Wednesday, September 18, 2019

TRON Supports Japanese Authorities on Removal of Gambling DApps

Despite running one of the biggest decentralized gambling hubs in the cryptocurrency space in TronBet, Tron has revealed its support for the Japanese government in shutting down gambling dApps on the blockchain.

Agreeing with the Law

The cryptocurrency community has always shown a penchant, no matter how little, to navigate situations without being held to governmental stipulations. This is why it has succeeded explosively within a decade, thriving on a decentralized community and a defining a whole new ecosystem itself.

The crypto sector has less than a solid regulatory framework, but a few crypto companies such as Ripple, Gemini, and even Bitmain have in the past shown their willingness to work with the authorities and be as transparent as possible. Tron has seemingly followed in this trend and has announced its decision to support the Japanese Government against gambling platforms and the rising number of gambling decentralized Apps on the Tron blockchain.

TRON foundation made an announcement on its official blog that the company would be supporting the removal of decentralized gambling applications from the TRON blockchain. This decision comes after pressure from the Japanese regulatory agencies which have been clamoring for the removal of crypto backed gambling applications. TRON has finally decided to heed the issues raised and has even decided to take it up a notch. A part of the company’s publication read:

“TRON strictly conforms with relevant laws and regulations in Japan. TRON does not encourage or recommend any gambling DApps regarding the Japanese market. TRON suggests Japanese DApp developers not develop any gambling DApps on TRON’s platform.”

What It Means for TRON’s platform

Just over a year after TRON (TRX) began supporting decentralized applications in 2017, the company and its blockchain platform has grown incredibly in terms of scalability and size, the former inducing the latter. The TRON token is currently the 11th biggest in the world by market capitalization, and TRON platform now hosts the most decentralized applications after Ethereum. Barely a year since its launch, TRON now seems to be the biggest challenger and competitor to Ethereum in terms of Decentralized Apps.

Related Article:  Mark Karpeles, Mt. Gox's Founder Appeals Against Conviction

While the recent move by TRON is diplomatic and calculated as they seek to agree with existing laws, a significant number of users might not love TRON’s slightly obsequious stance. It wouldn’t seem to matter much on the long term though; it is just a testament to how far TRON has come and grown.

More Articles

Technical Analysis: BTCUSD Short

Looks like Bitcoin -2.48% has lost its steam for a nice rally. Since it failed to make a new high, it should come back down and test the...

JP Morgan Believes Bitcoin Is Worth Less its Mining...

According to JP Morgan, an investment bank and financial services company based in New York, the cost of mining Bitcoin is higher than its...

Grayscale Maintains Bullish Stance on BTC, Reduces DLC Fund...

Grayscale investments, a major subsidiary of Digital currency group and a crypto asset management firm has released an updated review of its previously allocated...

Brock Pierce Buys $1.2 million Home in Amsterdam Using...

Bitcoin has several use cases and it has crept into the real estate sector. Take the case of Brock Pierce for instance,...

A Bill To Make The United States Friendly For...

The friendliness of the United States of America with crypto startups remains dicey, because of not so properly defined regulations for the industry. This...

Japanese Police Notice Sharp Increase in Shady Crypto Trade...

Japan's National Police Agency has disclosed a report stating that from January up until October 2018, reports of suspicious cryptocurrency business deals were made...

Thailand’s Financial Regulator Licenses 3 Cryptocurrency Exchanges, Rejects 2

The Thai Securities and Exchange Commission (SEC) on January 8 announced the result of its review of seven cryptocurrency companies in Thailand. Accordingly, three...

Close to 1% of Total Ethereum Supply is locked...

The creator of MKR.tools, Mike McDonald, recently posted on Twitter about the locking of 1,000,000 Ethereum coins in the MakerDAO smart contract, amounting to almost 1% of the total Ethereum supply.

Bank Of England Adviser: Insignificant Cryptocurrencies Not Worth the...

The Senior Adviser to the Bank of England (BOE) Governor, Huw van Steenis has told Bloomberg in a recent interview that he is not...

Recent Happening in Turkey Shows Bitcoin Could Hit $500,000...

The price of Bitcoin, the top value cryptocurrency remains a subject of discussion since its inception, and the bearish trend it has taken since...

New EU Report Declares That Cryptocurrencies Are Here to...

A new report about cryptocurrencies and its possible effect on central banking has been published recently at the request of the European Parliament's Committee...

Court In South Korea Favors Crypto Exchange Against Bank

In South Korea, an Agricultural Bank called, Nonghyup which terminated the terms of a contract signed with Coinis Crypto exchange, has been reprimanded by...

Latest Articles

HMRC demands info on traders from crypto exchanges in...

Sygnum Becomes World’s First Licenced and Regulated Digital Asset...

Swiss-based Sygnum, a digital asset investment and solutions provider, has become one of the world's first licensed and regulated digital asset banks after receiving...

The Easiest Way to Pass Your Microsoft MCSA MD-100:...

If you try to think of things that don't use Information Technology in one way or another, it would be a very tough task....

Are Worries Over AI’s Effect on the Financial Jobs...

A recent study by Fountech has revealed that two-thirds of adults living in the UK are concerned that the Artificial Intelligence industry will leave...

Will Cryptocurrency Gambling Kill Land-Based Casinos?

It’s hard to deny that the internet has radically changed the gambling landscape. Sure, the common perception of gambling may still involve the glitz...

Why Some Financial Bubbles Are Necessary Economic Disasters

The history of the worldwide economy is punctuated by financial bubbles. They happen more often than we think.  Fortunly’s infographic below provides a comprehensive...

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...