Lyft Stake Didn’t Help Rakuten’s Results This Quarter

As it turned out, the loss came out because of the weaker value of their investment in ride-hailing firm Lyft Inc and huge spending on a new wireless …

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A VC firm considers investing in a new cryptocurrency startup located in Nevada.

– The research analysts begin their due diligence of the startup’s directors, financials and market fundamentals

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Czech Republic Plans Tougher Regulations for Crypto Exchanges

Czech Republic is on track to exceed the EU’s directive on cryptocurrency firms, to enhance the country’s Anti-Money laundering (AML) policy, local …

Czech Republic is on track to exceed the EU’s directive on cryptocurrency firms, to enhance the country’s Anti-Money laundering (AML) policy, local newspaper Hospodářské Noviny reports today.

Financial regulators in the Czech Republic is set to redefine the Fifth AML Directive (AMLD5) on cryptocurrencies as formulated by the European Union, to ensure crypto trading platforms within its environs do not indulge in fraudulent activities.

European Countries were urged by the EU Commission via the Fifth AML Directive (AMLD5), to provide transparency requirements which focus on the use of anonymous payments through prepaid cards and virtual currency exchange platforms, to curb money laundering or terrorist financing within Europe.

“The 5th Anti-Money laundering directive also increases the cooperation and exchange of information between anti-money laundering (AML) and prudential supervisors, including with the European Central Bank,” Věra Jourová, Commissioner for Justice, Consumers and Gender Equality said.

The Czech’s measure has gone a step further beyond what is stipulated by the European Union as enforced mid last year, which set up a legal framework for financial watchdogs in Europe, to regulate crypto exchanges and wallet providers to protect against fraudulent activities.

Cryptocurrency trading platforms in the Czech Republic are urged to comply with this stern measure and register their company with the national Trade License Office, or face the penalty of a fine worth 500,000 CZK (appr. $21,698).

Although the report did not state the deadline crypto exchanges are expected to comply with this directive, countries within Europe are required to abide by the AMLD5 regulation by January 20, 2020.

Additionally, the report also indicated that the new Czech Republic’s AML measure might affect companies that are not crypto-related.

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Philippines takes on regulatory innovation to become global fintech player

In February 2017, the Philippine Central Bank published Guidelines for Virtual Currency Exchange. “With this, we were able to craft several rules and …

Most startups in the areas of digital and financial technology, can see regulators as hurdles to progress, but the Cagayan Economic Zone Authority (CEZA) in the Philippines is proving otherwise.

At a conference in Kuala Lumpur, Malaysia last month, CEZA Chief Executive Officer and Cabinet Secretary Raul Lambino shared with IP Ventures CEO Enrique Gonzalez how the economic zone is creating new opportunities for private sector-regulator relationships by embracing innovation.

“Like in most jurisdictions, the Central Bank, SEC, andFinance Departments can be conservative in allowing the immediate proliferationof disruptive technologies,” said Lambino.

“We are very thankful to those responsible for craftingthe bill becoming into law, creating the special economic zone with provisionsallowing financial technology and banking practices to be developed in thiszone.”

In February 2017, the Philippine Central Bank publishedGuidelines for Virtual Currency Exchange.

“With this, we were able to craft several rules andregulations. The first one is our financial technology resolution and our cryptocurrencyexchange resolution,” added Lambino.

Around $8bn have been pledged in investment commitments toCEZA by companies from all over Asia.

In terms of the cryptocurrency industry, CEZA has issuedmore than 30 licenses to global cryptocurrency exchanges who have all pledged investmentcommitments to the zone.


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Also during the conference, presumed incoming MalaysianPrime Minister Dato Seri Anwar Ibrahim had a sit down interview with PatrickGrove, CEO of Catcha Group, to outline his plans for small and mediumenterprises (SMEs) and start-ups in the digital economy.

Philippines approvesfirst Digital Asset Token Offering

The Cagayan Economic Zone Authority, Asia Blockchain andCrypto Association and First Bullion Holdings jointly announced thecertification of the Flourish City Development Limited Digital Asset TokenOffering, the first asset-backed token offering approved by the pair.

The first DATO with FCD serves as a test case to study tokenofferings, monitor transactions and further enact rules and regulations whichwill develop industries, foster growth and protect the investing public.

FCD is a leading plantation owner, developer and producer ofagarwood, oud oil and related products.

It was revealed that FCD is planning to raise $4.9m from thesale of 40 million AGWD tokens, and the net proceeds will be used to expand anddevelop FCD’s agarwood plantation.

“This is incredibly exciting for everyone taking part in theDATO, and each stakeholder, including the accredited auditors, escrow agent,company valuation expert and digital asset (DA) agent, worked very hard tofulfill all the requirements,” said First Bullion Chairman Philip Tam.

“The whole DATO process is based on established IPO frameworks in major markets. We are a firm believer in regulation and compliance as crowdfunding and ICOs have, over the past couple of years, attracted many bad or fraudulent projects.

“Together with CEZA and ABACA, we want to set thebenchmark for DATOs which is based on real business, seasoned management teams,sustainable assets and good business practices.”

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Binance Announces Perlin [PERL] Network as 8th IEO on the Launchpad

Binance Research describes it as a “highly scalable, PoS smart contract platform that achieves a throughput of 31,000+ TPS and consistently has 0 to …
Binance Announces Perlin [PERL] Network as 8th IEO on the Launchpad

Leading cryptocurrency exchange Binance has revealed the next project on its popular token launch platform Binance Launchpad. The 8th project on the Launchpad, Perlin[PERL] will be seeking about $6.7 million from its Initial Exchange Offering (IEO) this month.

According to an announcement post on the Binance support website, the Perlin token sale will be conducted through the lottery and airdrop system with a few minor changes to the process. BNB balances will be recorded as usual starting from Friday, August 9th, and will continue through August 23rd, a period of 15 days.

As opposed to the previous token sale for WINk tokens, whose BNB account balances were recorded at the end of the day, with Perlin, account balances will be recorded throughout the day to get an hourly average that will be used to get a daily figure. With this daily figure, Binance will again average that at the end of the account recording period to get the daily average which will be used to calculate the number of qualifying tickets for each participant. In addition, Binance has reserved about 3,874,500 PERL (approximately $300,000 USD) tokens to be airdropped to participants who aren’t lucky enough to get a winning ticket.

Here are a few details shared by Binance about the Perlin token sale:

  • Token Name: Perlin (PERL)
  • Total Token Supply: 1,033,200,000 PERL
  • Launchpad Hard Cap: 6,700,000 USD
  • Total Tokens Allocated to Binance Launchpad: 86,530,500 PERL (8.38% of Total Token Supply)
  • Public Sale Token Price: 1 PERL = 0.07743 USD
  • Max Number of Winning Lottery Tickets: 13,400
  • Allocation Per Winning Ticket: 500 USD (6,457.45 PERL)

Perlin will be initially launched as an ERC-20 compliant tokenPerlin will be initially launched as an ERC-20 compliant token

Perlin will be initially launched as an ERC-20 compliant token, which is a divergence from its other previous Launchpad projects that launched as BEP2 tokens on the Binance Chainblockchain. It is, however, expected that the project will shift over the Binance native blockchain after the launch.

So what is Perlin Network? Binance Research describes it as a “highly scalable, PoS smart contract platform that achieves a throughput of 31,000+ TPS and consistently has 0 to 4 second time to finality, all of which is made possible by Wavelet, a DAG-based probabilistic consensus mechanism.”

Perlin was launched mid last year through an ICO reportedly raising about 80,000 ETH, a sum the project team has been sitting on through the crypto winter. Unfortunately, this amount has depreciated a lot which has forced the project to seek more funds through the IEO.

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SoftBank crypto exchange adopts CoolBitX wallet for KYC

Very early on, the Financial Services Agency wanted to provide protection to crypto-asset service customers and to combat money laundering and …
Michael Ou, Founder and CEO of CoolBitX, said: “The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs in the same way as financial institutions. Central to the FATF guidelines is the Task Force’s anti-money laundering mandate and FATF Recommendations 15 and 16, already highlighted at the Private Sector Consultation Forum hosted by the FATF in Vienna. In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”

SBI VC was one of the early adopters of the first wallet developed by CoolBitX in 2018, the CoolWallet S. SBI VC uses a customized version of the flagship wallet, named CoolXWallet, where users store their private keys. SBI VC addresses are linked to the users’ exchange accounts, allowing customers to only withdraw digital assets to their wallets following multiple layers of KYC.

Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings, Inc., stated: “Back in 2017, Japan was the first jurisdiction in the world to define Virtual Currency (Crypto-asset) as a legal term and establish clear regulatory guidance for Virtual Asset Service Providers. Very early on, the Financial Services Agency wanted to provide protection to crypto-asset service customers and to combat money laundering and terrorist financing. Using CoolBitX’s technology, CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward.”

“This partnership with SBI VC is a crucial aspect to having and maintaining better security on the exchange,” continued Ou. “Currently, most KYC/AML responsibilities lie with the exchanges to ensure all transactions and individuals are legitimate. CoolBitX is happy to work with SBI VC by providing the CoolXWallet, and help in SBI VC’s effort to implement best practices in the area of KYC/AML for digital assets.”

In an effort to continue to meet the demands of the market, the CoolBitX team is now announcing the launch of Sygna, a first-to-market KYC/AML compliance-focused virtual asset transaction and security solution for VASPs, individuals, and institutions.

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