Koreas crypto exchanges will no longer face banking issues Commissioner Choi
Choi Jong-Ku, the commissioner of the Financial Services Commission (FSC) of South Korea, has reaffirmed there are no issues related to compliance and security in the process of banks providing virtual bank accounts to local cryptocurrency exchanges.
Commissioner Choi said “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.”
New Zealand government funds Bitcoin trading platform
The New Zealand governments innovation arm, Callaghan Innovation, has invested $330,000 into a New Zealand cryptocurrency trading platform. The investment comes as the platform rebrands from MyCryptoSaver to Vimba to reflect the expanded range of services the Auckland-based startup offers.
“This is a truly significant investment from Callaghan Innovation and a real show of faith in the future of this very exciting asset class,” Vimba CEO Sam Blackmore says. The money will go towards new key features for our expanding service. We will use it to build secure multi-signature crypto wallets for our users…”
Brazil banks reopen a Bitcoin exchanges bank account to avoid fine
Bitcoin Max, a Brazilian cryptocurrency exchange, had two banks in the country, Santander and Banco do Brasil, reopen its accounts following court rulings by Brazils Federal District Court. Failing to comply would have cost Santander up to $1,350 and Banco do Brasil up to $5,400.
The new decision came as the judge, Ana Catarino, considered the banks lack of communication about shuttering the exchanges account to be “abusive conduct,” prohibited by the countrys consumer protection laws. Banco do Brasil reportedly even held $32,300 of the exchanges funds in limbo & the exchanges CEO, Adriano Zanella, claimed the banks didnt even reveal they were going to shut down its accounts.
Bank of America files patent to store cryptocurrency keys
Bank of America was awarded a patent for a device that stores cryptographic keys and the documents details hint at applications for cryptocurrencies. In the US patent, the bank outlines a “hardened storage device” for storing private keys – such as those used for blockchain platforms – explaining that, at present, most keys are stored locally protected by nothing more than a password. The patent references “cryptocurrencies” several times.
According to Bank of America, given that computers storing these keys are usually connected to the internet or other public networks, local storage means that they “are continuously susceptible to being misappropriated. No reira, a need exists for a secure means for storing private cryptography keys,” the patent goes on to state, specifying that this storage method should “reduce the risk” of a users private keys being stolen.
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