The United States Securities and Exchange Commission is trying to provide a tool for Big Data view for all major blockchains and according to a solicitation notice published that we are covering in today’s blockchain news, the regulator is looking for both large and small businesses that can provide the needed data for the most used blockchain ledgers based on transaction volume.
The SEC aims with this to easily monitor risk and improve compliance all this related to cryptocurrencies.
The regulator also requires the data in a ‘’reviewable’’ format so it can have a quick overview of how the information is converted after it is extracted in order to make sure there is no loss in data and there is also accuracy maintained. The agency is also seeking to identify all of the transaction details.
The news comes right after the regulator announced that cryptocurrencies will be a top priority of examination for the agency this year including all of the concerns that are related to safekeeping and custody of the investor’s assets, value and misleading disclosures.
Back in October 2018, the SEC set up the strategic Hub for innovation and financial technology in order to make available for fintech startups to navigate the legal implications of their products.
The Securities and Exchange Commission says that it soon plans to release guidance on when and how should cryptocurrencies be classified as securities just so the developers will have it easy when they try to determine on their own for any token offering.
Another US regulator, the Commodity Futures Trading Commission says it was also looking to learn more about Ethereum so it can make sure that derivatives market is in compliance based on cryptocurrency.
The Cyprus SEC Is Calling For EU Anti-Money Laundering Framework Implementation
“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
US Exchange Giant Coinbase Acquires Blockchain Startup Neutrino
Central Bank Of Japan Examines Digital Currencies According To New Report
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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- The Cyprus SEC Is Calling For EU Anti-Money Laundering Framework Implementation
- US Exchange Giant Coinbase Acquires Blockchain Startup Neutrino
- Central Bank Of Japan Examines Digital Currencies According To New Report
- Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum
- Craig Wright Calls Out Ethereum For Being Unable To Scale
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