Singapore to Test ETH Based DLT Voting System

Creators believe the main issues of traditional voting systems is the lack of anonymity and the possibility of manipulating public opinion
14 January 2020   219

The Association of Cryptocurrency Enterprises and Startups in Singapore (ACCESS) has tested the voting system based on the Ethereum blockchain.

According to the developers of the system the main problems of traditional voting systems is the lack of anonymity and the possibility of manipulating public opinion. With the help of the blockchain, ACCESS ensured the lack of communication between the voters and the votes, which means it ensured anonymity.

The blockchain voting process helps uphold the true values of democratic voting in ensuring authentic votes are being legitimately accounted for with a transparent audit trail. We are seeing the future of corporate governance through the implementation of blockchain technology starting with our most important corporate governance event, our AGM.

 

Anson Zeal

The ACCESS chairperson

For voting, ACCESS participants used the generated QR codes stored in a special smart contract. Voting status was also controlled through this smart contract, which eliminated the re-cast of votes.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   293

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.