Proof of Trust, BTCX Consider IPOs, KyberSwap Leaves Malta + More News
Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
IPO news
- Proof of Trust Ltd said Friday it is planning to float its shares on the Main Market of the London Stock Exchange in an unspecified future, reported Alliance News. The firm uses smart contracts to manage arbitration or dispute resolution that may arise from any transactions using blockchain.
- The Swedish crypto exchange BTCX, that recently raised c. USD 1.5 million, is preparing for an initial public offering before this summer, CEO Oskar Söderström told Trijo News.
Exchanges news
- KyberSwap, currently the second-largest non-custodial cryptocurrency exchange by market share, is moving out of Malta to the British Virgin Islands (BVI), as 5AMLD regulations “would put too high a barrier for the majority of traders, both – regulatory and cost-wise,” The Block reported.
- SFOX (San Francisco Open Exchange) introduced the Separately Managed Account Solution, which enables fund managers to design and administer personalized crypto trading strategies for every client and manage them from a single login.
Regulation news
- Uzbekistan’s government is set to make sweeping crypto tax reforms. Per UZNews, a policy-forming agency that answers to the country’s president is set to unveil a proposal that will see tax waived on all crypto transactions. The proposals also contain plans to set up a national “crypto-mining pool,” which would seek to combine the capacity of the country’s miners. Membership, says the media outlet, would be mandatory.
- “The Virtual Currency Tax Fairness Act of 2020” was introduced to the U.S. Congress that aims to exempt realized gains under USD 200, also called a de minimis threshold, thanks to which crypto holders would see a simplification of the tax reporting process as they now have to report even the smallest of gains.
- The Canadian Securities Administration provided guidance on certain factors they consider to determine whether securities legislation applies to any entity that facilitates transactions relating to crypto assets, including buying and selling cryptoassets.
Adoption news
- In Uruguay, the operators of a new plastic recycling project are looking to rewards participants with cryptocurrency payouts, reports Criptonoticias. The project, which has the support of the National Development Agency, already has 15 commercial partners in the city of Piriápolis – and rewards participants with a token named Plasticoin.
- JCB, Japan’s largest credit card company, will work with tech giant Fujitsu to co-create a new payment platform that could make use of cryptocurrencies and stablecoins, reports Jiji. JCB last month unveiled plans to launch a B2B payment solution that makes use of blockchain technology. JCB also took part in a Fujitsu pilot project for digital payments conducted in April last year.
- South Korea’s Busan Bank is set to launch a blockchain-powered import and export logistics business for ports, reports Newsis. The bank is headquartered in the nation’s busiest port city, and Busan Port authorities have previously expressed a willingness to adopt blockchain technology. The bank will team up with KL Net, a port import and export logistics service company, and the advisory Korea Blockchain Association.
- Venezuelan President Nicolás Maduro has announced that Caracas will turn the state-owned agricultural bank Banco Agrícola de Venezuela into a “cryptobank.” According to Panorama, Maduro wants to allow public and private banks to invest in agricultural drives using cryptocurrencies. He stated that Venezuela was “moving towards cryptobanking, and towards cryptoeconomics.”
- At least one-third of the surveyed U.S. small and medium-sized businesses accept cryptocurrency as payment for goods and services, with newer companies up to twice as likely to trade in digital credits, finds a survey of 505 small to medium-sized businesses across the United States, released by engineering and technical risk insurer Hartford Steam Boiler (HSB).
- Russia’s new Prime Minister has talked up the importance of building up the “digital economy sector,” per RBC. Mikhail Mishustin, who was nominated by President Vladimir Putin earlier this week, has previously spoken out in favor of cryptocurrency adoption, albeit guardedly. Mishustin was previously charged with investigating the potential efficacy of a possible Russian digital fiat dubbed the cryptoruble.
Libra news
- The council of the Libra Association voted to establish a Technical Steering Committee (TSC) for the Libra project, and it elected its five members: Diogo Monica, Co-Founder and President at Anchorage; George Cabrera III, Libra Core Product Lead at Calibra; Joe Lallouz, CEO and Founder at Bison Trails; Nick Grossman, Partner at Union Square Ventures; and Ric Shreves, Director, Emerging Technology at Mercy Corps. The role of the TSC is to oversee and coordinate the technical design and development of the Libra network, says the announcement.
Legal news
- Terrorism financing schemes using cryptocurrencies are growing in sophistication, blockchain analytics provider Chainalysis said today, giving an example of terrorists who collected crypto donations worth tens of thousands of dollars in just one campaign last year.
- On January 16, in federal court in Brooklyn, Patrick McDonnell was sentenced by United States District Judge Nicholas G. Garaufis to 33 months’ imprisonment for wire fraud related to a scheme to defraud investors in virtual currency, and he was ordered to pay USD 224,352 in restitution.
- The Securities and Exchange Commission said today it charged convicted criminal Boaz Manor, his business associate, and two businesses, CG Blockchain Inc. and BCT Inc. SEZC, with raising over USD 30 million from hundreds of investors in a fraudulent initial coin offering.
