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ArcBlock Releases DApps and Decentralized Identity Developer Testing Tool to Simplify Development of Blockchain Apps

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ArcBlock, a leading blockchain application platform and ecosystem, has released DApps Workshop, an easy to use developer tool that gives developers, businesses and product managers an easy way to build prototypes and POCs to validate different DApp scenarios.  Before writing a single line of code, developers can simulate an application that includes different authentication standards, use of a mobile wallet to log in or easily build transaction models to simulate different transfer scenarios that help validate a specific use case.

With this launch, DApps Workshop solves a very important problem for blockchain developers – how to test and validate the use of decentralized identityin an application scenario. For example, how can a developer easily test the use of a decentralized identity mobile wallet to login to an app, or how to validate transactional activity including the transfer of assets between users and more easily without costly development or writing code.

Starting today, DApps Workshop allows anyone to easily build their POC in just a few minutes to test and experience different decentralized identity authentication and transaction scenarios for Forge-built applications without needing to write any lines of code saving time, developer hours and making it easy to immediately validate a use case.  Some of the supported activities in the Workshop include:

  • Trade-related transactions
  • Prebuilt workflows and process/rules for all supported Tx types including multi-transaction scenarios
  • DID-based authentication including identity Types, DSA (Digital Signature Algorithm) algorithms and Hash functions
  • Configurable metadata
  • Defining required claims including profiles and agreements
  • ABT Wallet mobile authentication

“From day 1, we’ve been focused on creating a platform that helps developers build, manage and deploy DApps easily and making blockchain more accessible to a much larger developer audience.   DApps Workshop is an invaluable developer tool that solves a real problem for any app builder. Today’s blockchain developer doesn’t have an easy way to test and validate their applications without writing a lot of code,” said Tyr Chen, VP of Engineering.  “By using Workshop, developers can now work with business sponsors and developer teams to easily define, create and test different POCs that incorporate trade-specific transactions, claims and decentralized identity and mobile wallet scenarios locally without writing one line of code.  What used to take days or even weeks to test can now be done in minutes and hours.”

DApps Workshop will be available starting today through ArcBlock’s ABT Chain Node and Forge CLI.  Forge Workshop is designed to support any application build on ArcBlock’s recently launched Forge Blockchain Application Framework and Forge SDKs.  Using Forge SDK, developers have everything they need code, manage and deploy their DApps including support for multiple languages like Python, Java, Javascript, Android, and iOS, as well as a blockchain backend, rich developer interface, diversified wallet system and the most transaction protocols support by any blockchain platform. When ready, developers can then begin testing their DApps with users and other parties using their own test chains, and lastly join the ABT Network to make their DApp publicly available.

 

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Forge Blockchain Application Framework – the easiest way to build, deploy and manage DApps.

Blockchain

PayPal receives New York crypto trust charter

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The New York State Department of Financial Services (NYDFS) has granted PayPal Digital a limited purpose trust charter, a designation typically held by digital asset custodians and some stablecoin issuers.

Last August, PayPal launched its PYUSD stablecoin, marking the first stablecoin from a BigTech company. Paxos Trust Company, which also holds an NYDFS limited trust charter, currently issues the PYUSD stablecoin. Paxos has been PayPal’s partner for its cryptocurrency services since inception. Consequently, the new trust charter may signal PayPal’s intention to take over the custody of its clients’ crypto-assets and potentially move the issuance of PYUSD in-house.

Despite reaching out to PayPal for clarification on the purpose of the trust charter, no response was received before publication.

The PYUSD stablecoin is still in its early stages, with its recent integration for cross-border payments via PayPal’s Xoom app. The stablecoin’s market capitalization has grown to nearly $400 million, up from $190 million in early April. Notably, wallets associated with the issuer Paxos hold over $125 million, possibly on behalf of PayPal. The top five wallets constitute 71% of the stablecoin balance, with 17 wallets holding $1 million or more, accounting for 97% of the total holdings.

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The largest holders include Paxos, Crypto.com, Curve (DeFi), Defiance Capital, and Frax (DeFi). Among these, Crypto.com holds a balance of $103 million and Bullish holds $23 million.

Additionally, in November, the SEC’s enforcement division issued a subpoena requesting documents related to the issuance of the PYUSD stablecoin.

Source: ledgerinsights.com

The post PayPal receives New York crypto trust charter appeared first on HIPTHER Alerts.

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Blockchain

Hong Kong SFC to conduct compliance checks on crypto firms

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The Hong Kong Securities and Futures Commission (SFC) has announced that it will conduct on-site compliance checks on local virtual asset trading platforms (VATPs) that are still completing their regulatory applications following the June 1 licensing deadline.

In a notice issued on May 28, the SFC emphasized that all local crypto trading platforms must be either licensed or “deemed-to-be-licensed” by the regulatory body before the June 1 deadline. Operating an unlicensed VATP in Hong Kong after this date will be considered a criminal offense, and the SFC will actively pursue non-compliant companies.

In the coming months, the SFC will perform on-site inspections of deemed-to-be-licensed VATP applicants to evaluate their compliance with regulatory requirements. These inspections will focus on how firms safeguard client assets and implement Know Your Customer (KYC) processes.

The SFC urged investors to trade cryptocurrencies only on SFC-licensed platforms to ensure their protection. It also cautioned companies seeking licenses against actively marketing their services or onboarding new retail clients until they are formally licensed. Additionally, firms must prevent mainland Chinese residents from accessing their services, adhering to China’s ban on cryptocurrency trading.

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Earlier this month, it was reported that the number of crypto exchanges seeking operational licenses in Hong Kong had been decreasing. Eleven crypto companies and exchanges, including well-known platforms like OKX and Huobi’s local arm, withdrew their applications ahead of the deadline. Currently, only 18 applications remain pending approval.

In response to the upcoming licensing requirements, some crypto firms have proactively taken steps to ensure compliance. For example, Gate.HK, a crypto exchange, halted all activities related to acquiring new users and marketing, prevented existing users from making deposits, and began delisting tokens on May 23. The exchange plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory requirements.

According to the SFC, only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted licenses to operate in Hong Kong so far.

Source: tradingview.com

The post Hong Kong SFC to conduct compliance checks on crypto firms appeared first on HIPTHER Alerts.

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Argentina crypto group plans to set up a blockchain valley in Buenos Aires

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The crypto community in Argentina is planning to establish a “blockchain valley” in Buenos Aires as part of the Crecimiento movement, which has a following of 500 individuals.

This group includes prominent figures in the country’s crypto ecosystem, such as Diego Guitérrez, co-founder of Bitcoin Layer 2 Rootstock; Marcelo Cavazzoli, CEO and co-founder of Lemon Cash, a leading crypto purchasing app in Latin America; and Elian Alvarez, a general partner at Ripio Ventures.

Significantly, Crecimiento’s core team has the support of advisors to Argentina’s new libertarian president, Javier Milei.

Crecimiento aims to create a hub for crypto and technology-oriented business founders in the capital, offering a comprehensive three-dimensional plan. This includes bringing 5 to 10 million people on-chain by offering exclusive items, boosting the number of tech-related startups, and providing necessary support.

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The group’s mission is to work with Argentina’s newly crypto-friendly government to bolster the cryptocurrency sector through initiatives like tax rebates, industry investment, and simplified regulations.

During his campaign, President Milei highlighted the benefits of Bitcoin, associating it with a sense of freedom, though no formal statements have been made on the subject. Nonetheless, the group has been actively collaborating with officials to establish their crypto center in Buenos Aires.

Maria Milagros Santamaria, a Web3 lawyer, noted that regulators are showing a high level of positivity toward their proposals and are requesting specific plans regarding the crypto sector to move forward. She mentioned that there are only a few individuals opposed to the initiative, and fortunately, their numbers are minimal.

Source: cryptonewsz.com

The post Argentina crypto group plans to set up a blockchain valley in Buenos Aires appeared first on HIPTHER Alerts.

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