Connect with us

REGULATIONS & ECONOMY

Australia Sets Registration Deadline

Published

on

Australia has moved to regulate cryptocurrency exchanges under its existing AML and CTF laws of August 2017, following the likes of Japan which introduced its own guidelines for the sector last year. The new reforms have been generally welcomed and accepted by the domestic cryptocurrency sector, with the belief that it will help strengthen public and consumer confidence in the sector”.

Under the terms of compliance, crypto exchange operators – once registered – will be required to follow know-your-customer (KYC) norms to establish a customer’s identity, monitor transactions and flag suspicious transactions by reporting them to AUSTRAC.

“AUSTRAC now has increased opportunities to facilitate the sharing of financial intelligence and information relating to the use of digital currencies, such as bitcoin and other cryptocurrencies, with its industry and government partners.
Newly implemented regulations from AUSTRAC has mandated domestic cryptocurrency exchanges to register with the authority before mid-May 2018. AUSTRAC which is the body that regulates the cryptocurrency exchanges in Australia has fixed a deadline for registration for all crypto exchanges operating within the country.

A transition period deadline has been set, up until May 14, 2018. This would be ample time enough to allow all Digital currency exchange businesses register.

The Asian nation is home to a thriving cryptocurrency ecosystem following the official recognition with a number of mainstream conglomerates and players in traditional finance confidently moving into the cryptocurrency sector. This is particularly evident with online brokerage Monex purchasing Tokyo-based crypto exchange Coincheck for ¥3.6 billion ($33.5 million) this month, despite the exchange suffering a monumental $530 million crypto theft in January.

One of the benefits of the new rules, AUSTRAC says is, it will empower the agency’s compliance and intelligence capabilities to help crypto-exchange operators introduce systems that will minimize money laundering, hacking and terrorism financing risks.

In an announcement on Wednesday, the regulatory body reminded all operating exchange operators of their obligation to comply with the newly implemented regulations which were effected on the 3rd of April. This regulatory law is the first within the Australian cryptocurrency space which was fast-tracked by the Senate in 2017.

Spread the news
Continue Reading
Advertisement
Comments

Bitcoin

The Benefits of the Blockchain Technology to Africa

Published

on

The Blockchain technology is one of the hottest and most intriguing technologies currently in demand in the market. The rise of the technology is similar to that of the internet. The blockchain technology has the potential to cause a disruption across multiple industries. It is secure, makes processes more democratic, efficient and transparent. The technology has been embraced by African entrepreneurs, startup companies and governments like Kenya, South Africa and Ethiopia have identified the technology as a revolution. The technology has the ability to transform the developing continent and processes numerous benefits to the continent.

The benefits were better elucidated by Chris Maurice, the CEO of Yellowcard a decentralised gift card that allows you purchase cryptocurrencies. While speaking on the topic, “the general advantages of the blockchain”, he explains his thoughts on the potential the technology has to improve services in the continent. Here are some benefits of the technology to Africa:

Trustless Exchange
Cryptocurrencies makes the exchange of goods and services easier. Before now, it was difficult for  two parties to make an exchange without the oversight or intermediation of a third party. Banks for instance keep ripping people off with outrageous bank charges, making it difficult to carry out transaction without incurring a huge amount, beneficiary to the banks. Chris explains, “I think, one of the things the blockchain can do is to remove third parties and drive down cost for  the average person.”

Lower Transaction Costs

Chris explained that at one time he was at the bank for a specific reason when he noticed that the Kenyan man trying to send $200 to his family in Kenya but he was charged $100. But these third party intermediaries and overhead costs for exchanging assets are drastically reduced by using blockchain solutions.

Empower its Users
Instead of having the bank control your information and transactions users control these data as they are visible in their wallets. Also, by investing in cryptocurrencies, Africans have been able to change their life and situations. For instance, Eat BCH organised a charity by providing food for the people of Sudan. Also, so many Blockchain solutions and startups are helping individuals across Africa change their life.

Faster Transactions
Cross border transactions can be tasking. If someone was to receive a particular amount of money from the US, it could take a while and also incur some extra charges. But Blockchain transactions have lessened remittance problems to the African continent. Chris had a suggestion as he advises banks saying, “start supporting these currencies and the solutions provided by these currencies.”

 

 

 

 

 

What other benefit of the blockchain to Africa can you name? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

adoption

Imports and Exports Trade Gets Blockchain Solution

Published

on

Abu-dhabi

It’s no news that the government of Abu Dhabi has reiterated several times of moving all existing government operations to the blockchain from 2022. The latest news coming out of the Arabian country is the trading sector, as it has begun the use of blockchain to conduct its transactions.

Maqta Gateway has developed and implemented its own blockchain solution for international logistics and trade. ConstructionMaqta Gateway which is a wholly owned subsidiary of maritime industry developer Abu Dhabi Ports. This feat would be the first of its kinds as it transcends to a paperless real-time tracking which in turn would save time, efforts and paperwork.

Developed by the Digital Innovation Lab of Maqta Gateway, the blockchain was field tested with strategic customers of Abu Dhabi Ports prior to launch and will see a commercial rollout to freight forwarders and their customers initially.

The platform is designed to safely encrypt and secure all documents essential for documentation of cargo. After the technology has been tested, it will then be offered to the rest of the trade community as a ‘complementary tool’ alongside the current Maqta’s Port Community System, a move that will fast-track adoption.

[B]lockchain is a key step in the digitalization of trade,” said Dr. Noura Al Dhaheri, CEO of Maqta Gateway, adding:

The blockchain solution was developed to bridge the gap between exporters and importers in an industry that is notoriously averse to digitization and change by reducing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.
Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.

 

 

Would the Import and export trade sector  be able to depend on the blockchain for its cargo transportation? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

News

South Africa’s Central Bank renames Cryptocurrency, ‘Cyber-Tokens’

Published

on

The South African Reserve Bank has deemed that virtual currencies do not meet the requirements to be called money and so they have named it “cyber-tokens”. The deputy Governor of the Reserve Bank Deputy, Francois Groepe explained the reason behind the bank’s decision saying, “We don’t use the term “cryptocurrency” because it doesn’t meet the requirements of money in the economic sense of the stable means of exchange, a unit of measure and a stable unit of value. We prefer to use the word ‘cyber-token’.”

The Governor of the Reserve Bank explained further, “We want to ensure or establish whether there is still compliance with the relevant financial surveillance or exchange-control regulations.” A fintech task force has been established to review the bank’s stance toward  developing a relevant policy framework and regulatory system.

  1. The Reserve Bank of South Africa is not the first bank to adopt a stance of skepticism towards cryptocurrencies as
    Central banks around the world have also done the same. The Reserve Bank of Zimbabwe (RBZ) had ordered all financial institutions to stop servicing cryptocurrency exchanges earlier this month. While the Governor of the Bank of England Governor,  Mark Carney declared in February that Bitcoin doesn’t meet the traditional definition of a currency and cannot be considered a legitimate currency. He explained that Bitcoin is neither a store of value nor a means of exchange.

 

 

What do you think about the name “cyber tokens”? Share your opinion with us in the comment section below.
Image credit: Businesstech
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading

News

Zimbabwe  Court Lifts Ban on Golix

Published

on

The Reserve Bank of Zimbabwe and a Cryptocurrency exchange giant, Bitfinance (Private) Limited had been in the court recently over a ban placed by the RBZ.  Bitfinance which operates as Golix can now resume its business with after having the ban lifted by the High Court, Justice Alfas Chitakunye.

The central bank gave an order on May 12, 2018 that all financial institutions in the country should immediately stop trading or transacting in cryptocurrencies. Golix was banned 3 days later and ordered to close its accounts with various bank5 as well as shut down its virtual currency exchange business. The company had to challenge the decision of the RBK through through an urgent chamber application at the High Court represented by its lawyers, Mutandiro Chitsanga & Chitima Legal Practitioners.

The company based it’s argument on the fact that the actions of the RBZ were contrary to the requirements of administrative law and the Constitution of Zimbabwe. Justice Chitakunye Set the banner aside provisionally. He gave his ruling, “The ban issued by respondents through letter dated May 15, 2018 against applicant, directing it to cease its operations, shut down its virtual currency exchange business and ordering the closure of its bank accounts with its bankers, be and is hereby suspended pending the return day,”

The Governor of the Central bank, Dr John Mangudya has warned the public against trading in cryptocurrencies. He says,  “Any person who buys, sells, or otherwise transacts in cryptocurrencies, whether online, or otherwise, does so at their own risk and will have no recourse to the Reserve Bank or to any regulatory authority in the country,” he said. He also said that the RBZ Bank would continue to closely monitor the developments of cryptocurrency regionally and globally. Cryptocurrency has been embraced by Zimbabweans who seek a way out of the country’s  economic crisis. The ban on Holiday didn’t seem to be a smart move on the part of the RSZ. However, the good news is that the ban on Golix has been lifted and transactions can proceed as usual.

 

 

What do you think about the ban on Golix? Share your opinion with us in the comment section below.
Image credit: coinnuts
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

Spread the news
Continue Reading
Advertisement
Advertisement

Find Us

Address: 7 Kafi Street, Beside City Mall, Shoprite, Alausa, Ikeja, Lagos.

Hours: Monday—Friday: 9:00am–5:00pm

Contact: +234 817 866 6900

Advertisement
Advertisement

Trending