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Digital Currency and Blockchain Weekly Round-Up – May 31st, 2019

World Economic Forum forms blockchain policy council to address governance gaps The World Economic Forum’s Center for the Fourth Industrial Revolution has formed six councils to work on new technology policy guidance.…

By Shampa Mani
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World Economic Forum forms blockchain policy council to address governance gaps

The World Economic Forum’s Center for the Fourth Industrial Revolution has formed six councils to work on new technology policy guidance.In its press release, the boards aim to address governance gaps in the areas including autonomous driving, precision medicine, drones, internet of things (IoT), artificial intelligence (AI), and blockchain and the absence of clearly defined rules.

IOSCO seeks consultation on crypto-asset regulation

The International Organization of Securities Commission (IOSCO) is seeking feedback on a consultation paper published on Monday, entitled “Issues, Risks, and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.” IOSCO said it will continue to monitor the crypto-asset trading platforms market to ensure that the identified issues, risks, and key considerations remain relevant and appropriate.

U.S. Members of Congress call upon Presidential Advisor to promote blockchain technology

In a letter to the Director of the National Economic Council (NEC), seven Members of the U.S. Congress have requested to include blockchain technology in Trump Administration’s initiatives on emerging technologies. Led by Congressman Trey Hollingsworth, the letter was supported by the members of the Congressional Blockchain Caucus including Darren Soto, Bill Foster, Tom Emmer, Ted Budd, Josh Gottheimer and David Schweikert.

US State of Montana is now crypto friendly, recognizes utility tokens

The State of Montana has become the recent U.S. state to recognize utility tokens, exempting them from being considered as securities under the local rules. Under the new bill, entitled "Generally Revise Laws Relating to Cryptocurrency," was signed by the Governor of Montana Steve Bullock on May 08. It will go into effect on July 01, 2019.

Australian regulator ASIC updates guidance on crypto-assets and ICOs

The Australian Securities and Investments Commission (ASIC) has published new information to help businesses engaged with initial coin offerings (ICOs) and crypto-assets ensure that they are carrying out their operations in a compliant manner. In a press release dated April 30, the regulator said that it has updated its Information Sheet 225 (INFO 225) Initial coin offerings and crypto-assets, which was first published in September 2017 and had gone through its first update last May.

South Korean government keeps an eye on cryptocurrency market following bitcoin price spike

The South Korean government is keeping a tight watch on the cryptocurrency market again after a pan-governmental meeting was held on Tuesday, according to local broadcasting station KBS World Radio. The meeting, which was presided by the Minister of the Office for Governmental Policy Coordination Noh Hyeong-ouk, was mostly stimulated by Bitcoin (BTC) price's fresh break above 10 million won (~$8,400).

Egypt considers softening cryptocurrency regulation

A proposed bill seeks to impose a ban on the creation, promotion or trading of cryptocurrencies without a license in Egypt, Egypt Independent reported citing a report from the Middle East News Agency (MENA). An official source at the Central Bank of Egypt (CBE) told MENA that the draft bill grants rights the Board of Directors of the central bank to issue rules governing the trading and dealing of cryptocurrencies.

Arrington XRP Capital, Circle and others support Kin’s $5M fund to take on US SEC

The Kin Foundation, which oversees the cryptocurrency developed by the chat platform Kik, has initiated a new campaign to fund a potential legal battle with the United States Securities and Exchange Commission (SEC), Forbes reported. The initiative has already started garnering support from the industry. Backers include Circle, ShapeShift, Arrington XRP Capital, Messari, and Fight for the Future.

Wei Liu claims authorship of bitcoin white paper just to show anyone can register a copyright

Following the copyright registrations for the bitcoin white paper and code filed by Craig Wright in April, another copyright registration for the white paper has been made by Wei Liu, CoinDesk reported. Liu, CEO of crypto market research firm Coinsummer, told CoinDesk that his motive behind filing the registration was to show that “copyright is technically meaningless in this context.”

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