capital markets for Abu Dhabi Global Markets Regulatory Authority, told the publication on Sunday that the regulator is “reviewing and considering the development of a robust, risk-appropriate regulatory framework” for crypto exchanges and intermediaries. Emphasizing that no timeframe has been set, he added:

As we develop our framework, we will also want to check in and have the conversations with, for example, US regulators, Japanese regulators and so on and so forth, so that there is some alignment of approach to avoid any regulatory arbitrage.

First License Issued

UAE’s Largest Free Economic Zone Issues License to Cryptocurrency FirmThe first license for the Free Zone reportedly went to Regal Assets, a gold trader and storage provider with offices in the US, Canada, and the UAE. The company added cryptocurrencies to its product line at the end of last year, offering brokerage services and an insured, high-security cold storage service for bitcoin, ether, bitcoin cash, ethereum classic, ripple, and dash.

According to Bloomberg, “Dubai gold trader Regal RA DMCC is the first company in the Middle East to get a license to trade cryptocurrencies.” The news outlet quoted DMCC acknowledging in a statement, “The company will offer storage of bitcoin, ethereum and other cryptocurrencies in a vault located in DMCC headquarters in Almas Tower in Dubai.”

DMCC Executive Chairman Ahmed Bin Sulayem was quoted by the publication, “At the heart of DMCC’s long-term strategic growth plan is the use of technology and innovation to disrupt and connect new markets, industries and customers,” adding that “the announcement today embodies this approach.”

Do you think more crypto companies will move to this free economic zone? Let us know in the comments section below.


Images courtesy of Shutterstock and DMCC.


Need to calculate your bitcoin holdings? Check our tools section.

The post Dubai Issues License to Cryptocurrency Firm appeared first on Bitcoin News.

Bitcoin News

Japan Cracks Down on Foreign ICO Agency Operating Without License

February 11, 2018 |

Japan Cracks Down on Overseas ICO Agency Operating Without a License

The Japanese financial regulator will be issuing its first warning since the legalization of cryptocurrencies as a method of payment in Japan. An overseas initial coin offering agency has reportedly been attracting Japanese investors without a license, repeatedly ignoring the agency’s advice to cease operating in the country.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

FSA’s Warning

Japan’s Financial Service Agency (FSA) will issue a warning to an unregistered initial coin offering (ICO) agency, which has been conducting business in Japan without a license, Nikkei reported. The news outlet elaborated:

The warning will be issued to Blockchain Laboratory, based in Macau. The agency has decided the company’s activities could cause investors to incur losses. The FSA will work with the police and the Consumer Affairs Agency to bring criminal charges if the company fails to respond to the warning.

Japan Cracks Down on Overseas ICO Agency Operating Without a LicenseHeadquartered in Macau, “Blockchain Laboratory operates as an initial coin offering agency to raise funds using cryptocurrencies,” the publication described. The company’s activities include cryptocurrency and ICO consulting services and conducting seminars to attract investors.

The FSA has repeatedly advised the company to “halt its business activities in Japan, without success,” the publication detailed. According to the officials of the agency, the FSA “will warn the company directly, and name it on the FSA’s home page.” If the operator still fails to comply, criminal charges will be filed.

License Needed to Operate in Japan

Japan Cracks Down on Overseas ICO Agency Operating Without a LicenseSince the revised payment services law went into effect in April of last year, Japan has recognized cryptocurrencies as a legal method of payment. The law also requires crypto exchanges to register with the FSA. It “allows only registered operators, or those that have applied for registration, to operate in Japan,” Nikkei emphasized.

The warning to Blockchain Laboratory will be the FSA’s first under the revised payment services law. “The move is part of the FSA’s more aggressive scrutiny of the activities of unregistered operators in Japan,” the news outlet conveyed, adding that:

The revised law prohibits such unregistered exchanges from operating and soliciting in the country.

Currently, there are 16 cryptocurrency exchanges with a license to operate in Japan and another 16 are under review, including Coincheck which suffered a loss of 58 billion yen (~USD$ 533 million) in a recent hack.

In a recent interview with news.Bitcoin.com, Bitflyer CFO Midori Kanemitsu said:

Now people understand that they need to use safe exchanges, which are registered with FSA and have a high standard of security.

What do you think of the FSA’s action? Let us know in the comments section below.


Images courtesy of Shutterstock and the FSA.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japan Cracks Down on Foreign ICO Agency Operating Without License appeared first on Bitcoin News.

Bitcoin News

TMZ

Dominic Monaghan Sues Contractor for Sloppy Landscaping Without a License

January 23, 2018 |

Dominic Monaghan had some landscaping done at his place by a guy he thought was qualified to do the job — but turned out to be far from it … this according to a new lawsuit. The “Lord of the Rings” and “Lost” star just filed suit against Bruce De…

TMZ.com

Belfrics Granted ‘Sandbox License’ to Open Cryptocurrency Exchange in Bahrain

January 12, 2018 |

Belfrics Granted 'Sandbox License' to Open Cryptocurrency Exchange in Bahrain

The Central Bank of Bahrain has awarded bitcoin technology provider, Belfrics Global, a sandbox license to open and operate a cryptocurrency exchange in the Arabian Gulf nation. As such, Belfrics is reported to have become the first company to receive an official mandate to open a cryptocurrency exchange in the Middle Eastern/North African region.

Also Read: Belfrics Begins Roll-out of African Bitcoin Exchanges in Kenya

Central Bank of Bahrain Grants Sandbox License to Belfrics

Belfrics Granted 'Sandbox License' to Open Cryptocurrency Exchange in BahrainMalaysian-based cryptocurrency technology provider, Belfrics Global, has successfully received a mandate from Bahrain’s central bank to open a cryptocurrency exchange in the nation. The approval granted by the central bank of Bahrain is expected to give Belfrics access to the $ 50 billion USD digital transaction industry of the Middle Eastern/North African nation.

The Chairman and CEO of Belfrics Global, Mr. Praveen Kumar Vijayakumar, has welcomed the sandbox licensing, stating “We are excited to receive this approval from the Central Bank of Bahrain (CBB) as it provides access to a $ 50 billion digital transaction market in the MENA region alone. This is a first of many licenses that we are targeting for the year 2018. Bahrain is an ideal region for us to showcase our cryptocurrency-based payment systems, and with the help of CBB and other central banks, we will be able to implement our identity management solutions using the Belrium Blockchain pretty soon.” Jabeer KM, Belfrics’ Chief Operating Officer, described the approval as “a perfect start for the year 2018,” adding, “We are also working closely with central banks in Africa, Middle East and Asia to regulate the cryptocurrency space using our innovative KYC-based blockchain, Belrium.”

Belfrics Expands International Operations

Belfrics Granted 'Sandbox License' to Open Cryptocurrency Exchange in BahrainThe news comprises a follow-up to announcements from Bahrain’s government in September 2017 that indicated the country’s intention to develop ‘sandbox’ legislation for the cryptocurrency, industryakin, to those enacted by Singapore and the United Kingdom. Alongside the announcement, Khalid Al Rumaihi, the chief executive of the Economic Development Board of Bahrain, then indicated the country’s desire to issue bonds via distributed ledger technology. The move has been perceived as intended to further Bahrain’s bid to become a regional fintech hub, despite the nation’s small population.

Founded in 2014, the Kuala Lumpur-based company presently operates in Singapore, India, Kenya, China, Indonesia, Malaysia Dubai and Hong Kong, in addition to providing point of sale (POS) and other payment technology to merchants wanting to accept cryptocurrency as a method of payment. Belfrics’ Singaporean exchange comprises what it describes as a ‘global exchange’ that provides cryptocurrency pairings using USD as its base currency, whilst the company’s other exchanges are described as ‘local’ – exclusively offering pairings in the national currency for the country in which the exchange is domiciled. Belfrics has also indicated its intention to expand its African presence by opening exchanges based in Nigeria, Botswana, and Ghana.

What do you make of Belfrics being awarded a sandbox license to open an exchange in Bahrain? Share your thoughts in thoughts in the comments section below!


Images courtesy of Shutterstock, Belfrics


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Belfrics Granted ‘Sandbox License’ to Open Cryptocurrency Exchange in Bahrain appeared first on Bitcoin News.

Bitcoin News

Oklahoma high school teacher, student allegedly file for license to wed

December 16, 2017 |

A high school teacher in Oklahoma was fired Thursday after she and her 16-year-old student allegedly applied for a marriage license, according to reports.
FOX News

She Denied Gay Man a Marriage License. Now He Wants Her Seat

December 7, 2017 |

The Kentucky county clerk who made headlines two years ago for refusing to issue marriage licenses to gay couples is up for re-election next year—and one of the men she denied a license to has announced plans to run against her. Reuters reports that David Ermold of Morehead will…
Newser

PR: CoinLoan Lending Platform Granted Full License

December 4, 2017 |

CoinLoan Lending Platform

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Tallinn, Estonia – CoinLoan, the Estonia-based blockchain startup, took the Fintech world by storm today, when they announced that they have been granted a full Economic Activities License by the Estonian Government.

With CoinLoan receiving a license, it means that they have now cleared all regulatory hurdles to enable them to process transactions in crypto and fiat currencies. Because CoinLoan lets members leverage crypto assets like Bitcoin as collateral for loans in conventional currencies, obtaining a financial license prior to launch was essential. CoinLoan can now legally let borrowers access capital on demand using cryptocurrency as leverage for a loan, while retaining crypto-assets as security and having a range of options for tax payments.

Estonian law has legalized the exchange of cryptocurrencies for traditional (fiat) currencies, meaning CoinLoan is perfectly positioned to capitalize on the demand for effortless crypto-to-fiat conversion. CoinLoan’s new license means they now have access to the entire EU market.

Presently, investing in ICOs can be fraught with danger, as many are likely to fail due to overambitious claims, but CoinLoan’s financial license demonstrates that they are building a viable, long-term business. “Unlike most ICO start-ups, we don’t plan on raising and spending funds only to discover we’re not successful.” said Max Sapelov, CoinLoan’s co-founder. “Our project has been running for over a year, and complying with regulations means that we can offer a fully operational product – not just a concept – when we go to market in early 2018″.

CoinLoan went through a series of rigorous checks for legality, financial stability, and security to obtain the license, showing that they are a viable, legitimate business. CoinLoan has made great strides in demonstrating that they’re a worthy investment by adding a number of seasoned blockchain specialists to their advisory team; and then reconfiguring their token offering to make it even more compelling. After successfully raising over $ 800,000 during their pre-ICO fundraising round, they expect to raise the remaining amount via its ICO, which is presently underway.

Learn more about CoinLoan at https://coinloan.io
Join the CoinLoan’ Telegram group at – https://t.me/coinloan
Email – info@coinloan.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: CoinLoan Lending Platform Granted Full License appeared first on Bitcoin News.

Bitcoin News

Computer-Hating Doctor, 84, Fights for Medical License

November 29, 2017 |

An unusual fight over a doctor’s license to practice medicine is unfolding in New Hampshire. As NHPR explains, Dr. Anna Konopka keeps track of her patients in New London the old-school way, with handwritten files instead of computers. One problem? That puts Konopka in violation of a state law requiring…
Newser

TMZ

O.J. Simpson Getting New Driver’s License, Tests His Patience at DMV

October 20, 2017 |

O.J. Simpson’s one step closer to being on the road again, and you’re officially on notice, Nevada! Simpson rolled into his local DMV to get a new driver’s license. His first step on Wednesday was something O.J.’s had a lot of practice doing — the…

TMZ.com

CNN

Australia to use drivers license photos to create facial recognition database

October 6, 2017 |

Australia will use its citizens’ drivers license photos to compile a nationwide facial recognition database in the name of fighting terrorism, much to the chagrin of privacy advocates.
CNN.com – RSS Channel – World