Cardano News Today- Bitcoin and other digital currencies have become popular due to the solution they provide to the payment system. Besides, they evade the control exercised by the government over the traditional financial system. However, it seems the crypto space will soon bid its independence goodbye.
Cardano News Today – Cardano Latest Update – The Cardano Foundation Spare Heads Regulations
On Thursday, the Cardano Foundation announced that it recently joined Global Digital Finance (GDF), to contribute to setting regulations for cryptocurrencies. The Cardano Foundation is among the three groups behind the creation of the Cardano blockchain and its cryptocurrency, ADA. The Cardano Foundation, IOHK, and EMURGO were the three organizations that developed the Cardano blockchain.
The Foundation aims at expanding across the globe. The founder, Charles Hoskinson, predicts that with its blockchain products, the company can beat Facebook’s Libra in the emerging markets. Recently, Cardano Foundation partnered with AlgoZ to obtain liquidity and trading services for ADA, its cryptocurrency.
Cardano (ADA) Price Today – ADA / USD
Meanwhile, Cardano launched a staking testnet last month for its Shelley upgrade. This development will get rid of miners and encourage the use of a proof-of-stake (PoS)-based system. The upgrade will also usher in Ouroboros BFT, a new consensus protocol.
Cardano News Today – Cardano Latest Update – Collaboration Between Cardano and the Industry Trade Group, GDF
Cardano Foundation underwent a “mandatory rigorous process” as a requirement for joining GDF before the official announcement of the collaboration. Finance Magnates reported that the London-based industry membership organization, GDF, sets a “comprehensive code of conduct and overarching principles” to guide fund managers, token sales, and platforms. It also assesses the websites of its members to make sure that they comply with the specified standards.
Cardano Foundation has to follow due process before joining GDF. Due to the collaboration, the foundation has to work with other crypto-related groups. The responsibilities of these organizations may relate to anti-money laundering (AML) and know your customer (KYC) requirements, security tokens, custody, and stablecoins.
The groups will also work on the integrity of markets for cryptocurrencies and tax matters. The Foundation’s PR and Marketing Director, Bakyt Azimkanov, affirmed that the collaboration between GDF and Cardano Foundation will help create sound governance policies and best practices for the cryptosphere. According to him, such policies will help boost the crypto market through the establishment of a code of conducts for the crypto space. He also pointed out the increasing need for ethics in the DLT industry and blockchain.
Cardano News Today – Cardano Latest Update – Barcelona Trading Conference
The GDF sets a code of conduct relating to funds, token platforms, token sales, and fund managers. An Executive Director at GDF, Teana Baker, will attend the upcoming Barcelona Trading Conference, a top tier crypto trading event. Baker will participate in a panel discussion at the event. Other prospective participants at the conference are 21M Capital’s Agada Nameri, Rivver’s Samuel Katz, and Tomar Weiss, CEO, and founder of Cytexlabs. They will talk about the legal setting for the crypto industry.
As a result of its collaboration with GDF, the blockchain firm, Cardano Foundation became a member of other GDF linked groups. Regulations will restructure the crypto market and blockchain industry. However, there may be an increased compliant cost for crypto businesses and non-compliant crypto companies may be shut down.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.