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Digital Currency and Blockchain Weekly Round-Up – October 26th, 2018

Fri, 26 Oct 2018, 10:51 am UTC

Blockchain-based audit tools can revolutionize audit assurance model: SEC Commissioner
Speaking at the Council of Institutional Investors 2018 Fall Conference, SEC Commissioner Kara M. Stein said, “The development of audit tools that leverage data and technology, including blockchain, could revolutionize the audit assurance model. This means that auditors could benchmark corporate data and expand their assurance beyond the financial statements.”

UK Royal Mint puts gold-backed crypto token launch plans on hold
The UK Royal Mint has halted its plans to launch a gold-backed crypto token, sources familiar with the matter told Reuters. Initiated by the Royal Mint and CME Group in 2016, the digitized gold offering dubbed ‘Royal Mint Gold’ or RMG ran into problems after CME abandoned the project last minute.

Japan’s Financial Services Agency mulls capping crypto margin trading
In a bid to curb speculation and risk in cryptocurrency trading, Japan’s financial regulator is considering capping cryptocurrency margin trading, Nikkei reported. A lower leverage cap is recommended for cryptocurrencies given their high volatility. According to Nikkei, an FSA panel is going to discuss new rules for possible legal changes.

Japan’s FSA officially recognizes crypto exchange group JVCEA as self-regulatory body
The Japanese Virtual Currency Exchange Association (JVCEA) has been approved by the country’s financial regulator as a self-regulatory industry body, CoinDesk reported. In a notice dated October 24, the FSA announced that it has accredited the JVCEA as a "certified fund settlement business association.”

South Korea's Financial Services Commission cautions investors against cryptocurrency funds
South Korea's Financial Services Commission (FSC) has issued a warning to the investors, urging them to pay “special attention” when considering investment in cryptocurrency funds. The regulator, in its note issued to investors on Wednesday, said that as the structure of cryptocurrency funds resemble that of mutual funds, they could be mistaken to be legal investments under the Capital Markets Act, CoinDesk reported.

China’s internet watchdog publishes draft regulations for blockchain-based information services
The Cyberspace Administration of China (CAC), the central government’s Internet regulator, censor, oversight, and control agency, has published a draft policy framework aimed at regulating blockchain-related service providers in the country, CoinDesk reported.

FATF to release first cryptocurrency rules by June 2019
The Financial Action Task Force (FATF) will publish its first rules for cryptocurrency regulation by June 2019, Reuters reported on October 19. The watchdog said the new regulations, part of an effort to create international standards for cryptocurrency regulations, will require every jurisdiction to license or regulate crypto exchanges and some firms providing encrypted wallets.

Deutsche Bundesbank and Deutsche Börse successfully complete blockchain trial for securities settlement
Deutsche Bundesbank and Deutsche Börse have announced that their jointly specified blockchain prototypes support the settlement of securities transactions, payments, interest payments and repayments at the maturity of a bond. Developed on Hyperledger Fabric (version 1.0) and the Digital Asset Platform, the prototypes were subjected to performance tests.

Indian government gets two-week deadline to submit cryptocurrency report to Supreme Court
The Supreme Court of India has reportedly asked the government to submit a report on the findings of the crypto-focused committee it had established, Bitcoin.com reported. The country’s apex court, which initially planned to hear the petitions against the cryptocurrency banking ban on September 11, finally brought up the case on Thursday, October 25, after a delay of one-and-a-half months.

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