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Dec 5 β€’ 8 tweets β€’ 4 min read
After BitLicense & a 2-year moratorium on PoW mining, New York State has come up with another proposed #crypto regulation. πŸ“œ

And according to many, it might impede the growth of the #blockchain industry in New York. ⚠️
But state authorities believe otherwise.Β 

In fact, they think this #regulations would only strengthen the industry. 🀝
This time, The New York State Department of Financial Services (NYDFS) has proposed a Virtual Currency License Assessment bill asking the state to collect fees from #crypto businesses. πŸ’°

Yes, you read that right!Β 

And for what exactly? πŸ€”
The state believes the new provisions would help it acquire top talents for the team.Β 

And this team would protect consumers and ensure the safety and soundness of the industry.
However, the #regulation is only supposed to apply to entities licensed under the 23NYCRR Part 200.

More details on 23NYCRR Part 200 can be found here:…

So, what’s the reaction from industry stakeholders?
The industry stakeholders believe the proposed #bill might end up becoming another roadblock as it would shoot up annual expenses. 🚧

The concern is more among the emerging companies who prioritize crypto-friendly jurisdictions to protect their bottom line.
Already, BitLicense fees are a concern for the budding #crypto industry players in the state.Β 

Moreover, experts also think that a two-year mining ban ⛏ ❌ might snowball into something more detrimental than what it appears now.
So, would the new proposal add to the worries?Β 

Or it would make the ecosystem more efficient. πŸ€” That is something only time will tell.Β 

What do you think? Let us know your views in the comments.

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More from @shyftnetwork

Dec 7
1/ Part 2(4)

After learning about Shyft Discover, it's time to explore Veriscope Share! πŸ‘€

Because ⚠️ Veriscope Share is the second integral part of Shyft Veriscope's Travel Rule infrastructure. So, let's begin!
2/ In this 🧡, we will understand the Veriscope Share in detail. 

If you've missed our 🧡 on the basics of Veriscope Share, check it hereπŸ‘‡

It will help you understand how Veriscope Share works more easily.
3/ Veriscope Shares come into the picture after an Originator VASP (oVASP) where the transaction starts πŸ“€ posts attestation on the Shyft Network, and a relevant counterparty VASP proves they own the wallet address where the transaction is heading to πŸ“₯
Read 15 tweets
Dec 2
1) Part 2(3)

Having understood the basics of Shyft Discover & Veriscope Share, it's time to understand how VASPs use them!Β 

However, for today, we will only focus on Shyft Discover’s workflow. Let's go.
2) It all starts with a customer requesting to withdraw his funds from a VASP (read: crypto business). πŸ‘€

Before we move forward, let's understand a few terms:

The VASP that the customer withdraws funds from is called Originating VASP or oVASP.
3) And the VASP receiving the funds from the Originating VASP is called Beneficiary VASP or bVASP.

Now, when a customer requests to withdraw his funds from oVASP, the oVASP sends an attestation to the Shyft Network.
Read 11 tweets
Dec 1
1) Part 2(2)

It's time to get to know about Shyft Discover & Veriscope Share! πŸ‘€

These two are integral parts of the Shyft Veriscope's Travel Rule infrastructure.

So, what's the exact role of Shyft Discover & Veriscope Share? πŸ€” Let's see.
2) Shyft Discover enables VASPs (Read: #crypto businesses) to discover VASPs & do address attribution. πŸ”

All that VASPs require to search for their counterparty VASPs is a wallet address & Shyft Discover will auto-detect their counterparty VASP based on it.
Read 8 tweets
Nov 30
1) Part 2/1

Having covered the basics of Shyft Veriscope last week, it's time to go up a notch and understand it in a bit more detail. πŸ‘€

However, we will keep it simple and cover various key segments of Shyft Veriscope over the next few days.

So, here we go.πŸšΆβ€β™‚οΈ
2) Let's first refresh on what Shyft Veriscope is!

It is an end-to-end solution to comply with the #crypto Travel Rule. πŸ’‘

Shyft Veriscope comes with:

βœ… RESTful APIsΒ 
βœ… Webhooks
3) What are RESTful APIs? πŸ€”

Think of RESTful APIs as a mechanism that enables VASPs (read: #crypto businesses) to exchange data between them securely over the web.

And they grant an impressive deal of flexibility to VASPs.
Read 9 tweets
Nov 29
1) Nigeria πŸ‡³πŸ‡¬Β seeks to draw a clear line between #cryptocurrencies & digital assets.

With this, it joins the likes of South Korea πŸ‡°πŸ‡·, Hong Kong πŸ‡­πŸ‡°, and Singapore πŸ‡ΈπŸ‡¬.

According to them:

Digital assets = stablecoins, #NFTs, and CBDCs
Cryptocurrencies = #Bitcoin, Ethereum, etc
2) This development comes from the head of the Nigerian Securities and Exchange Commission, Lamisil Yuguda.

The Nigerian SEC isn't really enthusiastic about the proliferation of #crypto assets within the country's borders.
3) And this reflects in its instructions to local banks not to provide services to companies engaged in crypto activities.

However, #crypto isn't banned in the country. ⚠️
Read 5 tweets
Nov 24
Continuing the Veriscope Twitter Series, it's time to learn the basics of Veriscope Share! πŸ‘€

As we highlighted in the previous Twitter 🧡, it's mandatory for VASPs (read: crypto businesses) to share user data along the #crypto transactions under the FATF Travel Rule.
2) User data = Sensitive data! 🚨

Yet, there's no globally-agreed framework that can securely process user data between VASPs.

Some Travel Rule Solutions can help VASPs with the sharing part!

But there's something you must know here.
3) Some #TravelRule Solutions process user data between VASPs through their internal servers.

Meaning VASPs' data passes through the Travel Rule Solution's servers before being sent to VASPs for Travel Rule compliance.
Read 7 tweets

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