Welcome to The Daily Forkast, September 20th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:39 Upbit named as first officially licensed crypto exchange in Korea
03:14 India sees surge in peer-to-peer transactions amid banking challenges.
04:34 Cosmos hits an all-time high.
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First up, South Korea’s Upbit becomes the first authorized crypto exchange in the country, just days ahead of Friday’s deadline. And even partial compliance with those regulations has its advantages for one exchange, having the Information Security Management System certification in place played actually a key part in its victory in a lawsuit over crypto hacking and sets a powerful precedent for exchanges’ legal liabilities. Having fulfilled both conditions of the new law, ISMS certification, and a bank contract providing investors with real-name accounts, South Korea’s largest crypto exchange, Upbit, submitted its compliance report to the Financial Intelligence Unit on August 20. Three other exchanges, Bithumb, Coinone and Korbit have also met the requirements but are not yet officially registered. With days to go, it’s likely just those four, out of 63 exchanges in Korea, will be able to operate as usual after September 24. One expert tells Forkast.News what we’ve seen is only the beginning of regulatory action: "All the [negative] things [in crypto],happens because there still aren’t [appropriate] laws on virtual assets. So at the National Assembly, both the ruling party and the opposing have proposed multiple laws on the virtual asset industry." And those new regulations have already proved an asset for one exchange, which was sued by a user over stolen bitcoins. The user blamed the exchange after a little over 1.7 bitcoin was stolen and transmitted overseas. But the court disagreed, as the exchange in question met the ISMS certification, saying the users’ information could easily have leaked through the other cracks, such as phone hacking.
Meanwhile, amid ongoing banking challenges for the crypto market in India, peer-to-peer transactions have surged. While big names including State Bank of India, ICICI, and HDFC banks have distanced themselves from the crypto industry. Crypto investors in India themselves have not been put off. In fact, crypto exchanges say up to 80% of all transactions are now carried out using peer-to-peer transfers, spot trading, and WhatsApp or Telegram groups. And that’s up from 10% to 15% just a year ago. Indians are increasingly looking towards alternative transaction methods, like peer-to-peer trades, after struggling to use more traditional methods. Just last week, SBI, the country’s largest public sector bank, blocked payments to crypto businesses via the commonly used unified payments interface. Earlier this year, ICICI Bank reportedly asked payment gateway operators to block crypto transactions and HDFC sent emails warning customers about dealing with cryptocurrencies. The Reserve Bank of India responded in May by reiterating the fact that its 2018 circular asking banks to cut ties with crypto businesses, used as a reason for these moves, was invalid. But the country’s crypto bill, which could help to finally clarify matters, is still awaiting the nod from the union cabinet before it can be introduced in Parliament. Despite these issues, Indians are still hungry to join the crypto market. The country ranked second in Chainalysis 2021 Crypto Adoption Index and crypto exchange CoinSwitch Kuber now boasts over 10 million customers.
And finally, just last week we reported on the rise of second-tier coins, including Cosmos. Well, over the weekend, we saw it reach for the stars as its price soared 35%. According to data from CoinMarketCap, that saw the altcoin hitting an all-time high of US$44.54 Monday morning Asia time. It’s the first time the token has crossed the US$40 mark, gaining over 360% percent since mid-July. Now it’s been on a general upward trend after trading between the Cosmos and Ethereum networks was enabled through integration with SifChain in late August. Cosmos was among a handful of tokens that did well during last week’s market pullback. That group, which also included Polkadot and Avalanche, all support smart contracts. Key to note here with smart contracts key to facilitating decentralized finance or DeFi. The race to get money behind an “Ethereum killer” is showing no signs of slowing down.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Cosmos #ATOM #Upbit #P2P #Korea #India #CryptoExchange #Altcoin #Ethereum
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RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...
00:00 Coming Up
00:39 Upbit named as first officially licensed crypto exchange in Korea
03:14 India sees surge in peer-to-peer transactions amid banking challenges.
04:34 Cosmos hits an all-time high.
---
First up, South Korea’s Upbit becomes the first authorized crypto exchange in the country, just days ahead of Friday’s deadline. And even partial compliance with those regulations has its advantages for one exchange, having the Information Security Management System certification in place played actually a key part in its victory in a lawsuit over crypto hacking and sets a powerful precedent for exchanges’ legal liabilities. Having fulfilled both conditions of the new law, ISMS certification, and a bank contract providing investors with real-name accounts, South Korea’s largest crypto exchange, Upbit, submitted its compliance report to the Financial Intelligence Unit on August 20. Three other exchanges, Bithumb, Coinone and Korbit have also met the requirements but are not yet officially registered. With days to go, it’s likely just those four, out of 63 exchanges in Korea, will be able to operate as usual after September 24. One expert tells Forkast.News what we’ve seen is only the beginning of regulatory action: "All the [negative] things [in crypto],happens because there still aren’t [appropriate] laws on virtual assets. So at the National Assembly, both the ruling party and the opposing have proposed multiple laws on the virtual asset industry." And those new regulations have already proved an asset for one exchange, which was sued by a user over stolen bitcoins. The user blamed the exchange after a little over 1.7 bitcoin was stolen and transmitted overseas. But the court disagreed, as the exchange in question met the ISMS certification, saying the users’ information could easily have leaked through the other cracks, such as phone hacking.
Meanwhile, amid ongoing banking challenges for the crypto market in India, peer-to-peer transactions have surged. While big names including State Bank of India, ICICI, and HDFC banks have distanced themselves from the crypto industry. Crypto investors in India themselves have not been put off. In fact, crypto exchanges say up to 80% of all transactions are now carried out using peer-to-peer transfers, spot trading, and WhatsApp or Telegram groups. And that’s up from 10% to 15% just a year ago. Indians are increasingly looking towards alternative transaction methods, like peer-to-peer trades, after struggling to use more traditional methods. Just last week, SBI, the country’s largest public sector bank, blocked payments to crypto businesses via the commonly used unified payments interface. Earlier this year, ICICI Bank reportedly asked payment gateway operators to block crypto transactions and HDFC sent emails warning customers about dealing with cryptocurrencies. The Reserve Bank of India responded in May by reiterating the fact that its 2018 circular asking banks to cut ties with crypto businesses, used as a reason for these moves, was invalid. But the country’s crypto bill, which could help to finally clarify matters, is still awaiting the nod from the union cabinet before it can be introduced in Parliament. Despite these issues, Indians are still hungry to join the crypto market. The country ranked second in Chainalysis 2021 Crypto Adoption Index and crypto exchange CoinSwitch Kuber now boasts over 10 million customers.
And finally, just last week we reported on the rise of second-tier coins, including Cosmos. Well, over the weekend, we saw it reach for the stars as its price soared 35%. According to data from CoinMarketCap, that saw the altcoin hitting an all-time high of US$44.54 Monday morning Asia time. It’s the first time the token has crossed the US$40 mark, gaining over 360% percent since mid-July. Now it’s been on a general upward trend after trading between the Cosmos and Ethereum networks was enabled through integration with SifChain in late August. Cosmos was among a handful of tokens that did well during last week’s market pullback. That group, which also included Polkadot and Avalanche, all support smart contracts. Key to note here with smart contracts key to facilitating decentralized finance or DeFi. The race to get money behind an “Ethereum killer” is showing no signs of slowing down.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Cosmos #ATOM #Upbit #P2P #Korea #India #CryptoExchange #Altcoin #Ethereum
---
RECOMMENDED PLAYLISTS:
Word On The Block: https://youtube.com/playlist?list=PLE...
The Daily Forkast: https://youtube.com/playlist?list=PLE...