Porsche Increasing Investment On Emerging Technologies

The prestigious German automobile manufacturer Porsche AG, will increase investments in startups such as blockchain and Artificial Intelligence (AI).

It plans to invest around $175 million in the next five years in these emerging technologies to gain access to trends, new technologies and business models.

According to deputy chairman and member of executive board for finance and IT at Porsche AG Lutz Meschke, the company must fundamentally change their business model in order to see success in the future.

Earlier this month Porsche began its foray in blockchain when it acquired minority stake on a Berlin-based startup XAIN, which uses blockchain to manage vintage vehicles’ history.

Porsche is not the first car manufacturer who is exploring blockchain technology to stay ahead of the curb.

Daimler AG, the car manufacturer of Mercedez-Benz and Smart Brands reveals that it is testing its own blockchain-based digital currency, the MobiCoin, that would reward drivers for environmentally-friendly driving habits.

Audi is also testing its own blockchain technology for its physical and financial distribution processing.

Cyptocurrency Law In Malta Will Take Effect On November 1, 2018

As part of its effort to become the premiere crypto hub in the world, the Maltese government is set to enact its Cryptocurrency and Blockchain regulations ahead of Malta Blockchain Summit.

While other countries around the globe are either cracking down on crypto and ICOs or adapting a wait-and-see policy the smallest member of the European Union is creating a comfortable regulatory environment for the nascent industry that is seen by many to be the next big thing after the internet and disrupt our day to day affairs.

The Innovative Technology Arrangements and Services Act will provide the legislative basis for blockchain and crypto regulation, while the Virtual Financial Assets Act will set up the procedures and requirements for ICO projects, including the need to disclose its financial history.

Crypto Leaders Urges U.S. Congress To Accelerate Regulations Or They Might Just Leave

Leaders representing the cryptocurrency industry and Wall Street met with U.S. lawmakers on September 25, 2018 to give the latter an important message: Make way for regulatory clarity on crypto and ICOs as soon as possible or else innovation will just leave the country for a more receptive country host.

Congress seemed mostly favorable to the concerns raised by the group.

Congressman Warren Davidson, who hosted the roundtable meeting, acknowledged the need for apt regulatory measures and state that input from industry leaders representing the crypto space is critical to help the lawmakers preempt heavy-handed regulatory approach that could stall innovation and kill the U.S. ICO market.

Representative Darren Sotto took to opportunity to point out that the lawmakers of congress are not against cryptocurrencies but has little knowledge about them to effectively pass legislation needed surrounding the space.

Is China Really Banning Cryptos?

Since September 2017, it has been widely accepted that cryptocurrency trading in mainland China is not allowed anymore and it seems that the nascent industry have reached the end of its road in the country.

However recent news seems to be painting a different picture of the real state of cypto industry in the country.

It seems that Chinese investors can still buy ICO tokens easily by first using RMB, China’s fiat currency, to buy BTC/USDT with over-the-counter trading platforms according to a local news agency.

This peculiar situation in which crypto are banned and not banned at the same time is due to the certain authority held by the Central Bank of the country to direct commercial banks to not do business with something even if that something is perfectly legal.

The Chinese parliament has passed no law to ban cryptos therefore technically cryptos are not banned.

UBS Ex-Bankers Are Building A Crypto Bank

Several ex-bankers from UBS have raised about 100 million Swiss Francs ($104 Million) to establish a regulated cryptocurrency bank.

The said bank is called SEBA Crypto AG (SEBA) and based in the crypto Valley Zug.

The Startup reveals that it has secured funds from domestic and foreign institutions and private investors including BlackRiver Asset Management and Summer Capital.

The new bank will develop and offer traditional banking services to firms in the crypto industry as well as provide crypto trading, asset management and custody services for institutions.

SEBA is now applying for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in order for it to offer its services

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