The World Economic Forum (WEF) has published new tools to establish global standards to regulate the use of blockchain technology in the world. On the other hand, the regulatory authority of the Isle of Man has issued a statement regarding Bitcoin and Ethereum. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 The World Economic Forum (WEF) presented a report qualified Global Standards Mapping Initiative (GSMI), which includes a series of instruments and tools that aim to establish new standards for the use and implementation of technology blockchain worldwide. The proposal integrates technical and practical standards and legislation for the industry that focus on security, identity, software and hardware requirements. In addition to operational processes and risk analysis, use cases, applications and types of digital infrastructures for the implementation of technology-based solutions blockchain and in distributed ledger technology (DLT).
This report compiles data from more than 30 technical standard-setting entities, 185 jurisdictions and nearly 400 industry groups.
📍 The Isle of Man, a British Crown dependency, made statements regarding cryptocurrencies, , the Bitcoin (BTC) and Ethereum (ETH) through its regulatory body, the Island's Financial Services Authority (IOMFSA). The IOMFSA published a new guide where it states that these cryptocurrencies are not considered securities within its jurisdiction and assures that its approach to regulating these technologies is neutral. Therefore, companies that provide services related to these cryptocurrencies are not required to register with the Authority or apply for a financial services license. Only those companies that carry out regulated activities with tokens, which have securities characteristics or are considered electronic money are subject to IOMFSA regulations.
📍 Zilliqa, the first public blockchain that implements sharding, joins the decentralized finance ecosystems (DeFi). The company's developers announced the launch of a staking platform on the Zilliqa mainnet to deliver rewards to users for depositing value within the platform. In addition, the developers announced the launch of the governance token called Governance ZILs (gZIL) and a exchange decentralized (DEX) called ZilswapWithin hours of the official announcement, network users had already deposited 1000 billion ZIL tokens into the platform.
📍 In the United States, the superintendent of the New York Department of Financial Services (NYDFS), Linda Lacewell, announced which is exploring the possibility of digitizing the entity's financial reports as an initiative to embrace current technological developments that will be an essential part of the financial industry. The entity's representative stated that its first "TechsPrint" is scheduled for 2021 and will focus on cryptocurrency companies.
The entity's initiative to create a Techsprint is based on its vision of prototyping technological solutions that can solve key problems in financial supervision. The regulator seeks to create an entire ecosystem of digital regulatory reporting (DRR) based on new digital developments.
📍 In a recent post, the data provider for DeFi, DeFiPulse, announced its partnership with the firm Gauntlet Network to create a new product aimed at informing and educating users about the risks involved in decentralized finance.
Through the Economic Safety Grade (Economic Safety Grade), DeFi users will be able to learn about and analyze the different risks associated with a DeFi platform or protocol. The new system provides a score between 1 and 100, with the latter being the highest grade. Although the system has some limitations, Economic Safety Grade helps users understand the risk of a protocol's insolvency based on data such as: historical liquidity, volatility for the riskiest collateral, and solvency of smart contracts. John Morrow, Gauntlet's COO, posted a article where it is stated that in the next beta version of the application they will integrate new functionalities to make this system much more effective and efficient.
📍 Satoshi Labs, the company that developed the hardware wallets Trezor, announced the launch of Trezor Suite, a new application of wallet Trezor Suite is a desktop-based application that will be available in January next year. Trezor Suite will allow users to manage their cryptocurrencies stored on wallet devices natively from a browser-independent application. The developers claim that the new application will ensure usability, privacy, and security, while making it easier to manage the hardware wallet and cryptocurrency portfolio. Trezor Suite is available in public beta and can be downloaded and tested now.
📍 MtGox The Tokyo District Court has once again given a new deadline to submit its repayment program by mid-December this year. issued a new order to extend the deadline for the exchange's presentation, this time until December 15 of the current year. The reason for this new extension is that the trustee of MtGox assures that the repayment plan For the creditors of the failed exchange, it is still in the design phase.
📍 In Russia, the Bank of Russia issued a new resolution where it states that the maximum investment by citizens in Bitcoin will be 600.000 Russian rubles per year, approximately $7.690 USD. So far, the bank's official statement only refers to individuals or unqualified investors, so it is unknown whether the measure is applied to institutional investors within the territory. The new resolution will come into force as of January 1, 2021.
Continue reading: Heath Tarbert Claims Ethereum and DeFi Fit Under US Securities Laws
