Blockchain And Digital Assets News And Trends

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Finma detailed that the requirements for stablecoins may differ based on which assets they are backed by — such as currencies, commodities, real estate or securities — and the legal rights of its holders. “Money laundering, securities trading, banking, fund management and financial infrastructure regulation can all be of relevance,” Finma elaborated. Finma revealed that, based on information provided so far, such a project would fall under financial market infrastructure regulation and would require its payment system license, under the Financial Market Infrastructure Act . The requirements under the Principles for Financial Market Infrastructures would also apply to the management of cyber risks. Asia and Japan are commonly hailed as crypto meccas thanks to adoption, regulation, and active use cases. Many in the space view this acceptance of crypto as a very bullish sign and a product of forward thinking societies. To those old-fashioned curmudgeons still intently focused on “a purely peer-to-peer version of electronic cash that would allow online payments … without going through a financial institution,” all this talk can ring hollow, however. Of course, exchanges can do as they please, and time will tell which are going to kowtow to the FATF, and which DEXs, OTC platforms, and private traders won’t.
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Promotional materials distributed informed investors that they would share in the profits earned from projects funded by their investment in DAO tokens. Token holders could also monetize their investment by reselling DAO tokens in the secondary market. In the past, China adopted more favourable policies in relation to blockchain. The new regulations clamp down on blockchain anonymity with requirements for users to provide their real names and national ID card numbers or phone numbers when registering for a blockchain service. Similar restrictions already applied to China’s mobile payment service providers. Blockchain service providers need to register with the government and are required to censor content “deemed to pose a threat to national security”. They must also keep a record of information published by users and disclose this information to the government.
Tokens linked to an asset such as gold, or to a fiat currency such as the US dollar, are typically termed “stable coins”, the aim of which is to minimise a token’s volatility, a characteristic of most cryptocurrencies. Another shortcoming is that the SFC’s March 2019 statement sets out requirements for ‘intermediaries’ which market and distribute ICOs, but does not adapt or explain the concept of ‘intermediary’ in the context of ICOs. Unlike typical securities offerings, digital token offerings are decentralised and operate without traditional intermediaries such as brokers. The UK FCA’s January 2019 Consultation Paperrecognises this as one area where the use of distributed ledger technology potentially raises novel issues that need to be considered in determining how existing regulation applies to token offerings. The SFC issued aStatement on Security Token Offeringson 28 March 2019 setting out regulatory requirements applicable to security token offerings, generally known as STOs. The statement also reiterates the SFC’s earlier warnings to the public of the potential risks involved in investing in digital assets such as initial coin offering tokens and security tokens.

Regulation Of Cryptocurrencies In Hong Kong

Previously Brad headed mobile money and innovation for Visa in Asia Pacific, North Africa and the Middle East. He has also been an emerging payments consultant to World Bank Group, working in a variety of markets including the Philippines, Indonesia, Bangladesh and China. Prior to Visa, Brad was the founding Managing Director of Wing Cambodia, the first bank-led mobile money deployment in Asia. Brad has worked in financial services for 18 years, and is well known in the emerging payments and mobile money industry as a delivery focused executive. strategy and customer experience disruption, having bitcoin revolution bonus worked across financial services, telco, energy and education sectors. Her experience spans public policy, regulatory strategy, business and product development, operational excellence, leadership and resilience programs and organisational change and transformation. She has also served on SDN Children’s Services’ research and ethics committee since 2013. Joseph spent 12 years at Citi, where he had extensive credit and market risk training and held senior risk management roles. Joseph has deep customer, risk and business management experience, together with success in starting new businesses.
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However, if security tokens are not “actively marketed” to the Hong Kong public, there is nothing to prevent Hong Kong investors from subscribing for tokens via an offshore platform and in this situation, none of the Code of Conduct’s investor protection mechanisms will apply. Further, if the offering turns out to be a scam, Hong Kong investors have no means of redress other than a contractual claim or common law action against the token issuer. Given that whitepapers generally do not even contain the issuer’s legal name and registered address, this route to recovering losses will not be straightforward. Moreover, whether or not individual token holders will receive a “return” (i.e. a profit) on a future cashing-out will vary among holders depending on when they redeem their tokens and the prevailing state of the market.

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IDC is expected to reach $11.7 billion by 2022, and various industries will invest more resources to research and use blockchain technology. Haiyan is a founding member of the firm, responsible for all investments and fund management. He has extensive experience in the private sector, having worked for companies in the manufacturing and trading sectors, as well as for multinationals in the financial services and banking sectors in Mauritius, Canada and Hong Kong. He also has experience setting up and managing his own business and running a major international chamber of commerce in Hong Kong.

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Zor is the Chief Executive Officer & Co-Founder at Kasisto, creators of KAI Banking, the leading conversational AI platform for the finance industry. Kasisto counts DBS Bank, Mastercard, Standard Chartered, TD Bank, and Wells Fargo among its customers as well as other leading financial institutions who are changing the face of banking with KAI to create engaging consumer experiences and drive business results. With a vision to implement technology and enable easy MSME financing, Harshvardhan co-founded Lendingkart in 2014. Harshvardhan possesses an in-depth understanding of the evolving MSME ecosystems and has over 15+ years of experience. Harshvardhan’s expertise includes managing the overall business leadership and growth conversations, developing the company’s strategies, focusing on new business and growth opportunities, in addition to contributing to growth projections and trends. Mr Phillips has served in senior positions in a number of private and public organisations. He lived and worked in Hong Kong from 1989 to 2004 holding senior investment banking positions with Deutsche and BZW/Barclays Capital before co-founding a Hong Kong-based group of companies providing IT, financial and consultancy services across Asia. In 2004, Mr Phillips joined UK Trade & Investment (now the UK’s Department of International Trade) before becoming the Chief Executive of the China Britain Business Council in 2006, as well as Chairman of the EU China Business Association. Dr. Victor Huike Li is a serial entrepreneur and IT industry veteran, with more than 20 years of experience in building and commercializing cutting-edge technologies.
While the report states that “Countries like China have completely banned virtual currencies. It does not allow any sort of legal transactions in virtual currencies,” holding crypto is not banned, however. In addition, bitcoin has since been legally recognized by a Chinese court as digital property. On the one hand, there’s likely secreted knowledge that would blow our minds should it be revealed or leveraged. On the other hand, some branches of the federal government still employ legacy systems that use 8-inch floppy disks. Anyone that’s been in a DMV knows how inefficient state operations can be. A mass move of the market to money that cannot be so easily regulated could spell an ultimatum for central bankers.


The proposals include adding a new controlled activity of operating a secondary market platform used for trading tokens and their derivatives. GFSC will authorise and supervise secondary token market operators and maintain a public register of such operators. The proposals include regulation of secondary market platforms operated in or from Gibraltar that are used for trading tokens and, to the extent not covered by other regulations, their derivatives. The regulations aim to ensure that the activities of these markets are fair, transparent and efficient and that organised trading occurs only on regulated platforms. Unless further specifics are included in the proposed legislation or guidance, the current proposals do little to create clarity as to which tokens will be covered by the new legislation and existing securities laws, respectively and which will remain unregulated.
The ICO is likely to be a managed investment scheme when the value of the virtual assets acquired is affected by the pooling of funds from contributors, or the use of those funds under the arrangement. This is particularly likely to be the case where the ICO is offered as an investment. If the rights and value of the virtual assets are related to an arrangement with the three elements described above, the virtual assets issuer is likely to be offering interests in a managed investment scheme. INFO 225 sets out how the Corporations Act may apply to the raising of funds through an ICO and to other activities involving virtual assets such as cryptocurrencies, tokens or stable coins. The FCA plans to conduct a further consultation on prohibiting the sale of derivatives that reference certain types of virtual assets (e.g. exchange tokens). The proposed ban will potentially cover CFDs, options, futures and transferable securities. Like exchange tokens, utility tokens can normally be traded on the secondary markets and be used for speculative investment purposes, although the FCA again notes that this does not mean that the utility tokens are Specified Investments. participating in and providing financial services relating to an issuer’s offer and or sale of a virtual asset. The FCA does not currently regulate activities in exchange tokens – the operation of a virtual asset exchange and the transfer or trading of virtual assets on exchanges are currently outside the scope of FCA regulation. Exchange tokens such as Bitcoin, Ether and similar virtual assets are unlikely to constitute e-money because, among other things, they are not normally centrally issued on the receipt of funds, nor do they represent a claim against the issuer.
The new regulations appear to target the use of blockchain technology to bypass China’s censorship of the internet following recent cases of individuals posting information on the Ethereum blockchain to escape censorship. Add to this the fact that token issuers and their designers and developers are typically based offshore, outside the regulatory remit of the SFC, protection for Hong Kong investors against fraudulent or incompetent issuers will be scant. The SFC Code of Conduct requirements referred to in the SFC’s latest statement will only ever apply where a Hong Kong intermediary is engaged to market the tokens to Hong Kong investors. Under the SFO, security tokens, in the same way as traditional securities, cannot be marketed to Hong Kong investors except by an SFC Type 1 licensed entity.
After graduating from Furman University with an English degree, Kathryn pursued her interest in technology to launch a number of successful startups. She also served as Vice President of Strategy for Revolution Money, which was acquired by American Express, and was the director of corporate development for CompuCredit. In 2017, she was named to Forbes’ 2017 list of the World’s Most Powerful Women. Kathryn recently co-founded Drum, a platform reinventing sales infrastructure by connecting businesses to their ideal customers through an infinitely scalable sales force. During his tenure as Deputy Chief Executive, he steered major policies and initiatives relating to reserves management, research, external affairs and market development. Mr Yue was also actively involved in tackling major financial crises and played an instrumental role in enhancing the Linked Exchange Rate System. The court actively encourages parties to consider and adopt this newly permitted way of provision of documents through a virtual data room, ensuring that disclosure orders would be executed in a cost-effective manner commensurate with the state of modern technology.
Dr. Li has held multiple senior executive positions in both China and Australia, accumulating a comprehensive set of industry experiences in such areas as R&D, consulting, business development, and management. Dr. Li was also the co-founder of InfraRisk, a leading supplier of credit management solutions in Australia. After joining the Company, Dr. Li first served as head of international business and then as executive vice president for the Company prior to his current roles. Elizabeth founded the company in 2013 in Nairobi, Kenya and has expanded it to 10+ markets across Africa and Europe. Before founding AZA, Elizabeth was a rating analyst for microfinance institutions across sub-Saharan Africa, consulting for Grameen Foundation, Gates Foundation and the Acumen Fund, as well as working with regulators and policy-makers on legislation for financial innovations. Elizabeth co- chairs the World Economic Forum‘s Council on Blockchain and holds an M.A.
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Fund distribution requires a securities dealer licence because a fund is a “collective investment scheme” which is a security irrespective of whether the fund invests in virtual assets which are securities or not. Primary market issues and offers of virtual assets which are not securities also remain unregulated. VASPs therefore include virtual asset exchanges, providers of certain types of virtual asset wallets and providers bitcoin revolution bonus of financial services for ICOs. participating in and providing financial services related to an issuer’s offer and/or sale of a virtual asset. Putting privacy concerns aside, such a massive potential userbase will no doubt give rise to regulatory concerns relating to blockchain, distributed ledger technology and virtual assets. US Senator Mark Warner and Markus Ferber have both voiced their concerns over Facebook’s new coin.
The ban went into effect in July that year and banks proceeded to close the accounts of crypto exchanges. The ban was imposed after the RBI issued several warnings regarding the trading of cryptocurrencies, including bitcoin, but crypto trading remained unaffected. The banking ban forced some crypto exchanges out of business, such as Zebpay, Coindelta, and Koinex. charged an Australian woman with breaching requirements related to digital currency exchange services, after seizing more than $60,000 in cash and 3.8 bitcoin. The woman is allegedly part of a syndicate providing unregistered digital currency exchange services, exchanging cash for more than AU$5 million in bitcoin. The announcement comes in the midst of efforts to persuade initial purchasers of Grams to loan their funds back to the project for a year with the hope of a 110 percent repayment of their purchase amounts. Alternatively, initial purchasers are being offered 72 percent of their investment back now. It is unclear whether the loan proposal will proceed in light of the announcement.
However, as people in the industry often say, people do not need to understand how the blockchain works. As long as they know how to apply it, they can also promote the development of the blockchain. As for the supply chain, it is also one of the important application scenarios of the blockchain. Walmart, the world’s largest retailer, continues to improve its business and improve the efficiency of its supply chain through blockchain technology.

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A significant issue is the application to cryptocurrencies of the comprehensive requirements under AML/CTF laws, such as know your client and suspicious transaction reporting obligations. Financial institutions are required to comply continuously with customer due diligence and record keeping requirements when establishing or maintaining business relationships with customers or clients who are operators of any schemes or businesses relating to virtual commodities. The statement also confirmed that the SFC wrote to seven ICO issuers, most of whom confirmed SFO bitcoin revolution bonus compliance or ceased offering tokens in Hong Kong. The statement thus appears to acknowledge that digital tokens which are “utility tokens” are not “securities” under the SFO. Whether ICOs are regulated by the FCA is determined on a case-by-case basis, and depends on how the ICO is structured. The FCA warned businesses that they should carefully consider if their activities could constitute arranging, dealing or advising on regulated financial investments. Only registered businesses and officially registered entrepreneurs will be allowed to conduct an ICO.