Crypto bloodbath continues with negative figures but this is likely a boon for Australian based cryptocurrency exchange, Independent Reserve.  The trading platform which has recently launched a cryptocurrency Tax Estimator is getting more positive about the brutal negative crypto market.

Andrian Pzcelozny, Chief executive of Independent Reserve embrace the civil war and said: “it has been a boon for the exchange”.

Our volume yesterday was 6-7 times higher than what we’ve seen in recent weeks,

Good Opportunity For Traders to Make Money

Often traders won’t see volatility as a negative move rather they take it as a good opportunity to make money. In a similar Regard, he said volatility is potential than stability across the market.

The latest development of the crypto tax indicating tool is a collaborative innovation of the KPMG Australia and Independent Reserve. However, both the firms have a conflicting statement regarding the present market scenario where KPMG cautioned Bitcoin should not be considered as a store of value whereas IR points it a matured age of crypto. Przelozny squeeze, early adopters have paved the ways for new investors. He moreover showed the potentials of investors who are keen to get into more cryptocurrencies.

Mr. Przelozny said;

“There are a lot of applications that have not been explored yet,” said Mr. Przelozny.

The market sentiment is likely fortunate for Independent Reserve. On top of all, the firm is all set to begin an IR Venture which is a blockchain innovation hub and co-working space.

*This post is credited to Coingap

Cryptocurrencies and blockchain technologies have redefined the way payments, and settlements are now exchanging and being transferred throughout the world. Owing to their decentralized nature, virtual currencies including Ripple’s XRP are immune to challenges such as government bureaucracy and inflation to mention a few.

But everyone knows, cryptocurrency is a perfect medium for sending and receiving large sums of money from one part of the world to the other.

In recent time, the cryptocurrency market has been experiencing the emergence and introduction of new applications into the cryptocurrency ecosystem that allows merchants and users to trade, store, and exchange virtual currencies such as BTC and XRP.

Despite the progress that is being made in the cryptocurrency world, many governments and nations are still on the fence when it comes to incorporating and adopting blockchain technology.

However, Thailand seems to be going against the tides as it is eager to embrace the revolutionary technology while other countries such as the US are still trying to figure out the technology and how best they can implement it in their current operations.

Thailand is so much into blockchain technology and cryptocurrency that they are already plotting on how they can come up with their own central bank virtual currency(Ripple’s aim right from the beginning has been to make XRP a base currency for banks, so probably a pair made in heaven?).

Subsequently, Thai regulators have been making substantial progress since 2017; from permitting exchanges and ICOs to conduct their operations in the country to inaugurate a cryptocurrency license company.

The country has also caught the attention of international companies that are impressed by their clear-cut and decisive regulations governing foreign blockchain companies. Thailand is quickly emerging as an example worth emulating across Southeast Asia, and as a country worth the attention of cryptocurrency and blockchain startup founders as it is a fertile ground for the technology.

What is TOK Cryptocurrency Exchange?

TOK is a new cryptocurrency exchange service that generally attends as a wallet to hold virtual currencies as well as a mobile exchange. In addition to this, other attributes of TOK include:

A Multi-Blockchain Asset Supporter

What this says is that TOK is a platform that has the capabilities to serve as a wallet for any listed virtual currency users may decide to store in it. In addition to that, TOK has a trading capability that allows users to directly trade digital assets straight from the account/wallet with minimal security risks and conversion losses.

Mobile Exchange Capabilities

When using TOK, users have the full capabilities to exchange between virtual currencies and fiat currencies by merely using their smartphones and handheld devices. This means that whether users are working or on holiday, they can access their accounts/wallets and make the right deals at any particular time.

Offline Security Functionalities

TOK as an exchange platform is not only convenient, but it also has high-security capabilities that allow users to control how much digital assets they are storing offline. This functionality gives users the surety that their digital assets are safe and secure even when they do not access their digital assets for a long time.

No Trade Fees

Another major attribute of TOK as a platform is that they do not charge extra levy fees for transactions of any kind on their platform.

Thailand Cryptocurrency Exchange, TOK, Listing XRP

As a versatile decentralized chat application developed on Ethereum’s Blockchain, TOK is offering its users with classic attributes of a chat app as well as a user-friendly in-built cryptocurrency wallet.

A couple of days ago, Thailand based crypto exchange, TOK, announced to the world its operations towards listing Ripple’s default cryptocurrency, XRP, onto their platform. Starting November 13, 2018 (till yesterday), users could only deposit and withdraw XRP coinage on the TOK platform. But from today, users can begin trading XRP with BTC pair on the platform.

This move promises to have immense benefits for both entities as Ripple stands to become more popular in Thailand while TOK stands to enter into the league of exchanges trading the popular crypto, XRP.

*This post is credited to Globalcoinreport

South Korea’s cryptocurrency exchange Zeniex will soon terminate its services due to a recent government crackdown on unauthorized platforms, a post by Zeniex reveals Friday, Nov. 9.

The crypto exchange, a joint project by South Korea and China which opened May 2018, states in the post that due to “recent issues,” they have “come to the conclusion that continuing to operate such a service will be difficult.”

While crypto trading has already stopped on Nov. 9, all other services will be stopped on Nov. 23.

Zeniex customers are asked to withdraw all their cryptocurrencies before the deadline, as the service will then no longer be available.

Furthermore, in a separate announcement, the company states that Zeinex cryptocurrency fund Zxg Crypto Fund No. 1, which in particular has been a subject to local regulator’s investigation, is also closing on Nov. 23. Initially, the company expected its ZXG token to be listed by international exchanges, but then the decision was then cancelled, according to the press release:

“We believe that ZXG Crypto fund No 1. will have difficulties to operate smoothly with such current pressure from the financial authorities.”

Zeinex and its Chinese partner, Genesis Capital, will return the funds invested in ZXG in Ethereum (ETH) on Monday, Nov. 12.

In late October, South Korea’s Financial Services Commission (FSC) warned investors about investing in unauthorized crypto exchanges and Initial Coin Offerings (ICO), as they fail to protect investors from risks according to Korean regulation.

As local finance newspaper Business Korea explained, the notification in particular mentioned Zxg Crypto Fund No. 1. The FSC stressed that the company had never been registered by the Financial Supervisory Service as required by South Korea’s Capital Market Act.

A Zeniex representative told South Korea’s main daily business newspaper, Maeil Business Newspaper, that the company was not obliged to register as it had raised less than 1 billion won ($884,500) in total. However, the FSC started the investigation against the company, citing a lack of ability to check whether the platform is operating as claimed.

Although in early 2018 South Korea was rumored to be about to impose a strong ban on crypto, the country then decided to regulate the area instead. Banning anonymous trading, forbidding minors and government officials from trading, and taxing exchanges substantially were among the measures announced by country’s government to control crypto-related activities. The government has since recently been lobbied by local lawyers to clear up its stance on crypto and elaborate a clear legal framework.

*This post is credited to Cointelegraph

  • OKEx has recently been named “Crypto Exchange of the Year” at Malta’s blockchain conference for contributing to the country’s blockchain scene.
  • It was awarded the prize after beating finalists Binance and BitBay.

Popular cryptocurrency exchange OKEx, which recently started setting up operations in Malta, has recently been named “Crypto Exchange of the Year,” during the Malta Blockchain Summit’s Blockchain Awards.

According to a recently published press release, the awards were organized to recognize businesses, experts, and leaders in the sector that have made an “outstanding contribution to the blockchain technology development in Malta.”

OKEx, a cryptocurrency exchange that recently delisted 58 trading pairs, received the award after it was judged by 32 industry leaders and executives “with combined experience in the blockchain industry.” Other finalists included leading exchange Binance and BitBay, which moved to Malta after facing a banking blockade in Poland.

OKEx’s head of operations Andy Cheung was quoted as saying:

These awards are particularly gratifying as they reflect a vote of confidence from industry leaders, who recognize our ongoing efforts. Like we said, we dare to innovate and will keep pushing the limits of what is possible.

Cheung added that receiving the award is “truly a testament” to the exchange’s efforts in improving the cryptocurrency ecosystem and “revolutionize our world with blockchain technology.”

The cryptocurrency exchange was founded in 2017, and has over 400 tokens listed on its platform, which also offers its users futures trading options. Earlier this year, it had to introduce new measures after its “clawback model” forced profitable traders to cover the losses on a $416 million-leveraged long position.

Malta’s cryptocurrency conference this year reportedly attracted over 5,000 attendees, and featured a Crypto Cruise, the Blockchain Awards Ceremony, an ICO Pitch, and a Hackathon. The country is seen as the “blockchain island” thanks to its forward-thinking approach when it comes to crypto and blockchain technology.

As CryptoGlobe covered, the country’s Prime Minister has called cryptocurrencies the “inevitable future of money,” and Malta has earlier this year become the first country to establish a full regulatory framework for distributed ledger technology (DLT). It has also proposed a test back in April, that would help identify when ICO-issued tokens are securities.

*This post is credited to Crypto Globe

Bitcoin, the world’s first and biggest cryptocurrency, is 10 years old today.

It has been a long journey from an abstract concept in a pseudonymous inventor’s 9-page white paper to a US$200bil (RM836bil) economy, with 2,000 types of cryptocurrencies, 15,000 exchanges, and the potential to overthrow the financial industry and beyond.

How does Bitcoin work?

The paper details the use of a peer-to-peer network to allow online payments to be sent from one party to another without relying on a financial institution. In the system each owner transfers bitcoin to another by creating a unique digital signature and timestamp. All transactions are published across the entire network, but users maintain privacy by keeping their Bitcoin addresses anonymous.

It’s like signing for a package at your doorstep before passing it on to the next address – with the entire delivery history recorded and encrypted securely. In this way, transactions can be verified without a central party and owners are blocked from sending the same digital coin to more than one recipient.

What is Bitcoin mining?

Ultimately the supply of Bitcoin is capped at 21 million coins, with new units being distributed into circulation over time – in this way it functions as a store of value, a bit like gold. Mining is the process of generating new coins as a reward for building and maintaining the gigantic public ledger of every Bitcoin transaction that has taken place.

Whenever someone sends a Bitcoin to another, the transfer has to be validated by miners, which can be any computer running the Bitcoin software. These computers compete against one another to be the first to approve a new batch of transactions by solving a complex maths problem as part of the Bitcoin code – with the fastest one ‘winning’ all the money. Right now there are over 17 million Bitcoin in circulation, and about 1,800 Bitcoin is created each day.

Bitcoin mining has evolved from a bedroom activity to mass-scale production, undertaken by specialised chips known as ASICs (application-specific integrated circuits). Miners typically gather computer power together in so-called mining pools to increase their odds of winning new coins. Beijing-based Bitmain, the world’s biggest maker of Bitcoin mining rigs and operator of the world’s two largest mining pools, has filed to go public in Hong Kong.

What are Bitcoin’s milestones and major events?

In January 2009, Nakamoto released the Bitcoin software as open source code, and created the first 50 unspendable Bitcoin, known as the “genesis block”. Embedded permanently in the data is a brief line of text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” It refers to the headline of a Times article about the UK’s attempt to prop up its economy.

In May 2010, Laszlo Hanyecz, a Florida-based programmer, spent 10,000 Bitcoin on two Papa John’s pizzas, in the first known commercial transaction using Bitcoin. At today’s rate those pizzas cost nearly US$64mil (RM267mil).

The first major users of Bitcoin were black markets such as Silk Road, which allowed users to buy and sell drugs including heroin, LSD and marijuana, and only accepted Bitcoin as payment. In October 2013 the FBI seized about 26,000 Bitcoin from the darknet marketplace during the arrest of its founder Ross William Ulbricht.

In February 2014, Mt Gox, once the world’s largest Bitcoin exchange, declared bankruptcy after the Tokyo-based company realised it had lost a total of 850,000 Bitcoin – worth around US$460mil (RM1.9bil) at the time – in an apparent hack. About 18 months later, Japanese police arrested Mt Gox CEO Mark Karpeles on charges of fraud and embezzlement.

In August 2017 Bitcoin split into two versions – one is the bitcoin we are familiar with, and the other is a new cryptocurrency called Bitcoin cash, which offers an eight-fold increase in transaction capacity. This was the result of rival arguments in the community over how to adapt the Bitcoin software to allow it to handle more transactions.

China, once the world’s largest Bitcoin market, banned cryptocurrency exchanges in September 2017 amid fears of financial chaos.

Bitcoin prices have been on a wild ride over the years, with some big ups and downs tied to major events. It was worth US$1 (RM4.20) initially in February 2011, passed the US$100 (RM420) barrier in April 2012, and hit US$1,000 (RM4,200) in November 2013. Late last year Bitcoin reached an all-time high of nearly US$20,000 (RM83,000) before shedding around US$127bil (RM531bil) in total market cap year to date, according to third-party data provider CoinMarketCap. It currently trades in a US$6,000-US$7,000 (RM25,000-29,000) range.

What’s next for bitcoin and other cryptocurrencies?

The decade-long history of bitcoin has featured scams, money laundering, cyber heists, wild speculation, and other risks. But this has not stopped everyday investors and Wall Street professionals alike from pouring their money into the cryptocurrency as it edges towards mainstream acceptance.

Developers are working to increase bitcoin’s limited transaction capacity – currently up to just 7 transactions per second – and among the popular solutions is a technology called Lightning Network, which builds a system on top of the bitcoin network to handle small payments.

Bitcoin’s invention has also highlighted the distributed ledger technology that underpins it – known as blockchain. Blockchain technology is now behind over 2,000 cryptocurrencies such as ethereum, ripple and EOS, which together have a market cap of US$200 billion, according to CoinMarketCap.

Developers are exploring applications for many of these blockchains, ranging from video games to social networks to data storage platforms. Governments and big institutions are also building their own blockchains to handle things like accounting, supply chains and identity management.

The signs are promising that bitcoin will be around for its 20th birthday in 10 years’ time.

*This post is credited to South China Morning Post

Increasing doubt of how official regulators can keep up with the advancing crypto market has led Japan to take a bold new move in how to handle the field. They have given the authority to regulate cryptocurrency to cryptocurrency exchanges themselves.

The Japanese Financial Services Agency (FSA) has granted the Japanese Virtual Currency Exchange Association (JVCEA) authority to regulate themselves and enforce rules which protect consumers, prevent theft and standardize how cryptocurrency exchanges work.

Japan is making this move despite already having special regulations in place for virtual currency businesses. These regulations were put into effect in April of 2017, after the devastating Mt Gox heist of 2014. This made Japan the first developed country to regulate the cryptocurrency industry in such a unique way.

Faith In this regime has been shaken, however. In January earlier this year, hackers were able to rob the Coincheck cryptocurrency exchange for $534 million U.S.D.  This theft revealed gaps in the governments’ policy regarding cybersecurity and revealed how difficult it is for official regulators and sanctions to keep up with the ever-evolving crypto industry.

The JVCEA is comprised of representatives from multiple cryptocurrency exchanges in Japan. By granting them this self-regulatory status, it is hoped that more efficient sanctions and regulations will be put into place at a quicker speed. A senior FSA official elaborates on this, as reported by Reuters:

It’s a very fast-moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do”.

It is noted by Yuri Suzuki, a senior partner at Atsumi & Sakai law firm, that the new rules which are being set by the JVCEA are severe compared to the current regulations in Japan. It is hoped that this will help bring consumer confidence back into the cryptocurrency economy.

Japan is not the only country looking to adapt to the pace of cryptocurrency. Brian Quintenz, a commissioner for the US Commodity Futures Trading Commission, spoke in an address about the need for American cryptocurrency exchanges to self-regulate as well. U.S exchanges have taken heed to this advice.

The results of this decision will have a great impact on how the public views the world of cryptocurrency. If exchanges are able to self-regulate and lower theft, it would draw people in who previously were wary of the risk.

*This post is credited to CoinInsider

The world is abuzz about blockchain, but not all are equally up to speed when it comes to their embrace and support of this important emerging technology.

Some have focused on cracking down on potentially predatory behaviors, even at the cost of thwarting enterprises that could massively improve quality of life throughout society. But some countries have made it a point to dive head first into blockchain and show federal support and encouragement for blockchain innovation.

The Netherlands has emerged as such a leader. In fact, it launched government-supported blockchain pilot projects, and pushes for new prototypes, project implementation, and international partnerships. Partners so far include the World Bank, the United Nations, and the EU Forum.

The Netherlands also announced in May that the Ministry of Economic Affairs and Climate Policy created a special blockchain unit with a research agenda mainly focused on establishing if the trustless nature of blockchain is reliable, determining if blockchain is sustainable from the perspective of energy consumption, and discovering the best ways in which blockchain endeavors can be managed and governed.

“The Netherlands hosts one of the most passionate blockchain scenes in the world,” said Emanuele Francioni, Tech Lead of Dusk Foundation, a Dutch non-profit creating a blockchain-based secure communication system, to protect the freedom of speech. “Events are organized in multiple cities in the country and the turnout is great. Amsterdam, Berlin, and London form a strong co-located blockchain scene. We are seeing more homegrown projects in the Dutch space, and events are becoming more and more professional.”

“Most of the early experimentation by the government was done with multinationals through consortia, often in the permissioned [private] space,” Francioni continued. “We are starting to see the first permissionless [public] initiatives getting more public traction, which is a very exciting area that should get a lot more attention.”

Dutch ventures are also making strides when it comes to crypto exchanges. If you want to acquire cryptocurrency tokens, you need to exchange fiat currencies (like dollars or euros) for your token of choice on a crypto exchange.

Trading for and between cryptocurrencies is one of the industry’s most emerging markets, but many of the exchange options out there are very problematic: they’re slow, charge high fees, upset currency pricing, and are vulnerable to hacks.

Founded in 2014 by John Jansen, Dutch firm Deribit is a cryptocurrency exchange on which it’s possible to trade futures, options and other derivative products. The exchange keeps 95% of its bitcoin held in cold storage at all times.

“It’s amazing that the Dutch government created a special blockchain unit with the goal of not just regulating the new technology but actively looking for opportunities,” said Jansen, who comes from a background in options trading in the Amsterdam Options Exchange. “This shows a positive attitude toward this technological development which benefits the blockchain ecosystem in the Netherlands.”

“Furthermore, crypto is catching on with the Dutch people as well,” Jansen continued. “It was recently reported that in October of 2017, an estimated 135,000 Dutch people had invested in cryptocurrencies. But by February of this year, that number rose to 580,000… that’s 430% growth in five months. We have every reason to expect that number to continue to rise.”

And not just the common folk, either. “Even our royals get involved” said Plamen Nedyalkov, CEO of Zoom. “Prince Constantijn van Oranje has been attending blockchain conferences and hackathons across The Netherlands and is the chairman of StartUpFest Europe, which also works with Blockchain startups.”

Zoom is a blockchain-based hiring and work management system that shows companies’ and freelancers’ accurate work history, avoiding fraud through decentralized data hosting. It was founded in Amsterdam in 2017 by Nedyalkov. The inspiration came from the Nedyalkov family construction business, which for over 20 years built residences, hospitals and hotels, but always struggled to secure flexible, global outsourcing.

There’s no doubt that the country’s support has led to intense innovation in this burgeoning sphere already.

From the looks of things, there’s a lot more where that came from. Can Dutch regulation legislation keep up with the boom? Can crypto prices stabilize and continue to encourage growth and development? We’ll have to wait and see how these conditions turn out.

*This post is credited to Forbes.

Southeast Asia will purportedly see its first fiat-to-cryptocurrency exchange launching in Singapore. The venue is intended to make digital currencies more accessible to both consumers and businesses.


FEWER BARRIERS TO ENTRY

The first fiat-to-cryptocurrency exchange will launch in Singapore, attempting to facilitate easier entry to the cryptocurrency market for both businesses and consumers. EurekaPro, as the exchange is dubbed, has already launched an open public beta which reportedly has over 8,000 signed up in the first week.

The exchange will allow people to purchase cryptocurrencies with different Asian fiat currencies such as the Singapore dollar, Malaysian ringgit, Indonesian rupiah, and others alike.

Notes Junus Eu, CEO at EurekaPro:

Our platform represents a unique proposition for the blockchain space in Southeast Asia, by removing or reducing entry barriers to the crypto market that may otherwise prevent consumers from adopting blockchain technology.

SOUTHEAST ASIA: A WELCOMING LANDSCAPE

Southeast Asia is among the fastest developing markets with rapidly growing middle class. While the different countries in the region have their own policies towards cryptocurrencies, Singapore and Thailand are shaping up as a welcoming destination for the nascent field.

In August the Bitcoinist reported that Singapore’s Monetary Authority (also the city-state’s Central Bank) partnered up with Deloitte, NASDAQ, and Anquan to develop solutions for simultaneous exchange, as well as the final settlement of digital currencies and security assets.

Thailand, on the other hand, has recently made strong moves towards regulating the space, classifying cryptocurrencies as both securities and currencies depending on their intended purpose. Furthermore, the country also introduced detailed regulations for initial coin offerings (ICOs), requiring them to abide by strict pre-determined rules and have a minimum base capital of 5 million baht (roughly around $157,000). Since then, no fewer than 50 companies have reportedly expressed their interest in obtaining ICO licenses in the country.

*This post is credited to Bitcoinist 

Kraken, one of the largest cryptocurrency exchanges, is laying off 57 North America-based employees, according to Chief Executive Officer Jesse Powell.

The move represents roughly 10 percent of San Francisco-based Kraken’s client services team, Powell said in an emailed response to questions after speculation surfaced on social media platform Reddit that Kraken employees were laid off because of a security breach. The thread also mentioned the exchange was reducing staff after trading volumes had dropped.

“The cost-saving measure will have zero impact on the quality of our service,” Powell said in the email. “Rumors of a security breach are entirely unfounded. No other teams are affected, and we are still aggressively hiring in all areas.”

Powell says he estimates closely held Kraken will have over 1,000 employees by year-end.

Kraken is the 12th-largest crypto exchange by adjusted volume, according to data tracking firm Coinmarketcap.com.

*This post is credited to MyBroadband