Bermuda Wants Crypto Regulation to Fuel Business Growth

Bermuda Monetary Authority published the conultation paper on "regulation of virtual currency business"
13 April 2018   538

Local financial watchdog at Bermuda, the Bermuda Monetary Authority (BMA) is looking for public feedback on an anti-money laundering act that would involve cryptocurrencies. This is reported by Coindesk

On 12.04.2018, it published consultation paper, where the financial regulator said it is aiming to capture a wide range of crypto-related activities under the local law in order to prepare a more framework that would attract and foster crypto businesses.

It is noteworthy, regulation on ICO is not part of the act. Instead, the paper indicated that supervision over ICOs would fall under the scope of a separate rule.

Government officials said that the proposed rules are not going to ban the crypto industry in Bermuda. This move seeks to develop a framework that would offer cryptocurrency businesses a safer and stable environment.

We can't keep up with the amount of people who want to come to Bermuda. We're going to London at the weekend and we have 20 companies lined up to meet us. It's actually phenomenal.
 

Wayne Caines

Minister of National Security, Bermuda

Watchdog is exploring a sandbox-like licensing scheme through the proposal. It may give the blockchain startups way to the regulated market.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.