There is little doubt that government authorities, are keeping a close watch on the operation and activities of crypto exchanges. While China might be considered to be rather heavy handed in this regard, other nations are being reasonably logical.
Cryptocurrency is booming, participants today come from all walks of life. Gone are the days when crypto trade was restricted to a small group of tech professionals. We live in a time when cryptocurrency is being used to settle transactions that, would otherwise be fulfilled using cash or bank services. Changes are happening rapidly, this has become even more pronounced as governments start to take a more favorable approach towards crypto.
There are three distinct groups that, are directly related to crypto currency exchanges - one of these is the entity that owns or promotes the exchange. The second group includes, crypto traders who buy and sell crypto through the exchange. The third group of exchange participants consists of crypto promoters. This includes entities like Glitzkoin that, seek to list their crypto (GTN) on the exchange.
It is important to recognize that, all 3 groups are being scrutinized and verified in the process of crypto exchange evaluation. Both new and existing exchanges are being expected to be, more responsible and transparent in their activities. Governments are increasingly making it mandatory, for exchanges operating within the nation to be formally registered.
Crypto traders are being more stringently validated by exchanges. KYC (Know Your Customer) norms, have been strengthened. We are seeing a few nations making it necessary for exchanges, to accept only government issued documents to confirm the KYC process. It is no secret that authorities wish to verify and identify, the human face behind each exchange account.
Glitzkoin has recently gone through the process of listing the GTN token on an additional exchange. It is very clear that exchange listing processes, have become far more detailed, complex and thorough. This when compared to 2018 when, the GTN was first listed and traded.
The end result of the entire process of formalizing and streamlining the operation of crypto exchanges, would be to bring responsibility and traceability to the industry. This would increase security and boost investor confidence. Governments are looking at ways to formulate, laws related to crypto taxation. This would be inevitable as crypto is gradually, being used to settle monetary transactions and also to accumulate wealth.
Glitzkoin has consistently supported a legal framework that, would make the crypto industry safe and secure. This includes legislation that could track, trace and punish crypto criminals and scammers. It is true that scams have been exposed in all three groups that we mentioned above - it is time that crypto stakeholders take responsibility for their actions.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]