Shyft Network Profile picture
Dec 8 7 tweets 3 min read
1/ With 2022 almost at its end, now is a good time to know about crypto regulations worldwide, starting with Asia.

And it goes without saying Asia is a major player in the global #crypto market 🌏

After all, Asia accounts for 43% of global crypto activity. 📈
2/ However, the regulatory landscape for #crypto in Asia is complex and varied, with different approaches taken by different countries. 

For example, Japan 🇯🇵 and South Korea 🇰🇷 have heavily regulated the crypto industry and even legally recognize them.
3/ In contrast, some other countries in the region, such as China 🇨🇳 & Bangladesh 🇧🇩, have taken a stricter stance, banning cryptocurrencies altogether. 

India 🇮🇳, on the other hand, has adopted a “Wait & Watch” approach.
4/ Whereas Indonesia 🇮🇩 has legally allowed crypto trading in the country but bars #crypto companies from promoting tokens.

Despite the challenges, the crypto industry in Asia continues to thrive, with many countries adopting a more open and supportive approach to regulation.
5/ Singapore 🇸🇬, for instance, has established itself as a hub for crypto and blockchain innovation, with a clear and comprehensive regulatory framework. 💡

And Thailand’s government 🇹🇭 has introduced a regulatory sandbox for fintech and blockchain companies to experiment!
6/ Overall, in time, we will likely see more uniformity in crypto regulations across Asia, fostering greater innovation and growth in the industry.

So, will Asia’s share in the crypto market grow in the coming days? Comment below.

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More from @shyftnetwork

Dec 9
1/ Hong Kong 🇭🇰 has some of the world's strictest AML/CFT laws as far as the traditional financial industry is concerned.

Being one of the most important financial centers globally, it makes sense.

Now 👉 introducing crypto AML/CFT laws.

Will it change the crypto biz in HK?
2/ Hong Kong's legislative council has added crypto to its AML/CFT bill 📜

It includes the #TravelRule as well as the general #crypto AML/CFT updates.

A new licensing regime will come into force on 1st June next year 🗓️
3/ Under the newly amended AML/CFT law, VASPs will be subjected to the same stringent standards that apply to traditional financial firms in HK.

How that affects the user experience and privacy?
Read 6 tweets
Dec 7
1/ Part 2(4)

After learning about Shyft Discover, it's time to explore Veriscope Share! 👀

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 here👇



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 📤 posts attestation on the Shyft Network, and a relevant counterparty VASP proves they own the wallet address where the transaction is heading to 📥
Read 15 tweets
Dec 5
After BitLicense & a 2-year moratorium on PoW mining, New York State has come up with another proposed #crypto regulation. 📜

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

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. 💰

Yes, you read that right! 

And for what exactly? 🤔
Read 8 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! 

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). 👀

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! 👀

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

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

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. 👀

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

So, here we go.🚶‍♂️
2) Let's first refresh on what Shyft Veriscope is!

It is an end-to-end solution to comply with the #crypto Travel Rule. 💡

Shyft Veriscope comes with:

✅ RESTful APIs 
✅ Webhooks
3) What are RESTful APIs? 🤔

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

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