Digital Currency and Blockchain Weekly Round-Up – May 10th, 2019

World Economic Forum teams up with over 100 organisations on blockchain-based supply chain initiative
The World Economic Forum, a Switzerland-based non-profit organization that aims to improve the state of the world, is teaming up with more than 100 organisations on a blockchain initiative. In a press release dated May 01, the WEF said that initiative, Redesigning Trust with Blockchain in the Supply Chain, aims to accelerate blockchain deployment across supply chains.

FinCEN issues new guidance on convertible virtual currencies
The Financial Crimes Enforcement Network (FinCEN) has issued guidance on cryptocurrencies in order to provide regulatory certainty for businesses and individuals. Published on May 09, the guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC) has been issued in response to the queries from various financial institutions, law enforcement, and regulators concerning the regulatory treatment of multiple variations of businesses dealing in CVCs.

Three blockchain-based services to be tested in South Korea’s FSC’s regulatory sandbox
South Korea’s Financial Services Commission (FSC) has announced nine additional financial services that have been approved to be tested in the financial regulatory sandbox. It said that it received a total of 105 applications, of which 18 are now selected for the sandbox. Of these 18 services, three are focused on using blockchain technology.

Government of Liechtenstein adopts Report and Motion on Blockchain Act
The government of Liechtenstein has adopted the Report and Motion on the “Blockchain Act” that aims to create a legal basis for the innovative technology. The objective is to create “legal certainty” for various blockchain use cases, both existing as well as those that emerge in the future, and ensure that a new law need not be created for every case of application.

Dubai Future Foundation forms Future Council for Blockchain with government and international entities
The Dubai Future Foundation (DFF) has formed the “Dubai Future Council for Blockchain” in order to foster blockchain implementation in various sectors. The Council, made up of 14 members from various government and international entities, will be headed by Her Excellency Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubai.

Galaxy Digital, Ripple and others mull establishing industry standards for crypto space
Some of the biggest crypto firms met in Chicago this week with the objective of keeping a check on con artists and criminals flocking to the crypto space, Bloomberg reported. Companies including DRW Holdings Inc.’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings and Ripple discussed creating a blacklist of entities that are known to engage in illegal activities.

Crypto exchange Binance loses 7000 BTC to hackers in hot wallet breach
Leading cryptocurrency exchange Binance suffered a major hack on Tuesday, May 07, in which it lost 7000 BTC, worth around $40 million, to hackers. The exchange assured its users that their funds would not be affected due to this incident and said that it will use the Secure Asset Fund for Users (SAFU fund) for fully covering the losses. In an update, Founder and CEO Changpeng Zhao said that the exchange will significantly revamp its security measures.

Research Studies

• Cryptocurrency-related scam enquiries jump 14000% since 2016, says French regulator AMF

Company News

• Subsidiaries of energy majors Saudi Aramco and Equinor back blockchain startup Data Gumbo
• Blockchain privacy solutions startup QEDIT raises $10M in Series A, partners with VMware, Ant Financial and RGAX
• Blockchain startup ConsenSys to consolidate all investment arms
• Blockchain startup SETL completes corporate restructuring programme
• Crypto exchange Poloniex resumes operations in Washington State with new license

Partnerships/Consortiums

• Austria’s Raiffeisen Bank International joins blockchain trade finance network Marco Polo
• Blockchain trade finance initiative Voltron completes trial with 50 banks and corporates
• Euronet Worldwide subsidiary Ria Money Transfer joins Ripple’s blockchain payment network
• Pfizer, Premier and others join Chronicled’s blockchain-focused working group

Digital Currency and Blockchain Initiatives

• India likely to be the first country to test Facebook’s crypto token: Report
• Facebook to allow blockchain ads without prior approval
• Samsung SDS includes blockchain technology in Digital Transformation Framework
• Microsoft rolls out Azure Blockchain Development Kit for Ethereum Blockchain
• Wipro, R3 develop blockchain-based solution prototype for Bank of Thailand-led consortium
• Syniverse, IBM pilot blockchain-based mobile roaming solution with Orange and MTS
• ASX opens testing center for blockchain-based post-trade system
• Microsoft, Starbucks partner to trace coffee using Azure Blockchain platform
• Blockchain-powered ad campaign for PepsiCo sees 28 pct increase in efficiency
• Bursa Malaysia announces blockchain proof-of-concept for securities borrowing and lending
• Blockchain travel startup Travala.com teams up with Litecoin Foundation
• Nordea launches blockchain-based we.trade platform for SMEs