Blockchain Industry Finds Itself Amidst Creation of New Cryptos, New Regulations, and New Restrictions

Blockchain Industry Finds Itself Amidst Creation of New Cryptos, New Regulations, and New Restrictions

Congress asks SEC for clearer regulation, Russia flagged Cashberry, cease and desist order against crypto entities, Mongolia licenses first e-currency, Venezuela to launch Petro, no venture firm certification for South Korean exchanges, ESMA extends restrictions on financial derivatives

  • After crypto industry experts, it is is the members of House of Representatives that try pulling the strings of the SEC to settle on clearer crypto regulations. A letter was sent by the officials to the SEC Chairman Jay Clayton seeking feedback on the organization’s plans to regulate the crypto industry.

We all want a fair and orderly market, we want all the same things regulators do. It doesn’t have to be done in the same way it was done in the past, and we need to be open to that.

Mike Lempres, chief policy officer at Coinbase (at a roundtable conference between lawmakers, regulatory authorities, and cryptocurrency experts)

  • Russia’s Central Bank declared Cashberry to be a ‘classic Ponzi Scheme’. Cashberry used aggressive marketing on mass and social media, offering high-value returns and tried targetting investors with a shallow understanding of crypto investments. Accused of looting thousands of investors, Cashberry is suspected to be one of the biggest Ponzi schemes in the recent years.
  • Bitconnect, Magma Foundation, and Pension Rewards charged with cease and desist order for ‘promoting unregistered and potentially fraudulent securities in North Dakota in the form of initial coin offerings (ICOs)’ by the North Dakota Securities Commissioner. The action has been taken under Operation Cryptosweep including 40 US and Candian securities regulators.
  • Mongolia couldn’t resist the crypto wave and now has its first licenced digital currency circulating. Bank of Mongolia has now approved the largest telecom operator of the country, Mobicom, to issue the digital currency. Candy, Mobicom’s digital currency, is well built up and is ready for daily commercial purposes.
  • Venezuela to soon launch its oil-backed cryptocurrency Petro to the global market. It will be the first crypto in the world to be created and administered by a government. The financial institutions have been strictly adviced by the government to accept and treat Petro just as Bolivar, the country’s fiat currency. Venezuela’s president is hopeful to see a renovation of the country’s shattered economy following the acceptance of this new currency and technology.
  • The South Korean government gives a red flag to providing venture firm certification to cryptocurrency exchanges. This will be resulting in the surge of taxes for the crypto exchanges, and the ones who have been previously certified will be eligible for the additional taxes once their certification expires. It has risen a concern that the government's decision might hamper the growth of the industry as a whole.

Because there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The Government will actively back domestic companies to help them lead the global blockchain market.

Min Won-ki, the Second Vice Minister or Science and ICT

  • Restrictions imposed on financial derivatives, inclusive of contracts-for-differences based on cryptocurrencies, have been extended by ESMA, Europe’s securities watchdog, making it applicable till the end of January 2019. The authorities decision was backed by the statement that the asset class has a relatively immature status and poses a major risk on investors.

Related news

Chile’s Finance Minister Comments on How Cryptocurrency Regulation is Progressing

Filipe Larrain, Chile’s Minister of Finance, recently stated that several governmental entities are “making progress” on creating crypto regulation. He added that the finance ministry is collaborating with the country’s central bank and Financial Stability Board to develop a balanced framework in the industry. The establishment of a regulatory framework is part of a governmental project to ensure that there are legal definitions so that the regulations mean something. He also stated, “We are aware that it is important to move in this direction. But all countries in the world are facing similar problems, and there is no magic want to solve them. We are exploring the best solutions to see how regulate this brand new phenomenon.” A few months ago, after the closure of crypto-business accounts in several banks, Larraine mentioned that the legal framework would be beneficial to normalize the situation. However, since his statements, no legislation has been proposed or passed. As for any judicial movement, the country’s supreme court issued a decision annulling a lower court’s decision that protected crypto exchange Orionx and to ensure that a bank reopened the exchange’s accounts. The court stated that cryptocurrencies do not have “physical manifestation and no intrinsic value.”
Bitcoin Exchange Guide

From Travel To AI: Five Leading dApps On The NEO Blockchain

Ethereum might be the most well-known dApp platform, but it’s far from the only place for smart contracts. The NEO blockchain is home to a whole dApp ecosystem of its own, and it’s thriving.  NEO’s “Smart Economy” debuted shortly after the public blockchain rebranded from Antshares in August of 2017. The Smart Economy concept combines digital assets, digital identity, and smart contracts through a distributed network for both public and private/enterprise projects. Community developer groups – such as City of Zion, NeoResearch, and NewEconoLabs – are providing the technical support and development tools to build decentralized applications on the blockchain. In coordination with NEO core developers, these groups have created many suites of tools to decrease friction and bring on new teams. Additionally, the NEO Virtual Machine (NeoVM) offers support for multiple programming languages. According to NEO documentation, “more than 90% of developers can directly participate in the development of an NEO smart contract without the need to learn a new language. ” Each of these companies launched their initial coin offerings (ICO) on NEO. In the time since, their teams have developed their products on the MainNet as an integral part of the stack. Bridge Protocol The Bridge Protocol offers Know Your Customer (KYC) and identify verification services. Users provide their personal identifying information (PII) and Bridge creates a “compliant identity” that’s tied to a public address. By partnering with entities that require KYC verification, Bridge shares only the user information that is necessary for compliance. To upload user information, the Bridge Chrome Extension was recently released to early adopters for user testing. Bridge envisions its project as particularly beneficial for “jumping from exchanges to retail with ease” without the need to maintain passwords for each portal. Bridge Protocol concluded its ICO on February 28th, 2018, and expects to release a browser extension to the public in Q1 of 2019. Travala Travala (formerly known as Concierge) is a global online travel booking marketplace that aims to be a one-stop shop for all travel-related services. Travala uses (AVA), a NEP-5 token, to purchase hotel rooms on its platform. Since then, the team has delivered an online portal with access to 550,000 international hotel accommodations and properties. Through a slew of new partnerships, Travala has been growing its offerings to meet a Q1 2019 quota of 1.5 million properties. Travala concluded its ICO on April 25th, 2018, and its beta platform is expected to launch in Q1 of 2019. Switcheo Switcheo Exchange is a decentralized exchange (DEX) that first launched on the NEO blockchain. It has since expanded, becoming “the first non-custodian exchange to support both NEO and Ethereum blockchains.” Currently, the DEX offers all NEP-5 tokens and more than 45 ERC-20 tokens. With a DEX, users trade directly from their cold wallet with no centralized log-in. That doesn’t appear to be a limiting factor for the Switcheo Exchange, which has since seen a trading volume peak of $3 million with over 25,000 traders since it launched in March. Looking forward, Switcheo will focus its efforts to fiat-based onboarding, cross-chain swaps, and adding Qtum to their list of supported blockchains. The Switcheo ICO concluded on March 17th, 2018, and the exchange went live on March 31st, 2018. Effect.AI Effect.AI aims to establish a decentralized network for artificial intelligence (AI) services. It will do this by creating a decentralized Mechanical Turk marketplace (Phase 1), a marketplace for AI services (Phase 2), and a distributed computational platform for deep learning frameworks (Phase 3). Currently, Effect.AI is operating a decentralized version of Amazon’s Mturk, dubbed Effect Force, which continues recruit new workers with over 2,000 active users as of November. Earlier this year, Effect.AI partnered with Quadrant to provide the Singapore Government with a workforce to manage image metadata for mapping purposes. The Effect.AI ICO ended on March 28th. In the immediate future, Effect.AI will pursue the expansion of users on its working product, Effect Force. nOS nOS is a virtual operating system that functions as a web browser and wallet. It’s a bit like the NEO version of the Brave Browser or EOS’ Lynx wallet, with a built-in NEP-5 wallet, dApp explorer and a profile tied to the user’s KYC settings. In the future, it will incorporate a dApp gateway (in the vein of Google Play or Apple Store) and the Neon Exchange DEX into its platform. In a press release accompanying the launch, nOS developers said they hoped to provide a “safer and easier” way to access decentralized applications. Of the 140 NEO dApps, roughly 60 are now connected to the blockchain through the nOS platform API. At the time of its ICO, which ended on November 8th, nOS already had a working product in its nOS Client v0.4.6. In the future, nOS users can expect the development of the dApp gateway, and the release of nOS client v1.0.   The author is invested in NEO, Switcheo, and Ethereum.   The post From Travel To AI: Five Leading dApps On The NEO Blockchain appeared first on Crypto Briefing.
CryptoBriefing

KFC Venezuela Accepts Dash Cryptocurrency, Joining Subway and Papa John’s

KFC in Venezuela is accepting payments using the cryptocurrency Dash starting this week, joining a growing list of fast-food chains that accept crypto in Venezuela, including Subway and the Papa John’s pizza chain. KFC will initially roll out the program at its store in the Venezuelan capital of Caracas before expanding to 24 other locations across The post KFC Venezuela Accepts Dash Cryptocurrency, Joining Subway and Papa John’s appeared first on CCN
CCN

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.