UK Crypto Companies Launch Self-regulatory Body

CryptoUK will work to raise understanding of the sector and call on the government to introduce appropriate regulation to protect consumers
13 February 2018   545

The UK’s leading cryptocurrency companies have joined together to launch a self-regulatory trade body called CryptoUK to improve industry standards and engage policymakers on the future of the sector.

CryptoUK comprises seven founding members including trading platforms, exchanges, comparison sites, intermediaries, merchants and asset managers. They are BlockEx, CEX.IO, Coinbase, CoinShares, CommerceBlock, CryptoCompare, and eToro.

The association will work to raise understanding of the sector at a time of significant growth in popularity and call on the government to introduce appropriate regulation to protect consumers and business certainty, allowing the sector to flourish in the UK. 

CryptoUK has developed an industry-leading Code of Conduct, the first in the UK, which members must comply with and is intended to improve standards in the industry.

Iqbal V Gandham, UK Managing Director of eToro, has been elected chair for the first year. Members hope that more businesses will join over the coming months. 

We’re extremely proud to have brought together some of the leading players in the sector. This Association is not only about exchanges, we represent the whole crypto sector, apart from ICOs. All of us are unified by a desire to grow in the UK and for the need for collaboration with government on what our future operating environment looks like. 

 

Iqbal V Gandham

Chair, CryptoUK

The association does not represent ICOs now with CryptoUK committing to developing a specific Code of Conduct for the process. 

Electroneum to update its blockchain

Electroneum announced that new code will be released on May 30 as its blockchain reaches Block 307500
26 April 2018   50

Electroneum announced its fork is scheduled to take place at block 307500 on May 30. The fork is special as it will not result in two currencies: this is achieved by allowing all the exchanges and pools to update their software in advance. The update covers the following aspects

  • anti-ASIC code:

the implementation of such code will ensure security against any network attack

  • increase of transfer fee:

to ensure Electroneum blockchain withstands blockchain flooding, base fee will be increased to 0.1 ETN

  • block size increase before penalty:

the increase will allow miners to scale the blocks faster and get more transactions into a block

  • disabling of RingCT and Mixin:

disabling some privacy features with letting wallets remain private will get a less wait to fit a transaction into a block and a leaner blockchain size

  • 3 days mempool life:

it will ensure a reduction of the possibility of the returned transactions

Readers will be able to find the rest of the remaining details of the update here. As for the market indicators for Electroneum, here is what they look like at the moment of publication:

  • Average price   $0.024453
  • Market cap         $166,770,279
  • Volume (24H)    $1,234,100