Binance Creating A Combined Stablecoin Market

One of the largest cryptocurrency exchanges in the world is currently creating a unified Stablecoin market.

Aside from the fact that it has already started the initiative, no further information about the new project.

However, Tether (USDT) market has already seen the effect of this initiative as it is already supporting a new name which spells out USD with an Unicode symbol of an encircled S.

According to Binance, the USDT market will be renamed to a combined Stablecoin Market suggesting that the market will also add support to more trading pairs with different stablecoins as a base pair.

Binance reminds its customers that the new market is not a new Stablecoin but is the name of Binance’s new stablecoin market.

Binance seems to be expecting that more stablecoins will be on the way and they would want to be ready when new stablecoins are added.

They are also perhaps anticipating a wave of stablecoins coming from other countries as well like in Europe and Asia.

Since no stable coin can cater for the whole market, it is just logical to think that there will be more of this type of digital asset in the future.

Crypto Valley Of Asia Plans To Attract Japan, Korea and Australia

The Philippine government-owned Cagayan Economic Zone Authority (CEZA) has recently revealed its plans of attracting Japanese, Korean and Australian companies to its Crypto Valley of Asia.

To realize this initiative, the CEZA has partnered with one of its Offshore Virtual Currency Exchange (Ovce) license, Rare Earth Asia Technologies Corporation.

Under this partnership, the company will be CEZA’s sole marketing and technical partner to promote CEZA in three countries mentioned earlier.

According to CEZA, the Crypto Valley of Asia will be marketed as the most ideal investment destination in Asia for Blockchain, cryptocurrencies and financial technology (fintech) companies.

The economic zone will offer clear guidelines and transparency, tax breaks as well as access to a rich talent pool in the field of blockchain and fintech.

Aside from this new initiative the authorities in CEZA has been cracking down on unlicensed crypto firms who has been operating in its jurisdiction without the proper licenses and requirements.

According to reports, representatives of the economic zone has been coordinating with the National Bureau of Investigation as well as the Criminal Investigation and Detection Group to go after the rogue crypto businesses.

Blockchain-Powered Voting In South Korea Soon

It has been reported that South Korea is developing a blockchain-powered voting system in its effort to fight corruption in its voting system.

It has been revealed that this is not the first time the Asian country tried to use blockchain to use blockchain technology. Back in 2013 it was already mulling to use the technology.

However, due to security concerns, the idea was shelved and never garnered public support.

The new blockchain voting system will have superior transparency features as well as more security by incorporating a user authentication mechanism.

With this new system, voters will be able to monitor their vote and general progress.

The Seoul National University’s Blockchain Society and Korea Internet & Security Agency will test run the system for surveys as pilot before its implementation.

No clear indication if there will be a private partner in the initiative however it seems that ICON (ICX,) with its close ties with South Korea’s government is a prime choice to be its partner and incidentally the company has unveiled three blockchain projects it has been working on with local authorities. One of which was a blockchain-powered voting application which incorporates blockchain citizen ID card.

Malaysia Will Get Their Crypto Regulations In The First Quarter 2019

According to local news outlets, Malaysia will have its cryptocurrency and Initial Coin Offering (ICO) in Q1 2019.

The Finance Minister Lim Guan Eng revealed on Wednesday that he has been updated by the country’s Securities and Exchange Commission on the current state of the new rules and is on track to meet the target date.

Malaysia has yet to release a far reaching regulation in the space and have taken a piece meal strategy regulation of its domestic cryptocurrency industry, which started late 2017.

In the meantime to give some guidance to projects, project owners are directed to consult with the country’s central bank as it will issue the decision on financial mechanism.

One of the country’s politician has recommended putting on hold approval for a government-backed cryptocurrency issuance project until the regulations come into force.

It seems that Malaysia is shaping up to be one of the countries which are actively seeking reforms in its legislative branch to ensure that the nascent industry will be able to operate in a regulated environment.

Starting 2019 No More Crypto Mining Subsidies In Mining In Norway

Beginning in 2019, the subsidy crypto mining companies have been enjoying for years now will come to an end.

According to the Norwegian Tax Administration, crypto-related mining will no longer enjoy the discounted electricity tax rate.

The propose change will take into effect January of next year.

According to Lars Haltbrekken who is a representative of the Norwegian legislature the environmental cost associated with mining was the main reason of the Tax changes.

Within the current framework crypto mining firms are taxed similarly to other energy extensive industries in Norway.

Industries with over 0.5 megawatts are qualified for subsidized tax rate of 0.48 ore per kilowatt-hour, which is about 3% of the regular rate of 16.58 ore.

The current electricity rate of Crypto mining firms in the country is massively discounted.

Gjermund Hagesaester, a spokesman for KryptoVault, said that the new tax scheme will spell disaster for the mining industry as well as it will give a very bad signal to foreigners who wish to invest in the country’s crypto industry.

This recent move by the government indicates that the policymakers are also considering the environmental effects of mining.

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