Mastercard patents anonymous blockchain transactions
Financial services giant Mastercard was awarded several new blockchain patents this week.
One patent outlines a system that facilitates anonymous transactions over a blockchain network.
According to Mastercard, the transparent nature of ordinary blockchain transactions is a hindrance to this technology’s adoption for everyday payments. That’s true for both businesses and consumers.
The patent states:
“Thus, there is a need for a technical solution whereby an entity may participate in a transaction where transaction details may be posted publicly to ensure accountability and trust in the data, while still providing anonymity and inability of others to track individual transactions or volume information by transaction party identifying information of both parties of a transaction to satisfy the confidentiality needs of each entity involved in the transaction.”
Korean government reveals new crypto regulation
The main financial agency of South Korea, Financial Services Commission has revealed a new crypto regulatory framework for crypto exchanges.
Authorities are also investigating 3 major banks Nonghyup, Hana Bank, and Kookmin that have been providing banking services and virtual accounts to crypto exchanges.
It’s worth noting that foreigners are not allowed to use local cryptocurrency exchanges to buy and sell digital assets.
The government wants to prevent the re-emergence of the “Kimchi Premium” by spotting suspicious fund movements in and out of cryptocurrency exchanges and banking accounts connected to cryptoexchanges. The Kimchi Premium is transferring large sums of capital for the sole purpose of taking advantage of the favorable exchange rates in South Korea.
The consensus is the new policies communicate the legitimizing the local cryptocurrency sector.
This is considered the first step the South Korean authorities have taken towards properly regulating the cryptocurrency market of the country for the first time in history.
Abu Dhabi launches crypto regulation & tax framework
The regulator for Abu Dhabi’s international financial center and free zone has launched a regulatory and tax framework that will encompass spot crypto services offered by exchanges, custodians, and other intermediaries in the area.
The Financial Services Regulatory Authority of the Abu Dhabi Global Market has addressed issues around consumer protection, safe custody, technology governance, disclosure/transparency, market abuse and the regulation of crypto asset exchanges.
Bithumb recovers $14M of the $31M lost in hack
South Korean cryptocurrency exchange Bithumb says it has recovered $14M of the $31M lost in last weeks hack.
The company collaborated with worldwide exchanges to retrieve some of the funds, as well as to try and prevent further losses.
The exchange said it will continue its suspension of asset deposits and withdrawals on the platform.
Following the last week’s heist, 24-hour trading volume on Bithumb has dropped significantly – from $400 million at the time to $124 million currently – data from CoinMarketCap shows.
Chat app Line to launch crypto exchange
Line Corp., Japan’s biggest messaging service, is opening a cryptocurrency exchange next month.
The exchange, called Bitbox, will offer trading between more than 30 virtual tokens including Bitcoin & Litecoin, but not fiat currencies. The website will be available in 15 languages to users worldwide. Bitbox will charge a 0.1 percent trading fee, except for those in Japan and the US.
Line is also working on a stand-alone mobile app for the exchange. Line has also applied for the license to open a cryptocurrency exchange in Japan.