Wyoming Introduces Bill That Offers Crypto Assets Legal Clarity in a Bid to Lure Blockchain Business

In a bid to demonstrate the significance of advancing and legitimizing virtual currencies and Blockchain-based businesses across the U.S, the state of …
cryptocurrency

In a bid to demonstrate the significance ofadvancing and legitimizing virtual currenciesand Blockchain-based businesses across the U.S, the state of Wyoming hasproposed the introduction of a new bill. This bill is designed to clarify ormake members of the cryptocurrency and Blockchain communities understand thelegal position of virtual assets and offer digital asset custody via banksinstead of financial institutions, as is the case in the current framework.

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The new Bill proposed by the Wyoming legislature offersthree classifications regarding what digital assets should be tagged. They includedigital securities (which will receive similar treatment as uncertificatedsecurities under the UCC), digital customer tokens (which will get the sametreatment as general intangibles under the UCC) and virtual currencies (whichwill give digital currencies similar treatment with fiat currency in Wyoming).

New Bill: Banks in Wyoming Could be Authorized to Adoptan Enhanced Supervision Program for Digital Asset Custody

Looking at the custody side of the endeavor, the activation of the new Bill means that the state ofWyoming could give banks the authority to initiate an enhanced supervisionregime regarding digital asset custody. Thisis designed to satisfy the SEC’s requirements regarding who should be the“qualified custodians” of cryptocurrencies.

The custody advancement for virtual assets in the U.S stateis also significant because it would beinitiated through banks. Although the bank wouldn’t take deposits ofdigital assets, the assets would be regarded as “assets under administration”instead of bank deposits.

Digital Assets Could Have A Similar Legal Status as Fiat

Money has “super-negotiability” stipulations under the UCC(Uniform Commercial Code) Article 9, and now Wyoming is looking give virtualcurrencies a similar structure.

This classification will benefit coin lending businesses inWyoming. It will give crypto and Bitcoin (BTC) more legitimacy. Bitcoin (BTC)would have the much desired legal status without involving an intermediary.Which is why it is safe to say the new legislation is a reflection of thepeer-to-peer nature of cryptocurrencies without the involvement of anyintermediary.

There is no debtor/creditor relationship without theintermediary, and the owners ofcryptocurrencies would have their property rights recognized under state law.

Classifications Will Give Legal Status to Digital Assets

These new classifications under the new legislation are important because they offer digital assetslegal status which is something that hasn’t been offered by any region in the country. Startups like FidelityInvestments, Coinbase, Bakkt, Kraken, and SALT Lending, to name a few aretaking some degree of legal risk. The reason for this is because no one can really determine how a judge in a bankruptcycase or litigation will classify digitalassets without clearly stipulated laws.

Overall, the securities custody sector has at least $114trillion of assets under its administration, which are being issued on the Blockchain with startups like FidelityInvestments delving into the business, Bakkt with its futures exchange is doingthe same thing. However, in the state of Wyoming, it will be done under a bank,and not a trust company under the new legislation. This could operate nationwide, and make the SEC happier becausebanks have more unambiguous wind-upprovisions in insolvency that trust companies don’t.

Top 10 Friendly Countries for Blockchain Startups

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution.

Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution. The growth of technology has touched various fields such as smartphones, vehicles, shipping and a small sector in the sector of banking.

Although there is no country in the world which is not aware of this technology, there is a huge difference of opinion among countries regarding this revolution. There are various factors a blockchain startup has to look up before deciding it as a host country such as the jurisdiction regulations of the country, political views, tax system etc as these factors are going to affect the growth of any startup. While some countries are allowing blockchain startups to set up legally, while some are in no mood for any such beginning in the country and there are also some countries which are not sure about it.

Let us take a glance at the top 10 friendly countries for blockchain startups:

1. Malta:

This small Mediterranean country is on the verge of becoming the ‘island of blockchains’. The beginning of all these was when the biggest cryptocurrency exchange of world, Binance chose to inaugurate its office in this country. Also, they have informed all to set up a ‘crypto’ bank on this island.

Malta has been improving and enhancing new regulations that are friendly for blockchain startups. The country is so much dedicated to this technology that even the head of the country, the Prime Minister has predicted that the country will be the best place for this kind of startups throughout the world. The regulations are mainly focussed to evolve and encourage the investors to start this kind of projects in the country.

2. Switzerland:

The settling up of a crypto valley in one of its town, Zug, is sufficient to describe how much amiable this country to blockchain startups. It is one of the famous center of blockchain technology across the globe. Adding to the ice, they have imposed a tax-free regulation for the investors who want to invest in this kind of startups. Apart from it, their laws and regulations are very attractive and appreciated by investors as well as developers.

It has been the host of several blockchain projects including DFINITY, Xapo and of course, Ethereum. The privacy rules and protection of data are also appreciated by the blockchain startups.

3. Japan:

Japan is one of those countries which have approved cryptocurrency such as Bitcoin as a legal tender. It has been home of several blockchain traders, even some of the stores in the country have no problem in taking payments from users as Bitcoin currency. After six months of recognizance of cryptocurrency as legal, Japan is now accountable for more than half of total such trades.

Although there are various regulations regarding blockchain startups, they are friendly and easy to be acceptable and it’s not difficult to stary sich any startup in the country.

4. Singapore:

This country is a home of a huge number of triumphant startups in the field of blockchain technology. This country is nearer to two super giant technology rival countries Japan as well as China which makes it a more suitable center for startup of blockchains. The rules and regulations of this country are also very amiable and favorable bt the cryptocurrency. It has already a lot of exchanges of blockchain currency. So if a blockchain startup is willing to start and want to be in touch of both China and Japan clients and government, Singapore is the best country.

5. Belarus:

Two years back itself in 2017, this country made several rules and regulation affecting blockchain and crypto industry. As per these laws, they have made these digital currencies as the legal one in the country. The restrictions in the trade related to blockchain technologies are so friendly that the investors almost feel free to start any such startup or invest in this kind of organizations. Also, as per the rules, these kinds of trades are tax-free in the country until 2023. Due to the friendly rules and success, it is one of the preferable countries for blockchain startups.

6. Estonia:

Estonia is a developing country which has always tried to adopt new technologies in order for the benefits of the people and finance of the country. It has imposed several acts that attract the investors of the country as well as other countries to set up a blockchain startup in this country. It has declared itself to be a remarkable country in blockchain technology very soon. Also, they have established a new kind of citizenship known as e-residency which also attracts blockchain startups.

7. South Africa:

This country has depicted a tremendous interest in blockchain technology. They have made the crypto transactions as legalized one in the country. They have made several initiatives in order to attract the investors to start such startup in South Africa. The rules and regulation related to this crypto market in this country are also not so harsh, they always tend to welcome these industries. It is becoming as one of the most profitable countries for blockchain startups in Africa subcontinent.

8. Denmark:

Denmark has already announced a regulation stating complete relaxation in tax for any kind of blockchain trade. It is one of the most amiable countries for welcoming these types of startups in the country. The rules of the country are very friendly for the crypto industry making it one the interest for blockchain startups.

9. United States:

When it comes to adopting new technology in the market, this country is always in the front. The rules and regulations vary across different states of the country. Despite the oppose in some state, there are Bitcoin ATMs in the country. The friendly states of the county, Montana, Texas, etc. have very amiable regulations while welcoming the blockchain startups. Apart from it, no other country in the world can be better for any technology to start other than the US itself.

10. United Arab Emirates (UAE):

This Arabian country is also one of the most friendly nations. They have already used their own digital currency since 2016 and now welcoming global cryptocurrencies. The jurisdiction is very cooperative towards the blockchain and crypto industry. They are planning to be the first country in the world as a government powered by blockchain by next year. Due to these reasons, UAE is also one of the most preferable countries for blockchain startup.

The market conditions of countries continue changes. The expansion of crypto and interest in blockchain startups is so high that many countries are willing to accept it in their country. There are various factors to establish the startup in the country and initial requirement would be an amiable regulation and legalization. Apart from above-mentioned countries, UK, Sweden, China, South Korea etc. are also preferable.

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What Should be Expected from the Blockchain Technology in 2019?

Businesses both old and new adopted the technology. Through different blockchain consensus came new innovative ideas which are getting set for …

Though 2018 was a year when the prices of all cryptocurrency dipped, it could not be denied that the same year witnessed many new cryptocurrency innovations. Businesses both old and new adopted the technology. Through different blockchain consensus came new innovative ideas which are getting set for implementation.

Blockchain Innovations in 2018

Last year recorded the peak of ICOs as funds raised reached a new all-time high. 2018 also taught a very worthy lesson to some startups- that Initial Coin Offering is losing its value gradually. This was the reason for the Vitalik’s Suggestion for Decentralized Autonomous Initial Coin Offering (DAICO) which many start-ups did not seem to value.

DAICO is targeted at making investors actively part of thedevelopment process of a project. This is through the Tap policy, whereInvestors can determine the amount of funds that will be released to theproject team per time. This is to keep them motivated and not run away with allthe funds. Though with its own vulnerability like 51% attack, ICOVO revamped the idea adding some restrictions.This made it the first startup to implement Vitalik’s suggestion of DAICO. Thequestion is: will it be successful?

2018 also revealed some other cool innovation like IOVO,which believe that human data is human value, and it should be protected. IOVOsuggests that all human personal data should be stored on the blockchain and atthe sole disposal of the owner. Companies should pay for this kind of data,instead of taking these data without the consent of the owners.

Currency Of The Internet (COTI) was rated to have run one of the best ICO last year, investors are still waiting earnestly for its mainnet. COTI is creating its own blockchain for more efficient, fast, and secure remittance of funds. COTI wishes in its vision to be the actual currency of the internet.

The list of cool innovations will never be completed unless PIGZBE is mentioned. Pigzbe wishes to helpparents teach their children the most important lesson in life- Financialeducation. Through the Wollo wallet, parents can easily send payments to theirchildren to incentivize them when they complete assignments in the house.Regular payments for savings and relative gifts through the supervision of theparents can be sent to the children. Pigzbe will be helping parents keep aclose eye to how the children spends.

The CurrencyAnalytics is one of the success story of the blockchain technology. Thoughit conducted no ICO, it brought an innovation that is unprecedented to all. TheCurrency Analytics (TCA) views the essence of real news to the cryptocurrency ecosystemas important. TCA provides real cryptocurrency news to readers with zerotolerance for fake news. This will help them take wise decisions in theirinvestments. It also helps them connect with their favorite projects, byallowing projects to publish their press release by paying TCAT.

2019?

The record book for a list of blockchain innovations for 2019 remains almost blank for now. The world is waiting for blockchain based projects to create and execute their visions, learning from the past mistakes of the fallen. Investors and the whole cryptoverse is still waiting for the long awaited Ethereum’s Constantinople which has now been postponed to late February.

2019, What is it goingto be for blockchain Technology and Cryptocurrency? Head or Tail or Both.

Don’t ever forget tovisit https://financialreport24.com for more news and articles about cryptocurrency.

Don’t Let Red Tape Stunt Innovative Cryptocurrency

As cryptocurrency and the associated blockchain celebrate their tenth birthdays, the new “Free to Prosper” agenda for the 116th Congress …

As cryptocurrency and the associated blockchain celebrate their tenth birthdays, the new “Free to Prosper” agenda for the 116th Congress — published by my organization, the Competitive Enterprise Institute (CEI) — aims to ensure that bureaucratic red tape doesn’t stunt their growth.

Over the last two months and into the first few months of the new year, various milestones in the development of cryptocurrency and blockchain have been and will be celebrated. These include the white paper issued online on Oct. 31, 2008 by the presumably pseudonymous Satoshi Nakamoto entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.

In the paper, Nakamoto announced that he had created a new digital private currency called “Bitcoin” that could be used for payment of transactions without a third-party, such as a bank, through the uses of encryption and a peer-to-peer network.

Jan. 3, 2009, was debut of the first blockchain with Nakamoto and associates mining the “genesis block” as a ledger for Bitcoin. And Jan. 12 was the 10th anniversary of the late video game developer and encryption activist Hal Finney receiving the very first cryptocurrency in a Bitcoin transaction with Nakamoto.

More cryptocurrency and blockchain milestones will be celebrated in the coming months.

Like many 10-year-olds, cryptocurrency and blockchain are having their share of growing pains. The technology is still maturing. Some cryptocurrencies will go by the wayside, just as many Internet-related companies did in the aftermath of the dot-com bubble.

But the Internet as a whole has vastly improved our lives, and so could these new developments in “FinTech,” the catch phrase for innovations in financial technology. That’s why in “Free to Prosper,” my CEI colleagues and I urge Congress to take a “light touch” approach to cryptocurrency and blockchain so that they have the potential to flourish just as the Internet did.

In one of our chapter headings, we write that Congress and the regulators it oversees should “Allow Consumers Greater Access to Innovative New Financial Services through the Growth of FinTech, Crowdfunding, Blockchain, and Cryptocurrency.”

We warn that the Securities and Exchange Commission (SEC), “without congressional authority, is increasingly claiming jurisdiction by labeling digital currency products as ‘securities.'”

We conclude that “such overreach from the SEC, and the threat of overregulation from other agencies, could chill innovation in this sector and related development in improving blockchain-distributed ledger technology that holds promise in everything from healthcare to land titling.”

We write that policymakers’ goals in passing and enforcing laws relating to cryptocurrency should be to “ensure that government has the tools to punish crypto-fraud but otherwise preserve the culture of ‘permissionless innovation’ that has allowed for the dynamic growth of the Internet and other technologies to proceed largely unimpeded.”

I will also dive into the proper approach for regulation of cryptocurrency in a forthcoming paper. Watch for it at CEI.org.

John Berlau is a senior fellow at the Competitive Enterprise Institute (CEI). He is the author of the book “Eco-Freaks.” Read more reports from John Berlau — Click Here Now.

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Binance Crypto Wallet App TrustWallet Announces DASH Coin Token Support

Binance’s official cryptocurrency wallet app, TrustWallet, has announced Dash support, bringing the number of coins it supports to 14. This new …
TrustWallet-Announces-Dash-Support

Binance’s official cryptocurrency wallet app, TrustWallet, has announced Dash support, bringing the number of coins it supports to 14.

This new announcement comes only after a week when the App announced the support of Litecoin, Bitcoin Cash, and Bitcoin. Besides these, the app supports Ethereum, Ethereum Classic, GoChain, POA Network, VeChain, Tron, Wanchain, Callisto and ICON.

You can now send/receive/store your #DigitalCash#Dash from the convenience of your Trust mobile wallet – #useTrust w/ @Dashpayhttps://t.co/A6qdCSG6P0pic.twitter.com/zUPOzLx6CH

— Trust – Ethereum Wallet (@TrustWalletApp) January 17, 2019

Enabling New Assets

According to a post published on their blog, TrustWallet has demonstrated how users can add new assets to their accounts. One can achieve this by tapping on the “+” sign located at the upper right corner of their app, and then selecting the coin they wish to add.

For a clear presentation, TrustWallet included this photo:

More Development To Come

The TrustWallet team took up the Dash support announcement to inform its users that it has more developments lined up for them. The team noted that:

“Going forward, we will monitor the performance and stability of our Dash release very closely, and if everything works well, hopefully, we can surprise you with more new coins in the coming weeks!”

What’s Dash And How It Works

Based on the bitcoin source code, Dash is an open source cryptocurrency focuses on the payments industry. It offers users a form of digital currency that’s fast, inexpensive and portable.

Just like its older sibling, Bitcoin, Dash is a decentralized cryptocurrency and based on the blockchain. However, it works a bit differently bitcoin considering that it has a two-tier network. Powered by master nodes, the second tire allows for instant transactions and financial privacy.