This video goes into some detail behind the reasons to move Scotcoin away from the Counterparty protocol and shows how to complete the migration form.
The Scotcoin Project CIC has applied to the FCA for registration under the Crypto Currency regulations which became law from 10th January 2020, which applies to all crypto businesses from 10th January 2021.
This is to align with the Fifth Anti Money Laundering Directive (5AMLD) which came into force on the 10th January 2020 as set out in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
We have put in place a large number of updated controls as well as appointing a Compliance and MLRO officer to monitor source of funds/source of wealth (SOF/SOW) from individuals and companies. We have secured the services of an Edinburgh based company, Magnifiq Consultancy. You can read all about them here: https://magnifyq.com. The company’s principals have worked within the industry for some years, and have tremendous experience in risk and compliance and In particular they have undertaken a number of complex and far reaching in-depth investigations in respect of Money Laundering and Financial Crime and we are delighted that their expertise will enable us to comply with all regulations required.
It is several years since Scotcoin realised that regulation would come to the Crypto space, and we have been proven absolutely correct in our assumptions. We will shortly be moving to an ERC20 token which has numerous advantages over our existing Counterparty Protocol coin. To find out more on this, please visit our YouTube channel to see a series of videos explaining ERC20 tokens. You can see the videos here: https://www.youtube.com/c/scotcoinproject
We will shortly have our own educational site from which SCOT can be earned. In the meantime you can access our YouTube channel via the link above.
As you can see from the videos, you cannot send V2 tokens (which are Counterparty Protocol and hence Bitcoin based), to Ethereum wallets. Ethereum wallets will NOT accept your existing tokens, and should you wish to migrate, you will require to set up an Ethereum wallet, to which we will send the new ERC20 Scotcoin token.
We have had some enquiries about what is happening with Counterparty and its DEX market.
All Counterparty Protocol coins have fallen massively because they are all denominated in XCP, which is Counterparty’s own token. Less than a year ago, 1 XCP was around .004 Bitcoin. Now it stands about .00004 ie a fall of 99%.
The situation with the Counterparty Dex is the same as it’s always been – any coin on the protocol is beholden to the value of XCP, Counterparty’s token. You may not have picked up but both Bittrex and Poloniex have stopped trading XCP and TUX will cease trading altogether on 7th July. If you have any coin with them GET THEM OUT! As a result, the value has rapidly disappeared towards $0. This very reliance is why we have been working for a long time to remove SCOT from the Counterparty protocol to its own blockchain. This fall has, of course, had a serious impact on the values trading on the Counterparty Dex. I know some people have been able to buy at an exceedingly attractive price.
For now, the only external exchange offering to sell XCP is ZAIF which is Japanese and uses Japanese Yen as its base currency. Counterparty DEX has a BTC/XCP pair, where it is possible to trade BTC for XCP – and it works!
In respect of XCP, its current total value is only about $3m. We are working towards putting Scotcoin onto its own blockchain but linked to the value of over $5billion. We will no longer have a price which is indicated by a third digital currency and which is volatile.
Be assured these current XCP changes will have no adverse effect on Scotcoin longer term.
If you have any XCP you would like to sell, the Scotcoin Project will buy them at the market price. Please contact [email protected]