Digital Currency and Blockchain Weekly Round-Up – December 13th, 2019

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

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AfrikaansAlbanianAmharicArabicArmenianAzerbaijaniBasqueBelarusianBengaliBosnianBulgarianCatalanCebuanoChichewaChinese (Simplified)Chinese (Traditional)CorsicanCroatianCzechDanishDutchEnglishEsperantoEstonianFilipinoFinnishFrenchFrisianGalicianGeorgianGermanGreekGujaratiHaitian CreoleHausaHawaiianHebrewHindiHmongHungarianIcelandicIgboIndonesianIrishItalianJapaneseJavaneseKannadaKazakhKhmerKoreanKurdishKyrgyzLaoLatinLatvianLithuanianLuxembourgishMacedonianMalagasyMalayMalayalamMalteseMaoriMarathiMongolianMyanmar (Burmese)NepaliNorwegianPashtoPersianPolishPortuguesePunjabiRomanianRussianSamoanScots GaelicSerbianSesothoShonaSindhiSinhalaSlovakSlovenianSomaliSpanishSundaneseSwahiliSwedishTajikTamilTeluguThaiTurkishUkrainianUrduUzbekVietnameseWelshXhosaYiddishYorubaZulu

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