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Digital Currency and Blockchain Weekly Round-Up – December 21st, 2018

Fri, 21 Dec 2018, 11:19 am UTC

US lawmakers seek to exclude cryptocurrencies from federal securities laws
Two U.S. lawmakers, Reps. Warren Davidson and Darren Soto, have introduced a new bill that seeks to exclude cryptocurrencies and certain other digital assets from the definition of a security, CoinDesk reported. The bill, “Token Taxonomy Act,” was introduced on Thursday. Davidson and Soto believe that securities laws do not apply to companies that use blockchain once they reach their goal of becoming a functional network.

European Parliament seeks to foster blockchain adoption in trade
The European Parliament is seeking to foster blockchain adoption in trade and business in the common currency area and has adopted a resolution last week on these lines, CoinDesk reported. The resolution, called “Blockchain: a forward-looking trade policy,” noted the potential of blockchain technology to improve EU’s trade policies.

UK tax authority issues tax guidance for crypto users
Her Majesty’s Revenue and Customs, the UK government department responsible for the collection of taxes, on Wednesday published tax guidance for people who hold crypto assets. The paper, “Cryptoassets for individuals,” sets out the agency’s view of the appropriate tax treatment of cryptoassets, and outlines what taxes crypto users may need to pay, and what records they need to keep.

UK government, FCA respond to Treasury Committee’s crypto-assets report
The UK Treasury Committee has published the responses of the government and the Financial Conduct Authority (FCA) to its crypto-assets report. In September, the Treasury Committee published a report in which it made a number of recommendations including the regulation of the “Wild West” crypto-asset market, among other things.

Australian Tax Office asks crypto users to declare profits in annual returns
The Australian Tax Office has issued warnings to the public to disclose their profits from cryptocurrency trading in their annual returns, Australian Financial Review reported. For tax purposes, cryptocurrencies are considered as “property” in the country, which means that users have to pay capital gains tax when they sell their crypto holdings for a profit after July 2017.

Bitcoin and other cryptocurrencies to be called “crypto-assets” in Japan: Report
Japan’s Financial Services Agency (FSA) is going to place the names of bitcoin and other cryptocurrencies under a single category “crypto-assets”, The Japan News reported referring to a report from The Yomiuri Shimbun. An advisory panel to the FSA compiled a report last week highlighting that the term “virtual currency” could be misleading, and urged a change of the term.

Swiss Federal Council seeks to improve legal framework for blockchain via selective adjustments
The Federal Council, a seven-member cabinet making up the Swiss government, believes that the country’s legal framework needs some “selective adjustments” to better deal with emerging technologies, including blockchain. During its meeting on December 7, the Federal Council adopted a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial sector.

Canadian government launches funding competition, seeks blockchain and AI applications in agriculture
The Government of Canada has launched a new funding competition for national scale initiatives in automation and digital technology applications in the agriculture and agri-food sector. It is particularly interested in proposals that seek to solve problems through the use of data and technology in the agriculture and agri-food sector, including artificial intelligence, machine learning, and blockchain.

South Korean government launches blockchain pilot for container shipping industry
South Korea’s Ministry of Science, ICT and Future Planning has launched a blockchain pilot in collaboration with the Ministry of Oceans and Fisheries to explore the technology’s potential in the container shipping industry, CoinDesk reported. Starting today, the one-year pilot will be conducted at the major southern port of Busan.

UAE Banks Federation discusses blockchain adoption for KYC processes
The Advisory Council of the UAE Banks Federation (UBF) discussed the adoption of blockchain technology for know your customer (KYC) processes at its 4th meeting this year. The proposed adoption of blockchain technology to enhance KYC processes at banks topped the agenda of the meeting held on December 17, 2018, the release said.

Research Studies

Funding/Investments/Acquisitions

  • Waves Platform secures $120M to launch universal blockchain solution ‘Vostok’
  • Blockchain journalism startup Civil announces new token sale with no hard cap, soft cap, or time limits
  • Change Healthcare to expand blockchain capabilities with PokitDok acquisition
  • Peter Thiel, Digital Currency Group back crypto investment platform Layer1

Partnerships/Consortiums

Digital Currency and Blockchain Initiatives

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