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South Korea May Delisting 600 Altcoins Under New Law

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New Virtual Asset User Protection Act

The Virtual Asset User Protection Act, set to take effect on July 19, aims to enhance regulatory compliance within the cryptocurrency sector. This legislation introduces a stringent framework, known as the best practice plan, designed to support virtual asset transactions.

Regulatory Framework

Recent local media reports indicate that the South Korean government has finalized this rigorous framework, which establishes stringent criteria that cryptocurrencies must meet to remain listed on domestic exchanges. Unlike the current system, where exchanges are responsible for conducting their own reviews, the new approach involves financial authorities setting standardized criteria for all listed tokens.

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Listing Screenings and Criteria

The central focus of the new regulations is on listing screenings. Under this framework, exchanges will reassess their support for each virtual asset every six months, with subsequent reviews occurring every three months. Cryptocurrencies that fail to meet the prescribed standards risk having their transaction support suspended.

Detailed Assessment Criteria

– Reliability Checks: These will involve examining the issuer’s information disclosure practices and the circulation of tokens.
– User Protection: This will focus on blockchain activity tracking and the accessibility of white papers.
– Technical Security: Cryptocurrencies must have a clean hacking record and transparent smart contract source codes.
– Issuer Requirements: Issuers must demonstrate comprehensive disclosure, sound issuance plans, and credible business histories.

Impact on the Crypto Market

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South Korean authorities will reserve the right to challenge listings based on qualitative criteria, except for assets that have a clean track record on well-regulated overseas exchanges. This regulatory overhaul is expected to significantly impact the local crypto scene, particularly affecting altcoins with low trading volumes and problematic disclosures. South Korea’s 29 domestic crypto exchanges, including prominent ones like Upbit, will need to adhere to these new standards.

These changes reflect South Korea’s commitment to enhancing the security and reliability of its cryptocurrency market, aiming to protect users and ensure robust compliance within the sector.

Source: crypotimes.io

The post South Korea May Delisting 600 Altcoins Under New Law appeared first on HIPTHER Alerts.

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Crypto Price Predictions: Comprehensive BlockchainReporter Platform Helps Cryptocurrency Investors Stay Ahead Of Market Volatility

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Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto

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 The highly anticipated Blockchain Futurist Conference, Canada’s Largest Web3 Event, is set to return for its sixth year to Toronto this August 13-14, 2024, with a focus on Artificial Intelligence as a core theme. This year’s event promises to offer sessions, panels, and sub-events centered around AI, highlighting how these technologies are transforming Web3 and reshaping our world. The dedicated AI segment is scheduled for Wednesday, August 14, 2024, and is accessible with all conference passes.

AI and Web3 technologies are rapidly converging to create a future that promises to revolutionize the digital landscape. AI’s ability to analyze vast amounts of data, and automate complex processes, complements Web3’s decentralized and transparent framework. This integration enables more secure, and equitable solutions across various sectors.

At this year’s event, attendees can hear from top industry leaders in AI such as:

  • Anthony Di Iorio, Founder, Ethereum, Decentral, Andiami

  • Ben-Zion Benkhin, CEO, WOMBO

  • Ashley Nandan, Google Canada, Startups

  • Ari Juels, Chief Scientist, Chainlink Labs

  • Christopher Johnson, Developer, Bad Idea AI

  • Trevor Koverko, Co-Founder, Sapien

  • JD Seraphine, CEO, Raiinmaker

  • Breeze Liu, Founder & CEO, Alecto AI

  • Christopher Obereder, Investor, Startup Chris Ventures

  • Adam Benzine, Creator & Oscar®-Nominated Filmmaker

AI Futurist Conference will also host multiple sponsors dedicated to AI organizations, such as Inference Labs, a Gold Sponsor at this year’s event.

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Inference Labs specializes in developing advanced infrastructure and products for AI on Web3. Their lab focuses on AI inference interoperating on the blockchain, an essential step for building a future where anyone can access AI without counterparty risk.

Ron Chan, Co-Founder of Inference Labs, and a visionary entrepreneur dedicated to pioneering the future of Decentralized AI had this to say:

“In all my years navigating tech cycles, I have never witnessed the level of developer interest in Artificial Intelligence that we see today. We’re at an inflection point where Internet traffic is roughly split 50/50 between humans and machines. I firmly believe that inference will soon become the dominant form of Internet traffic.”

With two decades of experience as a serial entrepreneur, Ron Chan has successfully navigated the ever-evolving tech industry, leading multiple technology and infrastructure startups to successful exits. His expertise spans architecting data centers, defense projects, and developing mission-critical civil aviation applications, showcasing his versatility and adeptness in managing complex, high-stakes ventures.

Futurist Conference will also host multiple sub-events and meetups for the AI community throughout the venue on both days. These include:

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  • Crypto x AI Book Signing: Ari Juels, Chief Scientist of Chainlink Labs and author of “The Oracle,” will discuss Crypto x Artificial Intelligence on the Main Stage, followed by a book signing.

  • AI Ethics Roundtable: A critical exploration of the ethical implications of AI and the transformative role of Web3 technologies.

  • AI Web3 & Robotics for Kids: A fun and interactive workshop for kids to learn about AI and Web3, with hands-on experience with robots.

  • Robots Live Onsite: Witness jaw-dropping innovations in action and experience the thrill of future technologies before your eyes.

Futurist Conference aspires to be more than just an event; it aims to create a future world within a conference, immersing attendees in the cutting-edge technologies that will shape tomorrow. By offering interactive experiences, and live demonstrations, the conference allows participants to see, feel, and engage with the latest advancements in AI, Web3, and beyond.

Futurist Conference is the perfect place for these industries to convene, providing a unique platform for thought leaders, innovators, and enthusiasts to explore the transformative potential of AI and Web3 technologies. Get ready to step into the future this August.

The post Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto appeared first on HIPTHER Alerts.

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Digital Payment Market to Surpass USD 21.83 Trillion by 2031 | Skyquest Technology

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