TRON Arcade Begins a New Investment Partnership With Gumi Cryptos

The gaming investment arm of The Tron Foundation, Tron Arcade announced that it is partnering with gumi Cryptos to co-invest in blockchain based games.

Gumi Cryptos is a $30 million blockchain/cryptocurrency fund, and together with Tron they will find projects that are using blockchain to transform the way games are “created and enjoyed.”

What Is gumi Cryptos?

Founded by gumi Inc, gumi Cryptos is a gaming company in Japan that will be working with Tron to leverage each others experience in gaming and blockchain.

Miko Matsumura, the general partner at the publicly traded company, said:

“Gamers are often the first adopters of any new technology. Although gumi Cryptos is not solely a game fund, we are happy to co-invest with TRON Arcade on startups best positioned to benefit from our Japan market-entry services and strong networks in gaming as well as TRON’s platform and distribution channels.”

Tron’s head of business development Roy Liu said that it was great that a leader in traditional gaming is interested in the emerging blockchain gaming.

Liu added:

“We both believe blockchain gaming will lead to the next wave of adoption for the nascent technology. There’s a good chance that the first ‘killer’ gaming Dapp will be the mass market use case that everyone is searching for.”

Tron’s Proficiency in Blockchain Gaming

Liu highlighted that Tron Arcade, along with its partners, will leverage their available resources and network to build improved use cases in blockchain.

Tron Arcade’s, Liu said they would permit developers to “let their imaginations run wild and build the games of tomorrow for a hungry audience.”

Millions of users and a high degree of scalability has helped Tron acquire some games and Dapps from the Ethereum blockchain.

Blockchain Cuties, Bitizens, and Everdragons are few games that are already finding Tron to be a better home than the Ethereum blockchain.

Tron Arcade, a $100 million gaming fund from Tron, is dedicated to helping developers develop games on the Tron network and unleash the potential of the blockchain gaming.


Source
Author: Viraj Shah
Image Credit

Japanese Prosecutors Want Former Mt Gox CEO Jailed for 10 Years

The former CEO of the now-defunct bitcoin exchange Mt Gox, Mark Karpeles, could face up to decade in prison if prosecutors have their way.

According to the Nikkei Asian Review, prosecutors are seeking a 10-year jail term for Mark Karpeles for embezzlement. Among the claims made by prosecutors at the Tokyo District Court include the fact that Karpeles diverted company funds to other ventures and is also responsible for ‘destroying the confidence of bitcoin users’.

Per the prosecutors, Karpeles embezzled 340 million yen (approximately US$3 million) of client funds which had been deposited in a bank count belonging to the fallen bitcoin exchange. Karpeles is alleged to have transferred the funds in 2013 between September and December. The prosecutors also accuse Karpeles of manipulating the trading system of Mt Gox with a view of padding the balance.

‘Temporary Loan’

In the course of the trial, Karpelese has insisted that he did not embezzle funds but rather the money transferred was a temporary loan. But according to the prosecutors there was no paperwork to prove Karpeles’ claim:

“There was no documentation of loans and there was no intention of paying back”

At the start of the trial last year in July, Karpeles denied the charges of data manipulation and embezzlement proclaiming ‘I swear to God I am not guilty’ in a statement as CCN reported at the time.

Then Karpelese argued that the funds he had allegedly embezzled were not client funds but revenue generated by the defunct bitcoin exchange. Karpeles blamed the loss of the estimated 850,000 bitcoins to hacking. The loss of the bitcoins led to the collapse of the exchange in February 2014.

Tech Investment, Canopy Bed and Call Girls

Some of the ventures the prosecutors alleged Karpeles had transferred the misappropriated funds to included a 3D printer business which the ex-CEO of Mt Gox purchased for an estimated 315 million yen. Karpeles is also alleged to have used 6 million yen to purchase a canopy bed. Additionally, karpeles was in 2015 accused of spending an unspecified amount on prostitutes.

Karpeles’ legal troubles are not limited to Japan though. In the United States, a lawsuit was filed against Karpeles several months ago by former clients of the defunct bitcoin exchange. However, through his lawyers Karpeles has argued that a U.S. court has no personal jurisdiction and therefore the lawsuit ought to be dismissed:

“Mr. Karpeles expressly asserts that this Court lacks personal jurisdiction over him and preserves this objection and argument for all purposes…Because this Court lacks personal jurisdiction over Mr. Karpeles, this proceeding against him must be dismissed with no further actions taken, including but not limited to the entry of any default,” a motion to dismiss the lawsuit read as CCN reported four months ago.

A determination is yet to be made by the U.S. court on the fate of the lawsuit.

 


Source
Author: Mark Emem
Image Credit

Japan is experimenting with a blockchain-powered voting system – Tsukuba will host the trial

Japan is the latest country to consider using blockchain for voting. Tsukuba is set to become the country’s first city to trial blockchain-powered digital voting.

The system will rely on the Japanese equivalent of social security cards to verify voter identity. Currently, the solution is being used to allow citizens to cast votes on “social contribution projects,” the Japan Times reports.

The system does not sound too dissimilar to conventional voting. However, rather than placing a mark against a relevant response for a vote and placing the ballot card in a secure box, voters will place their votes on a screen.

The system will use blockchain tech to prevent falsifying any of the data recorded, according to the Japan Times.

After placing a vote using the system, Tsukuba Mayor Tatsuo Igarashi said he “had thought it would involve more complicated procedures, but I found that it’s minimal and easy.”

Despite this, the rollout has not been as smooth as city officials had perhaps hoped.

The Japan Times stated that a number of voters forgot their passwords, as such they would have been unable to cast a vote. Furthermore, it was apparently difficult to also tell whether or not a vote had indeed been counted. Not that that’s crucial in this scenario…

It remains unclear if there are any additional safeguards against voter fraud, in Tsukuba’s trial of the tech. As the voter simply holds up a social security card to the screen before voting, there is no knowing if the voter is required to provide evidence that they are in fact using their own card.

West Virginia has also trialed a blockchain based voting app which allowed military personal to cast votes on local elections, opting for facial recognition to verify the voter. We already know this isn’t always a watertight method of verifying identity.


Source
Author: Matthew Beedham
Image Credit

Japan Unveils “Simplified” Crypto Tax System

Japan’s National Tax Agency (NTA) has unveiled plans to change the way cryptocurrency investors pay tax on their earnings – and claims “simplification” is the guiding principle behind its reforms.



The changes had been mooted for some time, and the country’s finance minister Taro Aso hinted at the possibility of tax reform in a speech made last month. Cryptocurrency-related earnings will continue to be classified as “miscellaneous income,” however, despite speculation that the NTA would change the way crypto investors were required to file their earnings.

Per media outlet Sankei Biz, the NTA consulted with the regulatory Financial Services Agency, the Japan Blockchain Association and Japanese cryptocurrency-related businesses on its new system, which makes use of software that automatically calculates earnings and losses.

The NTA says its new system not only helps calculate payable tax, but also provides a quicker and easier way for investors to file taxes, doing away with confusing paperwork. The NTA says its solution will be of particular benefit to tech companies operating in the cryptocurrency sphere.

The announcement also contained good news for small-scale investors. The agency confirmed that only those with cryptocurrency-related earnings exceeding 200,000 yen (around USD 1,780) in the January 2018-December 2018 period will be required to pay and file tax returns.

The agency says that its changes were made with the objective of “easing the burden” on the country’s cryptocurrency investors and fintech enterprises.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Tim Alper
Image Credit: iStock/baona

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Japan’s Next Economic Boom Will Be Bitcoin And Blockchain Fuelled

Japan’s economy — which for years has struggled to return to its 1980’s growth levels — could be about to boom once again, thanks to bitcoin, cryptocurrency and blockchain technology.



At the Japan Blockchain Conference this week in Tokyo (the first of what’s expected to become a yearly event) the chief executive of financial services giant SBI Holdings Yoshitaka Kitao said he is betting that blockchain related technologies will fuel the next boom for the Japanese economy after decades of economic malaise.

In the 1970s, Japan had the world’s second-largest GDP after the U.S. and this boom continued through to the 1980s. However, by the early 1990s Japan’s economy had stalled, plunging the country into what has been called the “lost decade” of growth.

It has previously been suggested Japan’s economy could be kick-started by a “technological boom.”

bitcoin blockchain japan economy

Improved mobile connectivity through the long-awaited 5G technology, along with the Internet of Things (IoT), rapid increases in computing power and artificial intelligence, could combine to trigger an economic boom, in which Japan is well placed to lead the way.

SBI is investing in companies in Japan and across east Asia through its $460 million so-called AI & Blockchain Fund, established earlier this year.

“We want to take blockchain beyond financial,” Yoshitaka Kitao said. “There’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses.”

Yoshitaka expects this boom to happen within the next few years and has been steering SBI towards blockchain and cryptocurrencies as a result.

Earlier this year it was revealed SBI is planning to launch a cryptocurrency exchange this summer and has also invested in a renewable energy wind farm to begin mining Bitcoin Cash — which Yoshitaka believes is more viable than the original bitcoin.

“Bitcoin is too expensive and people are just holding it and hoping it increase in value,” said Yoshitaka.



Aaron McDonald, the chief executive of decentralised app marketplace Centrality (which closed a $80 million initial coin offering (ICO) earlier this year), expects Japan and east Asia to be the core driver of global bitcoin, cryptocurrency, and blockchain adoption.

New Zealand-based Centrality’s ICO was predominantly bought by investors from Japan, where one third of adults have used a cryptocurrency wallet.

“We’re focused on the region because people in Japan are far further ahead than the rest of the world when it comes to blockchain and crytocurrencies,” said McDonald, who agrees the blockchain boom is just a few years away.

Tezuka Mitsuru, the chief executive of blockchain investment advisory company CTIA, one of Centrality’s major investors, said: “If blockchain is integrated into the Japanese market it will be a great tool and prevent the market from declining.”

 

 

This week it was announced Centrality has secured a partnership with China tech giant InfiniVision and Japan-based Jasmy — founded by the former president of the Sony Corporation.

However, there are fears heavy-handed regulation could suffocate the blockchain and cryptocurrency industry in Japan, with the government clamping down on crypto exchanges earlier this year in the wake of a number of high-profile thefts.

Fears of a global regulatory crackdown have contributed to a sharp fall in the bitcoin price in 2018, after a rapid rise last year.

The likes of illegal ICOs, money laundering, tax evasion, thefts, exchange outages, excessive speculation have all become a worry for regulators this year.

While Japan has broadly chosen a more accommodating approach to blockchain and cryptocurrencies, last year introducing a law that resulted in 16 licensed trading venues, in early March it also cracked down, penalizing six exchanges and telling another to revise its management structure among other changes.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
Source
Author: Billy Bambrough
Image Credit
Image Credit

Big in Japan: The Latest Crypto-Push For Bitcoin and Ripple

Crypto is big in Japan, which has been a hotbed for crypto-buzz and it looks like this momentum is set to soar. In fact, the country just passed a landmark law in April, dubbed the Payment and Services Act. This was due to numerous crypto-scandals and regulation crack-downs. The new law decisively recognized cryptocurrencies as a legitimate payment method, which is big news for the industry. Since that tipping point, Japan has been gradually easing regulations as part of a wider push to inspire more exchanges to clean up their act and cultivate compliant crypto-startups.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions


Using CoinWatch we tracked the status of two top coins over the last week, Bitcoin (BTC) and Ripple (XRP). While the bears had sent its value plummeting to $7,118 on May 28, the coin is now trading back up at $7,714. Similarly, Ripple had plunged $0.55 on May 28, but has now soared back to $0.68.

Coinbase Expands to the Japanese Market

As part of its strategy to “accelerate the global adoption of cryptocurrency,” leading digital exchange Coinbase has unveiled its first flagship office in Japan. This is to ensure “buying and using Bitcoin is as easy as possible.” As Bitcoin will now become more accessible to the Japanese market, the launch should provide big momentum for the coin.

Amidst the recent scams and investigations, Coinbase has vowed to “remain compliant with local laws and regulations.” Coinbase assures that it has been working with the Japanese Financial Services Agency (FSA) and is laying the foundations to ease the transition and make the platform accessible, translatable and seamless to use.

The new push in Japan will be fronted by Nao Kitazawa, a Board member of the FinTech Association of Japan. Kitazawa will be in charge of a new in-country team and emphasized how the launch will lay a “great foundation to successfully push into the largest cryptocurrency market in the world.” It seems the new office is the first stop on the call for expansion, so time will tell if this leads to more developments for Coinbase throughout Japan and further afield into Asia.

Don’t forget to join our Telegram channel for Crypto, Business & Technolgy news delivered to you daily

SBI Cryptocurrency Exchange Goes Live in Japan

In another big push for the industry, Japanese financial giant SBI Holdings has announced the launch of its brand new crypto exchange. Branded as ‘VcTrade,’ SBI Holdings officially announced “the availability of the new virtual currency exchange” earlier this week. The service has been piloted to 20,000 users so far, but the company plans to roll out the full launch for all customers next month.

SBI also affirmed that the new exchange will have “the industry’s narrowest spreads level” and will handle the major virtual currencies “first of all, we deal with XRP, [then] sequentially, bitcoin (BTC), [and] bitcoin cash (BCH).” To coincide with the full launch next month, SBI Holdings also plans to scale its services to add two extra digital currencies.

The focus on Ripple (XRP) should be good news for the coin, and may be the result of a recent SBI partnership with Ripple. This led to the establishment of Ripple Asia, a company which uses Ripple technology to power cross-payment transfers for banks across Asia, including Japan, Taiwan, Korea.

The new SBI exchange is the latest in a series of crypto ventures for the company. SBI has previously forged partnerships with bitcoin exchange bitflyer and has stakes in crypto wallet manufacturer CoolBItX.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author TipRanks 
Image Credit 

Japanese corporation begins offering loans secured by Cryptocurrency

New Loan Program

An established Japanese corporation has begun offering loans secured by cryptocurrency.

The company says this is the first service in Japan where loans in Japanese yen can be obtained with cryptocurrency as collateral.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions


Abic Corporation announced Friday the launch of its bitcoin loan service. “From June 1, we offer loans with virtual currency bitcoin (BTC) as collateral,” the company’s announcement reads.

Founded in 1973 and headquartered in Tokyo, Abic Corporation offers a broad range of secured loan products including commercial and real estate loans.

“In Europe and the United States, services that provide ICOs [Initial Coin Offerings] and loans are increasing, with virtual currency as collateral such as bitcoins,” the company wrote, elaborating:

“Bitcoin secured loan is a service where [customers] can receive loans using bitcoin as collateral as its name implies, but it is Japan’s first service to receive [crypto-secured] loans in Japanese yen.”

One major benefit of obtaining this type of loan is that, in Japan, “In the case of individuals, if you sell your own virtual currency, the [capital] gains on that sale will be miscellaneous income and will be subject to progressive taxation,” the company explained.

This tax can be as high as 55%.

Emphasizing that its crypto secured loans give customers access to funds without having to sell their crypto, the company urges customers to use its crypto secured loans “for a wide range of purposes such as new virtual currency purchases, [and] tax payments.”

Recently, news.Bitcoin.com reported on Japan’s National Tax Agency revealing that 331 taxpayers with 100 million yen (~US$914,000) or more in miscellaneous income, excluding pension income, declared cryptocurrencies in the year 2017.

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily

Loan Terms

The crypto secured loans by Abic Corporation are available for both businesses and individuals. The loan amounts are between 2 million (~US$18,260) and 1 billion yen (~$9.13 million) with annual interest rates ranging from 2.98% to 15.0%.

Customers can borrow for a period of between one month and five years. Loans can be repaid in up to 60 instalments with no prepayment fee. The delinquency charge is 20% annually.

The company detailed:

We will keep your [cryptocurrency] deposit and set the pledge…As a general rule, pledges are set in the virtual currency of the collateral, but it is possible to sell as soon as the market price rises.

Furthermore, the company assured that while holding bitcoins as collateral, customers will still receive any forked coins that may split off during that time. “Even if you receive loans with bitcoins as collateral, there is no worry that the right in division will be lost,” Abic reiterated. This week it was reported that a group of lawyers preparing a class action lawsuit against crypto exchanges in Japan that do not grant their customers their forked coins.

What do you think of crypto-secured loans?


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Kevin Helms
Image Credit

Japan’s FSA Outlines New Five-Point Criteria for Cryptocurrency Exchange Regulations

In a bid to circumvent digital currency heists going forward, Japan’s Financial Services Agency is going to implement stricter guidelines for cryptocurrency exchanges, according to Nikkei Asian Review.

The move follows the major security breach at Coincheck in which the company lost nearly $530 million in NEM tokens to hackers.

Under the new guidelines, exchange operators registering with the authorities would have to meet five criteria:

First, exchanges would now be subject to stricter system management requirements. They would not be allowed to store currency in internet-connected computer. Also, exchanges would be required to set multiple passwords for currency transfers.

Second, exchanges would have to ramp up their efforts to prevent money laundering activities. This includes customer verification, particularly for large transfers.

Third, exchanges would have to run checks on customer account balances multiple times a day to detect signs of any unauthorized diversions. They would also be required to have appropriate rules prohibiting their officers from using client funds.

Fourth, the FSA is also planning to impose restrictions on the kind of cryptocurrencies allowed at these registered crypto exchanges. It will ban those cryptocurrencies that offer a high level of anonymity and used for money laundering activities.

Fifth, exchanges would be subject to stricter internal regulations – they would need to separate shareholders from management, as well as separate system development roles from asset management roles to prevent employees from rigging the system.

The new rules go beyond documentation and will involve on-site visits from officials as well. After reviewing registration applications from exchanges, the FSA will send inspectors to those that pass the initial screening.

The new five-point framework is expected to be implemented when the FSA begins accepting new registration applications again, expected this summer. Existing operators would also be required to meet these requirements.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Econotimes
Image Credit  

 

16 Regulated Crypto Exchanges Unveil Plans to Restore Public Trust in Japan

The new Japanese cryptocurrency association comprising of sixteen government-approved exchanges debuted on Monday. The group has unveiled its plans to spearhead self-regulation in order to rebuild the public’s trust in the crypto industry.

New Japanese Association Debuts

Sixteen fully-licensed cryptocurrency exchanges in Japan have formally launched a new crypto association. The group held a press conference on Monday to detail its plans for self-regulation “in order to rebuild public trust battered by a high-profile theft,” Nikkei reported. “The organization is expected to release trading and disclosure rules this summer,” the news outlet elaborated, adding that the group “plans to open its doors to those operating provisionally while the government watchdog reviews their applications.”

The founding exchange members are Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, FTT Corporation, Bitocean, Fisco Virtual Currency, Tech Bureau, and Xtheta.

The group also held its first board of directors meeting and chose its key executives. President of foreign exchange platform provider Money Partners Group, Taizen Okuyama, was appointed the chief of the new organization. The publication quoted him declaring:

We’ll pursue self-regulation to further the market’s healthy development and allay uncertainty among cryptocurrency users.

Three Priorities Named

The group will focus on three priorities, the news outlet detailed. The first, as expressed by Okuyama, is the protection of customers. While the Japanese law “requires exchanges to manage customer assets separately from their own,” he admitted that “such a standard is a matter of course for securities firms and foreign exchange brokerages. Compliance has been patchier among cryptocurrency exchanges.”

Another priority is to ensure “an orderly rule-making process,” he described, citing as an example the issue of “leverage limits for margin trading and management of insider information, including what currencies a given exchange plans to start supporting.”

The third priority is “improving disclosure.” The CEO of Money Partners Group explained, as conveyed by Nikkei: “exchanges rarely provide statistics such as total accounts and assets, leaving consumers with too little information to choose one over another. Online brokerages, by contrast, release this data monthly.”

The group aims to establish a system for timely disclosure, the news outlet detailed, noting that the country’s financial regulator, the Financial Services Agency (FSA), “applauded the group’s creation as a welcome, if overdue, move toward reform.”

Furthermore, Okuyama said that the association will leave the regulation of initial coin offerings (ICOs) to the judgment of an FSA study group.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Kevin Helms
Image Credit