A collaboration has been established between Huobi and a financial institution based in Russia, Vnesheconombank (VEB) to offer the legal services to blockchain and cryptocurrency sector. Elina Sidorenko, the head of the Huobi Legal Lab explained, “’in a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for business.”
An announcement has been made by Coinvest, regarding its plant support six initial coins for cryptocurrency exchange ecosystem. As per the report, Coinvest now allows the user to purchase, sell, send, receive and even store their Bitcoin, Ethereum and Litecoin apart from the native token of Coinvest, COIN. Also made it clear to support GUSD as its native stablecoin.
TokenSoft, Security token platform has invested in a broker-dealer which is now renamed as TokenSoft Global Markets it expects to acquire 100 percent of TokenSoft Global Markets. But as it is registered with the Securities and Exchange Commission (SEC) it needs the regulatory nod. It also offers technology and security products that help companies to manage digital assets.
The Gazprombank associated with Avaloq and Metaco to introduce crypto asset services during the mid of the succeeding year, 2019. The association would support in the development of a fully integrated solution for the management of client portfolios. The solution would support the purchase and sale of crypto assets acting for clients and provide them with a consolidated portfolio view.
The Signature Bank based in New York has been approved to launch a blockchain-based digital payments platform for real-time payments called Signet. It is claimed that the platform will process transactions securely without transaction fee and without the involvement of third parties. However, it mandates the holding of $250,000 as the minimum balance.
The Financial Supervisory Service (FSS) has warned the Kookmin Bank and Nonghyup Bank regarding their lack of management of cryptocurrency transactions and Anti-money laundering (AML) regulation. The banks were ordered to submit its measures to the authority within three months as an improvement order was slashed. The FSS may force more direct sanctions in the future.
The Sberbank and the MTS have accomplished the complete cycle of security dealing through smart contracts. The transaction was carried on a blockchain platform of Russia’s central securities depository, powered by Hyperledger. The Sberbank announced, “The use of the blockchain allowed securities and money to be transferred simultaneously.”
The Islamic Development Bank Group (IsDB) is aimed at the development of interbank blockchain tools through the Islamic Corporation for the Development of Private Sector (ICD) and with the iFinTech Solutions. It is expected to strengthen the financial institutions’ liquidity and overall efficiency. The CEO of ICD vouched to support with the ‘innovative Sharia-compliant FinTech solutions.’
Nearly 26 companies and five financial institutions have accomplished the know-your-customer (KYC) requirements on the blockchain. The CEO of R3 expressed, “Corda is the ideal technology for creating KYC platforms, as it allows users to have complete control of their data.” The trail of the R3’ Corda included BNP Paribas and the Societe Generale.
A Saudi Arabia-headquartered multilateral body, the Islamic Corporation for the Development of the Private Sector (ICD) shared their vision in utilizing the innovative technology of blockchain. The aim of the implementation is to streamline the process for the Islamic banks in managing their liquidity and increase the transparency and traceability of transactions made.