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Digital Currency and Blockchain Weekly Round-Up – June 7th, 2019

FSB publishes report on ongoing work to address crypto-asset risks The Financial Stability Board (FSB), an international body monitoring the global financial system, has published a report on crypto-assets focused on …

By Shampa Mani
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FSB publishes report on ongoing work to address crypto-asset risks

The Financial Stability Board (FSB), an international body monitoring the global financial system, has published a report on crypto-assets focused on the ongoing work, regulatory approaches and potential gaps. The report, entitled “Crypto-assets: Work underway, regulatory approaches and potential gaps,” provides an update on the work by a number of international organizations including BCBS, CPMI, IOSCO, FATF, OECD, and the FSB.

EC-supported blockchain initiative INATBA to launch working groups on identity, finance and more

The International Association for Trusted Blockchain Applications (INATBA) held its first general Assembly meeting on Wednesday, June 05. In a tweet, Dr. Julie Maupin, Director OF Social Impact & Public Regulatory Affairs at IOTA Foundation, announced that INATBA will soon launch its first working groups focused on areas including mobility, energy, supply chain, identity, healthcare, and finance, among others.

EU relaxes access limitations to high-quality blockchain, AI data

The European Union has relaxed the wealth of information that can be reused as raw material for blockchain- and artificial intelligence-related projects. According to its press release, the new rules aim to boost the EU’s data economy, contribute to the progress of a data-based society, and stimulate growth to open more jobs in the economic sector.

Australia investigates cryptocurrency schemes in international tax evasion crackdown

The Australian Tax Office (ATO), the country’s tax agency, is reportedly investigating 12 international tax avoidance schemes with cryptocurrency-related activities, The Sydney Morning Herald reported on Thursday.

Japan passes bill to impose stricter cryptocurrency rules

Japan has revised its laws to bring more clarity and impose stricter controls over cryptocurrencies, CoinDesk reported. The bill, which sought to amend two existing financial laws – the Funds Settlement Act and the Financial Instruments and Exchange Act, has been passed by a majority in the Diet’s upper house, the House of Councilors, Cointelegraph reported citing an update on the FSA’s website. The legislation will come into effect in April 2020.

Japan crypto traders are underreporting $93M worth of income; tax authorities plan crackdown

Japanese tax authorities are planning to take action against entities underreporting their cryptocurrency-based profits, according to local news outlet Asahi Shimbun. The move will find some 50 traders and 30 firms in Japan that failed to declare cryptocurrency income worth more than 10 billion yen ($92.4 million) over the last few years until March.

Reserve Bank of India denies knowledge of cryptocurrency ban bill

The Reserve Bank of India (RBI) has denied having any knowledge of a bill that seeks to impose a complete ban on cryptocurrencies in the country, Bitcoin.com reported. The clarification comes as a response to a RTI filed by the team of Blockchain Lawyer, founded by Indian lawyer Varun Sethi, last month.

Brazil sets up cryptocurrency regulations committee

Rodrigo Maia, the President of the Chamber of Chamber of Deputies of Brazil, has ordered to set up a special commission to deliver an opinion on a bill that aims to regulate cryptocurrencies in the country, Cointelegraph reported. This special committee will comprise of 34 members according to the House Rules of Procedure.

Brazilian Payment System to integrate blockchain-based digital ID platform

The Brazilian banking system is going to deploy a blockchain-based identity solution powered by Hyperledger Fabric, Cointelegraph reported. Co-developed by IBM and Camara Interbancaira de Pagamentos (or Interbank Payment Clearing House, CIP), the solution will be reportedly integrated into the Brazilian Payment System (SPB).

Vancouver considers banning Bitcoin ATMs to avoid money laundering

Despite pioneering crypto ATMs in the world, Vancouver’s authorities are turning their backs against the vending machine, saying it is “an ideal money-laundering vehicle,” and its mayor has also suggested a complete ban, The Star reported.

Marshall Islands form development fund to establish its national cryptocurrency SOV

The Republic of the Marshall Islands (RMI) has created a non-profit organization to help the government establish, maintain, and implement the country’s national digital currency called the sovereign (SOV), according to a press release. The SOV Development Fund aims to develop and maintain the long-term SOV framework, promote SOV and its uses domestically and internationally.

Insights

  • Current blockchain tech implementations need to be replaced by 2021: Gartner

  • Blockchain tech would have been the key to faster regulatory response in 2008 global financial crisis: CFTC official

Company News

  • Blockchain VC fund NEM Ventures invests in ridesharing initiative Mobi

  • Bitcoin app Samourai Wallet secures $100K funding as it fully goes open source

  • EOS blockchain-powered gaming platform Azarus secures $1.8M from Galaxy Digital, Kleiner Perkins

  • Blockchain voting startup Voatz raises $7M in Series A funding led by Medici Ventures, Techstars

  • Blockchains acquires the company behind ‘The DAO’ project

  • Dutch cryptocurrency exchange Blockport declared bankrupt, goes into stealth mode

  • Polish cryptocurrency exchange Coinroom vanishes with customers’ funds

  • Cryptocurrency firm Longfin, CEO face another SEC fraud charge

  • U.S. SEC sues Kik Interactive over $100M ICO, says KIN is a security

Partnerships/Consortiums

  • UBS-led banking consortium advances with blockchain-based settlement project, plans to issue USC token in 2020

  • Walmart joins Pfizer and others in blockchain-based pharmaceutical network ‘MediLedger’

Digital Currency and Blockchain Initiatives

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