Singapore Warns Eight Unauthorized Token Exchanges

Singapore Warns Eight Unauthorized Token Exchanges

The Monetary Authority of Singapore has warned eight digital token exchanges operating in the country over unauthorized securities trading. The regulator also stopped an initial coin offering, prompting its issuer to return all funds received from Singapore-based investors.

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

Eight Token Exchanges Warned

Singapore Warns Eight Unauthorized Token ExchangesSingapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), announced on Thursday that it has “warned eight digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation.” Without naming the eight platforms, the announcement states that under the Securities and Futures Act (SFA):

If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS

Singapore Warns Eight Unauthorized Token ExchangesHowever, MAS did not indicate that these platforms are engaged in suspicious activities or that there are complaints about them, unlike a few other regulators that recently issued warnings about exchange platforms.

This week, the Ontario Securities Commission issued a warning on five unlicensed crypto firms it had received complaints about. In March, French regulator Autorité des Marchés Financiers warned of 15 unauthorized crypto investment platforms and Belgium’s Financial Services and Markets Authority started publishing a list of crypto platforms showing signs of fraud.

ICO Issuer Warned Amid Growing Market

In addition, MAS “also warned an Initial Coin Offering (ICO) issuer to stop the offering of its digital tokens in Singapore.” According to the announcement, MAS has assessed that this issuer’s “tokens represented equity ownership in a company and therefore would be considered as securities under the SFA.” Citing that the tokens are offered “without a MAS-registered prospectus, which is a SFA requirement,” the regulator revealed:

The [ICO] issuer has ceased the offer and has taken remedial actions to comply with MAS’ regulations. It has also returned all funds received from Singapore-based investors.

However, the central bank “declined to name the ICO and it is not clear how much was taken from investors or when the offering was issued,” the Strait Times reported on Thursday.

Singapore Warns Eight Unauthorized Token ExchangesRecently, news.Bitcoin.com reported that Singapore has emerged as a mecca for token sales, especially for companies from China and South Korea where ICOs are banned. Earlier this month, digital asset banknote manufacturer Tangem launched smart bitcoin banknotes at the Megafash Suntec City store in Singapore.

Lee Boon Ngiap, MAS’ Assistant Managing Director (Capital Markets), confirmed that “the number of digital token exchanges and digital token offerings in Singapore has been increasing.” He clarified:

We do not see a need to restrict them if they are bona fide businesses. But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.

What do you think of MAS’ warnings? Let us know in the comments section below.


Images courtesy of Shutterstock, Financial Tribune, and MAS.


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Singapore Warns 8 Crypto Exchanges Against Unauthorized Securities Trading

Singapore’s central bank and financial regulator has warned eight crypto exchanges against facilitating the trading of digital tokens deemed as securities and futures contracts without prior approval. In an announcement today, the Monetary Authority of Singapore (MAS) revealed it had reminded eight unnamed crypto trading platforms to seek its authorization prior to offering any trading … Continued

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Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Regulations, Okex Suspends Withdrawals

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Regulations, Okex Suspends Withdrawals

In recent news relating to cryptocurrency exchanges, Coinbundle has received approval for licensing in The Philippines, the Monetary Authority of Singapore has issued a consultation paper regarding its intention to update its regulatory apparatus for cryptocurrency exchanges, and Okex has announced that it has remedied the error that caused it abruptly to suspend withdrawals and fiat trading yesterday.

Also Read: Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Coinbundle Receives Approval for Licensing in The Philippines

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsSaad Rizvi, the co-founder and chief executive officer of Coinbundle, recently met with the National Secretary of the Philippines to finalize the exchange’s registration through CEZA, the Cagayan Economic Zone Authority – a special economic zone offering a number of tax incentives to companies operating in the country’s emerging fintech industry.

“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here,” Mr. Rizvi said.

Coinbundle is one of fifteen fintech, blockchain, and cryptocurrency companies that are set to invest in CEZA, alongside Hachiman Technology Sdn BHD, MX Exchange Ventures, IPE Global PTE, Inc. Superieur Tech Pte. Ltd., CSM, Madison Blockchain Strategy Investment Company Ltd., Asia Pacific Blockchain Association, Pacificnet Strategic Investments Ltd., SuperAngels Ventures Ltd., and ANX International.

CEZA administrator, Raul Lambino, has welcomed the partnerships, stating: “Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected. This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses.”

Singapore Expected To Ease Exchange Regulations

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsThe emergence of new trends in trading platforms and technologies, including those pertaining to decentralized and cryptocurrency exchanges, has prompted the Monetary Authority of Singapore (MAS) to re-evaluate its legislative apparatus governing the regulation of exchanges.

In a consultation paper issued by the financial regulator, MAS states that it has “observed the emergence of new business models in trading platforms, including trading facilities that make use of blockchain technology, or platforms that allow peer-to-peer trading without the involvement of intermediaries. As the current [recognized market operators (RMO)] regime has been in place since 2002, it is timely to review the regulatory framework for market operators to ensure that it continues to meet the demands of the changing landscape.”

The consultation proposes developing a three-tiered RMO regulatory regime for market operators, and “invites comments from all financial institutions and other interested parties.”

Okex Suspends Withdrawals After Users Experience Glitches

Exchanges Round-Up: Coinbundle Approved for Licensing in PH, MAS to Review Exchange Regulations, Okex Suspends WithdrawalsOkex, the third largest cryptocurrency exchange by volume, suspended withdrawal and fiat trading services on the 22nd of May, following reports from users that their accounts had suddenly displayed enormous balances.

Several users posted snapshots displaying balances that had appeared to suddenly accrue balances of more than 15,000 BTC (over $110 million USD), and other users reported that transfers in USDT were not deducting the sent tokens from their balance, however, the transferred funds were successfully received by the recipient. Abnormal cryptocurrency prices were also reported, with BTC suddenly appearing to have abruptly dropped to $6,002, and ETH suddenly jumping up to $736.

Okex posted an announcement stating “Due to a technical error, the account balances of a few of our users are not displayed accurately. Of course, you can rest assured that your funds are safe, secured, and not affected by the recent update. We are currently fixing the issue and have suspended withdrawal service and fiat trading.”

As of this writing, Okex’s most recent announcement states that “Fixing of the database error [is] already completed, but we are currently still verifying the data and records of our users. Withdrawal and fiat trading are estimated to resume at approximately 17:00 May 23 (Hong Kong time). Please rest assured that your funds are safe and secured.”

Do you think that more financial regulators should follow in the steps of the Monetary Authority of Singapore and update their guidelines in consideration of the cryptocurrency revolution? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Japanese Crypto Exchange Continues Global Expansion – Now in Five Countries

Japanese Crypto Exchange Continues Global Expansion - Now in 5 Countries

A Japanese government-approved cryptocurrency exchange has resumed expanding overseas. Already operating in five countries with a plan to launch in more in the near future, the exchange aims to construct a global network of crypto transactions.

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

Building Global Network

Japanese Crypto Exchange Continues Global Expansion - Now in 5 CountriesBitpoint Japan was among the first crypto exchanges to be fully licensed by the Japanese Financial Services Agency (FSA). It is a subsidiary of Remixpoint (3825.T), a listed company on the Tokyo Stock Exchange.

Bitpoint has started a new round of expansion overseas, after entering a few countries last year. The company announced on Thursday that its Malaysian exchange has begun operations.

The Kuala Lumpur-based Bitpoint Malaysia opened its doors on May 17, offering spot trading and leverage trading. The fee for spot trading is 0.5% while leverage trading carries no fee. Deposits and withdrawals in Malaysian Ringgit are free during the grand opening. The exchange wrote:

We offer leverage of 2, 5, 10 and 25 times.

Five cryptocurrencies are supported: BTC, ETH, BCH, LTC, and XRP. Bitpoint Japan says it “will support Bitpoint Malaysia as a system and liquidity provider.”

Global Operations

Japanese Crypto Exchange Continues Global Expansion - Now in 5 CountriesIn addition to Malaysia and Japan, Bitpoint is also operating in South Korea, Taiwan, and Hong Kong. The exchange also opened an office in China in July last year before the Chinese government shut down all crypto exchanges in the country.

In addition, the exchange is reportedly preparing to enter Singapore, Thailand, and other Asian markets in the near future. Bitpoint detailed:

By continuing to provide overseas exchanges using the Bitpoint system in the future, we will continue to realize the construction of a global network of virtual currency transactions.

Tougher Rules and Competition in Japan

Since the hack of Coincheck, one of the most popular crypto exchanges in Japan, the FSA has tightened its cryptocurrency oversight. The country still has 16 fully-licensed crypto exchanges, which have recently formed an association to focus on self-regulation in an effort to rebuild public trust in the crypto industry.

However, out of the 16 “deemed dealers,” which are those allowed to operate while their applications are being reviewed by the FSA, only 8 remain. The agency recently revealed that the other 8 have indicated that they are withdrawing their applications.

Meanwhile, the agency confirmed that over 100 companies are seeking to enter the space, including Yahoo! Japan and Line Corp, which operates the popular chat app Line.

What do you think of Bitpoint’s global expansion plans? Let us know in the comments section below.


Images courtesy of Shutterstock and Bitpoint.


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MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com

MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com

On May 18, 2018, the One Championship fighter, female mixed martial artist (MMA) Mei Yamaguchi sponsored by Bitcoin.com, faced the Atomweight World Champion Angela Lee in a re-match bout called ‘Unstoppable Dreams.’

Also read: US State Issues Emergency Cease and Desist Orders to Two Crypto Investment Firms

Japanese MMA Veteran Mei Yamaguchi Enters the Ring Sporting Bitcoin.com Gear

This Friday the Bitcoin.com sponsored Japanese veteran MMA fighter Mei Yamaguchi to meet her adversary Angela Lee again, in the the mixed martial artist female championship bout of the year at the One Championship Arena in Singapore.

MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com
Mei Yamaguchi

Before the fight began the champion fighter came out sporting a Bitcoin.com t-shirt that says ‘Bitcoin Cash’ and a ‘BCH PLS’ hat as the crowd went wild over Yamaguchi’s entrance. Yamaguchi’s cold stare had shown the crowd the MMA veteran was very serious about this re-match with Lee.

As 138 countries watched during the first four rounds of the bout, it seemed Lee dominated Yamaguchi. A ton of punches and takedowns took place during the fight as each round timed out for the two Brazilian Jiu-Jitsu black belts.

MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com

Mei Yamaguchi Put Up an Excellent Fight but in the End, Angela Lee Takes the Win

The Bitcoin.com sponsored Yamaguchi threw some incredible punches at Lee but her adversary managed to come back. During the fifth and final round Yamaguchi came out swinging hard with many double leg takedowns, submissions, and threw lots of strikes from the bottom.

MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com

After the fifth round of the Unstoppable Dreams bout the judges came to the decision that the Atomweight World Champion Angela Lee had won the fight. Lee then thanked her team for their support but also stated that Yamaguchi put up a tough fight as the Japanese veteran is very experienced.

MMA Fighter Mei Yamaguchi Comes Out Swinging for Bitcoin.com

At Bitcoin.com we’re proud of Mei Yamaguchi’s efforts during the One Championship in Singapore, and we think she put up one hell of a fight.

Did you watch the Unstoppable Dreams One Championship fight? Let us know what you think of this subject in the comments below.


Images via Pixabay, One, and Youtube


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The UK and USA need to extend their “special relationship” to technology development

The UK and the USA have always had an enduring bond, with diplomatic, cultural and economic ties that have remained firm for centuries.

We live in an era of profound change, and are living with technologies set to change things ever faster. If Britain and America work together to develop these technologies for the good of mankind, in a way that is open and free, yet also safe and good for our citizens, we can maintain the global lead our nations have enjoyed in the fields of innovation.

Over past months we have seen some very significant strides forward in this business relationship. All of the biggest US companies have made decisions to invest in the UK. Apple is developing a new HQ in the iconic Battersea Power Station, close to the new US embassy, while Google is building a billion dollar new HQ in the increasingly fashionable King’s Cross. Facebook, Amazon, IBM and Microsoft are all extending their operations, and a multitude of smaller US firms are basing their international headquarters in London.

They are all coming here because as we prepare to leave the EU we are building a forward looking Britain that is open to the wider world, and tech is at the heart of this.

Similarly, there have been major expansions or new investment from British firms into the US. Jaguar Land Rover, the UK’s largest automotive manufacturer, supports more than 9,000 jobs in the USA and have recently opened their new multimillion-dollar corporate North America HQ in New Jersey.  iProov, a leading British provider of biometric facial verification technology, became the first international company to be awarded a contract from the US Department of Homeland Security Science & Technology Directorate’s Silicon Valley Innovation Program last month.

We want to work with our global partners – to share expertise, and encourage investment – as we harness technology for the wider good. And that of course includes our old friend and closest ally, the USA.

We have a great deal to offer.

The UK was recently ranked the most AI ready nation among all the OECD countries. In the past three years, new AI start-ups have been created in the UK on an almost weekly basis.

Recently, UK government and industry together committed over $1 billion to support our AI sector, much of which will go towards entrepreneurs. Funding has been set aside to create a nationwide network of tech incubators, that we’re calling “Tech Nation”, which will support new AI businesses as they get off the ground.

We are also excited by — and I am a firm advocate for — the development of blockchain and similar technologies. The UK is leading the way in many areas where blockchain has the potential to be used, such as Fintech. There are now more people working in UK Fintech than in New York or in Singapore, Hong Kong and Australia combined.

And we are eminent in the development of immersive technologies, like Augmented and Virtual Reality, which look set to radically improve many areas of life in coming years, with applications as varied as flight simulation and surgical training techniques.

There is so much to be gained from close collaboration between our two countries on these new technologies and from sharing our expertise.

Together, we can reap the economic benefits of stealing an early lead in their development. We estimate that AI, for example, if widely adopted, could add $33 billion to the UK economy. But, perhaps most importantly, we can also work together to build a strong regulatory and ethical frameworks for their wider application.

It is the role of governments across the world, the UK and US included, to set frameworks for these decentralised, cross border systems so we can manage their use in a safe and effective way.

Our aim should be to harness the power and capability of technology but always for the benefit of, and in service to the populace.

We in the UK are avowedly pro-tech, always seeking to put its power in the hands of our citizens.

We have all learned valuable lessons from the recent scandals regarding data use, most recently around Facebook’s use of data.

We want to build a system that protects and cherishes the freedom of the Internet while protecting the rights of individuals, and their property, including intellectual property.

We want to see freedom in a framework; where our tech entrepreneurs have the space to innovate, knowing they do so with full public trust. Trust underpins a strong economy, and trust in data underpins a strong digital economy.

So in the UK we are developing a Digital Charter, to agree norms and rules for the online world and put them into practice. Our starting point is that what is unacceptable offline should not be tolerated in the online world. That includes how tech companies treat private citizens and use their data, as well as how people treat each other online.

Important changes like these cannot be agreed by one country alone. It is more important than ever that we work together and find common ground so we can make sure that tech continues to change the world for the better. Based on our mutual love of freedom and individual rights Britain and America have through history risen to challenges together. I firmly believe working together we can build that brighter future.

PR: Bitex Launches Token Pre-Sale to Bring Global Crypto-Banking to the Local Level

Bitex Launches Token Pre-Sale to Bring Global Crypto-Banking to the Local Level

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.

Hyper-localized and global crypto-bank Bitex begins token pre-sale on May 8th, 2018

Singapore — Bitex, the first locally-embedded global crypto-bank, today announced that they are launching their token pre-sale at 3 p.m. UTC, on May 8th. The pre-sale of XBX, Bitex’s utility token, will only be opened to accredited contributors in preparation for the company’s public crowdsale.

Bitex’s goal is to provide crypto-banking services that operate at a local level, supplying regionally-tailored banking services to customers that are currently underserved by the current banking system. Bitex believes that it can make the greatest social impact by starting at the local level and working closely with regional experts in marketing and regulation to broaden its reach over time, giving them an edge to become the first truly global crypto-bank for mainstream consumers.

Bitex’s coin will be used to provide access to the crypto-banking platform, EZBitex, and BitexPay, the payment solution for consumers and merchants. Additional services provided by Bitex include large scale business-to-business payments, crypto-currency trading and personal loans. As a reward for using Bitex, customers holding XBX will receive discounts on transaction
fees for crypto-currency exchanges.

“Cryptocurrencies have arrived at a time where they can really help optimize the global banking system,” said Harith Motoshiromizu, CEO and Founder of Bitex Global. “We aim to use crypto-banking to make financial services accessible to every human on earth, starting with those who need it the most.”

During the token pre-sale, XBX will be sold at 50 cents USD per coin and can be
purchased in ETH and the following fiat currencies: CHF, EUR, USD, GBP, DKK and SGD. There will be 30,000,000 available XBX tokens during the pre-sale with a soft cap of 1,000,000.

About Bitex:
Bitex will become a cryptocurrency bank that will provide global, yet hyper-localized, banking services through a locally franchised platform. The company was founded a year ago and has already sold 2,760,000 USD worth of licenses in 8 different countries. Currently based in Bangkok, Thailand, Bitex will initially offer its services to customers in Asia but plans to expand its reach to more continents in the coming years.

Contact Email Address
contact@bitex.global
Supporting Link
https://bitex.global/?utm_source=bitcoin_dot_com&utm_medium=press_release&utm_campaign=presale

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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Physical Bitcoin Banknotes Launched in Singapore to Drive Adoption

A Singaporean startup developing ‘smart banknotes’ for cryptocurrencies has launched sales of physical bitcoin banknotes with a pilot in a major Singaporean mall. Describing itself as a ‘smart banknote platform’ that manufactures physical notes with denominated values of cryptocurrencies like bitcoin, Singaporean firm Tangem has debuted ‘Tangem Note(s)’ in a pilot launch at the Suntech … Continued

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Bitcoin Smart Banknotes Launched in Singapore

Bitcoin Smart Banknotes Launched in Singapore

A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

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

Bitcoin Banknotes Debut in Singapore

Digital asset banknote manufacturer Tangem announced the launch of smart bitcoin banknotes at the Megafash Suntec City store in Singapore on Thursday.

Bitcoin Smart Banknotes Launched in Singapore
Megafash store in Singapore.

The announcement states:

Available immediately in denominations of 0.01 and 0.05 BTC, Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.

With headquarters in Switzerland’s cryptovalley Zug and Hong Kong, Tangem also has offices in Singapore, Moscow, and China, according to its website.

The company says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”

How Tangem’s Smart Banknotes Work

Tangem explains that their bitcoin smart banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” Citing their ease of use, the company says there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”

Bitcoin Smart Banknotes Launched in Singapore
Illustration of how the banknotes work.

Transferring ownership of the notes is anonymous and instant, Tangem claims. “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.” Moreover, the company says that its banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”Bitcoin Smart Banknotes Launched in Singapore

Competitor Opendime has long offered a physical product with a similar purpose but shaped more like a USB thumb drive and without any amount printed on them.

Security Questions

Bitcoin Smart Banknotes Launched in SingaporeTangem’s hardware is based on Samsung Semiconductor’s S3D350A chip. The company claims to offer “the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”

As with any embedded firmware-based product in the cryptocurrency space, security audits and open-source code are paramount to earning users’ trust to ensure that the company does not have access to the funds stored on their product. At the time of this writing, Tangem’s only publicly available code is for its iOS and Android apps on Github.

However, the company claims that it has shared the full source code of its proprietary chip firmware with a Swiss security firm, Kudelski Group, adding that this firm has completed an in-depth review and comprehensive security audit of its product’s architecture.

What do you think of these bitcoin smart banknotes? Let us know in the comments section below.


Images courtesy of Shutterstock, Samsung, and Tangem.


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PR: Viola.AI Introduces REL – Registry – The World’s First Global Relationship Registry on The Blockchain

Viola.AI Introduces REL - Registry – The World’s First Global Relationship Registry on The Blockchain

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.

SINGAPORE – Viola.AI, the world’s first blockchain-powered Relationship Registry and Love AI that is created by the team behind dating giant Lunch Actually Group, has introduced REL-Registy — a global and transparent relationships and marital registry. REL-Registry protects users through decentralized ID verification with visual recognition and social media accounts and hashes their relationship status on to the blockchain which is immutable and accessible globally.

Viola.AI’s goal is to restore trust and transparency to the love industry in the current landscape that are plagued with problems from lack of verification, unsuccessful matches and wrong mindset to date for singles, to increasing relationships challenges that leads to more divorces, lack of transparency in relationship status, and diverse sources for advice for couples.

Why Relationships Registry?

In today’s day and age, online love scammers are making billions of dollars a year preying on unsuspecting singles. And there is no easy way for singles to find out someone’s actual relationship status. A key issue is that in area of relationship status, marital registries are centralized and unconnected between countries or states, leading to lack of transparency and accessibility for any useful verification purposes.

According to The New York Post, the popular hook-up website for cheating spouses, Ashley Madison attracts 5.7 million new users this year — and most of them are women. And GlobalWebIndex (GWI) released the figure that shows 30% of Tinder users surveyed are married, while another 12% are in a relationship.

Introducing, Viola.AI REL-Registry.

On top of verifying the users’ identity by checking their photo against the real-time video scan and their social media accounts, REL-Registry will also ascertain their relationship status and hash them on the blockchain.

With the nature of blockchain that is immutable, relationships that are hashed on the blockchain are decentralized and global – giving singles and couples a peace of mind that their relationship status are transparent, regardless of their geographical location.

REL-Registry gives the assurance for singles that they are really talking to other users who are single and ready to commit. Already-married couples can now renew their vows via a marriage on the blockchain. Couples who are about to get married can opt for a dual registration, one with their country of domicile and/or origin, and one on the blockchain, where they are openly declaring their commitment to each other.

“There needs to be a way for singles to know that the profile they are interested is indeed single and is not another (unhappily) married profiles looking for some companionship. And for couples, using blockchain is in fact the most efficient and cost-effective way to announce one’s engagement and marriage,” says Violet Lim, CEO & Co-Founder of Viola.AI.

A wide variety of smart contracts can also be added too give structures and complement different types of relationships, for example: fun conditions to one’s engagement, such as having a date night once every week, and wedding preparation’s tasks and deadline and a more serious note such as putting down intentions for assets and arrangements of digital assets if one party is no longer there, etc.

Blockchain marriages are not something entirely new. In 2014, the first couple in the world registered their marriage on a blockchain through a wedding ceremony held on Skype. More couples have followed suit since. In fact, smart contracts are much safer and more reliable than the conventional methods of storing information – marriage certificates being no exception. REL-Registry makes the process simpler and accessible to all.

REL-Registry works hand in hand with the other core features of Viola.AI: the AI-engine which can perform deep learning about each user’s personality, background, and behaviour. Viola.AI is a lifelong love advisor that evolves her role based on the user’s relationship journey which will give personalized advice, timely concierge service and quality matches to help singles to be effective in finding love and to help couples improve their relationships.

Experts and merchants would be able to offer their relevant services to highly targeted users. Using Ethereum smart contracts, all parties will be assured that any community and partner’s effort to improve Viola.AI will get their agreed-rewards or revenue share.

Viola.AI’s Open Integration also allows its technology to not just be used at solving problems in the Love industry. It is the core of a new registration, verification, and recommendation engine to provide innovative and secure solutions for all other industries, with VIOLET token at the heart of this ecosystem.

Viola.AI will be launching its Public Sale between 29 May to 17 June to coincide with the launch of the product’s MVP. The Pre-Sale of the project was sold out 5 days early back in January, and the company recently launched its Alpha Club for contributors of the project which entitles them for various rewards and privileges.

***END***

Learn more about how Viola.AI is going to change the world, one relationship at at time at www.viola.ai

Join the discussion on Viola.AI Telegram: https://t.me/ViolaAI

About Viola.AI
Viola.AI is the world’s first blockchain-powered Relationship Registry and Love AI to restore trust and transparency to the Love industry. Viola.AI evolves with you depending on the stage of relationship you are in – from single, to courtship, to engagement, to marriage and give users personalized advice and recommendations. Viola.AI also verifies the identity and relationship/marital status for all users and couples through its decentralized Relationships Registry.

Contact Email Address
christina@viola.ai
Supporting Link
www.viola.ai

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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Singapore Initiative Expedites Blockchain Patent Approval Process

Fintech companies in Singapore will have patents approved faster thanks to an expedited patent application-to-grant process initiative announced by the Intellectual Property Office of Singapore (IPOS). Patents will be granted in as soon as six months, compared to two years minimum for normal applications, according to an announcement published on the IPOS website. Low Yen

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Controversy Looms Over Bithumb Coins

Controversy Looms Over Bithumb Coins

South Korean cryptocurrency exchange Bithumb is reportedly re-evaluating its strategy to launch its own coins through a corporation in Singapore, following news of fraud that could have serious side effects to both companies. Under the current laws, Bithumb coins will still be subject to Korean regulation whether launched abroad or not.

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

Bithumb’s ICO

One of South Korea’s largest cryptocurrency exchanges, Bithumb, had a plan to launch its own coins for institutional investors through a corporation in Singapore.

On Tuesday, Bithumb confirmed that it is collaborating with Singaporean company B.Buster to “build a global [crypto] payment system.” The project is known as BTHB. “We received some investment from Bithumb to proceed with the project. Through a contract to use the trademark, [we have] prepared the project name “Bithumb Coin,” B.Buster explained.

Controversy Looms Over Bithumb CoinsHowever, local media reported on Wednesday that the companies are now re-evaluating this strategy.

The tokens were going to be issued by B.Buster, according to Sedaily, noting that the company is “re-examining” the project after hearing “news of the issuance of the coins abroad, the coin resale, and investment recruitment fraud” related to the unlaunched coins.

As soon as rumors that Bithumb was going to issue its own cryptocurrency circulated in the crypto community, ICO investor recruitment began in the market, Daum described. Etherscan, which provides data about Ethereum-based tokens, currently shows 2 Bithumb coin listings: 10 billion Bithumb Coin (BTHB) and 1 billion Bithumb Coin Point (BTHP). Bithumb denied having knowledge of these listings, the news outlet detailed.

Controversy Looms Over Bithumb Coins

Reconsidering Not Terminating

Controversy Looms Over Bithumb CoinsPrior to the re-evaluation, B.Buster said “We have limited resale and distribution until the listing on the exchange,” the news outlet noted. However, if B.Buster is selling to general investors and not to institutions, it “would be a breach of contract” with Bithumb, the publication pointed out. “In the meantime, the rumors spread and more investors are getting more and more concerned about the investors’ protection, which is why the ‘reassessment’ position was revealed.”

According to the news outlet, Bithumb and B.Buster expect to be “issuing a coin in the end,” calling the project a “reconsideration” rather than a termination.

B.Buster reportedly announced on Wednesday, “There will be no public sale for the ‘BTHB’ project. Only selected institutional investors are allowed to participate, excluding citizens/entities of the Republic of Korea and People’s Republic of China, and citizens/entities/residents of the United States of America.” The company noted that “Any sale at this point is only to institutional investors” that it is already in touch with. “Please beware of scammers and impersonators” pretending to be the company or its affiliated entities, B.Buster reportedly warned.

Korean Laws Still Apply

The financial authorities have warned that domestic cryptocurrency exchanges issuing and promoting their own tokens could have “serious side effects such as internal price manipulation,” Money Today reported, adding:

The current law also makes it clear that Bithumb coins are subject to [Korean] regulation. Under the Electronic Money Act coins whose value fluctuates like virtual currency cannot be a means of payment.

Recently, Kakao Corp was also rumored to be launching an ICO abroad. The Korean Financial Services Commission (FSC) also warned that the company’s ICO, if launched, would still be subject to Korean laws and could have an adverse impact on its Korean subsidiaries.

What do you think of Bithumb launching its own coins? Let us know in the comments section below.


Images courtesy of Shutterstock, Bithumb, and Etherscan.


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Hong Kong and Singapore Emerge as New Meccas for Token Sales

Hong Kong and Singapore Emerge as New Meccas for Token Sales

Two countries have recently emerged as the new Meccas for token sales following bans in China and South Korea. The number of initial coin offerings in Singapore and Hong Kong has skyrocketed in recent months, as companies seek a favorable environment to raise funds outside their home countries.

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

New Meccas for ICOs

Hong Kong and Singapore Emerge as New Meccas for Token Sales
Singapore.

With some countries cracking down on token sales, Hong Kong and Singapore have attracted companies seeking to raise funds through initial coin offerings (ICOs).

According to Fintech businesses, lawyers, and industry groups, the number of companies launching ICOs in Singapore and Hong Kong “has skyrocketed in recent months,” South China Morning Post reported on Monday. The news outlet then quoted Anson Zeall, chairman of the Association of Cryptocurrency Enterprises and Startups Singapore, noting:

We cannot say Singapore has become an ICO hub yet, as more work needs to be done, but yes, there has been a lot of activity since September last year.

Hong Kong and Singapore Emerge as New Meccas for Token Sales
Hong Kong.

He and others believe that this is partly due to China’s crackdown on ICOs. “In September, Beijing defined an ICO as an illegal fundraising tool after concerns over financial scams and money laundering. Dozens of ICO platforms in the country have since shut down,” the publication recalled.

While China cracked down on cryptocurrencies and ICOs, Hong Kong remains open to them and has seen significant growth in the number of token sales.

Neither Hong Kong nor Singapore currently has specific rules for ICOs. Lawyers and ICO issuers in both cities reiterated to the news outlet that raising funds through digital tokens remains loosely regulated there.

ICOs Moved Out of China

Hong Kong and Singapore Emerge as New Meccas for Token SalesWhen China mandated domestic ICO issuers to refund investors and stop any new fundraising activities, many of them moved abroad.

Daisy Wu is among those whose companies have turned to Singapore shortly after Beijing’s ban. “We wanted to avoid legal risks,” she was quoted. Her company, the Beijing-based Xender, is now trying to raise US$10 million through an ICO for a file-sharing service, the news outlet detailed. Wu confirmed:

Many Chinese companies have gone to Singapore for ICOs…We all want to play it safe.

Ben Yates, a lawyer with RPC specializing in fintech and cyber law, said that he has seen significant growth in ICO-related inquiries since September, elaborating:

It is very likely that the surge in the number of ICO inquiries we have received in the past few months is at least partly a consequence of the restrictions in mainland China…The obvious next step for many Chinese ICO issuers to take is to cross the border. You can still speak Chinese, but you can operate in a more favourable regulatory environment.

Korean Fever & Bithumb’s ICO

Hong Kong and Singapore Emerge as New Meccas for Token SalesSouth Korea also banned ICOs in September of last year, forcing local issuers to look elsewhere. They have also reportedly poured into Hong Kong and Singapore recently.

“Some argue that there is no legal basis for an ICO ban in Korea, but the authorities say that current laws alone are sufficient,” Money Today Network noted.

Earlier this month, news.Bitcoin.com reported that corporations in South Korea are attempting to bypass regulations using subsidiaries overseas to launch their ICOs.

Last week, local media reported that Bithumb, one of South Korea’s largest crypto exchanges, is planning to launch a “Bithumb Coin” ICO through a Singaporean corporation. Another South Korean startup, Zikto, is also reportedly preparing an ICO in Singapore.

What do you think of Hong Kong and Singapore as the hubs for ICOs? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Bitcoin in Brief Tuesday: Wary Giants, Eager Dwarfs

Bitcoin in Brief Tuesday: Wary Giants, Eager Dwarfs

For some obvious reasons, but also irrational fears, big players like China, Russia, and the European Union are wary of cryptos like bitcoin. Centralized control doesn’t square with decentralization. However, often that’s not how their own regions and smaller neighbors feel about cryptocurrencies. In today’s Bitcoin in Brief we cover some recent developments mirroring this divergence of interests. The balance between center and periphery is likely to determine the future of cryptocurrencies in Eurasia and beyond.

Also read: Bitcoin in Brief Monday: Snatching Blockchain, Tracking Bitcoin

Only Cryptoyuan, Only Cryptoruble

China will not allow any cryptocurrency other than a digital yuan, a Chinese entrepreneur recently told Russian media. Huan Zhang’s company, DAEX Blockchain Group, is working on a clearing ecosystem for cryptocurrencies in collaboration with Russian counterparts. She believes the decentralized nature of blockchain technologies and a centralized clearing platform should be balanced well for the crypto market to function properly. “China treats the blockchain in a positive way, but fears cryptocurrencies,” Zhang told Sputink. “The central bank is working on its own digital coin, cryptoyuan, and authorities won’t allow any other cryptocurrency in the country,” she said on the sidelines of the economic forum in Yalta, Crimea.

The Central Bank of Russia is also wary of decentralized cryptocurrencies. On multiple occasions, its representatives have spoken against their uncontrolled circulation and free exchange. The idea of a cryptoruble has its supporters among Russian officials, including in the CBR. For many Russian regions, however, a centralized crypto as a state-issued alternative is simply not good enough. The western exclave of Kaliningrad and Russia’s far-eastern capital Vladivostok, for example, are willing to create offshore zones for businesses working with decentralized cryptocurrencies.

Crypto-Crimea Planned

Bitcoin in Brief Tuesday: Wary Giants, Eager DwarfsThe Autonomous Republic of Crimea, which hosted the Yalta Forum, has been dealing with sanctions since it joined the Russian Federation. Local officials are convinced that a vibrant crypto sector could help the region overcome international isolation and develop economically. They have recently asked for permission to set up a crypto offshore zone, crypto exchange, crypto cluster, and even issue a Crimean crypto. The Russian Cryptocurrency and Blockchain Association is actually working on a “Crypto-Crimea” plan encompassing all proposals.

Forget about China, Think of Hong Kong

Beijing’s crackdown on cryptocurrencies has turned China’s own Special Administrative Region of Hong Kong and the Asian city-state of Singapore into wanted destinations for investors and businesses raising crypto funds. The number of startups launching initial coin offerings (ICOs) in these two territories has sky-rocketed in recent months, according to local fintech entrepreneurs, lawyers, and industry organizations. “Yes, there has been a lot of activity,” said Anson Zeall, chairman of Singapore’s Association of Cryptocurrency Enterprises and Startups. Like many others in the sector, he thinks the increase is related to China’s retreat from ICOs.

Bitcoin in Brief Tuesday: Wary Giants, Eager DwarfsThanks to its independent legal system, Hong Kong has also seen significant ICO growth. As reported by Chinese media, all ICO platforms and Bitcoin exchanges have already exited the Chinese market as a result of official warnings of the risks associated with investing in these projects. Well, others, including Hong Kong, which is part of China, are still willing to accept the risks, supporting innovation and economic growth.

Europe and the Europeans

While United Europe has recently confirmed serious intentions to end anonymity for crypto traders, with a vote in the European parliament last week, crypto exchanges are not turning back on Europeans, not yet. Many trading platforms have decided to move closer to the Old Continent, not too close, though – Switzerland, Gibraltar, Malta, even the exiting UK.

Bitcoin in Brief Tuesday: Wary Giants, Eager DwarfsMaltese authorities are on a crusade to make their island the friendliest jurisdiction for the crypto sector. Proposed regulations are tailored to provide crypto exchanges, brokerages, asset managers, and crypto users with “legal certainty”. Two of the world’s largest cryptocurrency trading platforms have confirmed intentions to relocate operations to Malta. Binance, which announced it is moving to the “Blockchain Island”, recently said it will hire up to 200 people there. Following its decision, the Chinese rival Okex said it’s also coming to island. Other crypto companies have followed in their footsteps, including Berlin-based blockchain firm Neufund and the gaming platform operator Abyss.

Looking to expand beyond Asia, another Chinese exchange, Huobi, is planning to set up an office in London, despite Brexit. “Our statistics show that London is the most active trading scene across Europe,” Chern Chung, Huobi’s senior business development manager for Europe, has been quoted as saying. “Absolutely – London, Britain is the entry point for the European market for us,” Vice-President of Huobi Group Peng Hu confirmed.

Beyond Eurasia

Crypto businesses are often known for swimming against the stream. The crypto exchange Golix, which has recently felt the heat from competition in bitcoin-loving Zimbabwe, has announced plans to expand its operations to neighboring South Africa. In partnership with the local crypto hub Blockstarters, the trading platform wants to increase its network on the continent, tapping into the very active South African market.

Authorities in the regional powerhouse have recently taken steps to tax crypto incomes and transactions, which can curb crypto trade. On the other hand, self-regulation has been mentioned as a solution for the South African crypto sector. So, at the end of the day, Golix might have taken a sound business decision.

Do you agree that the diversity of interests in each country and region helps cryptocurrencies? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Bitcoin in Brief Monday: A Panther’s Moonshot Bet

Bitcoin in Brief Monday: A Panther’s Moonshot Bet

Bitcoin in Brief today is slanted toward a crypto winter slowly thawing, as Pantera Capital bets on a moonshot price point. Also, the world’s most popular decentralized digital asset has been forked more than a plate of good pasta; there’s a growing list of countries who’re less likely to nab your crypto profits; Yahoo! smashes rumors; and a good-hearted wager between bitcoin core and bitcoin cash partisans exemplifies how ecosystem actors should treat one another.

Also read: Bitcoin in Brief Saturday: Hide Your Seed

A Panther’s Moonshot

Bulls have a panther as their advocate to help thaw this crypto winter. We reported this week, “Pantera Capital, an investment firm exclusively operating in the cryptocurrency and distributed ledger technology sectors, has published a letter predicting that bitcoin has established the low for its current bear market. Pantera cites a number of factors as informing its market outlook.”

Bitcoin in Brief Monday: A Panther’s Moonshot Bet

Among those factors are taxes on capital gains, where estimates are in the many, many billions expected from enthusiasts. That in turn, the fund theorizes, dragged prices down, and bitcoin core has found a bottom at $6,500, as holders were forced to sell in order to pay government bills. We continue, “Pantera also states that ‘It’s highly likely’ for the price of bitcoin to exceed its previous record highs of $20,000 ‘within a year,’ asserting that ‘A wall of institutional money will drive’ the growth in price.”

Speaking of Taxes

Until that prediction comes true, readers should pack their bags to save money from the tax man! Start looking for places to stay in Germany, Slovenia, Denmark, Belarus, South Korea, Singapore, as they’re some of the most advantageous.

Bitcoin in Brief Monday: A Panther’s Moonshot Bet

We stressed how many “jurisdictions have yet to update their tax laws to encompass cryptocurrencies. Rules governing taxation are often incoherent and very different even in countries that are part of a common space. In the European Union, for instance, tax rates in member-states vary between 0 and 50%.”

Forking Crazy

Be honest. You’ve never heard of Bitcoin Minor, Bitcoin King, nor Bitcoin Boy. How many times would you guess the Bitcoin network has been forked? During an extensive and really interesting investigation, we revealed nearly 70 times. That’s right, 70.

We summarized findings as how forking “bitcoin used to be a rarity. Then it became the norm. And then it became a meme, with anyone and everyone forking bitcoin on a weekly basis. There have now been a total of 69 bitcoin forks plus another 18 altcoin forks. Holders of bitcoin, monero, ethereum, and litecoin can claim almost 80 additional coins for free. Whether it’s worth their time to do so, however, is another matter.”

The Fork of All Forks Remains a Solid Option

The most famous of forks is, of course, bitcoin cash (BCH). Its being faster, sleeker, younger, and bigger (block wise) has lead those on the bitcoin core (BTC) side to take a stance on BCH’s long term viability. And while each side feels passionate about its coin, and the future that it entails, debate often become rancorous, turning everyone off.

Bitcoin in Brief Monday: A Panther’s Moonshot Bet
A reader responds to a hilarious bet.

We reported how two well-known advocates joked and ribbed one another about Core’s anticipated Lightning Network solution. They bet bragging rights if a demonstration of the solution failed a basic transaction. Loser would have to wear a t-shirt of the winner’s coin. Regardless of which won, the import is how the two men exchanged laughs and good humor, and the ecosystem needs more of both.

Japan Continues to Lead

No laughing matter is how the crypto winter continues its thaw as “Yahoo! Japan has confirmed that it is entering the crypto space by acquiring a stake in a Japanese cryptocurrency exchange that is already licensed by the country’s financial regulator. The company plans to launch a crypto exchange in the fall of this year,” we explained.

Bitcoin in Brief Monday: A Panther’s Moonshot Bet

We Have the Best Readers in All of Crypto

Thanks to our readers liking and sharing, our post on aspects of Islam possibly opening to cryptocurrency was picked up and republished and referenced around the world. Some contend it was the root cause of bitcoin’s recent price rebound. Great job, gang.

The crazy good book by Wendy McElroy we continue to serialize brings in wonderful reader comments and observations. To wit:

Bitcoin in Brief Monday: A Panther’s Moonshot Bet

Do you think bitcoin will continue to rise or to fall to new lows? Let us know in the comments section below.


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