Day: October 24, 2018

CoinMarketCap Hits a New All-Time High (But Not for Price)

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It’s been almost a year since bitcoin traded near $20,000, but that isn’t stopping innovation in the market from reaching other kinds of all-time highs. In fact, according to CoinMarketCap, the leading provider of cryptocurrency data, there’s never been more cryptocurrencies in existence than now. Launched in 2013, CoinMarketCap listed its 2,000th crypto asset this month with the addition of Labh Coin (LABH). The milestone officially passed on October 3, there are now 2,112 cryptocurrencies tracked by the data site, the most trafficked according to data from Alexa.com. Data from…

Japanese Crypto Exchange Group Gets Legal Status to Self-Regulate

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The Financial Services Agency (FSA), Japan’s finance regulator, has formally approved a cryptocurrency exchange association as a self-regulatory industry body. The FSA said in a notice on Wednesday that it has accredited the Japanese Virtual Currency Exchange Association (JVCEA) as a “certified fund settlement business association,” a status that will let the body set rules for the nation’s exchanges and take action over any violations. While the group has not announced any rules yet, a recent report from Reuters said it may require member exchanges to hold separate bank deposits…

Nasdaq Wins Patent for Newswire Service Built on a Blockchain

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Nasdaq has won a patent outlining how blockchain could be used to release information as part of a wire service. The patent, released Tuesday by the U.S. Patent and Trademark Office, specifically explains how a blockchain could be used to securely release time-sensitive information when necessary. As the document explains, wire, newswire, news release or other digital distribution services currently share information at pre-set embargo times to the intended outlets. While existing platforms can already distribute information at specific times and to only the appropriate recipients, the patent notes that…

South Korea’s Financial Watchdog Warns Investors Over Crypto Funds

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South Korea’s Financial Services Commission has warned the public to exercise caution when investing in cryptocurrency funds. The FSC issued a note to investors Wednesday, saying cryptocurrency funds have a structure similar to mutual funds and, thus, investors may mistakenly believe such funds are legal investments under the country’s Capital Markets Act. As per the law, funds that raise capital from the public must be approved by and registered with the FSC. However, cryptocurrency funds are neither approved nor registered, the regulator says. “Therefore, cryptocurrency funds are subject to Capital…

Blockchain Firm SETL Wins License to Operate Central Securities Depository

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U.K.-based settlement infrastructure provider Setl has been granted a license from France’s securities regulator to operate a central securities depository system using blockchain tech. With the license from the Autorité des Marchés Financiers now in place, according to a report from the FT on Tuesday, the company will be able to plug into TARGET2-Securities (T2S) – a pan-European system recently set up to unite the previously fragmented European securities settlement infrastructure. Approval to join T2S is expected to be issued in the next few weeks, the FT says, with Setl’s…

Blockchain Verification and Decentralized Subversion in Cambodia

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Season 2 of Distributed Dialogues has begun, and a general theme will be the connection of major, real-world problems to possible solutions using blockchain technology. This is displayed in full on the first episode, which combines a historical context on Cambodian state repression with ways in which promising new technologies may bring new freedom of the press. Like many aspects of the transition from French Indochina to independent states, alongside all the wars and U.S. interventions, it becomes difficult to fully understand the historical context. To help the audience understand…

A New Australian Dollar-Backed Stablecoin Slated to Launch on Stellar

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Utility billing and payment services provider Novatti is launching a new Australian dollar (AUD)-backed stablecoin known as the Novatti AUD Utility Token on the Stellar Network.   As the platform’s tokens are tied to Australian dollars, all units in circulation will have an equal, matching reserve of AUD, allowing investors to use the currency freely without having to worry about price fluctuations. Novatti will hold the coin’s dollar reserves through the company’s licensed subsidiary, Flexewallet Pty Ltd., which is also registered as a remittance network provider with the Australian Transaction Reports…

This College Freshman Is Out to 51% Attack Your Cryptocurrency

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A college freshman is coming after your cryptocurrency – but not to steal your coins, just to prove that someone could do so pretty easily. According to a crypto enthusiast and security researcher going by the handle “geocold51,” most small-scale cryptocurrencies are at risk from the industry’s most feared vulnerability – the 51% attack. During this attack, a miner takes over more than half of a cryptocurrency’s mining power, which then allows them to erase a past transaction and replace it with another transaction – called a double spend. While…

Japanese Financial Services Authority Approves Self-Regulation for Crypto

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Japan’s Financial Services Agency (FSA) has granted self-regulatory status to the country’s cryptocurrency industry, giving the Japan Virtual Currency Exchange Association (JVCEA) authority to oversee the space, according to a Reuters report. The FSA approval, which was granted on Wednesday, October 24, 2018, gives the association the power to regulate the sector, safeguard customer assets, give operational guidelines, elaborate on anti-money laundering policies and provide necessary compliance guidelines for crypto exchanges in the country. Reuters quoted an unnamed FSA official who believes the industry would grow faster if it were…

Tether Redeems and ‘Burns’ More than Half of USDT in Circulation

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Tether, issuer of stablecoin USDT, says it has “redeemed a significant amount” of tokens from the circulating supply and will now “destroy” 500 million USDT from the Tether treasury wallet, in an official post published Oct. 24. According to the firm, this will leave 446 million USDT remaining in its treasury in preparation for future USDT issuances — meaning that those tokens redeemed and “burned” account for 52.8 percent of the total former supply. The redemption is visible on the OMNI blockchain explorer, which shows a confirmed transaction dated today…