OmiseGo Partners With Singapore Ride Hailing App to Trial Blockchain Solutions

Ethereum-based payment platform OmiseGo partnered with a Singapore firm behind a popular ride hailing app to develop a Proof-of-Concept and promote blockchain tech.

Ethereum-based payment platform OmiseGo and blockchain protocol Mass Vehicle Ledger (MVL) have partnered to research blockchain technology, according to a press release shared with Cointelegraph Nov. 14. MVL is the protocol behind popular Singapore ride hailing app TADA.

MVL and OmiseGo will develop a Proof-of-Concept (PoC) to ascertain whether the decentralized OMG Network is suitable for MVL’s data record-keeping system. During the PoC, MVL will record data collected from TADA on the OmiseGo platform.

Moreover, the two companies have announced further technical and research cooperation on possible blockchain applications in TADA’s services.

On Nov. 7, MVL received a taxi provider license from the Land Transport Authority of Singapore, allowing it to launch its new taxi booking service, TADA Taxi. According to Business Insider, over 2,000 taxi drivers have joined the app through  partnerships with local taxi companies.

Other taxi companies and ride-hailing services have explored applying blockchain technology to their business models.  In May, Chen Weixing, the founder of Chinese ride hailing company Kuaidi Dache, revealed his plans to create a blockchain-powered ride hailing app, adding that the service might also include deliveries.

The automotive industry has also shown a marked interest in applying new technologies like artificial intelligence  and blockchain. IOTA and Volkswagen demonstrated a PoC that used IOTA’s Tangle system for autonomous cars at Cebit ‘18 Expo in Germany last June.

Daimler AG — which produces Mercedes Benz and Smart cars — presented its own Blockchain-based digital currency MobiCoin to reward drivers for environmentally-friendly driving habits, such as driving at low speeds.

Source: Coin Telegraph




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Japanese Regulator Unveils Plan to Regulate Wallet Services

Japanese Regulator Unveils Plan to Regulate Cryptocurrency Wallet Services

Japan’s top financial regulator, the Financial Services Agency, has unveiled a plan to regulate cryptocurrency wallet services. The regulator has put forward a number of regulatory measures as well as proposing how to implement them.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

The Plan

Japanese Regulator Unveils Plan to Regulate Cryptocurrency Wallet ServicesThe Financial Services Agency (FSA) held its ninth cryptocurrency study group meeting on Monday. According to the agency’s published meeting materials, one of the main topics on the agenda was a plan to regulate crypto wallet services and their providers.

Currently, Japan’s fund settlement law requires businesses conducting cryptocurrency-related activities in the country, such as buying and selling, to register as crypto exchanges with the FSA.

“Wallets are like bank accounts that store virtual currencies,” Itmedia publication elaborated. While wallet service providers “handle large amounts of virtual currencies like exchange companies,” the publication noted that “they are not targeted by laws and regulations.”

The FSA explained that the current law does not apply to wallet service providers since they do not buy or sell cryptocurrencies — they merely manage and transfer them for customers. However, since they manage payments, the agency believes that financial regulation is necessary.

Japanese Regulator Unveils Plan to Regulate Cryptocurrency Wallet ServicesThe plan unveiled at the meeting focuses on service providers — not software wallet developers or hardware wallet manufacturers. Many wallets exist only as code and are without identified leadership or companies behind them.

The regulations for wallet services will be in line with the international standards for preventing money laundering and terrorism financing set by the Financial Action Task Force (FATF), the FSA detailed. The agency wrote that the “revised FATF standards” must be imposed, including their recommendations relating to crypto exchanges, wallet service providers, and initial coin offering issuers.

The Implementation

The group proceeded to discuss the risks associated with wallet services, such as stolen funds during cyber attacks, wallet failures, money laundering, and other risks shared by crypto exchanges.

Japanese Regulator Unveils Plan to Regulate Cryptocurrency Wallet ServicesPossible regulatory measures include the maintenance of internal control systems, separate management of cryptocurrencies belonging to the service providers and customers, audits of financial statements, publication of policies in the event of stolen funds in a hack and retaining funds to repay customers.

The transition period for introducing wallet regulations was also discussed. During this time, service providers would not be able to add new businesses, customers, or coins supported. In addition, they must post notices on their websites regarding their registration status. Those refusing to register must declare on their websites and “indicate that the business will be abolished,” according to the meeting document.

What do you think of Japan planning to regulate crypto wallet services? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Japanese Regulator Unveils Plan to Regulate Wallet Services appeared first on Bitcoin News.

Source: Bitcoin News




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Report: Application for Chinese Crypto Miner Canaan’s $400 Mln IPO Lapses

Chinese crypto mining manufacturer Canaan has let the application for its $400 million IPO on the Hong Kong stock exchange lapse.

Cryptocurrency mining equipment producer Canaan’s Initial Public Offering (IPO) application has lapsed, Reuters reported Nov. 15. The offering was set to take place on the Hong Kong Stock Exchange (HKEX).

Founded in 2013 in China, Canaan manufactures application-specific integrated circuits (ASICs) for digital currency mining. Canaan is the world’s second largest cryptocurrency hardware maker, collecting a revenue of 1.3 billion yuan ($187 million) in 2017. The company’s profit in the same year was 361 million yuan ($52 million), which is a 230 times increase from 2015, per business news outlet Quartz.

Canaan revealed its IPO plans in May, claiming to create the largest Bitcoin (BTC)-oriented offering yet seen when it would debut on the HKEX in July. While not mentioning a specific fundraising target, Cannan said the figure “could” reportedly circle $1 billion. However, the company subsequently lowered its target to $400 million.

Today, Reuters reported that Canaan has let its application for the IPO of at least $400 million lapse, purportedly due to questions about the company’s business model and prospects from the HKEX and regulators.

Sources close to the deal reportedly told Reuters that the IPO would not be conducted this year since a listing hearing was not updated by the HKEX. Canaan purportedly can rebid its IPO with updated financial information.

The news follows a recent statement issued by Hong Kong’s securities regulator, the autonomous Chinese territory’s Securities and Futures Commission (SFC), which sets out new guidelines for funds dealing with cryptocurrency, including exchanges. The statement read:

“In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”

In October, Cointelegraph reported that major mining hardware producers, including Canaan, could be affected by recently imposed U.S. sanctions on Chinese goods. Analysts raised alarm as the technology had been reclassified by the office of the United States Trade Representative (USTR) to fall under a stricter tariff regime.

Source: Coin Telegraph




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French Financial Markets Regulator Estimates ICOs Have Raised $21.9B Globally

French Financial Regulator Publishes Report on “Marginal” ICO Sector

France’s financial markets regulator, the Autorité des marchés financiers (AMF), has published a report examining trends relating to initial coin offerings. The AMF describes ICOs as a “marginal” method of financing, estimating that the global ICO industry has raised €19.4 billion ($21.9 billion) since 2014.

Also Read: Russian Developers to Help Iran Build Its Crypto-Economy

Significant Centralization of Capital

French Financial Markets Regulator Estimates ICOs Have Raised $21.9B Globally Since 2014The AMF report notes an “acceleration” in ICOs over the last two years. It estimates that €5.6 billion ($6.3 million) was raised via ICOs in 2017, equating to 1.6 percent of global equity financing for that year. Throughout 2018, the regulator estimates that ICOs have raised €13.4 billion ($15.1 billion) so far, accounting for 69 percent of the total raised by all ICOs since 2014.

The AMF report also points to a significant centralization of capital within the ICO sector. It estimates that just 17 ICOs have raised approximately 40 percent of the total sum generated by the industry thus far.

French ICOs Grab ‘Modest Share’ of Global Sector

French Financial Markets Regulator Estimates ICOs Have Raised $21.9B Globally Since 2014The AMF describes French ICOs as “accounting for a modest share of this new type of financing.” The report estimates that a total of 15 ICOs have collectively raised €89 million ($100.5 million), meaning that French token sales have represented just 0.46 percent of the total sum raised by the global ICO industry.

While the majority of ICOs have focused on “blockchain or trading applications,” the AMF believes that projects are now increasingly “diversifying into other sectors.” It also notes that “most of the upcoming ICO projects” have previously raised financing through “traditional funding channels.” In addition, the AMF reports that the majority of ICOs thus far have taken place in the United States.

AMF Advocates International Regulatory Cooperation

French Financial Markets Regulator Estimates ICOs Have Raised $21.9B Globally Since 2014The AMF argues that the key “success factors of an ICO” include the need for robust and transparent anti-money laundering procedures. The report also emphasizes the need for “appropriate regulation” to guide the ICO industry. The AMF claims that “given the cross-border nature of these projects, the diversity of regulatory approaches at the international level is a point of vigilance.” It adds that “in this context, international and European cooperation is essential” in the identification of fraud and the development of coherent regulatory frameworks.

Do you think that ICOs have reached their peak this year? Or is more growth in sight? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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The post French Financial Markets Regulator Estimates ICOs Have Raised $21.9B Globally appeared first on Bitcoin News.

Source: Bitcoin News




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Hours After Bitcoin Cash Network Update Begins, Bitcoin ABC Over 10 Blocks Ahead

Hours after the start of the Bitcoin Cash upgrade, the Bitcoin ABC and Unlimited camps are leading in terms of hash rate and nodes.

The Bitcoin Cash (BCH) network update, which many predicted would lead to a hard fork, began as scheduled today, Nov. 15.

At press time, Bitcoin ABC and Bitcoin Unlimited are currently leading Bitcoin SV in terms of both hash rate and number of nodes, according to Coin.Dance. Under the new consensus rules, 41 blocks have been already mined, wherein Bitcoin ABC is 12 blocks ahead.

The update has led cryptocurrency exchanges around the world to suspend BCH trading and withdrawals.

The news about the protocol upgrade has divided the BCH community in two camps as there are two dominating proposals for the implementation of the BCH network in the form of Bitcoin ABC and Bitcoin SV (Satoshi’s Vision).

Bitcoin ABC stands for “Adjustable Blocksize Cap”, and its proponents argue that the basic structure of BCH is “sound,” and “does not need any radical change”. Proposed changes include “removing software bottlenecks” and enabling node operators to change their block size limit.

Bitcoin ABC is supported by crypto evangelist Roger Ver, while Bitcoin SV supporters are led by Craig Wright, who has previously declared himself to be the mysterious Bitcoin inventor Satoshi Nakamoto. The SV camp promotes radically changing the current BCH structure, where its split is designed to entirely overwrite the network scripts of Bitcoin ABC and increase the BCH block size from 32MB to a maximum of 128MB.

The issue of a BCH upgrade caused a heated dispute in the community; Wright engaged in verbal battles with Bitmain’s co-founder Jihan Wu, who accused Wright of being a Blockstream spy. Wright’s messages to ABC, Roger Ver, and Bitmain have turned into bankruptcy threats and accusations of being engaged in Silicon Road machinations and child pornography.

A continued feud between the crypto communities would have a significant impact on the crypto market in general, while a split caused by a hard fork will affect the entire network.

Source: Coin Telegraph




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