Crypto News: New Japanese cryptocurrency exchange comes to Europe and South Korea confirm new regulations
Weiss Ratings, one the leading rating agencies of financial institutions in US, will release the first ever grades on cryptocurrencies later today. The independent ratings agency will offer its assessment of a host of coins, including Bitcoin, Ethereum, Ripple and Bitcoin Cash.
According to founder Dr Martin Weiss, the ratings – which are graded from A to F – will be based on four criteria: a Risk Index, to offer an insight of the downside; A Reward Index that looks at the potential reward; a Technology Index, that looks at the underlying source code and how robust, flexible and scalable it is; and a Fundamentals Index, which is about its use real-world scenarios.
“We have built a computer model that looks at cryptocurrencies from many different angels and proves a rational, rigorous and reasoned research that investors need so desperately in this space,” Dr Weiss told CNBC.
Weiss Ratings, which began in 1971, rates 55,000 institutions and investments and doesn’t receive remuneration for its services.
South Korea’s financial watchdog says that all cryptocurrency investors and traders in the country will have to use real-name bank accounts in order to continue trading from January 30.
The Financial Services Commission confirmed that investors will only be able to deposit funds in exchanges if their name on the crypto exchange matches that on their bank account.
The move comes amid growing concern about cryptocurrency regulation in South Korea, considering one of the most active markets. The new rules are, according to the government, part of a new drive to eliminate money laundering and other illegal activities.
The Japan-based Bitcoin exchange bitFlyer is claiming that it is the first cryptocurrency exchange to receive a trading license for Japan, the US and Europe, following news that it had received permission from Luxembourg’s regulator, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg House of Financial Technology Foundation (LHoFT).
BitFlyer is currently the sixth largest exchange by bitcoin trading volume (BTC/JPY), according to CoinMarketCap. Having established an exchange in the US last November, it now hopes to attract professional, high-volume traders in the EU.
At present it only offers Bitcoin and Euro trades.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.