11/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Lithuanian Government Releases Guidelines For Different Kinds Of ICOs

The government of Lithuania has released guidelines for ICOs, to help determine if tokens are securities or not, as well as how each phase of the ICO is regulated based on the country’s rules. In the document, published by the country’s Ministry of Finance, an explanatory visual framework is also provided. The main question is if the person purchasing the token gains governance and profit rights. Based on the answer, the token may fit in a certain category, which determines which laws need to be followed. Despite not being part of the constitution officially, this is an attempt of giving clarity to people involved in the industry.

2. Fed Should Look Into Digital Currency, Says Former US FDIC Chair

Former US Federal Deposit Insurance Corporation (FDIC) Chair Sheila Blair believes the Federal Reserve (the Fed) should look into issuing a central bank digital currency (CBDC). Blair backed the statement by saying that the current monetary tools are failing to promote broad-based economic growth, and that CBDCs could help with the growing inequality in terms of wealth gained. She went on to say that Bitcoin failed as a method of payment, but cryptocurrencies are a good idea. Despite risks such as limited credit availability for banks’ loan or the end of the Fed’s monopoly, Blair still believes that CBDCs have a great potential.

3. Moscow Exchange To Report ICO Market Data

A framework which reports ICO market data is currently under development at the Moscow Exchange (MOEX), the biggest in Russia. CEO Alexander Afanasiev clarified that the tokens would not be listed, the exchange would only provide information. However, there is a possibility an exception might be made for tokens which are fully backed. The new feature is planned to be launched later this year. Furthermore, if there was a demand by the investors, ICO futures contracts could be launched next. The news comes following the Bank of Russia’s testing of its regulatory ICO platform with two local institutions.

4. Canada Drafts Crypto Regulatory Framework

The government of Canada has drafted a potential crypto regulatory framework. The document put a focus on anti-money laundering (AML) and know your customer (KYC) processes. Anti-terrorist financing (ATF) was also touched. The document covers the issues the Financial Action Task Force (FATF) brought up back in 2015–2016; which they want to tackle with the new set of regulations. Furthermore, a cost-benefit analysis has also been carried out to assess how much it would cost to implement the new regulations. Although the new rules would not be mandatory, the FATF believes that following them would benefit the country.

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