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29/06/2018: Biggest Stories in the Cryptosphere

1. Alibaba To Use Blockchain Technology To Remove Middleman

E-commerce platform Alibaba has filed a patent, called “a System and Method That Adjusts Account Balance on a Blockchain”, with the China State Intellectual Property Office. The Chinese company hopes to speed up international transactions by removing the middleman. The new technology would be beneficial, especially for cross-border transactions where the payment vendor is a third party. Despite the application having been published today, it is still unknown if the technology will be integrated in the business or not. The news comes following reports on the company’s affiliate Ant Financial launching a blockchain-backed cross-border settlement service.

2. Indian Government Almost Finalises Crypto Regulation Drafting

We previously reported on two public interest litigations (PILs) filed as a result of a lack of crypto regulatory clarity from the Indian government. The news was followed by the government panel, tasked with investigating the industry, stating that a ‘complete ban’ would not be the solution. It has now been reported that the government has almost concluded the drafting of a crypto regulatory system. The Head of the Committee, along with the Secretary of the Department of Economic Affairs Subash Chandra Garg, went on the country’s biggest financial news channel to make the announcement. According to the plan, the draft will be discussed with the members of the committee in the first week of July.

3. Current Anti Money Laundry Are Inefficient With Crypto, Says KPMG

Big Four auditor KPMG has released a report on financial crime in banking. The effect cryptocurrencies have on money laundering and financial crime has also been discussed. The main methods adopted to launder money with cryptocurrencies were reviewed in the document. However, the company also provided tips on how to tackle the issue. The information gathered led to the belief that banks need to update their anti money laundering (AML) practices as the current ones are not effective in the crypto sphere. This has been an issue frequently discussed by many. Finding effective ways to tackle the problem would definitely benefit the whole industry.

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