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2020. Ethereum is looking to move away from mining (Proof of Work) and implement a system using Staking (Proof of Stake). Instead of investing in expensive equipment to mine, you become a validator and place at least 32 ETH into this form of validation, ultimately validating blocks and earning you a fee for staking the ETH.
During a Feb. 6 “Ask Me Anything” session on Reddit with Ethereum network developers, the ETH 2.0 team explained that the network upgrade will not go live until three clients can safely operate testnets for at least eight weeks.
During the session, ETH 2.0 researcher Justin Drake said, “I have 95% confidence we will launch in 2020.” ETH 2.0 will transition the network from proof-of-work to proof-of-stake, and instead of maintaining mining rigs, block validators will be required to stake 32 ETH in order to stake on the network.
The network upgrade could have the early impact of increasing demand for ETH, and it’s possible that miners and investors looking to gain a 5% to 18% staking reward could be accumulating ETH and in anticipation of the ETH 2.0 launch.
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The amendment to the Special Financial Reporting Act, which regulates the cryptocurrency exchange information system, passed the plenary session on the 5th National Assembly. This means the full legalizations of cryptocurrencies in South Korea. However, a restructuring of the blockchain industry is expected due to the large number of small and medium-sized exchanges that do not meet the reporting requirements.
The National Assembly held a plenary session this afternoon and decided to revise the special law that passed the judiciary committee the day before according to Coindesk Korea. It has been two years since Representative Je Yun-kyung and the Democratic Party’s representatives were launched in March 2018 under the Financial Services Commission’s legislation.
Anti-money laundering obligations to exchanges
The revised special law is mainly to grant anti-money laundering (AML) and terrorist financing (CFT) obligations to virtual asset providers (VASPs) such as cryptocurrency exchanges.
Under the Special Act, a virtual asset business operator must report to the Financial Services Bureau of Financial Information Analysis (FIU) with a verified real name, assigned to a single bank account that can be used for deposits and withdrawals to the crypto exchange. Also, the operator should obtain the Information Security Management System (ISMS) certification.
The guidelines introduced by the FTC in 2018, forces exchanges and their users to use the same bank when depositing and withdrawing money into cryptocurrency exchanges. Currently, only four major exchanges (Upbit, Bithumb, Coin-One, Cobit) have signed this service agreement with banks.
The ISMS certification is a system that the Korea Internet Security Agency (KISA) certifies that a company can secure key information assets. Depending on the size of the exchange, certification is expected to cost several hundred million units and take more than six months. Now, all exchanges have 6 months to comply with the new regulation or risk to be shut down.
Blockchain Industry Restructuring
The amendment to the Special Reporting Law means that the cryptocurrency will be fully legal in South Korea. The cryptocurrency industry, which was in the gray zone, was first regulated by law. In the meantime, there were no regulations so anyone could make a cryptocurrency exchange business as if they were creating an Internet homepage. As a result, the market has been mass-producing victims due to constant market-related events such as price manipulation, insider trading, and so-called pump and dump schemes.
Revision of the Special Act will reduce investors’ damage through market consolidation, but at the same time, the restructuring of the blockchain industry is expected to proceed. If the bank does not add a ‘real name withdraw and deposit account service’ contract as the Financial Services Commission notices, the domestic crypto market may have only four major exchanges. An ISMS certification and an IT system for future tax filing are also possible only with exchanges with sufficient capital.
The amendment, which passed the plenary session of the National Assembly, shall be promulgated by the President within 15 days of being transferred to the government. The amendment shall take effect one year after the date of promulgation. Existing virtual asset operators operating must report within six months of implementation. Existing cryptocurrency exchanges should have a ‘real name verification deposit and withdrawal account service’ and ISMS certification until about September 2021.
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For the Commercial Court of Nanterre, bitcoin is a fungible intangible asset. An important decision that should facilitate bitcoin operations and ensure better market liquidity.
Court decisions concerning cryptocurrencies are so rare that they deserve attention in a universe in the process of regulation. But the decision of the Commercial Court of Nanterre, dated February 26, and revealed by “L’Agefi”, is the first in France, reports LesEchos. Above all, it allows to qualify the legal nature of bitcoin, the most famous and oldest cryptocurrency.
Indeed, the court considers bitcoin as a fungible intangible asset, which is legal as an interchangeable good, but not individualizable like fiat money.
“The scope of this decision is considerable because it allows bitcoin to be treated like money or other financial instruments. It will therefore facilitate bitcoin transactions, such as lending or repo transactions, which are growing, and thus favor the liquidity of the cryptocurrency market , ” says Hubert de Vauplane, lawyer specializing in Kramer & Levin.
This decision was taken in the context of a dispute between the French exchange platform Paymium and the English alternative investment company BitSpread. In summary, Paymium loaned 1,000 bitcoins to BitSpread in 2014, before the hard fork of bitcoin in 2017, which resulted in the new cryptocurrency, Bitcoin Cash, at a one-to-one parity. The reason for the dispute is whether the borrower should return to the lender the bitcoin cash created by the fork.
The Legal nature of bitcoin
To answer this question, the Tribunal, therefore, considered the legal nature of bitcoin. The Covenant Law has above all given a status to cryptocurrency players. Once judges have considered bitcoin as a fungible asset, in other words, like money, bitcoin lending falls under the “consumer loan” (not to be confused with consumer credit), which transfers ownership property loaned to the borrower during the term of the loan. And so, the bitcoins Cash belongs to the borrower, like the dividend to the shareholder, considers the Court.
Some cryptocurrency players do not share this analysis and consider the fork more as a destruction of value. Today, bitcoin is worth more than $9,140 and bitcoin Cash $340 at the time of writting. Now all loan contracts will be accompanied by a return clause to the lender in the event of a fork. The question of the possession of rights between debtors and creditors before and after the split undoubtedly promises great legal battles.
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