Category: Crypto

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Blockchain Technology Companies In Malta Should Wait Before Applying For New Authorizations And Approvals

The Malta Financial Services Authority (MFSA) stated in a press release that blockchain companies must now wait until a freshly adopted legal framework is in place prior to applying for authorizations and approvals, as the Times of Malta noted.

In a declaration recently released, the MFSA announced that it is currently working on a new framework that will back up newly enacted blockchain regulations so that operators should wait until the agency announces a public notice before applying for permits and authorizations.

The Virtual Financial Assets Act (VFAA), which the Parliament of Malta approved on July 5th, will govern general Distributed Ledger Technology (DLT). With this new regulation, Malta is the first nation in the world to provide legal security for blockchain businesses.

The Times of Malta reports that in the last few weeks the MSFA has been reviewing stakeholders’ views on the proposed new blockchain regulations, and examining a number of concerns regarding the VFAA, ranging from fees to management penalties.

Malta to become the world’s first blockchain technology nation

Also, MFSA is allegedly conducting inquiries into a so-called law book of standards for the newly adopted legislation, the first of which is open through the end of July. The MFSA will subsequently release two additional sections, which will cover the issuers and service suppliers of the VFAA. By the end of the period of consultation, MFSA will issue the final blockchain regulations and guidelines for the VFAA to allow for the implementation of the new rules.

Malta now aims to establish a crypto-friendly environment and develop into a “blockchain island.” A number of crypto and blockchain businesses have been set up in Malta, such as the cryptocurrency exchanges and wallets Binance, OKex, and BitBay.

Binance, at the beginning of this month, reported its intention to launch a bank built on a token-owned blockchain. The forthcoming Founders Bank is to be the property of digital token investors and is to be headquartered in Malta and aims to be the world’s first decentralized, community-owned bank.

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Asian Fund Management Company To Launch A Cryptocurrency Custody For Institutional Investors

The Fusang Investment Office, an Asian-based fund management company is focusing on family businesses, plans to launch a cryptocurrency custody service in Hong Kong, according to the South China Morning Post on Sunday, July 22. The custody service, Fusang Vault, will maintain digital assets for clients, in addition to providing regular audits, according to Henry Chong, the company’s CEO. The service is scheduled to be launched in the fourth quarter of 2018.

In comparing digital assets to financial bonds, Chong noted the growing need to provide an independent third party to hold customers’ cryptocurrencies assets, as well as the demand for custodian banking services in conventional finance.

Chong stressed that, since the possession of digital assets lacks a record of ownership data, a cryptocurrency custody service is of “vital importance.”

Digital assets resemble bearer bonds, so whoever holds the security is presumed to be the owner and there is no record of ownership information about the security. Therefore, how we keep our digital assets protected is of the utmost importance.

Fusang Investment Office to launch a cryptocurrency custody platform for institutional investors such as Coinbase did

Fusang’s CEO added that the firm is already working with insurance companies to safeguard clients’ digital assets, without specifying the features of the next Fusang Vault service.

According to its website, the Fusang Investment Office is regulated by the Monetary Authority of Singapore and authorized by the Hong Kong Securities and Futures Commission.

In early July, Coinbase, one of the world’s largest cryptocurrency exchange platform, launched a cryptocurrency custody solution for institutional investors. The custody platform of Coinbase is operated by an independent member of the United States Financial Industry Regulatory Authority (FINRA) in compliance with the United States Securities and Exchange Commission (SEC).

In general, cryptocurrency custody solutions aim to bring in more institutional investors in the cryptocurrencies market.

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XRP (XRP) Ledger Struggles To Become More Decentralized Than Bitcoin (BTC)

Many cryptocurrency community members have beaten the XRP Ledger since its genesis. From working with the regulators of Bitcoin (BTC) to being a dominant cryptocurrency under Proof-of-Work reign, XRP (XRP) has become an unusual proposition for both BTC maximalists and advocates of decentralization. The question is, it is the XRP (XRP) ledger decentralized?

First of all, there is a need to grasp the significance of decentralization. Also important to realize is that devolution cannot be gauged by an absolutive figure, but can be measured in a spectrum. A number of factors influence the level of decentralization.

Bitcoin employs the Work Of Proof as its consensus engine, by incentivizing the use of dedicated nodes to bundle transactions into blocks and append them to the established blockchain. These nodes are called miners and are compensated with Bitcoin (BTC) for the computing power and the electricity they employ for their work.

XRP (XRP) Ledger to become more decentralized than Bitcoin (BTC)

At present, the three major Bitcoin (BTC) mining platforms, two of them belonging to the same company, can be effectively managed to lock down the network.

The XRP (XRP) Ledger, however, employs an algorithm referred to as the Byzantine Consensus Algorithm. The approvers, who reach an arrangement, also called a “consensus,” agree on the whole range of transactions and order the transfers. That is carried out in accordance with deterministic guidelines, which are then accepted as the following ledger in the network.

By the very definition of the word, a network may not be regarded as decentralized if a single entity owns the majority of it. If a network is under the control of an individual or entity, then it turns into a supposedly centralized network.

Ripple Labs has concentrated on the XRP Ledger’s reliability and speed since its beginning and has been decentralizing the Ledger since late-2017. That is referred to as the XRP Ledger decentralization process.

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Cryptocurrencies Market Still Allows New Investors To Come In

While some investors hop into the cryptocurrencies car every day, many others are disheartened by the present market environment. The cryptocurrencies market has expanded tremendously in the last few years. There is the perception that the investors who adopted Bitcoin (BTC) and other cryptos while they were low in value some years ago are the cryptocurrencies billionaires we see today and in some ways, it is too late for the new entrants to be as successful as the other had been.

Many would like to benefit from what old-school cryptocurrency investors are experiencing right now, but the thought of purchasing Bitcoin (BTC) coins while traded at the $7,400 level turns into a challenge, leaving a lot of “potential” investors out in the cold while the stock continues to scream “go ahead.”

The Bitcoin (BTC) affair is a significant asset to potential traders who are afraid to take the plunge, as the cryptocurrencies, as many experts believe, will not reach a new all-time high. While this may be correct, some others cryptocurrencies market’s analysts have also forecast that the BTC will increase more than last year.

Cryptocurrencies market still has the potential for growth, so it’s not too late to invest in cryptos

Regardless of what any crypto specialist might be thinking, the cryptocurrencies market is a long way off, and it still has plenty to give to potential new investors. It’s not unreasonable to invest in cryptocurrencies, and there are a few reasons to do it.

Even though the Bitcoin (BTC) price has dropped to an all-time low since the start of the year, it continues to increase by over 800% from the price level it was trading at in late January 2017.

While Bitcoin (BTC) and other significant cryptocurrencies are traded at a higher level than 2017, there are also a number of high-impact currencies that are potentially impactful at a lower price and could be ideal for your wallet.

Diversity within the cryptocurrencies market is nothing new, and it certainly boosted many cryptocurrency investors to gain additional revenue when the large cryptocurrencies are not running smoothly.

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China Plans To Lead IoT And Blockchain Technology Standardization

China will lead an international research group to standardize the Internet of Things (IoT) and blockchain technology, the local news portal Science and Technology Daily reported recently.

The joint technical committee, consisting of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), adopted the proposal to form this international research group after a one-month discussion of the committee members.

China promotes the industrialization of IoT and blockchain

Science and Technology Daily, the official newspaper of the Chinese Ministry of Science and Technology, writes that the creation of this group means that China has gained “discourse power” over blockchain technology integration.

It is of great importance for China’s industries, which are linked to leading global development and promoting the integration of Fiat and the digital economy.

The international research group chaired by Dr. Shen Jie will promote fiat digital integration by providing a variety of industrial application scenarios and developing a mechanism to promote the international standardization of IoT and blockchain technologies.

The new group will be made of analysts of ten countries, such as the US, the UK, and Germany, among others

China has recently made progress in the acceptance of blockchain technology. Last month, the Digital Currency Research Lab of the People’s Bank of China (PBoC) filed a patent for a digital wallet that would allow users to track their transaction history. Also in June PBoC unveiled a blockchain-operated system for digitizing paper cheques.

Earlier this week, as reported by Cointelegraph, the deputy director of the Chinese Ministry of Industry and Information Technology (MIIT) had called on the country to “unite” its forces to promote the Blockchain as the “core” technology for the new digital economy.

The new research group will consist of experts from over ten countries, including the United States, the United Kingdom, Germany, and France.

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