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Russia Drafts Bill to Accredit ICO Issuers – Public Comments Wanted

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Accrediting ICO Issuers

Russia Drafts Bill to Accredit ICO Issuers - Seeks Public CommentsThe Russian Ministry of Communications and Mass Media has submitted a proposal to accredit the issuers of initial coin offerings (ICOs) “on a voluntary basis for a period of five years,” the document reads.

This proposal details the procedure for accrediting organizations that issue digital tokens. It has been published on the Russian government’s portal of normative legal acts and the regulators are currently seeking public comments on the plan.

A digital token is defined in the proposal as “a record in a distributed information system created using cryptographic (encryption) means that certifies that the holder of the digital token has the right to receive from the person who posted the initial (initial) digital token of the initial (nominal) value token by presenting this token.” Under the proposal, Tass summarized:

The organization must comply with a number of criteria: registration in the territory of the Russian Federation in accordance with the legislation on state registration of legal entities; a charter capital of at least 100 million rubles; a license to develop, produce and distribute cryptographic funds; and a special account with a bank, obtained as a result of the sale of digital tokens.

Mandatory Rules

Russia Drafts Bill to Accredit ICO Issuers - Seeks Public CommentsThe accredited ICO issuers are required to adopt a number of mandatory rules. Firstly, they must “redeem digital tokens at a nominal price from any bearer of a digital token on the basis of an irrevocable public offer,” the news outlet described. Secondly, they are obligated to “issue digital tokens for Russian rubles through a cashless settlement.” In addition, they have a “duty to use funds received from purchasers of digital tokens, only for purposes related to maintaining the ability to fulfill the obligation to redeem digital tokens at a nominal price.”

The publication further noted:

The Ministry of Communications will decide on accreditation or refusal of accreditation within 30 days after receiving the application. Accredited organizations will also be subject to inspections every three years (with the exception of unscheduled inspections) for compliance with the requirements of the provision.

Despite the strict requirements for would-be ICO issuers, the Minister of Communications and Mass Media, Nikolai Nikiforov, commented last week that “it is very important in all projects of the digital economy not to over-regulate what is just emerging,” according to Tass. RBC also quoted him describing:

We decided that we should go the way of accreditation and get some professional organizations to implement the first real projects. Otherwise, our country will become technologically backward.

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Reddit Investigation Reveals Scope of Manipulation within Online Crypto Communities

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A Reddit user by the name /CryptoMaximalist recently revealed the results of an investigation into manipulation within the online cryptocurrency community. The investigation looked into how a group of certain users has been hijacking threads in the r/CryptoCurrency and r/CryptoMarkets subreddits to promote and shill specific products and projects.

Manipulation, shilling, and self-promotion are no strangers to the cryptocurrency industry so many will not be surprised by the news, but the investigation gives some interesting insight into the scope of these activities and how they are conducted. Throughout the investigation, the user managed to uncover 50 Reddit accounts which he dubbed the “Dream Network”. These accounts appear to be working together to perform specific types of manipulation known as Astroturfing and Vote Manipulation.

Vote Manipulation is relatively self-explanatory, and Astroturfing is the act of making the promotion of a specific project look natural and organic – when in fact the users promoting the project are all involved in the scam. In order to make a project look legitimate, several users will begin long and detailed comment threats featuring questions, answers, and discussions that all appear to come from separate individuals with their own opinions. While they may appear to be separate accounts, often the questions and responses are all instigated by the same person in real life or have been agreed upon beforehand.

Several big projects implicated
Crypto projects that have been implicated in the manipulation include Ontology, Bitmax, Ultra Token, OOOBTC, MOAC, Contentos, and Dreamr, amongst others. While it is not conclusive that the operators of these projects elicited the manipulative behavior, it makes sense that those conducting the manipulation stand to make a profit from the success of the project.

To discover which accounts are likely involved in manipulation the investigation looked into the historical behavior of the accounts. Many were found to have long periods of inactivity followed by a sudden change in personality – indicating the account had likely been sold to a ‘shill‘. Shills will often buy existing accounts with high karma and a long history so that they appear more authentic. Other questionable behavior includes ‘karma farming’ – posting comments in popular threads like r/aww that typically accrue karma with very little effort.

As mentioned above, manipulation is not exactly a new concept in cryptocurrency, but hopefully, this investigation will help some newbies not lose money by investing in rubbish ‘pump n dump’ schemes.

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Blockstack’s SEC-Regulated Crypto Token Offering Successfully Raises $23 Million

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Blockstack, the first SEC-regulated token offering, successfully raises $23 million in two stages – the SEC regulated and the international offering including Asia’s strategic rounds.

The first US Securities exchange commission (SEC) regulated token offering, Blockstack, completed yesterday successfully raising $23 million USD in the process. The official announcement by the CEO and co-founder of Blockstack, Muneeb Ali, further confirmed the company is looking for a further $5million+ from international investors. The international investors will be offered tokens in a private placement or an SEC-regulated token offering again.

The total stats for the Stacks (STX) token stands at 74 million tokens disbursed at a price between $0.12 and $0.30 USD in the past 60 days. The tokens were offered in two batches – the first one, the SEC approved token under Regulation A+ and the second, the international token offering under regulation S – raising $15.5 million and $7.5 million respectively.

The report reads,

“We want to thank the thousands of you that have participated. For the first time, retail investors in the United States were able to participate in a token offering qualified by the SEC. More than 4,500 individuals and entities participated in the 2019 token offerings.”

Some of the top investors in the token offering includes, Union Square Ventures, Lux Capital, Recruit Holdings, Arrington Capital, Hashkey Group, Fenbushi Capital, Frontier Ventures, Spartan Group, and other funds.

More On The SEC-Regulated Stacks (STX) Token

Earlier in June, BEG reported the SEC had given Blockstacks the go ahead to offer their tokens to the public under certain regulations. The regulations are less stringent than those of a regular IPO, requiring less disclosure of details. The fork to distribute the tokens will commence in the next 30 days and continue for a further 30 days if need be.

Once the token offering and release period is over (in the next 30 days or so) the company will start building and developing its Blockstack decentralized computing network. The announcement further confirmed US exchanges will not list the STX token and US traders will not be able to access trading of the token once it launches this October.

Source. bitcoinexchangeguide.

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Crypto Exchange OKEx to List Hedera Hashgraph’s Token HBAR

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Cryptocurrency exchange OKEx announced that it will soon list enterprise-focused decentralized network Hedera Hashgraph’s native token HBAR.

As OKEx’s spokesperson told Cointelegraph, the platform will add HBAR to its spot market with HBAR/BTC, HBAR/USDT and HBAR/USDK on Sept. 17. Deposits and withdrawals will open on Sept. 16 and Sept. 24 respectively. Head of Asia Pacific at Hedera Hashgraph Edgar Seah added: 

“Hbars play a crucial role in the function, growth, and security of the Hedera network, and it is important that they are available to those who wish to use or create applications on the network. OKEx’s focus on listing projects with practical uses cases is in line with our belief that making coins easily accessible to developers is important for the development of decentralized ledger platforms such as Hedera.”

Expanding support

As Cointelegraph reported recently, OKEx announced that the exchange will support Ethereum Classic’s (ETC) upcoming Atlantis hard fork that is planned to occur between Sept. 12 and Sept. 13 at block height 8,772,000.

On Aug. 30, it was reported that Boeing will join IBM on Hedera Hashgraph’s governing council, although the aircraft giant has not officially confirmed the news.

Source.cryptonewsz

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