The Ukraine Plans to Legalize Cryptocurrency
According to a report in the independent Ukrainian news publication Ligamedia, the Ukranian government has plans to legalize cryptocurrency.
Incoming Digital Transformation Deputy Minister Alexander Bornyakov said in a recent presentation that Minster Mikhail Fedorov will authorize the legalization. Cryptocurrencies are not currently illegal in Ukraine but explicitly legalizing cryptocurrencies will benefit Ukraine and it’s government via taxation. According to Bornyakov “People who [are engaged in cryptocurrencies] should get out of the gray zone and start paying taxes.” In the future, he sees Ukraine being able to “earn from cryptocurrency traders” as well.
As part of the plan, the Ukraine will also transfer public registries and documents to a public distributed ledger managed by the government. (Positive)
New Balance to Use Cardano Blockchain to Confirm Product Authenticity
Cardano CEO Charles Hoskinson announced that New Balance will be using the Cardano blockchain to help authenticate its products.
Charles Hoskinson, CEO of blockchain engineering startup IOHK, announced that American footwear brand New Balance will use the Cardano blockchain to allow its customers to verify the origins of an range of products.
Cardano and New Balance are planning to roll out the program globally. However, current plans do not entail using the ADA token during this pilot.
Hoskinson reportedly made the partnership announcement during Cardano’s 2nd anniversary event at the Cardano Summit in Bulgaria’s second-largest city, Plovdiv. (Positive)
Venezuelans Will be Able to Make Crypto Payments
Venezuela President Nicolas Maduro has stated that the country’s government will “very soon” activate the cryptocurrency payment method for citizens.
The method will allow everyone to do banking transactions, Maduro said in a televised press conference.
“The finance minister and Venezuela’s central bank have new instruments which we will activate very soon so that everyone can do banking transactions, as well as national and international payments through the central bank’s accounts. Venezuela is working within the cryptocurrency world,” Maduro said.
This news comes after reports that the central bank of Venezuela was exploring adding cryptocurrencies, specifically bitcoin (BTC) and ether (ETH), to its international reserves. (Neutral)
Swiss Digital Exchange Plans ‘Initial Digital Offering’ in 2020
Swiss Digital Exchange (SDX), a digital asset trading platform by Switzerland’s principal SIX Swiss Exchange, will reportedly launch its initial digital offering (IDO) in 2020.
The not-yet-launched SDX has reportedly set up a global consortium of financial institutions to back its IDO in the middle of 2020.
Thomas Kindler, who took over as SDX CEO on Sept. 1, elaborated that the consortium comprises a group of investors such as banks and market infrastructure providers intending to legitimize the technology and raise capital.
The IDO would be similar to a traditional initial public offering, except that the shares will be issued in the form of security tokens on SDX.
While not specifying the consortium members or the amount expected to raise, Kindler stated that SDX plans to have one large-scale level of investment featuring four or five big investors and another level with 10 smaller potential investors.
The firm is reportedly planning to introduce its own SDX security token, shifting from its original plan to first tokenize traditional banking assets to other assets such as real estate. The SDX token will be issued on a blockchain that is based on the enterprise version of R3’s Corda technology.
The news comes a week after SIX postponed the launch of SDX for Q4 2020 after previously projecting to roll out the platform in mid-2019. However, on Sept. 23, SIX launched a prototype of its digital exchange and the central securities depository (CSD), noting that the objective of the prototype is to showcase the future of financial markets to the community as well as to demonstrate the integration of CSD with a central order-book stock exchange model. (Neutral)
Two Congressmen Recommend Development of Digital US Dollar
Two U.S. lawmakers, Representative French Hill (R-Arkansas) and Rep. Bill Foster (D-Illinois), proposed to the Federal Reserve, the country’s central bank, to consider developing a digital dollar.
In a letter to Fed Chairman Jerome Powell, Hill and Foster said that the “nature of money is changing,” and the Fed has the ability and the natural role to develop a “national digital currency.”
The Congressmen outlined concerns that the U.S. dollar could be in “long-term jeopardy” from the wide adoption of digital fiat currencies. Citing a study from the Bank for International Settlements (BIS), where data shows that 40 countries have developed or are looking into developing a digital currency. Moreover, China’s central bank, is expected to launch a digital version of the yuan later this year or in early 2020, they added.
“With the potential for digital currencies to further take on the characteristics and utility of paper money, it may become increasingly imperative that the Federal Reserve take up the project of developing a U.S. dollar digital currency,” said the Congressmen. (Neutral)
SIX Stock Exchange Launches Crypto ETP in Swiss Franc
Another crypto-based financial product is coming to the Swiss stock exchange SIX.
On September 3, fintech firm Amun and crypto service Bitcoin Suisse announced the launch of its Swiss franc denominated Amun Bitcoin Suisse BTC/ETH exchange-traded product (ETP) under the ABBA ticker. Nine parts bitcoin and one part ether, the ETP captures some 75 percent of the total cryptocurrency market cap in one listed product.
In an interview, Amun CEO Hany Rashwan said the ETP serves as an important financial hedge. Based on the two largest cryptocurrencies by market cap and denominated in Swiss francs, Rashwan said the product is uniquely Swiss.
Unlike exchange-traded notes (ETNs), ETPs are legally obligated to be backed one-to-one by reserves. Amun says the ETP is fully collateralized with bitcoin and ether custodied in Switzerland by Bitcoin Suisse. The firm’s first ETP since its founding in 2013, Bitcoin Suisse currently holds some $1 billion. (Positive)
Binance Integrates Coinfirm’s AML Platform to Comply With FATF Rules
Major cryptocurrency exchange Binance has partnered with crypto analytics startup Coinfirm to improve its anti-money laundering (AML) compliance.
The integration of Coinfirm’s blockchain-agnostic AML Platform will purportedly streamline Binance’s compliance with the AML rules issued by the Financial Action Task Force (FATF), according to a press release published on Oct. 3.
The new measures set up by the FATF require that cryptocurrency operators establish the identity behind crypto funds senders and recipients, conduct proper due diligence to ensure they are not engaging in illicit activity, and develop risk-based programs, among others.
Binance will deploy Coinfirm’s products to assess and analyze AML risk in regards to more than 1,200 digital currencies, tokens and diverse blockchain offered on its trading platform.
As previously reported, crypto market aggregator CoinGecko joined the network of Coinfirm in order to improve its exchange Trust Score algorithm, as well as provide users with a means of reporting scams and hacks.
Also, San Francisco-based tech startup Ripple, which is largely behind XRP, signed an agreement with Coinfirm, wherein the latter will explore XRP’s compliance with AML provisions.
Commenting on the FATF’s intention to strengthen control over cryptocurrency exchanges, Jeff Horowitz, chief compliance officer at American major crypto exchange Coinbase, said:
“I get why the FATF wants to do this. But applying bank regulations to this industry could drive more people to conduct person-to-person transactions, which would result in less transparency for law enforcement.” (Neutral)
Posjetite našu Mjenjačnicu kriptovaluta
- brza i izravna konverzija kriptovaluta za fiat valute i obrnuto
- jednostavna i kvalitetna usluga prema standardima FIMA brenda
- povjerenje temeljeno na dugogodišnjem iskustvu i rezultatima