News about crypto legislation has been coming on and off. What has been seen so far is about, individual nations framing their own crypto laws. While it does sound fair that, each country stresses on its specific requirements – cryptocurrency activities often have global implications. Confining crypto legislation to geographical boundaries when, they are meant to govern or oversee activities, that do not confirm to national boundaries – dilutes the effectiveness of such legislation.
The US is now seriously moving ahead with crypto laws, no doubt that these laws would see things from the American perspective. The important thing is that crypto stakeholders across the globe, are giving importance to US moves on cryptocurrency legislation. The simple reasoning is that, the US has the will and the inclination to have nations implement (at least) major clauses, present in its own crypto law.
Step back and talk about few financial laws, related to the conventional world of finance. The global implementation of laws relating to terror funding, money laundering and even tax evasion to a certain degree – has been phenomenal. At the same time, these laws were formulated and implemented, decades after conventional finance was well established.
Back to cryptocurrency and we will find that, those very issues of money laundering, tax evasion and terror funding, are applicable yet again. It is therefore advisable to implement such crypto laws, across the globe – at the very outset. Goes without saying that, there will always be some nations that, do not agree or choose not to comply with legislation in this context. But that should in no way deter the rest of the world, from implementing them.
On a much wider plane, the US crypto legislation will eventually cover all aspects related to the crypto industry. This would include crypto scams and thefts, crypto exchange hacks, crypto price pumping, publishing paid crypto content that misleads etc. Such action would most likely begin, at the top level that includes big Bitcoin investors, leading crypto media portals etc. Expect to see some signs of fear and attempts to clean up, as the law gets closer!
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.