Blockchain 

Blockchain to Lead in Payments and Asset Tokenization

Almost 23% of Digital Currency Group (DCG)’s portfolio firms believe that asset tokenization will be the next major use case for blockchain. To prepare the survey, DCG received responses from more than 60 of its portfolio companies.  According to DCG’s 2019 annual survey, 22.73% of its portfolio companies suggest that blockchain will be mainly deployed in asset tokenization, while 30% of respondents see the technology’s future use cases in payments. Other use cases and “public enemies” The aforementioned industry sectors are followed by digital identity and ownership, decentralized marketplaces and…

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Bitcoin 

Int’l Accounting Standards Body Defines Bitcoin as ‘Intangible Asset’

The International Financial Reporting Interpretations Committee (IFRIC) has ruled that cryptocurrencies, including Bitcoin (BTC), are neither financial assets nor legal tender. The Korea Times reported the development on Sept. 23, citing the Korea Accounting Institute’s briefing in regard to an IFRIC meeting held in London this June. Cryptocurrencies neither financial assets nor currencies According to the report, the IFRIC has ruled that cryptocurrencies are “not cash nor an equity instrument of another entity,” but rather “intangible assets” — defined as “identifiable non-monetary assets without physical substance.” In the IFRIC’s definition,…

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Blockchain 

Asset Management Giant Wants Government Money Market Fund on Stellar

American asset management firm Franklin Templeton Investments has filed a preliminary prospectus with the United States Securities and Exchange Commission (SEC) for a government money market fund with a focus on blockchain-based shares. According to a Sept. 3 SEC filing, Franklin Templeton’s fund will make investments in a range of products such as U.S. government securities, repurchase agreements, and blockchain-based shares. However, the document notes that the fund will not invest in cryptocurrencies. Stellar network-recorded shares Franklin Templeton has chosen the Stellar network to record the ownership of the fund’s…

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Blockchain 

SEC Asset Freeze Caused ‘Significant Harm’ to Holders, Says Veritaseum

The chief defendant in an alleged $15 million initial coin offering (ICO) fraud case has submitted a formal reply to the United States Securities and Exchange Commission (SEC).  On Aug. 20, Reginald Middleton shared a copy of a memorandum of law against the agency’s application for a preliminary injunction to continue a temporary asset freeze against him and affiliated entities.  As reported, the SEC’s injunction implicated Middleton, together with the New York company Veritaseum Inc. and the Delaware-based company Veritaseum LLC.  The case The SEC’s case against Middleton and Veritaesum…

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Blockchain 

Judge Rejects Multimillion Dollar Asset Plea in Crypto Fraud Case

A Supreme Court judge in British Columbia (BC), Canada, has denied a motion to set aside an asset freeze, which was requested by the defendants in a multimillion dollar cryptocurrency fraud case. The defendants had filed to set aside an interim preservation order that was issued by the British Columbia Civil Forfeiture Office in order to prevent case-related assets from being sold or accumulating debt. Vancouver news daily The Province reported the ruling on Aug. 19. According to the report, the defendants, Lisa Angela Cheng and Kevin Patrick Hobbs, stand…

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Blockchain 

Novogratz’s Crypto Bank Galaxy Digital Invests in Digital Asset Lender

Digital asset lender DrawBridge Lending (DBL) announced that it received funding from cryptocurrency commercial bank Galaxy Digital. A fiat-crypto lending and investing service DrawBridge announced in a press release published on Aug. 8 that it received funding from Galaxy Digital, further strengthen DBL’s fiat-crypto lending and investing capabilities.  Furthermore, the two firms reportedly plan to jointly develop a co-branded special-purpose loan funding vehicle to provide structured financing against institutionally held crypto assets. Michael Novogratz, CEO and founder of Galaxy Digital, commented on the development: “The institutionalization of digital assets is…

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Bitcoin 

Crypto Data Startup Digital Asset Data Earns $3.2 Million in Funding Round

Cryptocurrency data and financial technology startup Digital Asset Data announced that it received $3.2 million in funding in a press release shared with Cointelegraph on July 25. A round led by Silver Lake and Glenn Hutchins Per the release, the round was led by investment firm North Island and tech-focused private equity group Silver Lake co-founder Glenn Hutchins. The new funds, added to its seed funding of $6 million covered by Cointelegraph in April, brings the total funding received by the startup to $9.2 million. The startup in question reportedly…

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Ethereum 

‘No One Uses It’ — Bitcoin a Speculative Asset Like Gold

The Chairman of the United States Federal Reserve has said that a globally adopted cryptocurrency system could conceivably remove the need for reserve currencies.  Testifying before the Senate Banking Committee on July 11, Fed Chairman Jerome Powell gave his analysis of whether a cryptocurrency system with global prevalence could diminish — or even go so far as to remove the need for — so-called anchor currencies.  With the U.S. dollar de facto the world’s dominant reserve currency, Powell acknowledged the possibility of a preeminent cryptocurrency redrawing the current financial landscape…

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Blockchain 

UK Financial Watchdog Grants License to London-Based Crypto Asset Firm

London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). The development was announced in a press release on July 1 Being FCA-authorized gives Prime Factor Capital the right to operate as a full-scope AIFM under the European Union’s AIFM Directive (AIFMD). The Directive is a regulation applied to private equity funds, hedge funds, and real estate funds, which sets standards for marketing in regards to raising private capital, risk monitoring and…

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Blockchain 

Group of Digital Asset Trade Associations to Establish Global Cryptocurrency Association

A group of national trade associations representing the local Virtual Asset Service Providers (VASPs) announced their intention to establish an association to provide a global representative for firms in the industry in a press release shared with Cointelegraph on June 29. Per the release, the aforementioned Japanese trade association signed a Memorandum of Understanding (MoU) in Osaka aiming to establish the association. The associations that signed the agreement include the Australian Digital Commerce Association (ADCA), Singapore Cryptocurrency and Blockchain Industry Association, Japan Blockchain Association, Korean Blockchain Association, Hong Kong Blockchain…

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