Link copied New York regulator publishes proposed guidance to modify BitLicense
The New York Department of Financial Services (NYDFS) has officially announced that it is reviewing its virtual currency regulations. The regulator on Wednesday published proposed guidance that seeks to modify the approval process for new coin listings. NYDFS Superintendent Linda Lacewell said that this marks the first step in DFS’s review of New York’s BitLicense to respond to changes in the marketplace over the past four years.
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
The Basel Committee on Banking Supervision (BCBS) is seeking feedback on the prudential regulatory treatment of crypto-assets. The committee on Thursday published a discussion paper “Designing a prudential treatment for cryptoassets.” The paper said, “The current Basel framework does not specify the prudential treatment for banks’ exposures to cryptoassets, given their relative novelty. The Committee is considering whether to specify a global prudential standard.”
Brazil to impose fines on individuals failing to declare cryptocurrency transactions
Brazil has published a new tax code that will be fining individuals who fail to declare their cryptocurrency transactions. The announcement was made by the Department of Federal Revenue (RFB), the tax agency of Brazil. Brazilians who fail to follow this new regulation will be fined accordingly, which ranges from $120 to $360.
South Korea to impose capital gains tax on crypto transactions; Bill slated for introduction in 2020
South Korea is currently looking to tax capital gains from cryptocurrency transactions. A bill on these lines will be drawn up by the country’s Ministry of Economy and Finance and is slated to be introduced in tax regulations next year, Korea Times reported. Drafted alongside the crypto capital gains regulation is another bill that will provide more transparency on digital currency transactions.
Ukraine passes final regulatory law for anti-money laundering; Taps Belarus exchange for more regulatory expertise
The anti-money laundering law (AML) that will oversee the crypto space within Ukraine has now been completed and passed. Ukrainian legislating body Rada recognizes that crypto-assets can be used as a store of wealth but is also taking precautions due to the risks that it poses. Under this new regulatory framework, individuals and virtual asset service providers (VASP) will be monitored by authorities to decrease crime occurrence in the nascent sector.
Insights
- SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
- Digital assets are here to stay; State Street survey reveals continued institutional interest
- Blockchain technology poses money laundering, terrorist financing risks, says annual FINMA report
- FinCEN sees spike in crypto-related suspicious activity reports after May advisory
- Bank of Lithuania publishes paper on CBDC to nurture discussions around the new innovation
- Cryptocurrencies could replace fiat currencies by 2030, says Deutsche Bank
Company News
- Securitize acquires Japanese blockchain consultancy firm following backing from SBI Investment
- Franklin Templeton leads blockchain-based social impact platform’s funding round
- Blockchain startup Digital Asset secures $35M in Series C round
- TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
- Swiss crypto-financial firm acquires approval from Swedish regulators to offer ETPs across EU
- Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
- ConsenSys shuts down India, Philippine offices; 11 people axed by the closure
- Huobi US to cease operations on Dec. 15
- Wu Jihan once again takes over the helm at Bitmain as CEO
- LedgerX founders temporarily replaced after derivatives provider collided with CFTC
Partnerships/Consortiums
- Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
- JPMorgan’s blockchain-based Interbank Information Network attracts interest from over 80 Japanese financial firms
- Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
- Fiat Chrysler Automobiles joins IBM responsible mineral sourcing blockchain
- WeBank becomes technical infrastructure provider for China’s Blockchain Service Network
Digital Currency Initiatives
- Terra launches stablecoin-powered payments service in Mongolia
- Napoleon Bitcoin Fund launches in France to cater to institutional investors
- Investment group acquires green light from the SEC for Bitcoin Futures fund
- Bakkt launches options and cash-settled futures products
- Crypto exchange OKEx to launch options trading this month
- Boerse Stuttgart’s cryptocurrency exchange BSDEX opens to all German investors
- Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
- Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
- Ripple improves Xpring platform to boost growth of XRP developer community
Blockchain Initiatives
- Twitter looks to blockchain to decentralize social media
- Russian power grid company to use blockchain technology to solve massive energy debt issue
- Nike secures patent for blockchain-enabled “CryptoKicks”
- Italian copyright pioneer collaborates with blockchain firm to protect intellectual property
- Blockchain-based social media platform Voice to release public beta in February 2020
- Microsoft unveils blockchain token and data management service
- Kadena blockchain to track CBD oil in partnership healthcare-focused tech firm
- Bank of China lends $2.8B to SMEs using own blockchain-based bond issuance system
