Digital Currency and Blockchain Weekly Round-Up – November 22nd, 2019
Fri, 22 Nov 2019, 12:20 pm UTC
European Commission and EIF launch Blockchain and AI Fund
The European Commission (EC) has launched a dedicated EU equity investment fund for artificial intelligence (AI) and blockchain technologies in collaboration with the European Investment Fund (EIF). Called “the Blockchain and AI Fund,” the investment fund aims to support and leverage investments in highly innovative start-ups and tech companies.
IRS Criminal Investigators scrutinize crypto ATMs, kiosks for potential tax issues
The Criminal Investigation Division at the U.S. Internal Revenue Service (IRS) has turned its attention to the potential tax issues stemming from cryptocurrency kiosks and Bitcoin ATMs, Bloomberg Law reported. IRS Criminal Investigation Chief John Fort told the news portal that his team is cooperating with law enforcement agencies to monitor the illicit activity facilitated through crypto ATMs and kiosks.
UK Jurisdiction Taskforce recognizes cryptoassets as property and smart contracts as enforceable agreements
The UK Jurisdiction Taskforce (UKJT), one of the six taskforces of the LawTech Delivery Panel (LTDP), has officially recognized cryptoassets as tradeable property and smart contracts as enforceable agreements under English law and Welsh law. LTDP has published its “Legal statement on cryptoassets and smart contracts” to offer legal clarity on these areas.
Chinese authorities move forward with plans to introduce blockchain standardization
The People’s Bank of China (PBoC) is reportedly seeking to set industry standards across the financial sector to guide the application of new and cutting-edge technologies. According to a report from Xinhua News Agency, PBoC vice president Yifei Fan recent revealed the technologies that are currently on the central bank’s radar for standardization, including artificial intelligence, blockchain, big data, and cloud computing. Meanwhile, the Standardization Administration of China (SAC) has set up a national standards committee for blockchain and distributed ledger technology, alongside a number of other technical committees.
Thai government to launch three blockchain pilot projects
The Finance Ministry of Thailand has signed a memorandum of understanding (MOU) with Krungthai Bank for three blockchain pilot projects, Bangkok Post reported. The three projects intend to introduce the technology in three areas – value-added tax (VAT) refund service for foreign tourists, scripless savings bond issuance and letters of credit (LC) for electronic procurement.
South Korea clamps down on unregistered crypto exchanges with new regulation
South Korea is threatening bigwigs of crypto exchanges that if they don’t register with the Financial Services Commission (FSC), they’ll be thrown behind bars. The announcement comes amidst stricter regulation concerning crypto exchanges in a bid to clamp down on money laundering activities that have proliferated in the country, according to local publication The News.
Dubai Future Council launches blockchain policy in preparation for the next 50 years
The Dubai Future Council has launched the Dubai Blockchain Policy during the recently concluded 9th Smart City Expo World Congress, which was held in Barcelona. The initiative aims to push Dubai as one of the leading nations in blockchain technology, an emerging innovation that’s being mass adopted by several governments across the globe.
MAS launches consultation on allowing crypto derivatives trading on approved exchanges
The Monetary Authority of Singapore (MAS) is seeking comments on proposed regulation of cryptocurrency derivatives on approved exchanges. The last date to submit comments is Dec. 20. The MAS has published a consultation paper to allow derivatives on payment tokens, such as bitcoin and ether, to be traded on Approved Exchanges and to regulate the activity under the Securities and Futures Act (SFA).
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