Mobifinance becomes Mongolia’s first licensed issuer of its own cryptocurrency 24223
News
Priyanka Babu
Sep 28, 2018 at 7:00 PM

Mobifinance, a mobile-based micro financial services platform based in Mongolia, has acquired a license to issue its own cryptocurrency. In doing so, it has become the first company in Mongolia to become a licensed cryptocurrency distributor, according to a local report published on Friday.

Mobifinance is a subsidiary of Mobicom, the first cellphone service provider in Mongolia. Mobifinance will now issue its digital currency 'Candy' to consumers. The team was granted the license at a ceremonial event conducted at the Bank of Mongolia’s headquarters on Friday.

Candy has an established ecosystem for Mongolian investors. Consumers use the platform to buy goods and services from a range of products of various business organizations hosted by the platform.

Earlier this year, Mongolia's government had approved cryptocurrency regulations to create legal guidelines for the functioning of the crypto industry. According to the country's plans for regulating the industry, “regulation defines who will participate in digital currency system and how, the process of getting permission, rights and duties of customers and service providers.”

The regulations also focused on enhancing the fintech and payments system. “As digital currencies have begun to circulate, ATMs and cards will become a thing of the past as well," said Mobicom CEO Tatsuya Hamada, optimistic about the cryptocurrency market in the country.

Earlier this month, Cardano CEO Charles Hoskinson visited Mongolia to interact with people working in the country's blockchain industry. Hoskinson reportedly had discussions with the government, local businesses, cryptocurrency and blockchain enthusiasts, and local university partners to know about business prospects and crypto regulations that existed in the country.

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