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TRON+clears+stance+on+Japanese+Gambling+dApps

TRON clears stance on Japanese Gambling dApps

 

Per a medium blog post, TRON foundation has cleared its stance on gambling-related dApps. The post mentions that the organization does not encourage any gambling dApps for the Japanese market. 

It has requested Japanese dApp developers to not develop any such dApps on TRON’s platform. Furthermore, it has asked developers using Japanese IP addresses to not promote the use of gambling apps among Japanese users. The foundation will provide all the necessary support to Japanese regulators, in case TRON dApps violate Japanese laws and regulations. 

TRON blockchain network underwent a hard fork on February 28. The new features will include mu-sig crypto wallets, account management tools and energy adjustment to real-time network performance. Moreover, it will also include, better virtual machines and events server for dApps.

Interestingly, gaming and gambling-related apps count as the most widely implemented use cases for blockchain. However, the digital space is rife with ambiguity and there is no regulatory framework for crypto assets. 


TronBet’s Massive Betting Volume

As reported by CoinMarketFeed on March 4th, TronBet, a decentralized crypto betting platform built on TRON’s (TRX) blockchain experienced over $40 million in total volume over a mere span of seven days. 

Vance the top user of the platforms earned $98 million. And the top 20 users managed to get $455 million. As per the data, Vance estimates that TronBet app can make a profit of nearly $36 million. Analyzing how did TronBet gain such popularity in such a small span of time, Hashletes founder said that the Tronbet’s seamless user interface and design is the key to their fame.


Japanese Financial Regulators put forth regulations for Crypto Margin Trading 

The Japanese Cabinet recently gave approval to the draft amendments of Japan’s financial instruments and payment services laws. Following which the cryptocurrency margin trading limiting leverage will be now two times the initial deposit, than the earlier 4x. 

The new rules are said to come in force in April 2020. It will require cryptocurrency exchange operators to register within 18 months of that date. Further, it will enable the Financial Services Agency to put in relevant measures when it comes to unregistered cryptocurrency "quasi-operators."

As a matter of fact, traders or investors dealing with cryptos will be monitored in the same manner as that of securities traders, to protect the interests of investors. In addition to this, crypto operators will be divided into groups. This will be to segregate those engaged in margin trading and the ones issuing tokens via an initial coin offering (ICO).