Bitcoin

Bitcoin Daily: Philippines Drafts ICO Regulations, bithumb Pauses New Account Creation?

Bitcoin Daily

Shwe Bank is teaming up with Everex for a remittance system based on the blockchain, Cryptovest reported. The bank plans to gear the service toward migrant workers from Myanmar who live in Thailand, with the idea of providing an alternative to more unofficial channels. As of now, about 3 million people from Myanmar are working in Thailand, which has a more developed economy.

In other news, a vulnerability with Monero enabled hackers to steal the cryptocurrency from exchanges, noted The Next Web. The hackers duplicated open-sourced code from Monero’s wallet that allowed them to change the amounts displayed in transactions. They would then call exchanges and ask them to process the transactions right away.

Long Blockchain Corp. is back in the news: The company, which had changed its named to include “blockchain” amid the surging popularity of cryptocurrency, has reportedly attracted the attention of the U.S. Securities and Exchange Commission (SEC), Cryptovest said. Long Blockchain is reportedly “fully cooperating” with the SEC and “cannot predict or determine whether any proceeding may be instituted by the SEC in connection with the subpoena, or the outcome of any proceeding that may be instituted.”

One of the biggest crypto exchanges in South Korea, bithumb, has reportedly stopped taking on new clients as of Wednesday (August 1), Cryptovest cited. According to reports from insiders in the industry, the pause comes amid banking difficulties. A company representative told a local media outlet that it plans to “start issuing virtual accounts soon.”

On another note, police in India have reportedly arrested two people for allegedly stealing approximately $4 million from 1,800 individuals, according to The Next Web. The individuals supposedly ran a company that claimed it could triple investors’ funds in 250 days. While the individuals reportedly said the company was U.S.-based, it was actually run out of a city called Ghaziabad outside of Delhi.

The Philippines’ Securities and Exchange Commission has drafted regulations for initial coin offerings (ICOs), Cryptovest noted. With the draft rules, companies that want an ICO would be required to register with the agency. In addition, those companies would have to have complete an initial assessment, and the agency would give them a response within 20 days. Before the rules become final, the agency is looking for input from the financial industry and the public.

A survey from Sage found that some workers are open to having their salaries paid in crypto, Cryptovest reported. The accounting systems company found that 31 percent of its survey respondents were willing to have either some or all of their compensation in digital currency.

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