KBA to Bring 'Order' to Korea's Crypto Exchanges

Korean Blockchain Association has proposed a self-regulatory framework
17 April 2018   359

The Korean Blockchain Association (KBA), founded in 2017 by South Korean companies from the blockchain industry, proposed setting rules for self-government within the association to set a standard for the entire industry of crypto exchanges.

Among other things, the minimum authorized capital of exchange member is proposed to limit 2 billion Korean won (1.8 million dollars). In addition, the members of the association will have to provide financial and audit reports.

These rules will be applied to 14 South Korean cryptoexchanges, including Bithumb, Coinone, Gopax, OKCoin Korea and Huobi Korea. In addition, as the South Korean edition of Yonhap writes, when the rules come into force, it will also oblige members of the association to store data on user transactions for five years. In addition, the exchange must have built-in systems that identify and report suspicious transactions.

These rules are part of a broader initiative to improve anti-money laundering measures launched by the South Korean Financial Services Commission.

We will establish the order of the domestically cryptographic [exchange] market through self-regulatory review. By providing a safeguard for the protection of users, we will contribute to ensuring the asset safety.
 

Jeon Jae-jin

Chairman, Korean Blockchain Association

Measures to self-regulate the industry of Korean crypto-exchanges are consistent with the intentions of some local exchanges to adhere to a more conservative approach to new crypto-currencies and ICO.

So, according to the proposed rules, within each exchange a committee will be formed to review the listing of new tokens issued through the ICO. It is also planned to introduce ethical codes to prevent insider trading.

Representatives of the OKCoin Korea exchange informed that their company "is preparing to fulfill all the criteria and full compliance with the new KBA rules."

We are definitely welcoming new self-regulation measures and thinking positive on this active movement to make reliable blockchain ecosystem. As part of this effort, Coinone has already set its internal organization and system to make transparency in trading of cryptocurrencies.
 

Coinone Rep.

According to Yonhap, the rules will be finalized by the end of next month. Each member of the association must provide the necessary documents before June 8.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   137

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.