The contents of this newsletter are point-in-time statements. Please note the date of publication.
05 June 2023
Welcome to the May newsletter where we update the community on all things Qoin.
After the successful launch of the Qoin Block Explorer last month, the tech team has announced that the new Qoin App has been approved by Google Play Store. The upgraded App will first be rolled out to Samsung and other Android mobiles during June. As soon as the Apple store has approved the Qoin App upgrade it will be made available to iPhone users, anticipated later in June.
The key benefits of the new App and Wallet upgrade are:
- To communicate and engage directly with Qoin Users in their Apps. An example is to offer Users special Qoin deals or rewards opportunities and connect consumers directly with merchants.
- For merchants and consumers to transact in multiple crypto assets in addition to our native Qoin, including Ether, Wrapped Qoin, Wrapped Bitcoin, and Matic.
- Users will also be able to transact across blockchains in addition to the Qoin Blockchain including Ethereum Network and Polygon chains. This should open the Qoin Wallet App to the greater global crypto community and is an important building block towards global adoption. We are especially excited for the EU opportunity and the 27 European countries who have just adopted the EU crypto asset legislation.
The teams continue to work hard on the rollout of the much-anticipated Qoin App upgrade as well as the planning and development of an all-new Q Shop for later this year.
The Tech Team reminds everyone to please make sure you have backed up your wallet, written down the 12- word seed phrase, and stored it in 3 safe places. If you change, replace or lose your mobile phone device you will need that 12- word phrase to import your wallet and access your Qoin. If you lose your 12-word phrase, then you cannot access your wallet and your Qoin. Please note that you are the sole custodian of your wallet, and nobody can reset your 12- word seed phrase.
During the month of April 2023, the community transacted 1.760 million Qoin across 4,600 transactions resulting in an average of Q380 per transaction. Over the past 12 months the community transacted 48 million Qoin across 80,000 transactions. This data excludes internal related transactions.
Members of the community who would like to buy or sell goods & services should visit the Q Shop by tapping the “Explore Q Shop” button in the Qoin App or visit the many community Facebook pages. We encourage Qoin communities from other cities and towns across Australia, New Zealand, United Kingdom, Singapore, and South Africa to continue creating trading pages for local buyers, sellers and traders of goods & services.
Industry Update and Regulation
Crypto prices remained stable over April and May. Per coinmarketcap.com the total market value of over 10,000 listed cryptos held steady at approximately US$1.1 Trillion with average 24H daily volumes at circa US$30 Billion.
Progress on the global regulatory front is that the European Council has now ratified the European Parliamentary approval of the Markets in Crypto Assets Legislation. Hong Kong has also approved new crypto regulation for retail investors and speculators effective 1 June 2023. In a further development Dubai has emerged as one of the friendliest crypto hubs in the world and is attracting major projects to set up shop and innovate from there.
The US Securities and Exchange Commission (SEC) as well as the Australian Securities and Investment Commission (ASIC) have chosen the path to litigate against the crypto industry rather than working with the industry. Dozens of crypto projects are currently being sued or investigated by the SEC and ASIC. There is however considerable pressure from the industry and from governments in the USA and Australia to clarify and adopt a clear rule book on crypto regulation. If this clarity is not given soon the USA and Australia may lose the race to lead the innovation of one of the most beneficial technologies since the internet was created. It could be Europe, China and the Middle East who will lead at great cost to the USA and Australia.
Binance, the largest crypto exchange in the world, announced in May that their Australian bank had closed their Binance Australia bank account and halted all trading of cryptos for Australian dollars.
Update on Legal Proceedings
In the ASIC proceedings brought against BPS the matter is progressing as per the timetable set by Judge Downes at the 20 April 2023 case management hearing. Discovery of Documents by BPS and ASIC have been completed. ASIC filed and served the Evidence it intends to rely upon at the trial on 25 May 2023. BPS must file and serve its Evidence it intends to rely upon by 30 June 2023. The next case management hearing is scheduled for 28 July 2023.
Having reviewed the Evidence filed and served by ASIC, representatives of BPS remain confident that BPS is, and has at all relevant times, been appropriately licensed as authorised representative of a Non-Cash Payments (NCP) AFSL holder.
Legal representatives of BPS and the other six respondents attended the second case management hearing of the Representative Proceedings matter in front of honourable Judge Downes on 30 May 2023.
At this hearing BPS and/or the other respondents objected to 4 matters proposed by the Applicants, and further requested that the Applicants pay the Respondents’ costs incurred by reason of the multiple amendments.
The matters included:
- Objection to the proposed order to hear the matter together with the ASIC trial in October,
- Objection for leave to file the 8th amendment to the applicants Amended Statement of Claim due to ongoing deficiencies,
- Objections that the Applicants must produce specific particulars if alleged that PNI or Billzy were involved with the Qoin project beyond their capacity as authorising BPS as their authorised representative under their Australian Financial Services License (AFSL)
- Objection to the timeline proposed by the Applicants,
- The matter of costs
Judge Downes ordered the following:
- That these Representative Proceedings will not be heard together with the ASIC trial,
- The Applicants must make a raft of further amendments, serve and file their 9th Amended Statement of Claim by 9 June 2023,
- To the extent allegations are made regarding the involvement of PNI and/or Billzy in any conduct beyond their role as an authorised representative, the Applicants are to provide the material facts and particulars relied on,
- The Respondents to file and serve their defences by 4 August 2023 (as opposed to the Applicants request for a June filing),
- The Applicants pay the 7 x Respondents’ costs thrown away by reason of the amendments,
- The next case management hearing is scheduled for 4 September 2023.
Community Group Meetings
The community group leaders met in April and May discussing and adopting the following key action points:
- Publishing the community conduct standards and taking community feedback
- Creating a Merchant Fair Trading video and Badge recognition system
- QShop enhancements
- Wallet security, identity and seed-phrase mechanism to be reviewed against latest industry trends.
- Accelerating community participation in Q Hub, GrabbaCoupon and App downloads to improve the utility
- Community Facebook trading pages template to scale from the Sydney page success
- United Kingdom merchant growth strategy discussed.
Thank you to all our Qoin Community Members for your support, trading, and loyalty.