Online gambling has always enjoyed popularity, as millions of people all over the world are attracted by the possibility of hitting the jackpot while sitting at home. The only sufficient drawback of iGaming industry is the high level of fraud which undermines the credibility of online gambling. To revolutionize and improve the industry, .
is a scalable and provably fair online gambling platform driven by a unique combination of blockchain technology and offchain cryptography. Luckchemy is aimed at solving the main problems of iGaming. The benefits of this platform include a variety of original games, active involvement of third parties and white label solutions. The usage of blockchain ensures the transparency and fairness of all the games, which is a big step for the industry.
Masa Suganuma, well experienced gaming technical expert who has been working in Gaming industry over 18 years, became the advisor of the platform and assisted Luckchemy in developing their project. Suganuma started with the role of engineer at Konami Gaming, Inc. and assigned as Director of Game development in their USA office. Three years’ experience of game development in Las Vegas gave him enough knowledge of “What is the gaming industry”. After coming back to Japan, he became head of R&D in Aristocrat Technologies (Aristocrat Japan), and dedicated himself to Pachinko slot game development. Two years later, he assigned to President of that company.
Masa, currently working as independent gaming consultant and running his own company, ReNeA JAPAN, Inc., has agreed to talk to us about online gaming industry, the services his company provides, and his attitude to Luckchemy.
Coinspeaker: “Please, tell a few words about your business. What is your core service?”
Masa Suganuma: “My core business is Technical consulting of Gaming business. Giving advise my customers to develop games and machines. Also Developing games with my partners for Gaming manufacturer”
Coinspeaker: “How did you come up with the idea of such services? How quickly did you manage to turn those ideas into reality?”
Masa Suganuma: “Gaming business is my life. Since I have been developing game for long time, fortunately I came across the chance to start consulting business.”
Coinspeaker: “Tell us about your team”.
Masa Suganuma: “I am running my company by my self and have partners to work with. They are well experienced marketing expert, game designer and engineer. My team has top level gaming knowledge not only in Japan but all over the world. Moreover, several game development studios are supporting us. They have been releasing popular Pachinko games in domestic market. And all of them are super talented group”.
Coinspeaker: “Please, share your vision of the advantages of blockchain-based casino and lottery over conventional ones”
Masa Suganuma: “To employ blockchain technology enables casino to reduce their running cost of qualified securities. This will bring casino better service which is related the percentage of TURNOVER. Better turnover always can catch the eye of the players in internet world. And reliabilities are another strength. Game system constantly has to be secure in temporary shut down of electricity or communication. Having seamless backup data is very important and block-chain technology meet this requirement”.
Coinspeaker: “Let’s imagine that I want to open my own lottery, what steps should I take to accomplish this?”
Masa Suganuma: “First of all, legal matters must be solved. And then building the securities to run the lottery. And the development of contents need to be started simultaneously”.
Coinspeaker: “Will I face the necessity to build my own technical team?”
Masa Suganuma: “If you have reliable outsourcing, you do not have technical team in your house. However, speed and continuous improvement are mandatory in internet gaming. You will realize the necessity of “inhouse technical team” in a short time”.
Coinspeaker: “What is the price of your services?”
Masa Suganuma: “Depends on the case. Money is not important if I can work with fantastic team and ideal business for me”.
Coinspeaker: “What potential do you see in Luckchemy? What’s the reasons you have agreed to help the project with their concept?”
Masa Suganuma: “The blockchain based iGaming has bright future. In our first video meeting, I have realized “They are Good guys”. And feel “I can enjoy working with them” even we have not known each other before. TEAM is the key for success”.
Coinspeaker: “Thank you very much!”
As for the Luckchemy platform, it has already proved to be trusted: the first few days of private sale brought to the company the biggest part of the planned amount. Before Luckchemy went public, $500,000 have been invested in it.
Currently, the platform is in the process of pre-sale which has started on April 30, 2018 and will last till May 21, 2018. During the pre-sale, early supporters are rewarded with a 40% discount. The main part of the ICO is scheduled for May 22, 2018.
The online gambling industry is expanding, but unfortunately, its reputation has been significantly damaged. And Luckchemy may have a chance to lay the groundwork for fair iGaming.
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The Japanese financial regulator has imposed five new criteria for all cryptocurrency exchanges operating in the country. These rules apply to existing exchange operators as well as new ones applying for registration for the first time. On-site inspections will be conducted on all exchanges prior to approval.
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Preventing Coincheck 2.0
The Japanese Financial Services Agency (FSA) has set new rules for the registration of cryptocurrency exchanges, Nikkei reported on Sunday. The agency aims to promote compliance and protect customer assets as well as “forestall another digital currency heist like the Coincheck scandal,” the news outlet added.
Coincheck, one of the largest crypto exchanges in Japan, was in January and lost 58 billion yen (~US$531 million) worth of the cryptocurrency NEM. The exchange has since been acquired by a leading online brokerage firm, .
An FSA official explained to Nikkei that in addition to documentation, the registration process would now include preliminary visits to ascertain how the exchanges operate. The publication elaborated:
Exchange operators registering with the government will now need to satisfy five broad criteria.
The Five Criteria
The first of the five criteria concerns system management. The agency will ensure that exchanges “will not store currency in internet-connected computers and will have to set multiple passwords for currency transfers,” the publication detailed.
Money laundering preventative measures make up the second criterion. Exchanges “will need to work harder to prevent money laundering, through such means as verifying customer identification for large transfers.”
The management of customer assets is the third. The FSA wants to ensure that they are “carefully managed separately from exchange assets.” According to the news outlet, exchange operators will be required to check customer account balances multiple times a day for signs of diversions and “have rules in place to keep their officers from using client money or virtual currencies.”
There will also be new restrictions on the types of cryptocurrencies listed on exchanges. Specifically, the publication emphasized. “Those granting a high level of anonymity and easily used for money laundering will as a general rule be banned.” News.bitcoin.com recently on rumors that the FSA is pressuring exchanges to delist privacy coins such as Monero.
Lastly, exchanges’ internal procedures must be strengthened. They “will need to separate shareholders from management. System development roles will also be separated from asset management roles to keep employees from manipulating the system for their own gain.”
5-Point Framework Applies to All Exchanges
The five criteria make up the FSA’s “new five-point framework,” allowing the agency to “perform a detailed assessment and identify potential risks in advance,” the news outlet described. The new rules will apply to existing exchanges as well as new ones entering the market. Those that cannot comply with these five rules are encouraged to exit the business.
Currently, there are 16 government-approved crypto exchanges operating in Japan. In addition, there are still seven others that are under the revised Fund Settlement Act while their applications are being reviewed by the agency.
According to Nikkei, the FSA is likely to start accepting new registration applications for exchanges in the summer. The agency recently revealed that there are approximately 100 companies interested in applying for registration. The news outlet elaborated:
The FSA will first review documents submitted by operators seeking government registration. It will then send inspectors to those that pass the initial screening to review their system operations and verify the number of employees.
What do you think of the FSA’s five new criteria for crypto exchanges? Let us know in the comments section below.
Images courtesy of Shutterstock and Nikkei.
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