Bitcoin to be accepted across 20.000 Venezuelan retailers, Binance registers Chinese domain and Crypto regulations in Japan

2 min readMay 20, 2020
Photo by Dmitry Demidko on Unsplash

Bitcoin to be accepted across 20,000 retailers in Venezuela

A new deal between crypto startup Cryptobuyer and traditional payments firm Megasoft is taking crypto payments in Venezuela to another level.

Due to hyperinfaltion, the words Venezuela and Bitcoin are more than often combined as a perfect match. And with the collaboration between Cryptobuyer and Megasoft, 20.000 merchants will be able to accept crypto payments.

The merchants that use Megasoft’s Merchant Server platform, will now have the option accept to Bitcoin, Ethereum, Dash, Litecoin, Binance Coin, Tether, DAI, and Cryptobuyer’s native token, XPT.

The new payments system is set to go live in June.

Binance registers domain name with the Chinese government

Cryptocurrency exchange Binance has registered a domain name with the Chinese government. This means the company of CZ is allowed to use the .cn domain extension.

According to public records, the Ministry of Industry and Information Technology in China approved a domain name name for Binance. It is registered under the company Shanghai Bi Nai Shi Information Technology LLC, which has a similar pronunciation as Binance in Chinese.

Source: The Block

Crypto regulations in Japan

Japanese cryptocurrency exchanges have begun to implement changes to make their business compliant with the revised Payment Services Act (PSA).

Under the modifications to the PSA, all references to “virtual currency” must be replaced with the term “crypto asset”.

And to regulate this, the self-regulatory group Japan Virtual Currency Exchange Agency (JVCEA), has changed its name to the Japan Crypto Asset Exchange Agency.

From May 1, crypto exchanges operating in Japan have to manage their users’ money separately from their own cash flows. This means finding a third-party operator to keep hold of the users’ money in a trust bank or separate bank account held by the exchange.

In response to such impending regulations, crypto exchange BitMEX closed their Japan services on April 28.

Source: Cointelegraph

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