It’s been a tough week for Ethereum. After transaction fees on the network hit all-time highs, a result of its lack of capacity for scale, attention turned to implementation of Ethereum 2.0, which Vitalik Buterin now “freely admits” poses more challenges than first thought.
As if that wasn’t bad enough, the Ethereum 2.0 testnet went offline, effectively crashing the network with only 5% of users still able to validate blocks on the testnet chain. The technical collapse rounded off the week of bad news for Ethereum, as it continues to struggle against technologically superior competitors.
Ireland has rubber stamped the European Union’s Fifth Anti-Money Laundering Directive, harmonizing domestic law with the rest of Europe on money laundering and terrorism financing provisions. Alongside existing laws, it is thought the measure will have the effect of bringing digital currency companies into line with other financial firms in terms of their compliance obligations.
In a statement, Minister for Justice and Equality, Helen McEntee, said the amendments would give the EU directive a domestic statutory basis for the first time.
“The Minister for Finance has also secured Government Approval to bring forward amendments in respect of the regulation of Virtual Asset Service Providers (VASPs) […] the amendments will ensure that the necessary registration and fitness and probity regime, required by 5AMLD for virtual asset service providers, become statutory requirements.”
Upbit has announced it is expanding into Thailand, after securing a full sweep of four licenses to operate different services in the country. These licenses allow UpBit to act as a cryptocurrency exchange, digital token exchange, digital currency broker, and digital token broker respectively.
The South Korean exchange is the first to secure all four of the Thai licenses, which will allow them to offer the widest possible range of digital asset services in the country.
The sixth installment of the CoinGeek Conference series is right around the corner, with anticipation building for what’s set to be one of the biggest events in this year’s Bitcoin calendar. Drawing in presentations from some of the world’s leading thinkers in blockchain and Bitcoin SV, the virtual event will be broadcasting live from New York’s Manhattan Center and from Kennington Studio in London—and promises to be unmissable.
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