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Monero News - Japan Imposes Strict Standards on Crypto Exchanges, Bans Monero and Zcash

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The Financial Services Agency imposes regulatory guidelines in the aftermath of Coincheck hack earlier this year.
Japan Imposes Strict Standards on Crypto Exchanges, Bans Monero and Zcash

Japan, one of the largest users of cryptocurrencies, has unveiled guidelines targeted at monitoring crypto-exchanges as a measure to protect customer assets and prevent future heists.

A source from FSA told the Asian Nikkei Review:

“Without the necessary know-how, we’ve been feeling our way through the dark on how thoroughly we should check these different aspects.”Japan has been grappling with imposing stricter regulatory guidelines after the Coincheck cryptocurrency exchange lost nearly $500 mln in NEM to hackers earlier this year.

 

The Financial Services Agency, a regulatory body similar to the SEC in the US, declared the new registration process for exchanges would include an on-site inspection in addition to documentation requirements.

Exchanges will be required to follow a new set of guidelines.

To limit money laundering and other illegal activities, privacy coins Monero and Zcash will not be permitted.

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The FSA guidelines will no longer allow exchanges to store digital currency on internet connected computers and is requiring multiple passwords for currency transfers.  

All exchanges will be required to verify customer identification for large transfers, and follow know-your-customer (KYC) and anti-money laundering (AML) guidelines.

Operators will be required to monitor customer account balances several times a day to look for unexpected activity, and will have to implement rules keeping their employees from accessing and utilizing client’s funds.

Lastly, to lessen the likelihood of employees attempting to manipulate the system for their gain, system development roles will also be kept separate from asset management roles.

These guidelines will apply to new registration applications and existing exchange operators starting this summer, according to reports.

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Crypto Exchange CEO in South Korea Goes to Prison for Giving False Trading Data to Investors

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Top workers of the Korea-based Komid crypto exchange will be spending a few years in prison for giving investors false data on trading volumes
Crypto Exchange CEO in South Korea Goes to Prison for Giving False Trading Data to Investors

Hyunsuk Choi, the head of the Komid crypto platform located in South Korea, has received a sentence of three years in jail for taking part in falsifying the volume of trading digital coins and deluding local investors. The name of the other executive is still undisclosed.

Details of the fraud

As the investigation found out, Hyunsuk Choi made several sham accounts on Komid in winter of last year. After that, he set up a trading bot for conducting false transactions with crypto and a balance made up of Korean won, which was also nothing but digits on the screen.

The trial also found out that Choi had taken some Bitcoin from the exchange and sent it to a third-party wallet. This manoeuvre allowed the exchange to get around $45 mln of investments.

The judge, adding to the fraud charge, called Choi guilty of making financial authorities fail to receive the correct statistics of the crypto trading sphere.

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Previous similar cases

In early spring 2018, police in South Korea arrested several top managers from two crypto exchanges on charges of alleged thievery. One of them was the head of Coinnest. The names and identities of the other three, as well as the exchange itself, were not disclosed publicly back then.

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Tezos Foundation President Claims Their Blockchain Can Solve Global Poverty

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Ryan Jesperson is certain that Tezos has a competitive advantage over its numerous rivals in the Blockchain space
Tezos Foundation President Claims Their Blockchain Can Solve Global Poverty

Tezos is finally recovering after damaging infighting, and now the upstart is setting a new ambitious goal — fighting global poverty. In order to translate their endeavor into reality, they need to bring on board regulators and, of course, strengthen the community.

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Solving the global crisis  

Blockchain is widely considered to be the technology that could rival the Internet given that there are plenty of use cases that could potentially reshape many industries. During an interview with Swissinfo, Ryan Jesperson, who spearheads the Zug-based Tezos Foundation, claims that the project is willing to appear at the forefront of the future socio-economic revolution that will be achieved with the help of the disruptive technology. Jesperson emphasizes that Tezos could be a boon to people who live in poverty-stricken countries that are plagued with government obfuscation, corruption, and undeveloped infrastructure.

Solving the global crisis  

Joining the winning team

Given the steep fall of Bitcoin, Blockchain’s number one use case, some naysayers scoff at the possibility that Blockchain could solve global poverty. However, Jesperson is certain that the technology, which allows avoiding the influence of centralized authorities, could be a major slap in the face for corrupted officials. At this point, one of the main challenges is to convince the general public that Blockchain is more than a humbug, and it’s going to impact the social and economic aspects of everyone’s life.

The idea, not the bling

The future of Tezos, as Jesperson puts it, mainly depends on its community. Unfortunately, the speculative nature of cryptocurrency investments remains one of the main hindrances to the project’s future growth. In plain words, many saw Tezos as a get-rich-quick opportunity without actually contributing to the ecosystem (only 450 community members are currently baking the ‘Tezzie’ tokens that are required to keep the project going).

Four months after its record-breaking ICO, Tezos was hit with four class-action lawsuits, and now it’s up for the US SEC to decide whether the sold tokens were undeclared securities.

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ING Bank Arranges Five-Year Contract with Blockchain Developer R3

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ING bank has signed a five-year contract with R3 to get unlimited Corda Enterprise licenses to speed up the adoption of CorDapps in its business
ING Bank Arranges Five-Year Contract with Blockchain Developer R3

On Tuesday, Jan. 22, the Dutch financial giant ING Bank announced entering into a five-year collaboration with the DLT platform R3. The press release by R3 claims that this move will allow the banking heavyweight to obtain an unlimited amount of licenses for using R3’s commercial blockchain – Corda Enterprise.

More benefits for ING

The newly-signed agreement enables the Dutch financial giant to use Corda Enterprise across the world for powering its operations. Besides, R3 will also provide the bank with its CorDapps. Those are special sets of blockchain-powered tools that can be utilized in the sphere of insurance, finance, identification and capital markets.

ING reps said in an interview that their long collaboration with R3 has proven that the products of this blockchain producer are the best to respond to the current needs of customers in the financial service field. Now the two companies have made their partnership even stronger, with ING hoping to use this as a push towards the arrival of distributed economy.

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ING and R3 continuous cooperation

The Dutch banking ‘monster’ has been working with R3 for quite a while already. In the fall three years ago, right after R3 started off, ING along with a few other institutional investors became members of the new DLT consortium.

Earlier in 2019, the ING bank was the first member of R3 that used the R3-made Corda platform to conduct a financial transaction through blockchain.

The operation was about shipping soybeans from Argentina to Malaysia. HSBC was also involved; the German bank had to send a letter of credit to ING. Back then, the HSBC letter stated that the transaction conducted by R3 had cut short a regular financial operation that usually requires around five or even ten days to complete. With R3 and its blockchain, everything was done within just one day.

ING goes for blockchain

The CEO of R3, David Rutter, also confirmed the fact of the long-lasting collaboration between the firms and mentioned that ING was one of the first banks to make a live trade on Project Voltron.

The bank was also among the first companies that conducted lending on securities on an open ledger via HQLAx. Rutter also mentioned that R3 is giving the ING bank the green light for an unlimited number of CorDapps to see how this ecosystem can make things for the bank’s business more efficient and profitable.

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Tron Kicks Ethereum and EOS’ Ass on DApp Field: Report

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Over 200 dApps have been already launched on the Tron blockchain and those are quickly gaining new users, making Ethereum and EOS-based dApps lag behind
Tron Kicks Ethereum and EOS’ Ass on DApp Field: Report

Tron

2018 was very successful for the Tron Foundation and its network. During that year, Tron reached several major milestones, including getting off of Ethereum and onto its own mainnet as well as launching its own tokens. It also managed to get to position #9 on the top-ten coins list.

Also, in late 2018, Justin Sun addressed dApp makers of Ethereum and EOS through Twitter, urging them to leave their sinking ships behind and get over to Tron. TronGoo (formerly EtherGoo), one of the biggest and most popular Ethereum-based games, accepted the invitation quickly. By early 2019, Tron already made another achievement – getting over 200 dApps developed on it.

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Dappradar.com data against Ethereum

The well-known in the crypto sphere website dappradar.com, which allows watching the activity of decentralized applications, has recently been showing some interesting stuff regarding Tron, Ethereum and EOS.

Every decentralized app in the top ten list of dappradar works either on EOS or Tron. Judging from this, Ethereum – the company that is said to be the ‘father of dapps and smart contracts’ – is lagging behind these two platforms when it comes to dApps.

Tron

Tron beats EOS by transaction volume

At the moment, the ratio is 5:5 (Tron vs EOS), and this list shows the amount of users that utilize them on a daily basis. However, if you look at the number one EOS dApp, PRA CandyBox, which has nearly 9 thousand daily users, you see that it does not use any crypto and the volume of transactions here totals zero.

Compared to it, the Tron-based dApp game Epic Dragons comes in second by the amount of daily users – 5,500. However, this game passes through itself nearly 397,000 TRX daily (which is around $10,000). That is something to start with.

Number six on this list is TronBet, a gambling platform launched by Tron. Despite the relatively small number of daily users (3,200), the amount of cash that flows through it daily is nearly $25 mln per day. The dApp that comes closest to it is an EOS-based one on position #9 but with only $1.3 mln per day.

Dappradar.com shows that even with a smaller number of users, Tron-based dApps are way ahead on transaction volume than that of EOS, not to mention Ethereum. Experts believe that at this pace, Justin Sun’s plan to make TRX enter the top-four coins list in 2019 may well be achievable.

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QtumX Achieves 10,000 TPS in Benchmark Tests

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QtumX Achieves 10,000 TPS in Benchmark Tests

QtumX, an enterprise version of Qtum, has managed to reach 10,000 transactions per second (TPS) during recent benchmark tests. Such a high throughput will make DApps more applicable for businesses.

QtumX Achieves 10,000 TPS in Benchmark Tests

Scaling for business solutions

Qtum, which represents a hybrid of Bitcoin and Ethereum, has been witnessing a steady growth since its launch in November 2017. Its business-oriented version uses the SCAR consensus algorithm, which halts the generation of blocks if the mempool doesn’t have any pending transactions. This helps achieve the maximum level of efficiency when it comes to using the network’s resources. Considering these impressive results, QtumX becomes suitable for various business scenarios that require a high-performing cryptocurrency for daily enterprise management.

Notably, Aelf, the coin that focuses also focuses on enterprises, managed to achieve 15,000 TPS back in August.  

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The race is on: who scales it better?  

Scalability is considered to be one of Bitcoin’s biggest problems given that the king of crypto is only able to process 7 TPS. Ripple, another major coin, shows a much better performance (1500+ TPS), but it still pales in comparison to VISA, which is capable of processing 24 TPS. However, the flagship Blockchain 3.0 projects and even the brand-new currency, designed by US professors, are hell-bent on solving the scalability issue.

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