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Messages - e_abrams

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The Cypriot financial regulator CySEC (Cyprus Securities and Exchange Commission) released a newly drafted policy regarding crypto-asset service providers (CASPs) that will cover the specific operations of these entities as well as their registration process.
According to this new policy, cryptocurrency assets will either qualify as Electronic Money under the Electronic Money Law or as financial instruments under the Investment Services and Activities and Regulated Markets Law. The final qualification will end on the nature of the business.
What is more, according to the same policy, the crypto-based assets can be a digital rep of a value not issued by a central bank, nor by any public authority.
CASPs will also have to cooperate with the latest AML and CFT rules. This includes:
•    operational requirements
•    organizational requirements
•    measures in due diligence
•    economic profiling of customers
•    organizations of funds and their original source
This move by the regulator actually pushes the istributed ledger technology (DLT) into the mainstream, although the regulator did point out the risks involved in it, for example, tech adoption and standardization, governance predicaments, scalability, abiding by existing regulations, and others.
Previously, Malta and Gibraltar issued similar regulations.
I think this is a pretty good move by SEC to create a regulatory framework for crypto providers.

That sounds like a pretty cool project!

Off-topic / Re: Mining Watchdog: Peer-to-peer crypto investing platform
« on: September 14, 2021, 03:22:16 PM »
That sounds like a pretty cool project.

 The Panamian government introduced a bill to legalize cryptos like Bitcoin and Ethereum one day after El Salvador adopted Bitcoin as a legal tender. The purpose of this bill is, apparently, to make Panama “compatible with the block chain, crypto assets and the internet”.
The news for it were broken on Twitter by a Congressman Gabriel Silva, who is known as a strong proponent of blockchain technology as well as the use of cryptocurrency in everyday life. In his opinion, such legislation has the potential to create thousands of jobs, new investment resources and make government finances more transparent.
According to the draft of this bill, Panama will recognize all cryptocurrency assets (like Bitcoin, for example) as an alternative global payment method for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.”
The authors of the bill also insist that cryptos will facilitate fast and cheap transactions “regardless of the distance between parties and the transaction volume.”
All that said, there is one major difference between the El Salvadorian bill and the Panamian legislation – while the former does make the use of cryptocurrencies obligatory, the latter does not do that.

It is certainly an interesting piece of legislation, but I, personally, am not certain how currencies that are not exactly traceable by design will facilitate government transparency.

Litecoin discussion / Re: Why Start An Exchange Like LocalBitcoins ?
« on: September 11, 2021, 02:47:07 PM »
That sounds pretty good to me.

That sounds pretty cool!

Off-topic / Re: WOM Protocol Development Update: August 2021
« on: September 09, 2021, 04:24:05 PM »
Thank you for the update!

Litecoin discussion / Singaporean Merger to Increase Blockchain Awareness
« on: September 08, 2021, 01:27:10 PM »
 Singapore has formed a new industry group called Blockchain Association Singapore (BAS) that intends to promote crypto blockchain as a whole. This happened after two existing entities merged - the Blockchain, Enterprise and Scalable Technologies (BEST) and the Singapore Blockchain Association (SBA).
The new group has stated that its main goal is to push development of new and already existing blockchain companies.
Chia, the former SBA chairman, made the following statement:
Singapore has become a burgeoning hub for blockchain and there is a need for an industry push to facilitate and encourage the development of new and existing players in this space. I am confident that the establishment of [the] Blockchain Association Singapore will add more vibrancy and support to the current ecosystem while providing guidance for enterprises who are keen to adopt blockchain solutions.,”

It is really quite impressive how Singapore has embraced cryptocurrencies and blockchain. I have no doubt others will follow suit.

That sounds like an interesting project.

« on: September 07, 2021, 03:47:54 PM »
That sounds like an interesting project.

I would like more information too.

 Iran may be having major problems with the coronavirus pandemic, but the cryptocurrency market continues developing despite everything.
Recently a Turkish cryptocurrency mining company, iMiner, received a license to operate legally within the Iranian jurisdiction. The license in question was issued by the Iranian Ministry of Industry.
There has been an increase of cryptocurrency operations within the country due to its low electricity costs.
The company has invested $7.3 million in the project, and, according to recent reports, it has established its operations in the Semnan province with 6000 ASIC miners.
The company is expected to produce 96k terahash per second.

This is a pretty impressive operation, I wonder who else will move their business in Iran.

It sounds pretty good to me.

That was an interesting read.

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