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Ethereum third-party wallet app MyEtherWallet (MEW) has inked a partnership deal with Unstoppable Domains — a blockchain domain platform — to become a reseller of .crypto domains.
MEW to Roll-out .crypto Domain to 1M Monthly Users
According to a press release issued on Thursday (April 23, 2020), the partnership sees Unstoppable Domains integrating with MEW. As part of the collaboration, MEW can now offer .crypto domains to its over one million monthly active users.
The .crypto domain registry allows for easy connection of cryptocurrency addresses to the .crypto domain and has been hailed by the likes of billionaire VC Tim Draper as being the future of virtual currency payments, replacing wallet addresses.
Copying and pasting crypto wallet text strings apart from being cumbersome and creating room for costly mistakes and is also an attack vector for clipboard attacks. Rogue actors have introduced malware that can corrupt clipboards, replacing the wallet addresses of users with their target addresses.
With .crypto domains, human-readable cryptocurrency addresses can become possible which opens up possibilities for mainstream adoption of virtual currencies. The perceived technical nature of crypto transactions continues to be cited as a major stumbling block for more broad-based utilization of cryptocurrencies in everyday life.
Commenting on the importance of the partnership, MEW COO, Brian Norton remarked:
“MyEtherWallet has long served as a portal to the world of DeFi through DApps like MakerDAO and Aave. As an Unstoppable Domains .crypto registrar, we are also giving users an easy option for engaging with the decentralized web.”
For Brad Kam, co-founder of Unstoppable Domains, the partnership with MEW opens up the way for wallets to become more than crypto storage apps. According to Kam, .crypto domains can enable wallets to become channels via which cryptocurrency users can access products and services in the broader blockchain technology space.
Increasing Focus on Censorship-resistant Crypto Industry
The potential roll-out of .crypto domains to one million monthly active MEW users could also be a positive development for the move towards ensuring robust censorship-resistance. Websites hosted on blockchain domains like .crypto cannot be stored or seized by the authorities and requires no pre-approval from organizations like the Internet Corporation for Assigned Names and Numbers (ICANN).
With the crypto and blockchain industry becoming increasingly under scrutiny, decentralization of the internet might be the way for the burgeoning market to blossom without undue interference from centralized authorities.
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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.
