Binance receives official warning from Japanese regulators, France drafting legislation to facilitate low-risk ICOs, top 5 cryptocurrency price changes, and more!
Binance Receives Official Warning from Japan’s Financial Services Agency
Japan’s Financial Services Agency (FSA) has issued a warning to Binance for “operating cryptocurrency exchange services with Japanese residents through the internet without a license in the country.” According to Bloomberg, Binance expanded and hired several employees in Japan without official permission. The market price of Bitcoin decreased 4.5 percent following the news of the warning.
France Drafting Legislation to Facilitate Low-Risk ICOs
France’s finance minister, Bruno Le Maire, has announced plans to create a legal framework for that will facilitate ICO-style fundraising for new blockchain technology companies. According to Reuters, French regulators will be able to authorize companies to conduct an ICO as long as that company satisfies standards to protect investors. Le Maire wrote, “France has every interest in becoming the first major financial center to propose an ad-hoc legislative framework for companies making an Initial Coin Offering.”
Former Financial Institution Execs and Economics Nobel Laureate Team Up to Create Low-Volatility Cryptocurrency
The Saga Foundation, a Swiss non-profit, is developing a low-volatility cryptocurrency called Saga. According to Quartz, the foundation’s advisory board includes Jacob Frenkel, the former Governor of the Bank of Israel and chairman of JPMorgan Chase International; economics Nobel laureate Myron Scholes, who is known for creating the Black-Scholes formula; Dan Galai, a co-developer of VIX; and Leo Melamed, the chairman emeritus of CME Group.
Anonymous Source Tells Bloomberg Google To Adopt Blockchain-Like Ledger System for Cloud Business
According to The Verge, Google is adopting a blockchain-like ledger system to differentiates its cloud business from competitors. Google is also planning to license its ledger system to other companies, allowing them to run their own servers. Between 2012 and 2017, Google was the second most active corporate investor in blockchain technology. An anonymous source also claimed that Google has been actively “investing and acquiring startups with digital ledger experience.”