Tonight we talked with Emilio Martinez of MonkeyCoin the Venezuelan Bitcoin Exchange. Emilio shares with his perspective of the real situation in Venezuela and how crypto currency in his words are “Freedom!”In the second hour we talked with Neil Haran an evangelist for FairCoin which he describes as a cooperative coin created by activist to be used for good. Neil goes on to explain how FairCoin works and what he feels are advantages by the community centered around it.
The majority of South Korean cryptocurrency exchanges are implementing new self-regulatory rules and performing self-inspection. The industry group in charge of leading the efforts has clarified the differences between the new and old self-regulatory rules for its 23 exchange members.
The Korean Blockchain Association, known for its efforts to spearhead self-regulation among the country’s cryptocurrency exchanges, has unveiled and clarified its self-regulatory rules.
In an interview with Asia Economic TV on Tuesday, Jeon Ha-jin, chairman of the association’s self-regulatory committee, explained how the group and its exchange members are in the process of implementing self-regulation, adding that in the future:
The role and responsibility of the blockchain association will be significant until a safe and sound cryptocurrency trading culture is formed.
The rules were unveiled at a press conference last week by the association and 14 of its exchange members in an effort to “boost transparency of deals and head off money laundering, insider trading and other illegal deals,” the Korea Times reported.
Specifically, the rules suggest that crypto exchanges “(1) manage clients’ digital coins and their own separately (2) cope with abnormal transactions quickly (3) list new crypto with enhanced client protection system (4) hold a minimum equity of 2 billion won [~US$1.85 million] and (5) publish regular audit and finance reports,” the news outlet conveyed, adding:
The association will inspect the system of the 14 exchanges and nine newcomers to see if their systems meet the rules. But the inspection could have a limited impact because the rules are not legally binding.
Inspections will start on May 1 and the association will look into the exchanges’ systems “to check if there are loopholes that could be used for insider trading, price rigging and money laundering,” the publication detailed. “Members are supposed to submit self-inspection reports to the association by May 8.”
New vs Old Rules Clarified
Jeon explained on a show hosted by the same TV station the differences between the new and old self-regulatory rules introduced by the association.
He believes that “the government is now totally neglecting” small and medium-sized exchanges with the enforcement of the real-name system. Since it was implemented, banks have been reluctant to provide virtual account services to small and medium-sized exchanges, opting to only work with the country’s largest such as Upbit, Bithumb, Coinone, and Korbit.
Describing the association’s approach to self-regulation, Jeon said “First, we examined the differences [of the new rules] from the existing self-regulation.” He then clarified:
In the new self-regulation, the content of strengthening the transparency and security of cryptocurrency exchanges has been added. In order to prevent money laundering by the users of the exchanges, we have added a procedure to verify identity.
Furthermore, he emphasized, “From next year, we will be able to trade [with] only one account per person. It [is] also planned to preserve transparency by keeping transaction records for five years.”
Lawyer Jong Jae-jung said on the same TV show:
Considering the size of the cryptocurrency market, it is necessary to impose a null and void liability in the event of damages caused by hacking or the like. It is desirable to impose an insurance policy on capital adequacy through appropriate capital requirements.
What do you think of the new self-regulatory rules for South Korean crypto exchanges? Let us know in the comments section below.
Images courtesy of Shutterstock and Asia Economic TV.
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Ethereum Foundation researcher Karl Floersch joined us to discuss the main projects to upgrade Ethereum: Casper, Sharding and Plasma. Karl has been playing a key role in creating a new and simpler specification for Ethereum sidechains called Plasma Cash. We discussed the evolution of the Plasma project and what Ethereum’s evolution in the coming years could look like.
Topics discussed in this episode:
How Karl originally became involved in Ethereum
The role of Casper, Sharding and Plasma in the Ethereum roadmap
The problems with the original Plasma concept
How Plasma Cash provides a simple scalability solution
Angellist, a popular website that allows startups to raise money from angel investors, has revealed data about new crypto job listings on its platform. The company details the hiring needs of companies in the crypto space and what jobs are in demand.
Angellist revealed its new crypto job listing statistics last week. Citing that even though the price of bitcoin has dropped 60% since December of last year, the company wrote:
In the last 3 months, the number of new crypto job listings has doubled.
Angellist is a U.S. website created in 2010 for startups, angel investors, and job-seekers looking to work at startups. In July 2013, the company partnered with Crunchbase, an online tech company database owned by Techcrunch. Since 2015, the site has allowed startups to raise money from angel investors.
What’s Behind Crypto Hiring Boom
Angellist explained the driving forces behind the crypto job boom.
Firstly, “the price run-up of bitcoin and ethereum in 2017 is attracting more people into the space for the first time, and the level of interest from the investor community is also at a record high.” The second factor is the ICO boom.
Successes of startups in raising millions have attracted others to raise money in the same way. “For example, the team behind Filecoin recently broke the record for the largest ICO in history, raising $257M to build a decentralized file storage system,” Angellist elaborated, noting:
The large sums of money going into the cryptocurrency space, from ICOs, to VC financings, and the price appreciation of bitcoin and ethereum, has led to a hiring boom at cryptocurrency startups.
The company emphasized, “as cryptocurrency companies are growing, raising larger amounts of money at higher valuations, so are their hiring needs for finding top talent,” adding that over $3 billion was raised using token sales in March alone.
In Demand Jobs
Not only “experienced engineers who’ve worked on cryptocurrency projects are in high demand, but so are talented engineers with an interest in blockchain technologies,” the company detailed, noting:
There are also open positions needing to be filled in marketing, business development, operations, customer support, and other job functions that don’t require a technical background. Similar to any other high-growth startups, cryptocurrency companies need to hire at job functions across the entire organization, and fast.
What do you think of the rapid rise in the number of job listings in the crypto space? Let us know in the comments section below.
Images courtesy of Shutterstock and Angellist.
Need to calculate your bitcoin holdings? Check our tools section.
SK Telecom (SKT), a South Korean telecommunications operator, is looking to adopt blockchain technology for identity management, improved payments and asset management, the firm announced on Tuesday. Oh Se-hyeon, the executive vice president of SKT’s blockchain unit, said the firm is planning to launch a blockchain-based asset management and payment services. “The service will allow […]
WikiLeaks has had to find alternative solutions for its online shop. On April 20, 2018, the whistle-blowing document depository revealed in a tweet that Coinbase has shut down the WikiLeaks’ online store account.
Even with Coinbase out as a payment processor, WikiLeaks’ online shop is still able to use CoinPayments.net for cryptocurrency payments, accepting both bitcoin and a variety of altcoins. The organization also still accepts donations in bitcoin, litecoin, ether, monero and zcash.
Coinbase Bails on WikiLeaks
The organization claims that Coinbase sent them a memo “without notice or explanation” indicating that it would no longer have access to the platform.
“Upon careful review,” the message reads, “we believe your account has engaged in prohibited use in violation of our Terms of Service and we regret to inform you that we can no longer provide you with access to our service. We respectfully request that you follow the on-screen instructions presented when you log into your Coinbase account to send any remaining balance offsite to an external address.”
In the message, Coinbase points out that it “is a regulated Money Services Business under FinCEN (FinCen.gov),” making it “legally obligated to implement regulatory compliance mechanisms.” However, the exchange offers no further details on what regulations or Terms of Service WikiLeaks violated to invite a ban.
Responding to the developments, WikiLeaks tweeted that it will call for an international boycott of Coinbase next week, calling out the exchange “as an unfit member of the crypto community.”
Ironically, WikiLeaks began funding its organization with cryptocurrencies after banks and payment services stopped processing donations to it in November 2010. As Visa, Mastercard, Bank of America, PayPal and Western Union shuttered their support, the renegade group turned to virtual currencies that better conformed to its cypherpunk, anarchist roots.
By December 2016, WikiLeaks had raised 4,000 bitcoin worth roughly $3,000,000 at the time. The flooding of funding was enough to keep WikiLeaks afloat during the blockade, and as Andreas Antonopoulos points out, “Coinbase has repeated history” by effecting the same ban that sparked “many people’s interest in bitcoin.”
We have come full circle. Many people's interest in bitcoin started when Wikileaks was out under an extra judicial embargo by VISA, MC, PayPal and banks. Now Coinbase has repeated history. Oops. https://t.co/b8HQkoOwyQ