South Korea tightens regulation of cryptocurrencies & ICO

The Financial Supervisory Commission of South Korea planned measure for regulation of ICO and cryptocurrencies
05 September 2017   858

The Financial Supervisory Commission of South Korea (FSC) held a meeting of the working group on digital currencies, discussing measures to strengthen control, which will be aimed at protecting consumers and eliminating the "gray zones" in this area. This is reported by the Business Korea.

The meeting was held on the last Friday, September 1, and representatives of the Fair Trade Commission and the National Tax Service also took part in it.

Among the planned measures, there are:

  • strengthening the authentication of users procedure
  • improvement of banks’ suspicious transaction report systems 
  •  tighten the monitoring on petty overseas remittance service providers who use digital currencies as means to transfer money abroad in cooperation with related agencies
  • regulations on domestic trading of digital currencies

However, the greatest attention is paid to the plans to tighten control over the ICO. In particular, it is assumed the responsibility of the organizers of ICO.

We will clearly state the foundations of the Act on the Regulation of Conducting Fund-Raising Business Without Permission for illegal fund-raising impersonating digital currency investment and strengthen levels of punishment. We will expand the application range of Act on the Regulation of Conducting Fund-Raising Business Without Permission and come up with regulations on digital currency trading by establishing the law.
 

Official FSC statement

The representative of FSC also noted that at this stage digital currencies can not be considered money, currency or financial product.

Сould you please attach your email address for us to send you the most interesting ICO's rating and reviews. No spam.

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   163

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.