Japan: Seven Cryptocurrency Exchanges Could Receive FSA-Issued Licenses in Two Months
According to new insight into the Japanese financial agency’s review process of companies applying for a cryptocurrency exchange license, seven applications will be either approved or rejected within two months. Cointelegraph Japan reported on this development on Jan. 12.
The new information in regard to the review process offered by the Financial Services Agency (FSA) revealed that it involves a lengthy procedure that takes almost six months from the time of application — which includes the submission of answers to over 400 questions — to official decline or approval. Source: Cointelegraph
Controversial TenX Responds to Outrage, Crypto Community Not Happy
A crypto startup that raised close to $80 million in a 2017’s ICO funding has come in the midst of a controversy.
Singapore-based crypto-wallet TenX is facing accusations of insider trading after its co-founder and now-former CEO Julian Hosp allegedly dumped $2.2 million worth of PAY tokens. An internal management scuffle reportedly led to Hosp resigning from all his positions in TenX. In what could have been an emotional response, Hosp allegedly exchanged all his PAY tokens for other assets and sent the entire balance to his Bittrex deposit address. Source: Newsbtc.com
9 Cryptocurrency Firms Sue Washington State Utility Over 50 Percent Rate Hike
A major utility in the U.S. state of Washington, Grant County public utility district, and its commissioners are facing a lawsuit filed by nine cryptocurrency firms. The suit alleges that they “acted inappropriately in creating and approving a new rate that raises electricity costs” for cryptocurrency miners. Source: News.Bitcoin.com
Bitcoin Will Still Bite the Dust
Kevin Dowd is a Professor of Finance and Economics in the Business School at Durham University, and the co-author of the 2015 paper “Bitcoin Will Bite the Dust.” Back in August 2014, I discovered that the bitcoin mining industry had the industrial structure of a natural monopoly. A natural monopoly is a market in which production is most efficient with a single producer. This discovery came as a shock, but the implication was clear: Bitcoin could not survive in the long run. As a check, I field tested my reasoning on various people who are economically literate. None disagreed.When I first arrived at that conclusion, bitcoin’s price was $379. Since then, its price rose to nearly £20,000 and has since fallen to a value $3,621 at the time of writing. Source: Coindesk