Australian authorities to regulate bitcoin

The Australian Parliament makes a move to control use of cryptocurrency
17 October 2017   858

Within the reform of governmental anti-money laundering and counter-terrorism financing law Australian authorities published a revision of the bill according to which bitcoin exchanges will be strictly controlled by the law. The Senate Legal and Constitutional Affairs Legislation Committee give priority to the regulation of digital currency operators.

The main measures applied to digital currency exchanges include the possibility of imposing civil penalties for operators of digital currency exchange services which are not registered, and enabling chief executive of Australian Transaction Reports and Analysis Centre to expand or narrow the boundaries of the digital currency definition.

AGD informed the committee that this aspect of the bill reflects technological advancements in digital currency. It noted that the current regulatory regime under the AML/CTF Act was designed in 2006 and applies only to an 'e-currency', which is 'backed by a physical thing. It excludes convertible digital currencies, such as Bitcoin, which are backed by a cryptographic algorithm'. 
 

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 

The approach of the committee to regulation is supported by an overview of the current legislation in accordance with the recommendations of the Attorney General (AGD). Legal Board called for recommendations on possible exemptions for transactions with a low value of less than $ 1,000 at bitcoin exchanges while The Law Council called imprisonment in connection with aggravating offenses between 2-4 years and even up to 7 years in cases which are extremely severe.

As soon as the committee recommended the bill to be introduced, the new service and register will be designated within six month’s from the adoption of the bill.

Switcheo to Launch Cross-Chain ETH-NEO Atomic Swaps

Developers says that the technology of atomic swaps has been known for few years, but is not popular, since its implementation in practice is quite complicated
25 April 2019   54

Switcheo announced the official launch of the atomic swaps feature for the Ethereum and NEO blockchains.

From now on, Switcheo users have access to the inter-block exchange of their own token exchange, SWTH and ETH, which allows for the transfer of assets between two markets represented on the trading platform and makes Switcheo the first decentralized exchange that implements this functionality.

A challenge with existing trustless exchanges is that trades are confined to individual blockchains, limiting the market combinations that can be offered to users” says . With the launch of the new feature, users can now trade conveniently between ETH and NEO markets, while retaining full custody of their funds.
 

Ivan Poon

CEO, Switcheo

According to the developers, the technology of atomic swaps has been known for several years, but is not widely used, since its implementation in practice is quite problematic. Switcheo lead developer John Wong explained that his team spent a lot of time adapting the process to the user's needs and achieved the desired result.