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Revolut allowed users to buy bitcoins – but there is a catch

The British FINTECH startup Revolut with Russian roots has opened up to the owners of standard accounts access to the purchase of Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP. However, users soon noticed that working with digital assets is limited. As one of the readers told ForkLog magazine, no operations except for buying, exchanging Fiat for cryptocurrency and sending it to another Revolut user are not available. “Nor can […]

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The British FINTECH startup Revolut with Russian roots has opened up to the owners of standard accounts access to the purchase of Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP. However, users soon noticed that working with digital assets is limited.

As one of the readers told BlockchainJournal, no operations except for buying, exchanging Fiat for cryptocurrency and sending it to another Revolut user are not available.

“It is also impossible to send a crypt to other cryptographs. Fiat exchanges are made through the exchanges of their companions, and for this in Revolut they take 1.5%, " he wrote

But the main concern of the reader was the fact that private keys for access to cryptocurrency are stored in a kind of “purse owned by the site.”

Revolut's public relations manager, Kieran Wiley, in a BlockchainJournal comment confirmed that the platform currently does not support the transfer of cryptocurrency beyond its limits, for example, to external wallets. Nor did he refute the amount of the commission.

“Our rate is based on data from cryptocurrency exchanges, with which we cooperate, plus a 1.5% margin to account for volatility,” he added.

Answering the security question, Wiley noted that Revolut is not yet releasing individual wallets.

“After the purchase, the cryptocurrency is securely stored in the“ virtual ”pool account, combining hot and cold wallets. This is a repository of private key virtual currency. We have our own internal accounting book in which your risk is recorded, which is reflected in the cryptocurrency account in the Revolut application, ”said a company representative.

The standard account type on Revolut provides the user with free access to the platform services: a current account in the UK and an international IBAN account number in euros. In a month, a client can exchange up to 5,000 pounds sterling ($ 6,640) and withdraw up to 200 pounds sterling ($ 265) without commission. Now added to them and work with digital assets.

Recall that in February, representatives of Revolut reported on the recruitment of a hacker team to crack their own system. Thus, the company intends to identify the vulnerabilities of its IT system.

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US SEC Commission: Some Stablecoins May Be Recognized to Securities

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According to Valery Schepanik, senior consultant for digital assets of the United States Securities and Exchange Commission (SEC), the norms of securities legislation may apply to certain types of glasscoins . Reported Decrypt .

According to Shchepanik’s classification, one stablecoin can be tied to real assets like gold or real estate, the other to fiat currency, and the third to use various “financial mechanisms that support price stability.” It is the third category, in its opinion, that can become the object of close attention of the regulator.

“I came across steyblokinoy, the value of which controls a certain pricing mechanism associated with the emission, creation or redemption of another type of digital assets tied to them. Or, it is supported by control over the ratio of supply and demand in order to keep prices in a certain range , ”said the SEC representative.

According to her, if the central side controls the steakblock's price volatility, or if the buyer is promised a guaranteed income or a controlled price, such an asset can be recognized as a security.

She noted that the agency applies equally to all cryptocurrency projects. Shchepanik also emphasized that companies should contact the agency for consultation before the release of the token , and not after:

“We would prefer that people turn to us for permission or advice before they do something, rather than do something first, and then come to ask for forgiveness.”

Publication date 18.03.2019
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Japan will consolidate the rules for cryptocurrency in the category of "cryptographic assets"

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The Cabinet of Ministers of Japan proposed amendments to the laws “On Financial Instruments and Exchanges” and “On Financial Settlements”. Thus, it is planned to consolidate a number of norms regulating the market for digital assets.

The Law “On Financial Instruments and Exchanges” is aimed at ensuring the transparency of markets and the safety of investors. It contains clear requirements for operations with derivatives and securities.

Several points may be added to Japanese law.

So, it is proposed to make cryptocurrency in a separate category – “cryptographic assets”. This is consistent with the definition adopted by the G-20 countries. Companies that deal with their exchange will receive the status of "agents for the exchange of cryptographic assets."

Cryptocurrency exchanges may be required to keep clients' funds in cold wallets. If for these purposes it is necessary to use the infrastructure that is connected to the Internet, then the assets should be provided with their own funds of the exchange.

Margin trading of digital assets is proposed to regulate by analogy with the markets of foreign currencies.

"In addition, cryptocurrency companies can prohibit the use of promotional materials that encourage speculation and indulge in dishonest practices (price manipulation, insider trading, etc.)."

Publication date 18.03.2019
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Ledger Nano S Wallet Receives Certificate of the French Cyber Security Agency

Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI). Ledger is proud to announce that it is a wallet! The obtained CSPN certificate shows a third-party assessment of security, rather than taking our word for it. Read more here: https://t.co/PYrRcFt15u#DontTrustVerify […]

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Ledger Nano S was the first hardware cryptograph certified by the French Information Systems Security Agency (ANSSI).

As noted in the company's blog, the process of obtaining the first level of a security certificate involves evaluating a product according to several criteria, including "firewall, identification, authentication and access, security of communications and embedded software."

“We are proud to announce that ANSSI has passed independent certification ,” said Ledger CEO Eric Larshevek. “ For Ledger, safety is paramount.”

He also promised that his company would make an effort to certify the rest of its products.

Recall, recently the French manufacturer of hardware wallets Ledger reported vulnerabilities from its competitor Trezor.

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Name Price24H (%)
Bitcoin (BTC)
$3,992.48
-0.04%
Ethereum (ETH)
$138.05
-0.87%
XRP (XRP)
$0.313439
-0.96%
Bitcoin Cash (BCH)
$159.51
1.80%
EOS (EOS)
$3.71
-1.15%
Stellar (XLM)
$0.115972
6.89%
Litecoin (LTC)
$59.37
-2.44%
Cardano (ADA)
$0.049753
-0.70%
Tether (USDT)
$1.00
0.04%
Monero (XMR)
$51.55
-1.82%
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