Abu Dhabi Global Market Launches Regulatory Framework for Crypto Activities

The financial authority of Abu Dhabi Global Market has launched a regulatory framework for cryptocurrency activities following the completion of a public consultation. The market’s financial watchdog has also published a guideline explaining how crypto asset activities are now regulated.

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

Crypto Regulatory Framework Launched

Abu Dhabi Global Market (ADGM) announced this week that it has launched a “framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM.”

ADGM is the international financial center in Abu Dhabi which collaborates with global financial centers, institutions, and regulators to “develop and supports member institutions with the regulatory framework, legal jurisdiction and attractive business environment they need for sustainable business growth,” its website describes. The Financial Services Regulatory Authority (FSRA) is the market’s watchdog. ADGM wrote:

“The framework is designed to address the full range of risks associated with crypto asset activities, including risks relating to money laundering and financial crime, consumer protection, technology governance, custody and exchange operations.”

FSRA Takes the Lead

This regulatory framework follows the completion of a public consultation on the introduction of a crypto regulatory framework by the FSRA on May 28. By incorporating public comments, “several refinements have been made to the regulatory framework, with a key change being the implementation of the daily value trading levy imposed on crypto asset exchanges on a sliding scale basis,” ADGM’s announcement details.

Richard Teng, the CEO of ADGM’s FSRA, commented:

By introducing a comprehensive and best-in-class regulatory framework, the FSRA is taking a leading role in instilling proper governance, oversight and transparency over crypto asset activities, positioning ADGM as a destination of choice for crypto asset players.

The FSRA said in February that “virtual currencies, although not legal tender, are gaining interest globally as a medium of exchange for goods and services,” Reuters reported.

New Crypto Framework Explained

The FSRA has also published a 34-page guide for the regulation of crypto asset activities in ADGM. The document explains the regulatory framework for crypto assets including the requirements for operating a crypto asset business, exchange or custodian.

“Applicants that qualify for authorization under the Spot Crypto Asset Framework will be granted an FSP [Financial Services Permission] to carry on the regulated activity of OCAB [Operating a Crypto Asset Business],” the document describes. According to the Spot Crypto Asset Framework:

Market intermediaries (e.g. broker dealers, custodians, asset managers) and crypto asset exchanges dealing in or managing crypto assets will need to be licensed / approved by FSRA as OCAB holders. Only activities in accepted crypto assets will be permitted.

The document also clarifies that this framework does not apply to initial coin offerings (ICOs). The FSRA has already published a separate guidance for ICOs in October last year.

What do you think of Abu Dhabi Global Market’s crypto regulatory framework?  Let us know in the comments section below.

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Expedia Drops Bitcoin Payments, Official Confirms

Travel booking platform Expedia has stopped accepting bitcoin (BTC). A company representative confirmed the policy change, while stating that various payment options are being continuously evaluated without elaborating on the details. Expedia has been supporting bitcoin payments since 2014.

 Also read: Russian Railways Eyes Crypto for Tickets, Blockchain for Cargo

Expedia Confirms Suspension of BTC Payment Option

Expedia.com, one of the world’s largest travel sites offering booking services for flights, hotels, and car rentals, is currently not accepting bitcoin (BTC). This week, the news was shared on Reddit by traveling bitcoiners who expressed their disappointment with the absence of the cryptocurrency among the payment options. Bitcoin payments have been available on Expedia for years.

Responding to a request for more details from Nathalie Stucky of news.Bitcoin.com, a company representative confirmed the reports via email. Acknowledging the grievances of cryptocurrency users, Christie Hudson, Sr. Communications Manager at Expedia – North America, explained:

I can confirm that as of May 10, 2018, Expedia no longer supports Bitcoin as a payment method. Currently, we do not feel that we are able to offer the best experience for those using Bitcoin, but will continue to evaluate various options in order to offer travelers flexible payment solutions.

According to the information provided by Reddit user bowiestar, the bitcoin payments have been suspended since June 10. Bowiestar is quoting the travel agency’s customer support service.

No official announcement has been published on Expedia’s website, at least not in the Newsroom section. At the same time, the Terms & Conditions page for the bitcoin payment option is still accessible.

Attempts to book a flight from the EU return credit card thumbnails beneath the “How would you like to pay?” question at checkout.

Buying a Ticket, Booking a Hotel with Bitcoin

Expedia started accepting bitcoin exactly four years ago. “Offering travelers another way to book online, customers can now shop from the world-class inventory of a vast array of hotels available on Expedia.com, and for the first time ever beginning today, easily pay for their hotel accommodations using bitcoin,” stated the official announcement published on June 11, 2014.

The crypto payment option was offered through a partnership with the US-based crypto exchange and wallet provider Coinbase. In order to complete the booking process, customers were redirected to Coinbase’s website where they were able to see the total at an exchange rate set by the trading platform. Some comments in the forums suggest that Expedia might have stopped the bitcoin payments due to Coinbase’s decision to discontinue custodial services for merchants.

There are a number of alternatives that crypto enthusiasts can turn to for their bitcoin-paid travel and accommodation. Cheapair.com has been considering working with Bitpay to process bitcoin payments, as news.Bitcoin.com recently reported. It has been accepting bitcoin since 2013, again previously using Coinbase as a payment processor.

The checkout on Cheapair’s website now offers bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC), and dash (DASH) as active payment methods. Payments with three of these cryptocurrencies, BCH, LTC and DASH, were introduced in May and are currently processed by Gocoin.

“In different ways, Litecoin, Bitcoin Cash, and Dash all promise improved transactability than their predecessor, with faster transaction times and/or lower fees,” Cheapair noted in a press release. “Over the last six months, we’ve seen a huge uptick in the number of customers requesting alternative currencies, so we’ve worked hard to integrate the three that were most requested,” said CEO Jeff Klee.

Another travel agency that accepts bitcoin for plane and train tickets, cars and hotel rooms, is Destinia. It currently supports both bitcoin core (BTC) and bitcoin cash (BCH) payments. Two more platforms accepting bitcoin for their services are abitsky.com and BTCtrip.

Do you think Expedia will reintroduce bitcoin payments in the future? Share your expectations in the comments section below.

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Bitcoin Cash Sees More Infrastructure, Applications, and Protocol Innovation

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Volume Rankings Report for June 2018: Trading Activity Drops Across Crypto Markets

Market action during June has seen a significant slump in trade volume, with the majority of the ten most traded cryptocurrencies experiencing a drop in volume of between roughly 17% and 57% when compared with May.

Also Read: ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed Securities

Month-Over-Month 30-Day Trade Volume Declines Across Crypto Markets

BTC has maintained its significant lead as the most traded cryptocurrency, with BTC pairings producing roughly $125.6 billion USD worth of trade over the course of the last 30 days. Compared with May’s 30-day volume of approximately $185 billion, the BTC markets have seen a 32% loss in trade volume.

Unlike last month, the combined volume of the second and third most traded cryptocurrencies combined surpassed that of BTC – with Tether and Ethereum producing roughly $130 billion in trade combined.

The 30-day volume of USDT has seen among the smallest percentage loss incurred by a top ten cryptocurrency – declining 17.2% from $93 billion last month to $77 billion during June. The monthly trade volume for ETH fell almost 30% from May’s $76.6 to approximately $53.8 billion this month.

EOS has held its position as the fourth most traded cryptocurrency during June, however, shed nearly 33% of its trading volume – dropping from $47.5 billion last month to roughly $32 billion during the last 30 days.

Volume Rankings Remain Mostly Stable During June

The 30-day trade volume for BCH pairings dropped significantly this month, with June’s $14.7 billion in trade comprising a 47.5% drop from May’s $28 billion.

Despite the monthly volume for LTC falling by 21% when compared with May, Litecoin has climbed from the 8th most traded cryptocurrency last month, with $11.9 billion in trade, to rank 6th for June with $9.3 billion.

XRP has maintained its position as the seventh most traded cryptocurrency this month, producing $8.3 billion in trade during the last 30-days. Compared with May, XRP has lost 39% of its trade volume, which fell from $13.7 billion to $8.3 billion.

Ethereum Classic was the only top ten cryptocurrency market by volume to see an increase in trading activity during June. The ETC markets produced $6.6 billion in volume this month – a roughly 1.5% increase over May’s $6.5 billion.

Of the ten most traded cryptocurrencies, TRON saw the greatest loss in volume. Trading activity for TRON pairings fell 57% from 6th position with $14 billion last month, to 9th in June with $6 billion.

QTUM was the tenth most traded cryptocurrency over the last 30 days with nearly $3.5 billion in trade.

Do you think the markets will continue to experience a decline in monthly trade volume? Share your thoughts in the comments section below!

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Wendy McElroy: Crypto and the Structure of Class Warfare

The Satoshi Revolution: A Revolution of Rising Expectations
Section 4: State Versus Society
Chapter 9, Part 2
Crypto, and the Structure of Class Warfare

The wall separating state and society is crumbling. Or, rather, the state is taking a jackhammer to it in an aggressive attempt to control every aspect of productive and cooperative life…The people you deal with on a daily basis are ceasing to be good neighbors, honest merchants, and disinterested strangers. They are becoming state informants who monitor your expression, your money, your behavior and attitude in order to report you to the authorities. They are ceasing to be “society” and becoming instead “the state.”

–Murray Rothbard

Cryptocurrency has an advantage that almost every other alternative money in the past has lacked. It does not mimic state-issued currency or state-controlled transfer systems, such as banks. Its revolutionary structure and function are as uniquely compatible with society as they are antagonistic to the state.

State versus society: Libertarian class analysis is based on the interaction of the two categories, which are in irresolvable conflict with each other. The structure of each class–the arrangement of their parts according to a unifying theme—are also antagonistic. Into this analysis, crypto enters with a framework that rebukes the state and provides society with what it has sadly lacked: a free-market money for the average person. The compatibility of crypto and the free market and crypto is born out by their remarkably similar structures. (“Society” and “the free market are used as synonyms here because, in its broadest definition, the free market” is more than an economic dynamic; for example, there can be a free market of ideas. Broadly defined, the term refers to any free exchange.)

The Structure of State, Society, and Crypto

“Form follows function” means that the basic shape of a thing is determined by its purpose. For Frank Lloyd Wright, the two were inseparable. “Form follows function-that has been misunderstood,” Wright observed. “Form and function should be one, joined in a spiritual union.”
This is true of government or the state; it is also true of society.

The function of a state is to regulate society in a manner that maintains its own existence and privileges. The state uses force or the threat of force to impose its policies; behind every law is a gun and its intimidation value. The purpose of the state defines its form; coercive agencies, such as law enforcement and the military, abound. Intrusive practices, such as the widespread collection of personal data, are the norm. In turn, the agencies and practices require intense centralization and bureaucracy.

The function of society is as a venue where individuals interact peacefully for mutual benefit, whether that benefit is defined in economic, spiritual, or other terms. Society is voluntary, with legal obligations arising only from contract and consent. Because individuals are diverse and unpredictable, the form of society is fluid, quick to respond, and highly decentralized.

The two classes are at war because the state produces no wealth of its own; it takes what is needed from society through taxation in its various manifestations, including inflation. To do so, the state asserts its authority over the peaceful behavior of others, which the others resent.

The state does more than loot society, however. It usurps the functions of society—the interactions that should occur on the free market–such as road construction and financial institutions. Over time, segments of society are reshaped to resemble arms of the state. Banks are a prime example. Free-market banks would serve the needs of customers, including privacy. Current banks are information gathering centers for the state, with customer requirements being secondary.

In the past, the state’s encroachment upon society enjoyed a huge advantage; the state controls the legal definition of money, its issuance and much of its flow. Society had to accept fiat, to tolerate monetary policies, and to live with banking rules. At least, society had no real choice until the explosion of cryptocurrency. Suddenly, individuals became their own banks, and they made their own exchanges…all without the state.

Crypto is the money of society, the money of people. This status is not negated by the fact that some people become ridiculously wealthy through crypto; the free market has always rewarded successful innovators and early adopters. The status is not damaged by crypto experiments that fail; the free market is a brutal laboratory, with many dead ends. Imprudent people, who lose money through foolish acts, discover that the free market is also a corrective mechanism, without compassion. Even fraud does not cast a shadow on crypto as the money of society. Fraud haunts all human activities, especially lucrative ones. And those who appeal to the state for a remedy should remember that the state is institutionalized fraud and theft. Over time, the free market tends toward self-regulation.

What can threaten crypto’s role as the money of society? The greatest danger is the drive to change the function and form crypto from being an expression of society into an expression of the state. The drive for so-called “respectability” involves regulation, state-issuance, and other measures that would reduce crypto to another form of fiat, another form of central banking.

Crypto and Society Share the Same Basic Form

One indication of crypto being the money of society is that the two have the same basic function and form. The function is to empower the individual; form follows. It is no wonder that crypto’s structure parallels that of society itself. The parallels include,

• A hard structure underlies them both. For crypto, it is the immutable blockchain that is remarkably immune to manipulation or exploitation; for society, it is the inviolable principle of non-aggression.
• The frameworks do not inhibit diversity. Their security and freedom encourage almost infinite innovations. A major reason: Adopting the underlying structure is not a matter of law but of choice, which is unrestricted thereafter.
• Third parties are not necessary for many of the transactions. For a complicated exchange, such as one that demands escrow, a third party is useful. Even then, however, the amount of trust required can be limited by strategies like getting in and out quickly.
• There is no barrier to entry. No state license, no permission, no legal forms.
• Both crypto and society are decentralized. Among the many advantages of this is that neither has a single point of failure where the entire system is vulnerable to bad actors.
• The individual is the locus of power. As long as a person retains his or her keys, that person controls their use. The parallel in society is the individual’s right to say “no.”
• Transactions can be pseudonymous or announced to the world, depending on individual preferences. Crypto purchased with a faux identity, which uses a different wallet for each transaction, can be almost as anonymous as cash.
• Exchanges are not ideological or political. Crypto and the free market are great levelers of traditional social distinctions, such as the race or religion of a buyer or seller.
• Crypto and society are both worlds in which wealth is based on merit, including the profits that properly come from taking risks that succeed.

By contrast, the structure of the state is antithetical to that of crypto and the free market. It is based on coercion rather than consent; it is centralized rather decentralized; its wealth comes from confiscation rather than merit. Form follows function.

Conclusion

There is a popular myth about crypto. Namely, that free and state-controlled crypto can co-exist. In theory, it is possible. In practice, it will not happen because state-issued or state-controlled crypto does not merely differ in terms of its origin but also in terms of its form. Crypto cannot serve both state and society; it cannot express both centralized control and decentralized choice. The two may exist in parallel for a time but, inevitably, the state will reach for a monopoly.

Crypto is becoming a new frontier in class warfare between the state and society. The state will try to reshape crypto in order to serve its own purposes. Instead of privacy and individual choice, state crypto will involve total disclosure and regulation. Instead of accessibility for all and the absence of trusted third parties, there will be licenses or bank-like exchanges becoming an unavoidable third party. The incredible benefit of crypto to society will be turned upside down, and it will become a benefit to the state.

State-issued or controlled crypto will be a bitter mockery of the original vision, but it is coming. And one of the major impacts of the Brave New money will be almost invisible; the basic form of crypto will become the opposite of what it was created to express. This goes with the function of crypto changing.

The best hope for free-market crypto is that concepts, such as decentralization, are so deeply embedded into its structure that a state-issue is doomed to fail. As a next resort, of course, the state will regulate what it cannot create. Society’s money will become a bit riskier and more difficult to use.

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters

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Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

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ICO Round-Up: Social Media Influencers Bypass Ad Ban, Centra Tokens Deemed Securities

Three stories dominate this week’s initial coin offering (ICO) round up: It appears many ICO projects are reaching out to social media influencers in an effort to thwart advertising bans across leading platforms. A study published by the China Banking Regulatory Commission (CBRC) suggested that the country develop a licenced-based regulatory apparatus that permits cryptocurrency activities including ICOs. A U.S. judge has found that CTR, tokens distributed through Centra Tech’s ICO that sought the promotional services of boxer Floyd Mayweather, demonstrate numerous attributes of a security under existing legislation.

Also Read: South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring

ICOs Turn to Social Media Influencers Amid Advertising Ban

A report by the LA Times has looked into the increasing prevalence of ICO promoters employing the services of social media influencers in the midst of the prohibition on cryptocurrency advertisements on a number of leading social platforms.

The report cites research conducted by Solume, which found that approximately 18% of cryptocurrency-related posts on Reddit, Twitter, and Bitcointalk.org now typically originate from bounty campaigns set-up by ICO promoters. In January, by contrast, the figure was 6%.

“It’s really a very cost-effective mechanism for developing a brand,” stated Saransh Sharma, the president of 4new – who are currently conducting an ICO. “Before you know it, there’s a snowball effect,” he added.

Whilst ICO promoters appear to have found a means through which they can advertise on social media platforms despite the ban, some are not convinced that the practice of paying social media influencers to promote ICOs will last for long.

Lex Sokolin, the global director of fintech strategy at Autonomous Research, stated: “Once it becomes clear that financial outcomes can be manipulated not just by trading but [also by] creating perceptions through social media, regulators will take a very hard stance.”

Chinese Banking Commission Suggests Inclusive ICO Regulations

The China Banking Regulatory Commission (CBRC) recently made public a working paper titled, “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency.”

The report argues for the development of an inclusive, license-based regulatory apparatus designed to allow cryptocurrency related activities, including ICOs, to operate legitimately in the country.

“Currently, any capital transaction that relates to distributed ledger accounts, blockchain, cryptocurrency and its derivatives, ICOs and exchange operations should all be regarded as financial services. Therefore they must be put under relevant financial regulatory frameworks so that they can operate legally with a license,” the document states.

Centra Found to be Distributing Securities

In the latest news regarding the Floyd Mayweather-promoted Centra ICO, a Florida district court has found CTR tokens issued through the company’s initial coin offering comprise securities. The court, citing the Howey test, argued that CTR tokens satisfy the criteria for all three prongs of an “investment contract,” rendering such a security.

The court found that “Because the success of Centra Tech and the Centra Debit Card, CTR Tokens, and cBay that it purported to develop was entirely dependent on the efforts and actions of the Defendants […] the offering of Centra Tokens was an investment contract under the Securities Act, such that the Defendants sold or offered to sell securities by virtue of the Centra Tech ICO.”

The court recommended that “the Defendant’s Renewed Motion for a Temporary Restraining Order, Asset Freeze, Document Preservation Order, and Order to Make Accounting and Other Ancillary Relief […] be granted to the limited extent consented by the Defendants.”

Do you think social media influencers will continue to be used as a means to bypass advertising bans? Join the discussion in the comments section below!

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Report: 2018 Token Sales Almost Double Last Year’s Results

Initial Coin Offerings in the first half of 2018 have attracted nearly double the amount of funds raised last year, a new report reveals. Researchers point out, however, that the majority of ICOs have largely failed, with only a third of the projects closed successfully. According to the study, the US remains the major destination for coin offerings while Switzerland has established itself as a European ‘standard bearer’ in regulation.  

Also read: Why 70% of ICO Tokens Are Not Exchange Listed and Probably Never Will Be

$13.7 Billion Raised in Coin Offerings This Year

The capital raised through Initial Coin Offerings (ICOs) has reached $13.7 billion USD in the first five months of this year, twice the total for the whole of 2017. The data comes from a newly released report authored by the Swiss Crypto Valley Association (CVA) and Strategy&, the consulting division of one of its members, PwC. The study aims to provide a comprehensive overview of the global ICO activity and explore key changes in the space since last year.

The numbers in the second edition of the quarterly Global ICO Report are in sharp contrast with this year’s bearish trend that has taken over crypto markets. According to Daniel Diemers, Head of Blockchain EMEA at PwC Strategy&, the report “highlights the continued growth and popularity of ICOs globally in 2018, with over 537 ICOs conducted in the first five months of this year, raising a combined total of $13.7 billion USD – more than all ICOs which took place before 2018 combined.” According to data quoted by Reuters, around $7.0 billion have been raised by token sales last year. Daniel Diemers also said:

After all the hype of 2017, this year has seen the ICO sector becoming more mature and established, with an improved focus on best business and legal practice, investor relations and fundraising. Hybrid models of combined Venture Capital and ICO financing are increasingly bringing together the best of what both have to offer, so that the soundness of a business is validated while it realizes its market potential by receiving crowd support.

However, the paper also notes that the majority of crowdfunding projects have failed to achieve their goals. Only about 30 percent of the 3,470 ICOs announced since 2013, the report details, have closed successfully, while many have been delayed or lost momentum during the token sale process.

America a Major ICO Destination, Switzerland a Leader in Regulation

According to the research, the US remains a major destination for Initial Coin Offerings. In the first five months of the year, 56 US-registered token sales have raised a total of $1.1 billion USD. The authors believe this is due to the clear and firm regulatory requirements put in place there and the growing number of crowdfunding projects that choose to register with the US Securities and Exchange Commission (SEC). They also point to an increase in the number of coin offerings conducted in the United Kingdom as well as the volume of capital raised there. According to the provided statistics, 48 UK-registered ICO projects have attracted more than $500 million in 2018.

Another conclusion is that Switzerland has affirmed itself as a leading hub for ICO and blockchain business in Europe and remains attractive to crypto entrepreneurs, while smaller jurisdictions like Liechtenstein, Gibraltar and Malta are following in its footsteps. “Switzerland is the standard bearer in terms of establishing a regulatory environment for the digital economy. The Crypto Valley in Switzerland offers a unique environment that embraces blockchain technologies and the potential of ICOs while always embodying Swiss values, such as privacy protection and confidentiality,” said Oliver Bussmann, President of the Crypto Valley Association.

ICO Destinations and Trends

The findings confirm some previous observations and detect new trends regarding Initial Coin Offerings. According to an earlier report, covering 370 ICOs, US-based crowdfunding projects have raised $1.03 billion – so no surprise there. The study placed China (including Hong Kong) second with $452 million, followed by Russia with $310 million USD. What’s surprising is the development of the ICO market in the UK, where financial authorities and regulators have generally demonstrated lukewarm attitude towards cryptocurrencies and the crypto space.

Switzerland, whose crypto-friendly jurisdiction has attracted a number of crypto and blockchain businesses, is trying hard to catch up with the leading ICO destinations. Representatives of the country’s crypto community have joined a multinational effort to challenge the ban on crypto-related advertisements imposed by the largest IT corporations. The restrictions introduced by companies like Facebook, Google and Twitter, hit hard crowdfunding projects and are likely to be targeted soon in a class action lawsuit.

At the same time, the achievements of far less conspicuous European countries have made the headlines of ICO-related articles and publications. Lithuania is a good example – the tiny Baltic state has reportedly attracted around 10 percent of all coin offerings last year. An estimated €500 million has been raised through ICOs and blockchain projects over the last 12 months. Authorities in Vilnius have recently issued comprehensive regulatory guidelines for initial coin offerings. According to a recent report by Politico, the country’s economy is expected to grow by more than 3 percent this year and the digital cash flow is part of the reasons.

Do you expect the ICO sector to grow, despite the continuing downward trend on crypto markets? Share your thoughts in the comments section below.

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Supreme Court Will Not Reconsider Ross Ulbricht’s Life Sentence

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Indian Exchange Zebpay Boosts Trading Support for 19 Cryptos Ahead of RBI Ban

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Mastercard Latest Crypto Patent: Anonymous Third Party Transactions

This week marks another set of patents granted Mastercard, which is part of a many years attempt by the payments behemoth to employ technology underpinning most cryptocurrencies. The latest turn involves anonymous distributed ledger transactions via a third party processor.

Also read: Bitlicense Should be Smashed, Candidate for New York Governor Urges

Mastercard Granted Still More Crypto Patents

In its latest crypto patent filings, Mastercard stresses “a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.”

The more than half-a-century old legacy payments institution based in the United States is a world leader. Tens of thousands of employees. Nearly $13 billion in yearly revenue. It is a staple of Standard & Poor’s component indices. Its principal global business is as an intermediary, trusted third party, between merchant banks, and their derivations, along with credit, prepaid, and debit cards.

United States Patent Application 20180181953, granted yesterday after having been filed back in late December of 2016, reads in abstract, “A method for posting of anonymous directed transaction includes: storing a plurality of entity profiles, each including an entity identifier and a secret value; receiving a transaction request from a first entity, the request including transaction data and a specific entity identifier associated with a second entity; identifying a specific entity profile that includes the specific entity identifier; generating a first hash value via application of one or more hashing algorithms to the transaction data; generating a second hash value via application of one of more hashing algorithms to a combination of the first hash value and the secret value included in the identified specific entity profile; and posting the first hash value and second hash value to a publicly accessible data source.”

Loosely translated, a public blockchain transaction, as it exists in its popular forms with regard to bitcoin core (BTC), just might be a key in holding back more crypto acceptance on a broader scale. Of its many ironies, BTC’s open ledger provides a wealth of information for both consumers and businesses, and aspects of industrial espionage are sure to follow, something giants like Mastercard are keen to avoid at all cost.

Privacy for Mastercard is Different than Privacy in the Crypto World

The cryptocurrency world has continued to tackle the issue of private, cash-like transacting since its inception. Alternatives abound among tokens and alternative coins, and their numbers and intensity are growing at record paces.

For traditional payments companies, avoiding a public distributed ledger is equally growing in importance. They’ve several masters to please, including lawmakers and regulators who wish to grant such transaction access to police. Eliminating peer-to-peer features is also very important, and so third party processors are vital to the company’s plans. A lucrative side business is to sell such information to other companies hoping to exploit its proprietary data for advertising purposes, for example.

Crypto-related patents recently granted to the company include travel and even coupons. They’re yet another ironic turn for a company with well-known hostilities toward the crypto community.

What do you think about Mastercard’s patent moves? Let us know in the comments. 

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Images via the Pixabay, Mastercard.

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Bitcoin Cash Support is Now Live on Purse.io

This week the well-known Purse.io, a firm that allows people to purchase items on Amazon and save 15 percent or more, has announced that Bitcoin Cash (BCH) support is now live. Furthermore, due to a partnership with the Bitcoin Cash Fund, the company is offering $10 cash back to Purse shoppers who shop and earn before the end of July.

Also read: Cryptocurrency Firm Circle Sees Institutional Interest Spike 30%

Purse.io Launches Full Bitcoin Cash Support

The firm Purse.io has officially announced full BCH integration due to the overwhelming requests from people asking the company to deploy more coin support. Purse says they have completed a major overhaul of the entire Purse experience, including a redesigned wallet that helps reduce fees.

“Our community has demanded more cryptocurrency choice and this is our first big step. To celebrate, we’ve partnered with the Bitcoin Cash Fund to rain cash on you all,” explains Jaqi Lenee the company’s product design leader.

We’ve built support for Bitcoin Cash [BCH], which is a great option for people who want to save more dough. Transaction fees on this network are currently cheaper and less volatile. Shoppers, simply fill your wallet with Bitcoin or Bitcoin Cash and start shopping. Earners, you’ll be able to pick which coin you’d like to earn before accepting an order. Choose wisely. (Or flip a coin?)    

The Purse and Bitcoin Cash Fund Cashback Promotion

The ‘Cashback’ contest will offer $10 cash back for 1,000 shoppers until the end of July and $850 in prizes for top earners, explains Purse. Based on the number of BCH orders accounted for within that time period, there will be a 1st place reward for $500, 2nd place ($250), and 3rd place ($100). Purse details that the Cashback promotion will distribute contest rewards after deliveries are confirmed.

Bitcoin Cash fans were excited to see that BCH is now integrated into Purse.io and even posted on some of the purchases they have been making since the launch. One Reddit user writes, “Just made my first purchase. It couldn’t be easier, and I will write a full review when I get my BCH.”

What do you think about Purse integrating bitcoin cash into their system? Let us know your thoughts on this subject in the comment section below.

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PR: Finland Government and Essentia.One Reveal Plans for International Blockchain Logistics Hub

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Essentia.One – the decentralized interoperability protocol – has announced it’s partnership with the Finland Govt. to develop a second pilot. This time Essentia will focus on building blockchain based solutions in the field of smart logistics.

Essentia co-founder Matteo Gianpietro Zago confirmed their move as a progression from their first pilot which began development back in April of this year to tackle unemployment rates and to track production chains.

“The success of our first e-government blockchain project with MTK meant we built a level of mutual trust, and as passionate believers in the underlying value in blockchain, we knew that we could adapt the technology to solve many more issues in different governmental departments”

Finland has now begun ventures to secure its place as one of the leading logistics hubs in the world. Industry representatives are seeking forward thinking solutions to combat the issues facing the ever-expanding administration and data management in logistics and transportation.

Essentia.One has teamed up with the governmental association ‘Traffic Lab’ to ensure information regarding end-to-end deliveries – such as delivery contents and contact information – are securely and safely accessible to authorized stakeholders.

“We envision the Essentia protocol completely revolutionizing the methods of data management. The proven power, and benefits of Blockchain technology will give Finland’s international logistics hub that extra competitive edge,” says Matteo speaking from the Amsterdam headquarters.

The pilot is set to be presented to Finland’s Ministry of Transport and Communications, Finnish Transport Safety Agency Trafi, the Finnish Transport Agency, the Finnish customs, the Finnish Communications Regulatory Authority and other members of the new Corridor as a Service (CaaS) ecosystem.

To stay up to date, you can follow all the progress and developments on Essentia’s Telegram channel.

Contact Email Address
matteo@essentia.one
Supporting Link
www.essentia.one

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Markets Update: Cryptocurrency Prices at the Crossroads

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South Korea Thinks Real-Name System is Working – Stepping Up Crypto Monitoring

South Korea’s top financial regulator recently told 23 other countries’ regulators that the kimchi premium has fizzled since the anonymous trading of cryptocurrencies was banned in the country. Now, the government is introducing a new guideline to prevent local crypto exchanges from buying cryptocurrencies at foreign exchanges.

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

Kimchi Premium Disappearing

Kim Yong-beom, the vice chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), attended a meeting of the Financial Stability Board (FSB) in Basel, Switzerland, earlier this week.

The FSB is an international body that monitors and makes recommendations about the global financial system. Its members are financial regulators and central bankers from 24 countries as well as the International Monetary Fund, the Bank of International Settlements, the World Bank, the European Central Bank, and the European Commission.

According to the FSC’s statement issued this week, Kim told other world regulators that “The so-called kimchi premium stood at 0.6 percent on June 19,” Yonhap described. In comparison, he noted that “On Jan. 7, a speculative rally in bitcoin in South Korea prompted investors to pay premiums of 46.7 percent compared with international prices.” The vice chairman was further quoted by the news outlet:

Currently, there are small price gaps in cryptocurrency between local and international markets.

At the time of this writing, the price of BTC on Bitfinex is $5,875 while its won price on Bithumb equates to $5,947.

Government Believes Real-Name System is Working

The South Korean government introduced the real-name system for cryptocurrency accounts at the end of January, effectively “banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities,” the publication described. “The real-name trading system was also part of the government’s latest measures to curb speculative investment into virtual money.”

However, since its introduction, the system has often been criticised because only a few banks decided to offer to convert existing “virtual” crypto trading accounts to real-name ones. The conversion rate is low and the banks that do offer this service choose to only provide it to the country’s largest crypto exchanges: Bithumb, Upbit, Coinone, and Korbit. Other exchanges continue to use corporate accounts, which the regulators say are prone to money laundering.

Nonetheless, the FSC said:

The frenzied buying of bitcoin and other cryptocurrencies seen in January this year in South Korea has been fizzling since the government banned anonymous trading of cryptocurrencies.

Stepping Up Monitoring

At a recent P2P loan review meeting with the Ministry of Justice and the National Police Agency, Kim pointed out that the real-name system “applied only to exchanges that receive virtual accounts at banks,” Hankook Ilbo reported. He added that the majority of crypto exchanges are still using corporate accounts.

Then the FSC said Wednesday that “it will step up monitoring of money transfers between local and foreign cryptocurrency exchanges,” the Korea Times reported, adding:

The new guideline, which aims to prevent local cryptocurrency exchanges buying virtual coins at foreign exchanges to launder money, will come into force on July 10 for one year.

The financial regulator revealed that it plans “to closely keep tabs on bank accounts used by cryptocurrency exchanges for parking their expenses.”

What do you think of the Korean government’s strategies? Let us know in the comments section below.

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Images courtesy of Shutterstock, Yonhap, and the Korean government.

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Polish Bitcoin Association Seeks Protection from Alleged Banking Embargo

The Polish Bitcoin Association has reportedly appealed to Poland’s Office of Competition and Consumer Protection (OCCP) to protect the country’s cryptocurrency sector from what it perceives as a growing embargo targeting virtual currency businesses on the part of Polish financial institutions.

Also Read: The 2018 Crypto-Bear Market Less Severe Than 2014, At Least for Now

Polish Bitcoin Association Files Complaint with OCCP Against 15 Banks

The Polish Bitcoin Association has accused a number of the country’s banks of seeking to restrict competition through refusing to provide financial services to cryptocurrency companies. The association recently filed a complaint with the OCCP requesting that the regulator launch an investigation into the alleged banking embargo, and impose penalties where appropriate..

The Polish Bitcoin Association’s complaint accuses “15 financial institutions” of refusing to provide bank accounts to 52 entities in the country’s nascent cryptocurrency sector, adding that said banks have also unfairly closed the accounts of a further 25 entities. The complaint describes mBank as having the most “disgraceful” record among Poland’s banks, alleging that the it has “made 9 refusals and closed 3 accounts.”

According to a rough translation of the complaint, “the effects of the banks’ actions described clearly aim at removing virtual currency entities from the market, despite the fact that such activities are legal and conducted with dignity. In view of the above, action by the regulators is necessary, and this notice and its requests are fully substantiated.”

No Polish Regulations Prohibit Cryptocurrency Trading

The Polish Bitcoin Association asserts that the alleged restriction of financial services to cryptocurrency companies has occurred without a legislative mandate, emphasizing that there is no prohibitive regulatory regime concerning the exchange of cryptocurrencies.

Earlier this month, the Polish Financial Oversight Commission published a document seeking to clarify the legal status of cryptocurrency in the country, in which the watchdog stated that there are “no regulations prohibiting [the] trading […] of cryptocurrencies. The release also expressed the Polish Financial Oversight Commission’s intention to develop and introduce a regulatory apparatus pertaining to bitcoin and alternative cryptocurrencies during July.

Earlier this week, a survey conducted by Ipsos for ING found that Polish citizens are among the most virtual currency-savvy in Europe – with 77% of respondents expressing familiarity with cryptocurrency. The survey found only one European nation to produce a higher percentage of respondents that had heard of cryptocurrency, with 79% of Austrians found the have been familiar with virtual currency.

Do you think that Poland will adopt a permissive or prohibitive regulatory apparatus with regards to cryptocurrencies? Share your thoughts in the comments section below!

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Bitcoin in Brief: Exchanges Expanding, Brave Adds Tor, Tether Double Spent

If you thought that only proof of work coins were susceptible to double spending attacks, you haven’t met tether. The world’s ninth largest crypto by market cap and second largest by volume is meant to be a haven in a sea of uncertainty, but even it’s not immune to jiggery-pokery, as we’ll learn in today’s Bitcoin in Brief.

Also read: Japanese Economist Explains Why Another Bitcoin Price Surge Is Unlikely

How to Have Your Dollar Peg and Spend It

If you were told that another cryptocurrency had been double spent, you’d probably guess it was a low hashrate PoW coin, not USDT. By rights, it ought to be impossible to double spend tether, but that’s what happened on June 28 according to one Chinese cybersecurity firm. Someone sent 694 tether to an exchange and was credited for the deposit due to a certain field value pertaining to the transaction being altered. An Omni dev (whose blockchain tether operates on) has since confirmed this did occur, but was the fault of the exchange for poor integration, rather than a flaw in tether itself. Still, the news has prompted at least one exchange, Okex, to issue reassurances that its exchange is safe from this bug.

Tether’s most prominent critics have long asserted that the company doesn’t have enough US dollars in the bank to cover the amount of USDT in circulation. If rampant double spending starts to occur, they’ll be right.

Big Exchanges Get Bigger

The last 72 hours has witnessed a flurry of activity from the world’s leading cryptocurrency exchanges, who have have been expanding aggressively – except for the ones who’ve been retreating. Kucoin has announced it is ceasing its operations in Japan, following other platforms such as Binance out the door. The country’s FSA has been ramping up pressure on non-licensed exchanges to stop trading in Japanese territory, and the pressure has paid off. Rather than ruffle feathers, major exchanges have been beating a dignified retreat.

Elsewhere, though, crypto exchanges have been actively expanding, including Uganda of all places, where Binance has just announced the launch of a fiat-crypto platform. It’s offering zero trading fees for the first month and giving away 10,000 BNB tokens to sweeten the deal for new signups. In the UK, meanwhile, Coinbase is apparently set to start introducing GBP deposits and withdrawals within the coming weeks. The exchange recently partnered with the UK’s Barclays bank.

Brave Adds Tor Browser Tabs

Brave, the web browser with opt-in ads, which recompenses viewers with its native BAT token, is that rare thing: a crypto project that actually has users. 2.8 million of them in fact, which is pretty impressive given the hegemony of Google Chrome, Firefox, and Safari. On Thursday, the latest version of  the Brave browser was updated to include optional Tor private browsing tabs. This makes it possible to enjoy anonymity without the need to launch a standalone Tor browser.

Deanonymizing Zcash Transactions

While Brave users are gaining a degree of anonymity, a number of zcash users are losing theirs. A new report from Motherboard reveals how individuals who purchased hacking tools from the Shadow Brokers in 2016 could now be identified. Researchers at the University College London have been examining zcash transactions and traced the movement of some of the coins associated with the Shadow Brokers to a crypto exchange. Zcash has previously faced criticism for not enabling anonymous transactions by default, making it theoretically easier to deanonymize those who have enabled private sending.

Crypto Exchange Ranks Goes Live

Crypto Exchanges Ranks (CER), a new platform that rates exchanges according to their liquidity, security, volume, and other metrics is now live. We reported on the platform a couple of weeks back, when it was in beta. The project was developed by Hacken, who explain the rationale behind it in a blog post to celebrate the launch.

Finally, Block.one seems to have acknowledged royally screwing up its launch of EOS. In an effort to redress some of these sins, it’s returning to the drawing board and redrafting its constitution. If only members of the crypto community had tried to warn Block.one that freezing accounts and forcing sovereignty on blockchain users wasn’t the way to go. Oh wait, they did.

What are your thoughts on today’s stories in Bitcoin in Brief? Let us know in the comments section below.

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