MAS to Develop Framework for Crypto Payment Services

Singapore's watchdog has finalized the country’s new regulatory framework for cryptocurrency payment services
20 November 2018   618

The Monetary Authority of Singapore (MAS), which serves as the country's central bank, on Monday announced the completion of the development of a new regulatory framework for payment services. The new law "will provide a more favorable atmosphere for innovation in payment services, while at the same time ensuring that the risks of various payment channels will be successfully eliminated." This is reported by

Cryptocurrency service providers currently outside the legal field of the country can expect to receive a license in accordance with the new regulations.

It is expected to affect electronic wallets and digital payment tokens such as Grabpay, bitcoin and ethereum. Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in and exchange of digital payment tokens such as bitcoin.

Original Publication

According to the central bank, the law includes two parallel regulatory frameworks. The first will allow “to regulate systemically important payment systems for financial stability as well as efficiency reasons” the second provides for the licensing of retail payment service providers.

Service providers must apply for a license, either as a currency exchange service or as a payment institution, standard or large. The first two will be regulated in the context of countering money laundering and the financing of terrorism, while more complex rules are envisaged for large payment institutions.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.