Your Daily Crypto News on Steemit October 10, 2017
- France is about to publish its Position on ICOs!
- Vanuatu: A Complete Nationality for 44 Bitcoin!
- Dubai: Land Registration on Blockchain!
- New Financial Partnership for R3!
- Japanese Crypto Exchanges benefit from Chinese ICO Ban!
- BITCOIN COURSE CHALLENGE Week 1
According to the Financial Market Authority, France is about to publish a legal framework on token sales or so-called initial coin offers.
Robert Ophele, President of the Autorite des marches financiers (AMF), explained this in a conversation with Challenges magazine last week. He said that his agency was going to formulate a regulation for blockchain applications. The reason for this is the popularity of the technology in France.
It is not yet clear when these guidelines will be published or legally binding. Currently, various financial market authority have decided to regulate projects and start-ups using token sales as a financing model.
Canada, for example, has opted for a neutral attitude towards ICOs, others like China and South Korea have completely prohibited the sale of cryptographic tokens.
In the interview Ophele covered himself. When asked about the authority's position on crypto currencies, he explained that the technology offers both challenges and opportunities.
He said:
"We want to position ourselves quickly on this issue," he also told the magazine.
The South Pacific island group Vanuatu (267,000 inhabitants) now also accepts Bitcoin for the purchase of a citizenship - cost: 200,000 US dollars or just 44 Bitcoin.
The Vanuatu Information Center (VIC) has officially announced that applicants for citizenship can now also pay in Bitcoin. A clever sign. Finally, Vanuatu belongs to the island groups, which are regarded as a tax paradise because no capital and income taxes are incurred. A very attractive place for all those who are concerned about tax avoidance.
The active advertising with Bitcoin thus fulfills above all a marketing purpose, in order to lure high persons and possibly their own asset management. It is also attractive that with this citizenship you get visa-free access to 113 countries in the world - including Great Britain, Russia and the EU.
You do not have to live there. It is possible to become a citizen of Vanuatu without having ever set foot on one of the islands. In the meantime, a regular competition has broken out among the many small island groups in the South Pacific to attract investors and companies.
To the reproach that Bitcoin contributes more to conceal financial backgrounds, the Managing Director of VIC answers that the opposite is the case, since all transactions are recorded transparently in a register.
So if you have 44 Bitcoin, you can let the benefits of Vanuatu go through your head.
The Dubai Land Department, the land registry of the Emirate of Dubai, will soon organize its complete administration on the Blockchain. This makes the DLD the first government unit in the world to switch entirely to blockchain technology.
On its own Website, the government of the desert state solemnly announces that it has made a "further milestone" in the digital development of the country and, as the first state in the world, to organize a complete government agency on the blockchain. The Dubai Land Department, is to handle all transactions using the blockchain.
The DLD had created a blockchain system which, using intelligent and secure databases, recorded all the real estate contracts and linked them with the electricity and water authority (DEWA), the telecommunications system and various invoices connected with property ownership. The resulting platform allows tenants to make payments electronically independent of the location.
This technological advancement is seen as an important step in the further development of the Dubai Blockchain Strategy launched by Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai and chairman of the Board of Trustees of the (Foundation-Future-Dubai). The initiative was accompanied by Smart Dubai and other partners.
In the course of the current week, the project will be officially launched by DLD. The goal is the complete listing of the entire land and property on the blockchain by the year 2020. This goal is in line with the ambitious claim of the Emirate to become the first blockchain city by 2020.
The government of Dubai says:
In addition to the adaptation of the blockchain, rumors also hold that Dubai is working on its own state crypto currency.
The consortium R3 has confirmed the cooperation with the company Bolero. The collaboration will use distributed ledger technology to take over paper-intensive trading steps.
The Business Partnership was announced on Monday on the website and follows a pilot project in partnership with the Japanese financial institution Mizuho, which has digitized the letters of credit and bill of lading, and the development of a trading app created by 11 international banks using the Corda platform of the consortium was established.
R3's newest partner, Bolero, headquartered in the United Kingdom, already offers electronic letters of credit and retention of title, but will be able to expand its services through the incorporation of Corda, the company said.
R3 has been commissioned to "help connect digital islands," said Todd McDonald R3 co-founder and department head for business partnerships.
Through the collaboration, Bolero's already existing services are integrated into R3's "large and growing system of financial institutions" through the use of the Corda platform, he explained.
This allows services to be executed much faster. Instead of a few days, it will be only a few hours before the documents, financing and payment are handed over.
In a press release, R3s CEO David Rutter wrote:
In the last week, R3 released the 1.0 version of Corda. The consortium worked two years on this version and over half of the 100 members were involved in the development.
China's East Asian neighbor appears to continue to benefit from the restrictive attitude of the People's Republic towards crypto currencies. Chinese crypto refugees are increasingly turning to Japanese crypto exchanges to list new tokens.
According to Coincheck, Japan's most powerful crypto exchange, there is currently a run on Japanese crypto exchanges - and it comes from China. The Chinese newspaper Global Times bemoans the outflow of many young Chinese companies. According to Coincheck, since the announcement of the Chinese ICO ban about a month ago, "hundreds of requests" from Chinese or formerly China-based start-ups and blockchain companies had asked to list their tokens. This was revealed by Kagayaki Kawabata, Coincheck's Head of International Business Development. Especially for start-ups, which are planning a token sale as part of an ICO of their blockchain project, the development of the last month in China presents problems, the solution of which they now seek in Japan.
Whether they are received in Japan with open arms also depends on the quality of the targeted ICOs. If the Chinese tokens meet the criteria set by the Japanese crypto exchanges, Japan is the ideal location for issuing tokens, Kawabata continues. At the same time, however, one should be careful which ICO tokens should be listed at the crypto exchange. A careful consideration of the circumstances surrounding the token sale is indispensable when deciding whether an ICO is trustworthy.
This cautious statement can certainly be seen in the context of recent developments in the Japanese crypto market. In the course of a planned regulation of the uncontrolled expansive Japanese market, there had been a new legislation on 1 October. This had aimed at a stronger monitoring of Japan's crypto exchanges, in order to establish certain standards and prevent criminal activities. After a thorough examination, 11 Japanese crypto exchanges, which fulfill the necessary basic requirements, were finally licensed.
With the shift of the crypto activities from China to Japan, the regulated regulation of the Japanese market seems to be paying off. At the same time, it is of course all the more important for stock exchanges located in Japan to scrutinize any potentially listable project.
The run on Japan is also the continuation of a trend, which had already been marked during the last month.
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