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Obtaining the license is certainly an important step in the development of Kibo as the first fully decentralized international platform for lotto games. The license, issued by the regulator on Curacao, opens the door for legal interaction with players and partners in accordance with international legal norms.
Kibo is an innovative platform, the algorithms of which are completely built on Ethereum smart contracts. So Kibo team needed to do a lot of work in order to meet all the necessary requirements of the regulator. This included deep dive into the details of the project and audit of the platform’s random number generator with the involvement of Trisigma, which is an accredited test laboratory specializing in software testing and certification in the gaming industry.
Kibo team announced the other day that this important work is complete. This is significant not only for the operation of the Kibo platform but also for the lotto industry as a whole.
Date of receipt: July 10, 2018
License number: 8048 / JAZ2018–039
Despite the fact that the transparency of all draws, from buying a ticket to earning wins, is regulated by a smart contract and does not need additional guarantees, licensing of Kibo opens up new, no less important opportunities for the development of the platform. The most obvious of them is access to banking services and payment systems to provide players in the future a possibility of buying a ticket through the usual payment systems. And also access to all promotion tools and a mutually beneficial legal partnership with any representatives of the gaming market.
Kibo is not going to stop there and stated that their lawyers are actively working with regulators in several jurisdictions to obtain new licenses to maximize presence and unhindered promotion of Kibo Lotto in the maximum number of countries.
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Justin Bieber and Hailey Baldwin took a field trip Thursday to the courthouse where marriage licenses are issued, and Justin had marriage on the brain. Several eyewitnesses say the 2 were inside the Marriage Bureau in NYC and Justin was emotional.…
A recent study indicates that the blockchain craze isn’t dying out yet. Buoyed by its findings, media and experts in India have commented that the country can become one of the leaders in the field. Also in The Daily, an Australian university now offers an online blockchain programming course, Russia has announced a plan to create a blockchain cluster in Chechnya, and UK-based crypto exchange Coinfloor has been granted a DLT license in Gibraltar.
India Among Blockchain Leaders by 2023: Report
India, whose crypto community is passing through hard times of bans and pending regulations, is in a good position to line itself among the world’s leaders of blockchain technology implementation within the next five years. That’s according to local analyses following a new survey conducted by the global consultancy firm PwC and quoted by the Indian press.
The authors of the study have questioned 600 executives in 15 countries and territories, The Economic Times reports, with 84 percent of them claiming their organizations are actively involved with the technology. A quarter of the respondents have said their companies have a blockchain pilot in progress, another third of the surveyed businesses have projects in development, and a fifth are currently researching such possibilities.
The United States, China and Australia are perceived by the executives as the most advanced markets in terms of developed blockchain projects, the poll found. According to Sreeram Ananthasayanam, partner at PwC India, the success of blockchain adoption will depend on the ability of its proponents to “increase trust amongst themselves on the assets they transact on.” He added:
The approach for India is no different – and it is indeed possible for India to be in the leadership ranks of blockchain in the next five years, with the right amount of industry and government participation.
Mr. Ananthasayanam believes that in order to achieve that, industry leaders will have to define a proper business case for implementation after weighing in the investments made and needed, build an inclusive ecosystem for efficiencies and rules of engagement, and proactively plan for regulatory approaches.
Blockchain Obsession Goes On
Despite much overhype and other studies showing bleak prospects for the majority of blockchain projects, the fascination with finding alternative applications for the technology that underpins cryptocurrencies persists among managers and policy makers around the world. Recently, representatives of leading financial institutions from the five member-states of BRICS, the emerging economies of Brazil, Russia, India, China and South Africa, reached a blockchain development agreement. According to the Memorandum of Understanding, signed during the BRICS Summit in Johannesburg in July, the Brazilian National Bank for Economic and Social Development, Russia’s State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank), the Export-Import Bank of India, the China Development Bank, and the Development Bank of Southern Africa will unite efforts to study distributed ledger technologies (DLT) such as blockchain.
Regardless of how meaningful or not they are, new announcements of ambitious plans to exploit blockchain technologies are made all the time, both by government officials and representatives of the business. In Russia, itself a BRICS member, a new project to develop the digital economy of Chechnya, the once restive Caucasian republic, has been presented this week by the Russian Association of Cryptocurrencies and Blockchain. It envisages the creation of a blockchain cluster in Chechnya with a special regulatory regime for testing innovative technologies, products and services. Again in Russia, Gazpromneft-Aero, the aviation fuel operator of oil giant Gazprom Neft and S7 Airlines claim to have developed and implemented a solution for instant payments for refueling and other related services which uses blockchain-based smart contracts.
Blockchain Education in High Demand Down Under
In Australia, amid rising demand for developers, a new blockchain programming course has been announced by a leading educational institution. According to local media reports, RMIT University, Melbourne will conduct the course online to teach students to build blockchain applications and increase their qualifications in the field of DLT technologies. In preparation for the course, RMIT found that most people were aware of blockchain but few knew what to make of it. The interest remains high and the first course organized by the university in March sold out within 48 hours, SBS reports.
Crypto Exchange Coinfloor Granted DLT License in Gibraltar
In other news from the space, UK-based crypto exchange Coinfloor has been granted a DLT provider license for its spot trading platform in Gibraltar. According to a statement quoted by Finance Magnates, the in-principle license has been granted under the Digital Ledger Technology Regulatory Framework introduced by authorities in the British overseas territory in January of this year. The adoption of DLT regulations turned Gibraltar into a leading crypto-friendly jurisdiction in Europe.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
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The Thai Securities and Exchange Commission has revealed the number of applications it has received from businesses wanting to operate initial coin offering portals in the country. However, at least one company is already issuing a token without obtaining approval. Meanwhile, the first Thai Stock Exchange-listed company to launch a token has a new plan to revitalize its coin.
ICO Portal Applications
The Thai Securities and Exchange Commission (SEC), the country’s main cryptocurrency regulator, has revealed the number of companies that have applied to operate initial coin offering (ICO) portals in the country.
According to the Bangkok Insight, Mrs. Praopon Senanarong, the Assistant Secretary of the Thai SEC, said that the regulator is reviewing six applications for ICO portals, which are expected to be approved in the fourth quarter of this year. In addition, 12 more portals are interested but have not formally applied for a license.
Furthermore, the SEC will set up a committee of ICO experts and SEC representatives to oversee ICOs and ICO portals in September.
Firm Issuing Token Without License
The SEC issued a public warning last week about DB Hold Plc soliciting investments in shares and a token without approval after receiving inquiries from investors regarding the company.
After investigating, the SEC found that the company has been soliciting investors through social media for company shares and pre-ICO tokens in the amount of 500 million baht (~US$ 15,346,130).
Emphasizing that DB Hold Plc is not authorized to issue tokens, the SEC says that it has ordered the company to cease all activities relating to the issuance of the token. Furthermore, the regulator reiterates that no company has been granted approval to issue new tokens. Companies that launched their tokens prior to the adoption of the country’s crypto regulations, however, are exempt from having to apply for a license.
New Plan for First ICO by Thai Stock Exchange-listed Company
Jmart Plc is the first company listed on the Stock Exchange of Thailand to issue a token. The company issued Jfincoin through its subsidiary, Jventures Plc. Despite much effort, the coin’s value has fallen from 6.60 baht (~$ 0.20) per coin in February to about 1.70 baht (~$ 0.05) within 6 months of launch, Mgr Online reported.
Adding to the loss of investor confidence is the allegation that a former Jventures executive was involved in the high-profile bitcoin fraud case involving a well-known soap actor scamming a Finnish bitcoiner, the news outlet detailed.
The company has now come up with a new plan. Jmart is seeking permission from the Bank of Thailand and the SEC to use Jfincoin for payments in stores, starting with its own Jmart stores. If approved, this coin will be the first legal token that can be used for payments in the country, the publication conveyed.
What do you think of the way Thailand is handling ICOs? Let us know in the comments section below.
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European crypto card provider Wirex has been awarded an e-money license by the Financial Conduct Authority in the UK. The accreditation will allow the company to create e-money accounts in more than two dozen different currencies. Wirex hopes to secure similar licenses in Asia and North America.
Wirex to Create E-Money Accounts in 25 Currencies
Wirex Limited, a major provider of cryptocurrency debit cards in Europe, has been granted an e-money license by the Financial Conduct Authority. The watchdog regulates over 56,000 companies and 125,000 approved persons in the United Kingdom.
In a tweet, Wirex says it is only the third company to have received the license so far and notes the importance of the development. It explains in a post published on its website that “gaining the FCA license will open up a much broader market,” giving the platform an opportunity to create e-money accounts in over 25 different currencies.
The fintech firm also revealed it is currently developing offerings in Asia, including Singapore and Japan, as well as in North America. It did not say, however, when exactly users in these markets will be able to take advantage of its services. According to previous reports, its contactless cryptocurrency cards were supposed to be launched in Asia during the second quarter of 2018.
We are more than proud to announce that Wirex Limited is only the third #crypto-friendly company in the world to have been granted an FCA e-money licence
What does this mean for us? And more importantly, for you? https://t.co/NC2VivcG93
— Wirex (@wirexapp) August 23, 2018
The London-headquartered company became the first to reintroduce crypto debit cards in Europe after they were suspended by Visa last year. It offers both virtual and physical cards in around 30 countries from the European Economic Aria. Wirex started shipping the plastics to customers in the UK and Europe in May.
The cards initially supported bitcoin core (BTC), litecoin (LTC) and instant exchange with GBP, USD, and EUR. Last month Wirex announced the addition of ripple (XRP). The cards come with a chip and Cryptoback rewards. The virtual Visas offer deposits in a number of altcoins through a proprietary wallet. Wirex claims it has 1.8 million clients and says it has facilitated transactions worth $ 2 billion.
Bringing Crypto to the Mainstream
The company expects the new accreditation to boost trust in its platform and improve its reputation on the global stage. “Acquiring an FCA license has been our ambition since we started the company, so we’re thrilled to be at this point,” said Wirex co-founder Dmitry Lazarichev. “The license gives us the freedom to optimize our e-money offering, which will lead to lower costs and fees for our customers,” he detailed in a press release.
According Wirex’s other co-founder, Pavel Matveev, the company has a robust approach to security and compliance and is working closely with regulators around the world. “We’re on a path of continuous improvement and focusing on these important milestones is key to achieving our ambitious global expansion plans. The FCA e-money license is just the first step to creating a broad and versatile offering that meets the varying needs of consumers worldwide,” he said.
Matveev expressed his satisfaction with the FCA accreditation and emphasized that Wirex wants to bring cryptocurrencies into the mainstream while providing a solution for managing both crypto and fiat funds. The UK-based crypto company noted that the license has taken 9 months to acquire. It seems the long application process has been worth it as Wirex believes the internationally-recognized credentials from the British regulator will help assure customers the platform is maintaining high compliance standards.
Wirex’s FCA license is the last in a series of positive crypto developments in Great Britain. Last week, Crypto Facilities, a crypto futures exchange regulated by the same authority, announced the launch of the first bitcoin cash – dollar (BCH/USD) futures. In early August, US-based crypto exchange Coinbase revealed its UK customers will be able to buy cryptocurrencies with British pounds (GBP). According to a recently published report, the United Kingdom has what it takes to become a leader in the crypto industry.
What do you think about Wirex acquiring an e-money license in the UK? Share your thoughts on this development in the comments section below.
Images courtesy of Shutterstock, Wirex.
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Low-numbered Delaware license plates are in demand. Someone paid $ 410,000 for the plate bearing the number 20 when it went up for auction Sunday at the Rehoboth Beach Convention Center, the AP reports. Bidding started “low” at $ 210,000, with the price rising by $ 5,000 to $ 10,000…
The Philippines government-owned Cagayan Economic Zone Authority (Ceza) is in the process of issuing more crypto licenses. Interest for the license by offshore companies “surpassed all our expectations,” Ceza administrator said. Seventeen firms have already paid in full; 19 more are in the pipeline. Ceza expects to earn about $ 68 million from crypto licensing.
17 Companies Paid in Full
Ceza previously announced that it will issue 25 Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) licenses. The permits allow licensees “to establish a financial tech, crypto, and blockchain office” at the zone, Bitpinas news outlet described.
According to the Philippines News Agency, Ceza administrator and chief executive officer Raul Lambino revealed last week:
17 fintech and offshore virtual currency firms have already paid in full the application and license fees for the digital coin trading under Ceza … 19 companies are in the pipeline to pay their application and license fees to Ceza.
Last week, Ceza awarded a license to Liannet Technology Ltd., a subsidiary of the Apsaras Group. It was the second license Ceza has issued; the first went to Hong Kong company Golden Millennial Quickplay Inc. in June.
The Philippines Daily Inquirer cited Lambino, revealing:
Other firms that had already paid fees to operate in Ceza were Formosa Financial Holdings, Sino-Phil Economic Zone Agency Development and Management Corp., Asia-Pacific International Ltd., Hong Kong Yuen Shing-Hong Ltd., Tanzer Inc. and Rare Earth.
Boosting Revenues with Crypto License Fees
Lambino said in a press statement Friday that the income from Ftsovc application and license fees “exceeded 2017 revenue by more than 50 percent,” the news outlet detailed. The interest expressed by offshore companies to operate in Ceza “surpassed all our expectations,” he added, noting that fintech operations are expected to create an initial 20,000 jobs.
Ceza “has earned more than P200 million [~$ 3.7 million] from offshore financial technology firms to raise its total revenues to at least P340 million [~$ 6.4 million] by the end of the second quarter of the year,” the publication described, elaborating:
Ceza expects to earn some PHP3.6 billion (~US$ 68 million) from the issuance of Ftsovc licenses, on top of the 0.1 percent share for every transaction value of registered digital coin exchanges.
Recently, there have also been reports that Ceza is launching its own cryptocurrency. However, Ceza staff told Bitpinas last week that this is not the case.
What do you think of all these crypto firms wanting to operate in Ceza? Let us know in the comments section below.
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Faith Evans married Notorious B.I.G. in ’94, but you wouldn’t know it based on her recent marriage license — it makes no mention of her marriage to the legendary rapper — but Faith is blaming the court for the error. TMZ’s…
A British court granted Uber a probationary license to operate in London, a victory for the ride-hailing company as it attempts to resolve allegations of corporate misbehavior before its planned initial public offering next year.
WSJ.com: US Business
Companies mining cryptocurrencies are not required to obtain a license, the Ukrainian state agency responsible for licensing regimes said this week. The annual revenue generated by the Ukrainian crypto mining industry amounts to over $ 100 million, according to recently published data. The country remains attractive to miners while mining costs in many other corners of Europe are simply prohibitive, at the current price of bitcoin.
No Plans to Introduce Licensing for Miners
Cryptocurrencies can be mined in Ukraine without a license, according to the State Service of Special Communication and Information Protection, the regulator that oversees activities requiring licensing. The agency is not planning to introduce such an obligation in the sector in the near future, it said in a response to an enquiry filed by the Better Regulation Delivery Office organization (BRDO).
According to BRDO, however, not recognizing mining as an economic activity that needs licensing and as a service providing “cryptographic protection of information” is one of the main issues in the local crypto industry. “Market participants have been threatened with a tangible sanctions – fines and confiscation of equipment and cryptocurrency,” said Igor Samodhodsky, an expert at BRDO, quoted by Forklog.
Samodhodsky also noted that entrepreneurs and companies operating in the sector usually try to avoid official registration because of the uncertain legal status of cryptocurrencies and crypto transactions. “The unpredictability of the actions of their counterparties and authorities creates a number of obstacles to their activities,” the BRDO representative emphasized.
Ukrainian Miners Make $ 100 Million Annually
Crypto mining is just one of the segments of the country’s crypto industry awaiting comprehensive regulation. Ukrainian authorities have so far failed to meet these expectations. Three draft laws have been filed in the Rada since October but deputies have not made any significant progress towards their adoption. These are the bill “On the Circulation of Cryptocurrency in Ukraine”, the law “On Stimulating the Market of Cryptocurrencies and Their Derivatives”, and a supplementary draft covering taxation of crypto incomes and profits. Moreover, the recently adopted Currency Law did not even mention cryptocurrencies.
In March, the Ukrainian government supported an initiative by the Economy Ministry to add mining to the national register of economic activities. Several ministries, agencies and the National Bank are engaged in the preparation of the necessary documents. No time frame was given for the completion of the procedure, which amounts to legalization. Last month, BRDO announced that Ukrainian crypto mining companies generate more than $ 100 million of revenue annually.
And while Ukraine is offering miners decent conditions, including low electricity rates going down to ~$ 0.04 per kWh depending on the category of users and no restrictive regulations, in some other European countries mining bitcoin is far from profitable. The situation for miners on the continent is further aggravated by the persistent bearish trend on crypto markets that brought the price of BTC below the psychological threshold of $ 6,000 per coin.
Prohibitive Expenses, Low Bitcoin Prices
Payment provider and crypto exchange Wordcore has recently conducted a study to determine the profitability of mining in different countries. According to their calculations, quoted by Forbes Kazakhstan, using Bitmain’s Antminer S9 at an energy consumption of 1.5 kWh earns about 0.0008 BTC in 24 hours. This means mining a single bitcoin requires approximately 45 MW of electricity. For example, mining 1 BTC in the Czech Republic, where electricity for industrial usage is priced at €0.06 per kWh (~$ 0.07), costs around €3,000 (~$ 3,500).
Germany and Italy are among the European nations maintaining some of the highest electricity rates for businesses on the continent – around €0.15 (~$ 0.17) per kWh. According to the report, mining one bitcoin there costs between €6,835 and €6,646 respectively (~$ 7,964 and $ 7,746), which is much more than what the cryptocurrency currently costs. Besides, these are only production costs, not including investments in equipment, its delivery and installation, the maintenance costs and other expenses like rent and so on.
Mining in some countries becomes prohibitively expensive and experts advise investors to start with searching for a destination which offers competitive electricity rates, in the first place. Among these regions are the Russian oblasts of Tyumen and Murmansk, the states of Washington and Louisiana in the US, and the Canadian province of Quebec.
Do you think cryptocurrency mining needs a licensing regime? Share your thoughts on the subject in the comments section below.
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