The Blockchain Island of Malta, the popular crypto hub island where many crypto businesses moved their headquarters because of the good regulation climate is slowly falling short of the mark. In the blockchain news today, we try to find out why is this the case.
According to blockchain expert Steve Tendon, the small country is no longer a Blockchain Island. He claims that Malta totally missed the point of the power cryptocurrencies have. The major opportunity that the island didn’t take was because they forced companies to put down the physical presence on the shores of the country. Tendon was a part of an integral part of the Malta Blockchain Task Force and even advised the minister of the country to implement a blockchain strategy.
He was very enthusiastic at the start about the potential of cryptocurrencies and how they can change the world as Malta was doing at the beginning. However, after he saw that the country fell into the trap of following the model for success, he became disengaged. He has since went on to pursue new projects and placed all of his attention to Marshal Island’s SOV trying to really show the true potential blockchain has. He explained:
‘’Truly encapsulates the “blockchain island” problem: a situation of extreme isolation and an urgent need to forge connections — connections which are not rooted in the constraints of geography, space, and physical resources,’’
Tendon explained that the Blockchain Island of Malta had a plan to create an entirely virtual jurisdiction which could serve to connect the cryptocurrencies and blockchain technology to the reset of the global financial system. This was a very strong move that Malta was unwilling to take at the end. Cryptocurrencies have many advantages when it comes to sending cross-border payments and this is only a scratch on the surface. The technology as he explained, means that we can obtain digital identity management and we can even automate the number of tasks that have organizational and jurisdictional boundaries. The advantages are really to compelling to ignore but they are however too different from everything that has ever come before and it is hard to agree on their integration in the existing economic and legal systems as per the analysis in the crypto news.
TikTok Owner Launches Blockchain Venture With Chinese Media Group
"A unit of ByteDance has 49% of the new firm, which has registered capital of 10 million yuan ($1.4 million); Shanghai Dongfang Newspaper Co. owns the rest, according to a statement on the National Enterprise Credit Information Publicity System, an official business registration website," the publication wrote.As they show, the joint venture was launched in the capital of eastern China - specifically the Shandong province Jinan - on December 10. There was a registered capital of 10 million yuan ($1.43 million) where ByteDance owns 49% and the rest of the venture is owned by the Chinese media group.Meanwhile, TikTok is a giant and a social network with more than 500 million monthly active users. As such, it is the second most downloaded app in the Apple App Store in the United States. The short video feed is completely managed by a purpose-built AI which predicts and delivers content that the user will likely prefer.Even though it is still not clear how the TikTok owner ByteDance could benefit from the blockchain technology, a possible use case shows that the collaboration might extend to digital media data verification. For instance, the US law enforcement Axon Enterprise aims to test blockchain for its body cameras and fight deepfake AI-generated videos.Meanwhile, recent reports in the blockchain news today show that the technology is rapidly maturing and seeing wide adoption in China. As we reported before, earlier this month the Bank of China issued 20 billion yuan ($2.8 billion) in blockchain financial bonds as reports showed. China is also expected to conduct the first real world test of its central bank digital currency in the near future.All in all, TikTok is a major player and since it taps into a technology like blockchain, we can expect many new developments and potential use cases for the tech that is backing cryptocurrencies like Bitcoin in the future.
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‘’Chainalysis is a top-of-the-line, comprehensive and privacy-safe compliance solution aligned with what we were seeking to keep bad actors off of our platform, while protecting the privacy of our users.’’The solution does not include information about the users’ ID which is kept strictly in-hour. The company noted they are very excited to work alongside the Chainalysis team and to build a safe and robust platform for the users. The transaction tracking has been done voluntarily but it seems limited. The exchanges have ended up liquidating coins that originated from hacks or other malicious activities and there are a lot of unknown wallets where funds from Ponzi Schemes reside.Bitfinex has left its spot as a top exchange and does not carry a lot of amounts as the activity tanked by 97 percent but the operator remained prominent and is concerned about transparency.
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