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ICO Regulations: Lithuania to Tightens Regulations After US Guidelines

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Following the decision of the US SEC on ICO and digital assets, Lithuania to has cleared its stance on ICO’s. According to the recent report, the country is planning to beef up control on activities on ICO’s to prevent them from being used for malpractices.

Lithuania looks to ensure better consumer protection with ICO regulation

According to the recent report that was published in The Baltic Times, Lithuanian regulators are planning to step up control of the activity of ICO (Initial Coin Offering) companies, virtual currency exchanges, and depository wallet operators, and also plans to introduce requirements for them to ensure effective prevention of money-laundering and terrorism funding.

Sigitas Mitkus, director of the Finance Ministry’s financial market policy department in the Lithuanian government did speak to media regarding the same. He was quoted saying

“We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators. We also want to contribute to ensuring better consumer protection,”

The country is looking to be the first European nation to follow FAFT guidelines

“By introducing limits for financial operations, we are going further beyond the EU directive and we will probably become the first in the world to implement the FATF (The Financial Action Task Force) recommendations and apply the requirements not only to the conversion of virtual currency to traditional ones and vice versa but also when converting one virtual currency into another,”

The amendments would be part of transferring the fifth EU Anti-Money Laundering Directive (AMLD 5) and the FATF recommendations, adopted in October, into Lithuanian law. The finance minister clarified that, under these new changes only legal entities and their branches registered with the Center of Registers will be able to act as operators, and they will also have to execute the Law on the Prevention of Money Laundering and Terrorist Financing and to check client’s identity and inform the Financial Crime Investigation Service about large financial transactions.

Under these laws, the operators will also be required to identify clients and check their identity before providing services if the value of the transaction is above EUR 1000 and also provide information to FICS if the value of the transaction is now less than EUR 15000.

This is a welcome move by the European country and definitely a progressive one for the people and companies of Lithuania. One can expect more countries in the coming days to follow the same suit.

ICO regulations: Lithuania to tightens regulations after US guidelines

Will progressive steps by USA and Lithuania force other countries to come clean on their stance? Do let us know your views on the same.

ICO regulations: Lithuania too tightens regulations after US Guidelines

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ICO regulations: Lithuania too tightens regulations after US Guidelines
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Following the decision of US SEC on ICO and digital assets, Lithuania too has cleared its stance on ICO’s. According to the recent report the country is planning to beef up control on activities on ICO’s to prevent them from being used for malpractices.
Nilesh Maurya
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Announcing CryptoSlate Research, an exclusive newsletter delivering thoroughly researched analysis and crypto market insight

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Since 2017, CryptoSlate’s mission has been to provide high quality and objective analysis of the blockchain and cryptocurrency market. CryptoSlate has achieved this by becoming a key community resource for important news, comprehensive analysis, and relevant data under one streamlined platform.

Over the past year and a half, CryptoSlate has published over 2,300 news articles and maintained growing databases of 2,100+ cryptocurrencies, 100+ companies, 100+ products, and 26 places. In providing these services, CryptoSlate has built a talented and proficient team of journalists, software developers, and analysts who are constantly acquiring knowledge about the often complex world of crypto.

Announcing CryptoSlate Research, our exclusive newsletter

To take advantage of the expansive CryptoSlate knowledgebase, and as part of our initiative to keep the community enlightened, we are expanding our long-form analysis through CryptoSlate Research—a premium newsletter containing curated, thoroughly researched exclusives and fascinating interviews with industry leaders.

These articles are only available to CryptoSlate Research subscribers and are not published anywhere else. Additionally, subscribers will gain access to our private Slack and be able to engage with CryptoSlate Researchers and vote on and suggest potential research topics.

Learn more or join CryptoSlate Research

Why subscribe to CryptoSlate Research?

Stay up-to-date

Keeping up and staying well-informed about crypto is a challenge. The pace of change and the infinite number of domains involved means there is an overwhelming amount of quantitative and qualitative material to absorb.

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Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Differences’

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One of the 3 co-founders of Canaan Creative, maker of the Avalon cryptocurrency mining apparatus, has stepped down from the Chinese corporate’s management.

According to executive trade registration information updated on Jan. 30, Xiangfu Liu will not function a board member on the Hangzhou-based Canaan Creative – a task he had served since 2013.

Further, an individual accustomed to the placement mentioned Liu had left his day by day control position on the producer and his government board member place at its preserving corporate, Canaan Inc., which unsuccessfully sought an initial public offering (IPO) in Hong Kong remaining 12 months.

Canaan Creative didn’t reply to requests for remark. But the individual as regards to the corporate instructed CoinDesk that Liu left his position because of disagreements with the corporate’s general technique.

Specifically, Canaan Creative’s control sought after to proceed development the corporate as a pure-play producer of chips for crypto mining and synthetic intelligence. Unlike rival producer Bitmain, Canaan does now not mine crypto itself or run mining swimming pools, and the management sought after to stay it that means, in an effort to justify the corporate’s sustainability for an IPO, the supply mentioned.

However, Liu, who has a background in pc science, believes {hardware} and tool must now not be separated completely within the blockchain business, which means firms that make mining apparatus must now not minimize themselves off from mining farms and pool companies, the supply mentioned.

Major shareholder

Nevertheless, Liu, 35, stays a considerable shareholder of Canaan Creative. According to the now-lapsed Hong Kong IPO prospectus, Liu co-founded the company with Nangeng Zhang and Jiaxuan Li in 2013.

While Zhang serves as Canaan’s leader government officer, Liu used to be basically in control of the company’s out of the country trade technique and advertising and marketing, and he owns about 17.6 p.c of Canaan’s overall stocks. In overall, the 3 co-founders regulate over 50 p.c of the company.

Liu’s departure from the board additionally comes amid contemporary layoffs at Canaan, the supply mentioned, declining to reveal their scale.

But Canaan is a ways from on my own in lowering workforce, as different mining giants like Bitmain have additionally gone through layoffs in addition to administrative center closures, partially because of the total bearish marketplace stipulations in 2018.

The information additionally comes weeks after a media report that Canaan Creative is now mulling an software to move public in New York after its preliminary IPO plan failed because of the hesitation of the Hong Kong Stock Exchange.

Canaan Creative symbol from CoinDesk’s archives.

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Newsflash: Why This Virginia Police Department’s Pension Just Invested in a $40 Million Crypto Fund

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Frequent Bitcoin commentator and t-shirt salesman Anthony Pompliano instructed Bloomberg this morning that two Fairfax County, Virginia pension finances have long past in on Morgan Creek Digital’s new fund for cryptocurrency corporations. The finances constitute $1.2 billion in property for the pensions of police and different public employees within the county.

$25 Million Fund Oversubscribed to $40 Million

The $40 million fund initially handiest sought $25 million. A small portion of its funding might be in liquid blue chip cryptos like Bitcoin and Ethereum. Investment in cryptocurrency corporations would be the majority of the fund’s paintings, alternatively. Coinbase and Bakkt have already been named as goals for funding.

Public pension finances affect almost 20 million Americans. Nearly 4,000 exist. If the experiment in Fairfax County is going neatly, and police have an much more relaxed retirement in consequence, will others apply swimsuit?

Bloomberg reports that “an insurance company, a university endowment and a private foundation” could also be throwing in with the fund. It has already bought equity in Bakkt, the Starbucks/NYSE crypto alternate which can most probably release America’s first Bitcoin ETF (ultimately).

Everything might be tokenized at some point, Morgan Creek satisfied asset managers. Whatever the crypto markets had been doing, blockchain as an trade has been attracting lots of the brightest minds in Silicon Valley for years. Fairfax County’s police fund leader funding officer Katherine Molnar told Forbes:

“Blockchain technology is being applied in unique and compelling ways across multiple industries. We feel it is important to be opportunistic and are excited to participate in this emerging opportunity.”

Meanwhile, Pompliano instructed Bloomberg:

“The smart money is not distracted by price but looks at the long-term trends, and believes they’re betting on innovation as a great way to deliver risk-mitigated returns.”

Coinbase and Bakkt: First Choices for Morgan Creek

To safely arrange the cash, Morgan Creek wishes to concentrate on corporations indirectly hooked up to the price of Bitcoin. Companies centered at the innovation of the blockchain itself, exchanges that benefit whether or not the associated fee is up or down, and corporations having a look to make use of the generation for public hobby tasks. In addition to Bakkt, the fund is creating a play in Coinbase, the king of retail crypto gross sales.

The outspoken Bitcoin bull Pompliano may simply make investments the cash in Bitcoin at those bargain costs if it have been as much as him, alternatively. He spends a substantial amount of time on Twitter telling other folks to prevent ready round.

Pompliano not too long ago made headlines when his podcast “Off the Chain” was once banned by Apple without warning. Morgan Creek Digital’s $1 million bet against the inventory marketplace as of but has no takers, indicating that whilst some other folks discuss strongly towards cryptos, most of the people aren’t certain sufficient to place their cash the place their mouth is.

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Take Two: Ethereum Is Getting Ready for the Constantinople Hard Fork Redo

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If to start with you don’t be triumphant, take a look at take a look at once more.

Such are the phrases of knowledge which were taken to center by way of ethereum core builders ever since a vulnerability within the community’s code was discovered simply 48 hours ahead of the code used to be set to be deployed.

The community improve dubbed Constantinople would have presented a chain of backward-incompatible adjustments – often referred to as a troublesome fork – to the arena’s 2nd biggest cryptocurrency by way of marketplace capitalization. Yet the worm came upon resulted in a extend, adopted by way of a plan to try once again in past due February.

With the code anticipated to turn on someday throughout the remaining week of February – in particular, at block quantity 7,280,000 – ethereum core builders are assured that Constantinople received’t fail this time round.

“I suspect it will go as planned. The block number has been set and [the upgrade] is hard coded in the clients now so it’s going along fine,” Hudson Jameson, who handles developer family members for the Ethereum Foundation, advised CoinDesk.

Adding that “valuable lessons” are discovered from each arduous fork, Jameson stated that one of the vital essential takeaways from remaining January’s arduous fork try used to be “better communication with miners to let them know about the upgrade.”

While the problem within the code wouldn’t have impacted miners without delay, miners and different customers who run whole copies of the ethereum blockchain known as nodes had to be impulsively notified concerning the cancellation of Constantinople to stay it from in fact being deployed and developing imaginable disruptions.

On this entrance, the sensible contract safety audit company ChainSecurity, which came upon the vulnerability, advised CoinDesk the group of ethereum builders used to be already rather spectacular.

“I was just impressed by how quickly everyone reacted and how well organized everyone reacted,” stated CTO Hubert Ritzdorf. “Many people had to update so they had to know what to update to. On many different levels it became clear even though there is no central command, the [ethereum] community collaborates very efficiently.”

Called Ethereum Improvement Proposals (EIPs), 4 out of 5 EIPs will in fact be activated at the major community, or mainnet. And for all technical functions, the improve might be deployed in two portions – concurrently.

Say hi to ‘Petersberg’

Developers proposed throughout a gathering late January to desk the EIP briefly and continue with the remainder of Constantinople as deliberate, figuring out {that a} repair to the buggy EIP – EIP 1283 – would extend activation of ethereum’s deliberate arduous fork for too lengthy.

However, for the reason that a number of check networks on ethereum together with Ropsten already activated Constantinople in its complete glory ahead of the protection vulnerability used to be discovered, ethereum core builders additionally agreed {that a} 2nd arduous fork safely eliminating the EIP used to be wanted.

Thus, “Petersberg” used to be born.

Already released on Ropsten, Petersberg is the casual title of the arduous fork in particular designed to take away EIP 1283 from a are living ethereum-like community. Later this month, the unique Constantinople code might be activated on mainnet at the side of Petersberg.

“For all practical means for any developer out there on the mainnet, there will not have been Constantinople really, just Petersberg … Technically in the code, you have two conditions,” ChainSecurity COO Matthias Egli defined. “One says Constantinople gets active at block number [7,280,000] and at the same block number Petersberg gets activated, which takes precedence over Constantinople and immediate supersedes it.”

And relating to what’s left to be executed for Petersberg release on mainnet, Jameson stated that the entire trying out for its unlock has been finished and main tool shoppers together with Geth and Parity are able to deploy at the agreed-upon block quantity.

Now, as emphasised by way of ethereum safety lead Martin Holst Swende, customers of ethereum will have to pay attention to essential adjustments to the ethereum community on account of Constantinople plus Petersberg.

The new ‘corner case’

Tweeting out a questionnaire for customers remaining Thursday, Swende famous that once Constantinople, sensible contracts on ethereum regarded as to be nearly immutable will be capable of exchange code underneath positive prerequisites over the process more than one transactions.

The new characteristic presented thru EIP 1014 – known as “Skinny CREATE2” – is meant to higher facilitate off-chain transactions on ethereum by way of permitting what Ritzdorf describes as “deterministic deployment.”

“When you deploy a new smart contract on ethereum, what happens is that it computes the address to where the contract will be deployed. You know this ahead of time but it depends on a lot of variables,” Ritzdorf advised CoinDesk. “CREATE2 makes it easier to say, ‘We will deploy in the future a contract to this particular address.”

As a results of this, Ritzdorf explains sensible contract builders may just technically deploy contracts for “the second time” to the similar cope with, noting:

“[After Constantinople] you can change code because you can first deploy to that address, destruct the code and then deploy again.”

Egli highlighted that that is “not a security bug” however reasonably “a corner case” that builders on ethereum will have to be cautious of as soon as the adjustments are going are living. He added that persisted schooling from auditors upfront of February’s arduous fork is wanted concerning the different 4 EIPs at the beginning set for inclusion in Constantinople out of doors of EIP 1283.

Users expecting the release of Constantinople can both move to forkmon.ethdevops.io or Ethernodes to observe the discharge in actual time. A lot of other sites also are to be had for are living metrics together with mining hashrate and marketplace costs.

According to 1 arduous fork countdown timer created by way of Afri Schoedon, unlock supervisor for the Parity Ethereum consumer, Constantinople plus Petersberg is estimated as of press time to head live to tell the tale Thursday, February 28.

Cinema clapper image by way of Shutterstock

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Coinbase Now Lets Merchants Accept Payments in the USDC Stablecoin

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Coinbase Commerce, the cryptocurrency exchange’s merchants payments offering, has added support for the dollar-pegged stablecoin USD Coin (USDC).

The development means businesses can now receive payments in USDC from customers “in minutes with zero transaction fees” and no chargebacks, Coinbase announced in a blog post on Monday.

“Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account,” the firm said.

Coinbase Commerce was launched in February 2018 and offers support for bitcoin (BTC), bitcoin cash (BCH), ether (ETH) and litecoin (LTC) payments alongside the new USDC.

Initially integrated with e-commerce platform Shopify, Coinbase Commerce later rolled out a plugin for WooCommerce too. At the time, Coinbase said that WooCommerce provides the payments infrastructure for more than 28 percent of all web stores.

USDC was launched late last year by crypto finance startup Circle and Coinbase. Earlier this month, Coinbase expanded crypto-to-crypto trading in the stablecoin to 85 countries.

“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation,” it said at the time.

Checkout image via Shutterstock 

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