NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3

NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3
  • NEO announces it will be performing a network upgrade on June 3
  • The goal is to make general improvements on the network for it to become more efficient

The Ethereum (ETH) of China, NEO, announced that it is planning to conduct a network upgrade as soon as on June 3 at 9:00 am (GMT). The information was released in an official blog post on May 29. NEO has lost several positions in the market after the bear trend that digital assets experienced in 2018.

NEO Announces New Plans For Its Network

NEO, one of the most popular blockchain networks in the market, announced that it will be upgrading its network on June 3. According to the blog post released by the organization, one of the main features of this upgrade is related to the addition of an oversize fee that is measured in GAS, a digital currency used on the NEO blockchain. This oversize fee is going to be applied to transactions of over 1,024 bytes.

The oversize fee for transactions is going to be determined by a new formula: (transaction size) * 0.00001 GAS + 0.001 GAS. There are also some exceptions to this rule. Transactions that cost less than 0.001 GAS are going to be considered as low priority and will be capped at 1,024 bytes.

The fees that the network imposes aim at discouraging spam attacks on the network or malicious transactions. This allows users to have a better overall experience while using the network. According to the post, exchanges and individuals that are using different NEO tools should upgrade their clients to avoid transaction losses due to the new fee protocols.

The NEO 3.0 upgrade launched at the end of the last month was created in order to improve the overall network performance and its stability. Erik Zhang, the co-founder of NEO, explained that he hopes large-scale entertainment applications to start using the NEO blockchain.

Zhang mentioned that the new network provides users with the possibility to run large-scale apps on top of blockchain technology. They expect applications such as YouTube, Alipay and other giants to deploy their services on the Neo blockchain.

Currently, NEO is the 19th largest cryptocurrency in the market. It has a market capitalization of $880 million and each NEO can be purchased for $13.55, according to CoinMarketCap.

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Author: Carl T

Ripple Sheds Light on “Regulatory Climate” of UAE and the Measured Legal Outlook

Ripple Sheds Light on “Regulatory Climate” of UAE and the Measured Legal Outlook
  • Ripple’s Insights blog focuses on the regulations of the UAE and other regions.
  • The FSRA will be creating a balanced approach for the UAE to promote innovation and protect stakeholders.

There has been a lot of volatility experienced in the regulatory atmosphere over the last year around the world. However, Ripple recently gave an update to their customers about the Ripple Regional event, which was based in the Middle East and North Africa (MENA). The individuals on the panel discussed a possible new approach with the Abu Dhabi Global Markets (AGDM), which would provide a little more balance.

Sagar Sarbhai, the Head of Government & Regulatory Affairs for APAC, noted that there is a shift in the attitude of regulators for cryptocurrency. Before now, there was more of a “wait and see” approach to determine how to deal with this asset, which quickly became a more fearful and uncertain way of handling the regulations, which resulted in more aggressive approaches.

By finding balance between these two sides, places like Thailand and other countries have eliminated their bans, choosing more welcoming rules to urge along innovation without losing the protection needed for stakeholders. By taking on this approach, the environment for regulatory measures has beneficial for the growth of the market.

Simon O’Brien from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) is one of the team members responsible to creating the regulations for the United Arab Emirates (UAE).

Ultimately, the goal of this team is to create the infrastructure that will go past the normal issues, like anti-money laundering standards. As Ripple’s latest Insight article says, much of the attention will be on “practical needs,” like “market abuse, transparency, and reporting.”

The CEO of BitOasis, Ola Doudin, supports this approach, noting that the long-term potential of the crypto market will ultimately be realized by going further than just the price of the assets included.

In order to follow along with this necessity, the CEO added that the company is developing the new rules with the support of ADGM, though she praised the FSRA team for their decision to be forward-thinking in their framework.

Now, BitOasis is trying to establish itself as the first regulated exchange in the region by the time the year ends.

While global cooperation is a priority of ADGM, O’Brien pointed out that this is hardly the only fixation of the organization. It is presently working with several regional entities, including the UAE Central Bank, as the FSRA works to introduce the bank and others to the new framework. Rather than just regulating the various exchanges, O’Brien added that the licensing of the firms plays a role as well, giving them similar validity to a bank.

Overall, taking this refined approach will hopefully improve the credibility of the crypto market, leaving banks, investors, and other stakeholders with more confidence in it. Doudin concludes that everything will come down to “risk and reward,” though the infrastructure will hopefully be designed in a way that both sides feel comfortable with this wager.

Presently, Ripple’s XRP token is trading at $0.449539, rising by 0.5% in the last 24 hours.

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Author: Krystle M

A Preview of Countries’ Crypto Regulatory Outlook Heading into the G20 Summit and What’s Next

A-Preview-of-Countries-Crypto-Regulatory-Outlook-Heading-into-the-G20-Summit-and-Whats-Next

The G-20 countries are gearing up for the upcoming G-20 summit, and the main aim of the upcoming event will be largely focused towards implementing unified crypto regulations set by intergovernmental organizations such as the Financial Action Task Force. The European central bank has confirmed that despite the challenges posed by crypto assets to the euro area’s financial stability, it is still manageable.

The G-20 nations have reaffirmed their support for the FATF recommended policies in areas such as anti-money laundering as well as crypto assets. The FATF recently conducted their annual Private Sector Consultative Forum in Austria which saw participation from over 300 representatives from the private sector.

The Financial Action Task Force (FATF) comprises of 36 countries and two international organizations including the European Commission. During the recent forum, FATF said,

“The discussions focused on the mapping of virtual asset services and business models … and on the implementation of specific FATF recommendations.”

The FATF in its April Report also put out a guideline for the member G20 countries for regulating and standardizing crypto assets. The Financial Action Task Force further promised

“to continue assisting jurisdictions and the private sector, in implementing a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring,”

While providing a standard guideline to help the G20 nations in formalizing their crypto regulations, the FATF also emphasized on various risks that come along with the standardization of digital assets such as money laundering. The report states,

“Technological innovations, including those underlying virtual assets … may deliver significant benefits to the financial system and the broader economy.”

Russia Needs To Get Their Regulatory Framework Finalized

Russia, one of the G20 nations has been facing constant delays in finalizing the crypto regulations. Now they have come out to announce that they would be following the standards set by FATF to help them create a standard framework for the use of digital assets in the country.

The Russian President Vladimir Putin has asked the concerned authorities to finalize the regulatory framework in July last year, but there was no progress made on the order. Putin again ordered the authorities to complete the framework by July this year. Looking at the progress made on the recent order, the finalization of the framework might get delayed again.

Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Market has recently said that they are facing issues due to the requirements set by the FATF. The chairman said that the guidelines set by the FATF either need to be implemented into the law on digital assets or a separate bill need to be passed. He explained,

“The law on digital financial assets has been suspended … There were FATF decisions that require us to resolve issues related to bitcoins and so on.”

Another report in the local media houses suggests that the laws on regulating crypto and digital asset may come in force in the Spring season. The reports were based on the deputy chairman of the Bank of Russia, Olga Skorobogatova’s recent comments. The report quoted her saying,

“The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness. Colleagues from the State Duma committees are very helpful, we expect that these laws can be passed during the Spring session.” She further stressed that these laws “are extremely important for the country and will provide an opportunity to implement new projects.”

Japan is Helping Other G20 Nations While South Korea Emphasises on Regulatory Consistency

The upcoming G20 summit will be hosted by Japan, which also happens to be one of the most crypto compliant nations with the consumer-friendly regulatory framework put in place. The country has also shown its interest in helping other nations with their regulatory dilemma by working on implementing global standards on crypto assets.

The House of Representatives recently passed a crypto bill with several resolutions. One of the media publications reported,

“We have fully grasped the regulatory trends of G20 countries and cooperated with each country to achieve international harmony.”

The Financial Services Agency (FSA), Japan’s top financial regulatory released a report last December which states,

“To manage and mitigate the risks emerging from virtual assets, countries should ensure that virtual asset service providers are regulated for AML/CFT purposes.”

South Korea, another G20 nation has often echoed for the regulatory consistency and have announced several times that they would be complying with the unified crypto regulatory standards. Choi Jong-Ku, Chairman of the Financial Services Commission said that

“Transnational cooperation is necessary to regulate virtual currencies,”

The FSC chairman also emphasized on the importance of G20 nations adhering to the international standards prepared by the FATF

“to minimize regulatory inconsistencies.”

The Possible Challenges in Creating a Standard Regulatory Guideline

Chainalysis, one of the prominent blockchain and the crypto analytic firm gave feedback on the guidelines set by the FATF. The firm said that the Guidelines set by FATF would have profound implications for the cryptocurrency industry. The Chainalysis feedback report explained,

“There are clear technical obstacles that prevent cryptocurrency businesses from being able to comply with these standards. Cryptocurrencies were originally designed as a peer-to-peer financial system that has no central authority and no intermediaries.”

The analytics firm went on to note that in order to adhere to the FATF guidelines, crypto exchanges can use the transparency from the shared ledger to form an effective Risk-based approach. The firm went on to suggest that exchanges should take up the responsibility to conduct KYC and store the data safely. Crypto exchanges should start linking users KYC information with their transactions as it is not available on the public ledger.

The feedback report explained further,

“Forcing onerous investment and friction onto regulated businesses, who are critical allies to law enforcement, could reduce their prevalence, drive activity to decentralized and peer-to-peer exchanges, and lead to de-risking by financial institutions.”

Chainalysis noted that these measures would decrease the transparency which is currently available to the law enforcement agencies.

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Author: Bitcoin Exchange Guide News Team

Tether Tops Bitcoin’s Trading Volume Again as USDT Plays Its Part in ‘2019 is the Year of Stablecoins’ Motto

Tether-Tops-Bitcoins-Trading-Volume-Again-as-USDT-Plays-Its-Part-in-2019-is-the-Year-of-Stablecoins-Motto

The speculation that 2019 will be the year for all stablecoins seems to have begun already as Tether (USDT) recorded transaction volumes matching the ‘King Coin’ Bitcoin (BTC).

On the 28th of May 2019, the cryptosphere witnessed USDT’s 24hr transaction volume surpass that of Bitcoin (BTC) by about $1 billion, USDT recorded a volume of $27.2 billion, while BTC saw a volume of $26.7 billion.

Factors Of The Fall And Rise Of USDT

This hike in Tether trading volume came as a surprise to most as the stablecoin struggled out of the crypto winter. The main cause of this was the recent scandalous Bitfinex and Tether legal issues, which caused a drop in USDT user confidence and investor trust.

The present Tether surge is possibly linked to their announcement of the printing USDT worth about $300 million and also an improved effort to introduce new ICO listings as well as new trading pairs to attract potential new cryptocurrency enthusiasts.

‘whale trading’ could also be a factor to this Tether surge, which could also lead to a huge drop in the future.

Notably, a Twitter user, @lawmaster, a crypto researcher tweeted :

“Something really interesting is happening – there is now a 0.6% discount on Tether, which means that Tether is actually more expensive than USD on all the major exchanges. This started happening late at night yesterday and the discount has been sustained since”

USDT May Surpass BNB

Although Tether has not given any official statement about the stablecoins trading predictions, there is obviously a rise in the stablecoin market.

If the stablecoin keeps on the current rising path, there is a possibility of USDT taking the position of the Binance Coin (BNB) as the 7th largest digital currency on Coinmarketcap.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Osahon Okodugha