n The Chilean Treasury launches a blockchain platform that unites taxpayers, public institutions and banksn
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Coinbase Announces Changes to Listing Process
The post Coinbase Announces Changes to Listing Process appeared first on DCEBrief.
Coinbase Executive: Our New Listing Process is What Customers Want
Industry golden child Coinbase has long been known for its forward-thinking, leading the cryptocurrency space to new heights over the past six years. With an unexpected announcement made on Tuesday, the firm’s top brass still seems hell-bent on continuing to establish a new frontier in the context of this up and coming technology.
Coinbase Takes U-Turn, Implements Formal Listing Process
On Tuesday afternoon, Coinbase, one of the most well-recognized startups in this budding industry, made an unexpected announcement via Twitter, revealing a newfangled listing process that will undoubtedly revolutionize the inner workings of the firm. Prior to this announcement, the San Francisco-based company was very stringent when it came to listing assets, which is evident by the firm’s relatively small roster of supported cryptocurrencies — Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic.
Moreover, the details regarding the exact listing process of the aforementioned crypto assets were rather scant, even though the startup provided a so-called “Digital Asset Framework” that was aimed at providing some semblance of transparency to the listing process. But with this development, which was accompanied by a lengthy Medium post, Coinbase revealed that it intends to “rapidly list most digital assets” through a listing process that will put crypto assets and their teams through the works, ensuring that prospective listees meet a set of requirements.
Explaining more about how exactly this would work, Coinbase explained that it will evaluate digital assets in a “jurisdiction-by-jurisdiction manner,” which means that certain assets will only be available to consumers within a certain jurisdiction in accordance with local laws. Surprisingly enough, it was explained that tokens which gain approval from Coinbase will not be initially required to pay an application fee, but Coinbase reserves the right to impose a fee if the need may arise in the future.
Elaborating on why this drastic move is taking place, the blog post highlighted that current state of the cryptosphere, pointing out that “there are now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles,” alluding to the fact that the startup believes it is falling behind the curve, so to speak.
Starting on September 25th, projects looking to list their asset(s) on Coinbase’s expansive range of services and products will (and should) be able to visit the recently-established Coinbase Listing landing page.
VP Dan Romero Speaks On New Offering
Capitalizing on the release of this news, Dan Romero, the vice president and general of manager of Coinbase, made a surprise appearance on CNBC’s “Fast Money” to discuss this U-turn from a business standpoint.
.@Coinbase just made a major announcement. Here's what it is. pic.twitter.com/XUJaac0tWX
— CNBC's Fast Money (@CNBCFastMoney) September 25, 2018
It goes without saying that Coinbase has long been viewed as a gateway into the cryptocurrency industry, so taking into account that time and time again, customers of the firm have asked for more access to more digital assets likely sparked this move. Romero corroborated this sentiment, stating:
“So when we talk to customers, their number one request is to add more assets to the platform… There are [still] thousands of crypto assets that we don’t support, so what we are launching today — which I am really excited to talk about — is listing.coinbase.com, which will allow us to list as many assets as enabled by local law.”
Taking a slight step back, the executive also explained that cryptocurrencies and blockchain technology are “a global phenomenon” without a doubt, making it only logical to support blockchain or crypto-focused products and services via the listing of a wide array of tokens, which will allow Coinbase to “shift to a more global perspective.” Ultimately, as touched on by the firm’s VP, this move comes down to pushing Coinbase’s agenda forward to “to create an open financial system for the world,” as put by the enterprise’s now-well-recognized mission statement.
Featured Image from Shutterstock
The post Coinbase Executive: Our New Listing Process is What Customers Want appeared first on NewsBTC.
FSA Tightens Registration Screening Process for Japan’s Crypto Exchanges
The post FSA Tightens Registration Screening Process for Japan’s Crypto Exchanges appeared first on DCEBrief.
Japans Financial Regulator Enhances Risk Screening Process for Crypto Exchanges
n Japans financial regulator has changed the risk screening process for crypto exchanges, now requiring a submission of minutes of board meetingsn
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Can Cryptocurrency be Weaponized to Derail US Electoral Process
A US Senate committee was convened yesterday to hear out the issue of cryptocurrency potentially being used to influence future elections as primaries were being held in several states.
Bitcoin is a Weapon
As Bloomberg reported, the senators were gathered to hear about how cryptocurrency is a tool, almost tailor-made, that bad actors can use to buy influence in the same way a lobbyist would due to its decentralized and anonymous design. Cyber-security consultant Scott Duewke told the Senate Judiciary subcommittee hearing that “Foreign parties, state actors and, potentially, others interested in affecting U.S. political processes need anonymity,”
There was a general consensus among senators and witnesses alike that virtual currencies were not as accessible during the 2016 election, which is widely thought to have been at least somewhat tampered with by agents using social media on Russia’s behalf. But that today:
“(cryptocurrency) should be considered a potentially formidable weapon in the arsenal of those wishing to confuse voters or disrupt the vote,”
Senators combined the fears of attackers using cryptocurrencies and shell companies in order to gain influence and affect the outcome of American elections. Senator Sheldon Whitehouse, Rhode Island Democrat told the committee that “Vladimir Putin and his oligarchs can use the exact same tactics that American special interests use to spend anonymous money in our elections and secure influence,”
The Senate committee took place as many states held primary and run-off elections and, as information about Russia’s influence in the 2016 presidential election continues on voters are increasingly concerned about the sanctity of the electoral process. Which they should be. There is no doubt for most that Russia used Facebook and other social media sites to try and influence the 2016 election.
Influence was bought with Paypal
According to research done by a professor of journalism at the University of Wisconsin-Madison, Mie Kim, and published in Wired, Facebook ran some 5 million sponsored adds during the build-up to the 2016 election that focused on political content. Of those 5 million ads Kim studied a pool of 50,000 and found that one of six had probable links to the Russian propaganda group, Internet Research Agency.
The operatives that ran those adds didn’t need a “cloaked” method of transferring money, they used PayPal, and they did so with fake identifications just as they would have to open accounts with cryptocurrencies if they had.
There was no indication in Bloomberg’s article about what prompted this Senate committee to gather and hear experts like Mr. Dueweke say things like “Russia has been able to leverage these virtual currencies,”. But, it would have been a good idea to invite someone from the crypto space or even one of the many US regulatory bodies that have been involved in developing KYC (know your customer), anti-money laundering and anti-terrorist practices that are quickly becoming standard for exchanges around the world. Also to explain that cryptocurrency was widely known and used in 2016 by people all over the world.
Image from Shutterstock
The post Can Cryptocurrency be Weaponized to Derail US Electoral Process appeared first on NewsBTC.
HitBTC Temporarily Suspends Services in Japan During Licensing Process
Japan has quickly become an important region in the cryptocurrency industry. It is one of the few countries to effectively legitimize Bitcoin as a means, yet the region is also home to strict regulation. As such, HitBTC has confirmed it will suspend services in Japan to avoid any friction with local regulators.
HitBTC Suspends Service in Japan
Over the past few years, HitBTC has become a very popular cryptocurrency trading platform. The company offers many different cryptocurrency pairs. Their presence also spans many countries around the world, including Japan. Unfortunately, it appears that latter aspect will come to change fairly soon. Due to looming friction with local authorities, HitBTC will suspend its service in the region.
Most people know exchanges operating in Japan need to obtain authorization from regulators. That process also involves obtaining a specific license. As of right now, HitBTC does not have such a license. Nor do they plan to obtain one, by the look of things. The logical outcome is to suspend the services provided in the country until further notice.
Anyone visiting the site with a Japanese IP address will need to provide residency details. If they can prove they do not reside in Japan, accessing the platform will remain possible. Otherwise, they will have to look for a different trading platform supporting cryptocurrencies. There is no shortage of such companies in Japan, though.
Other Exchanges to Follow?
Domestic exchanges in Japan usually go through the licensing process without problems. Over a dozen companies are licensed, with a handful more to be granted a license in the weeks to come. For foreign companies such as HitBTC, the situation is a bit different. There’s also the fact the company offers Monero trading, which has become a topic of debate among Japanese regulators.
It is not the first bigger trading platform to leave Japan either. Kraken, one of the world’s bigger exchanges, took the same steps in April of 2018. According to officials, Kraken made this choice based on “rising costs” rather than licensing issues. Even so, it shows foreign trading platforms will have some tough decisions to make moving forward.
Binance has also been warned about its lack of an official license. Whether or not they will pursue this regulatory requirement, remains a bit unclear as of right now. HitBTC is in the process of making a return to Japan in the future, though. For now, the company is working with a Japanese law firm to go through the licensing process. It remains unclear how long that process may take.
Image from Shutterstock
The post HitBTC Temporarily Suspends Services in Japan During Licensing Process appeared first on NewsBTC.
Singapore to Speed Up Process of Awarding Blockchain Payment Patents
Singapore’s IP Office is shortening the grant process for fintech related patent applications, including those focusing on blockchain payment.
CoinDesk
Civic and Votems Partnership Accelerates Blockchain-Based KYC Process
Identity verification is paramount to global freedom and citizen access to public services. We see many examples of this today in terms of how barriers to documentation adversely impact issues like democratic voting processes, especially among homeless communities and refugee settlements.Todays developments in blockchain technology are now enabling solutions to these and many other verification issues. The use of distributed technology shows promise as a more robust, cost-effective mechanism
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