Regulatory Race in Crypto Circle
Crypto News Talk is a bilingual series of programs produced by Himalaya Australia Digital Soldier H-Pay Promotion Group, aiming to promote H-coin, Himalaya Exchange, H-Pay, knowledge and changes in the crypto market industry. The slogan of the program is Wealth Pulse, Commercial Opportunities, Strategic Outlook, Crypto News Talk. As mentioned in the previous episode, because the nine cryptocurrencies issued by COINBASE were identified as securities and involved in insider trading, the SEC strongly intervened in the investigation and triggered a round of cryptocurrency supervision. The debate on the mechanism will not discuss how to define the right to speak in regulation, but this incident has brought a lot of trouble to COINBASE.
Coinbase’s stock price plunged 21% due to the SEC investigation
On July 26, CNBC confirmed that Coinbase’s stock price plunged 21% due to the SEC investigation, bringing it down more than 75% this year.
SEC believes that the Coinbase platform provides cryptocurrencies that are securities, but it is not registered as a stock exchange, which violates the Securities and Exchange Act.
On July 26, Coinbase plummeted 21.08%, closing at $52.93, and has collapsed more than 75% this year.
Compared to Binance and FTX, Coinbase is more selective with its token listings. Coinbase lists over 200 such tokens, according to CoinGecko data.
Digital Currency Exchange Kraken Under Investigation for Violating OFAC Sanctions
According to a report published by the New York Times (NYT) on July 26, 2022，According to five people familiar with the matter, OFAC has been investigating Kraken since 2019 for allowing users from sanctioned countries to acquire crypto assets. NYT’s anonymous sources note that OFAC started looking into Kraken accounts around that same time and the accounts allegedly stemmed from Iran, Syria, and Cuba.The NYT reached out to Kraken’s chief legal officer, Marco Santori, noting that the exchange “does not comment on specific discussions with regulators.” Santori further said:
Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues.
Speaking with a U.S. Treasury spokeswoman, the NYT reporters said OFAC gave a similar statement. “[The U.S. Treasury] does not confirm or comment on potential or ongoing investigations.”
Himalaya Exchange acquired Japanese crypto exchange Bitgate
According to GNEWS, “G Times News” reported that the crypto asset exchange Bitgate has announced that the company name will be changed to “Himalaya Japan Co., Ltd.” on August 1, 2022, and the service name of the crypto asset trading service will be changed to “Himalaya Exchange Japan”.
Bitgate is a cryptocurrency exchange operator registered with the Kanto Regional Finance Bureau in Japan No. 00012. It has the lowest spreads in the crypto asset trading industry and a perfect security management system for 100% cold wallets. The FSA was the first government agency to issue a formal operating license to a digital currency exchange. In addition, Japan’s digital currency regulations are by far the most extensive and strictest.
“Himalaya Japan” plans to acquire more financial funds and banking licenses in Japan and cooperate with a number of Japanese banks to launch a stable currency “H-yen” linked to the Japanese yen. In early June, Japan passed a bill defining stablecoins as digital currencies, mandating a peg to the Japanese yen and giving them the right to redeem them at face value. Under Japan’s new legal definition, stablecoin issuance will be limited to banks, trust companies and certain licensed money transfer agencies. The successful entry of Himalaya Exchange into the Japanese market shows that its issuance mechanism and strict KYC system fully comply with the digital currency regulations formulated by the Japanese government.
Getter users have revealed that Bitgate can be recharged at Japanese supermarkets, capped at 300,000 yen (about 2,200 US dollars), and at the widely found 7-11 convenience stores with almost every store having a 7-BANK ATM machine.
It is very convenient for Bitgate users to use cryptocurrency for shopping, consumption, cash withdrawal and other related transactions. It makes it possible for Himalaya Japan to enter and fully circulate in the Japanese market.
The above is a summary of the 5th episode of the Crypto News Talk. For more content, please find the video on Gettr or Youtube.
Editor: 不懒#4384 Eddy#3853 灭共小猫咪#7782
Publisher: Himalaya Australia Digital Soldier H-Pay Promotion Group
Video link:
https://gettr.com/streaming/p1lkswj9ad7
Sources:
https://www.cnbc.com/2022/07/26/coinbase-shares-tumble-after-report-that-its-facing-sec-probe.html
https://gnews.org/post/p11xje677
https://himoney.press/xiex-exchange-acquires-90-stake-in-japanese-crypto-exchange-bitgate/
Disclaimer:
The content of this article represents only the personal views of the author. The platform assumes no legal responsibility.
