Blockchain 

UK Bank Standard Chartered Uses Blockchain for Supply Chain Finance

London-based bank and financial services firm Standard Chartered has completed its first joint blockchain-based supply chain financing transaction. Standard Chartered announced on Aug. 5 that the institution successfully ran their first joint deep-tier supply chain financing transaction in partnership with China-based supply chain financing service provider Linklogis. The news follows a memorandum of understanding signed by Standard Chartered and Linklogis in February 2019, when the firms agreed to collaborate on expanding the bank’s supply chain visibility, as well as to support sustainable growth of China’s economy and innovation. Linklogis platform…

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Ethereum 

Swiss Crypto Finance App Gains Nationally Recognized AML License

Cryptocurrency-focused personal finance app Aximetria has gained a financial standards license recognized by Swiss regulators. In a press release provided to Cointelegraph July 29, Aximetria, which is based in the country, said the Swiss Financial Services Standards Association (VQF) license would allow it to function as a crypto intermediary and streamline its onboarding process. The VQF license is approved by Switzerland’s overarching finance regulator, the Financial Market Supervisory Authority (FINMA). An award means the holder carries out activities in compliance with the organization’s anti-money laundering (AML) and Know-your-Customer (KYC) rules. …

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Ethereum 

UK Finance Minister Says Regulators Should Decide on Libra, Not Lawmakers

The United Kingdom Finance Minister Philip Hammond said that regulators and not lawmakers should decide on how to regulate Facebook’s stablecoin Libra, CNBC reported on July 15. In an interview with CNBC’s “Squawk Box,” Hammond said that lawmakers should not decide to require the social media giant Facebook to acquire a bank license as it is “an issue for regulators to determine, not for politicians to determine.” Hammond said that Libra could be “a very positive thing” once it is properly regulated, and added: “We’re not going to turn our…

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Blockchain 

Drafted “Keep Big Tech out of Finance” Act Surfaces Days Before Libra Hearings

A drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12. The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial Services Committee.  The document reads:  “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value,…

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Ethereum 

Huobi Unveils ‘Finance Chain’ For Building Enterprise Blockchains

Huobi Group is jointly developing a new public blockchain for decentralized financial (DeFi) services, according to a press release on July 1. Major global digital asset financial service provider Huobi has partnered with Chinese blockchain startup Nervos enabling companies to deploy their own blockchains, tokenized assets, as well as DeFi services, according to the announcement. The joint initiative, provisionally called “Huobi Finance Chain,” is targeting enterprises, financial institutions, as well as exchanges, and is set to operate as a regulatory-compliant financial blockchain network. Specifically, Huobi is planning to enable regulators…

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Bitcoin 

Russian Ministry of Finance Considers Allowing Cryptocurrency Trading

A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21. Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation. A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year. Anatoly Aksakov,…

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Bitcoin 

Russia to Adopt Crypto Legislation Within Two Weeks: Deputy Finance Minister

Russia’s parliament, the State Duma, will adopt the country’s major crypto bill “On Digital Financial Assets” (DFA) in the next two weeks, according to a local senior finance official. The news was reported by Russian government-backed news agency TASS on June 19. Russia’s deputy finance minister, Alexei Moiseev, revealed that the State Duma is currently considering the DFA, and is expected to adopt the bill in the second reading within the next two weeks. Moiseev added that the authority has approved separate legislation for initial coin offerings, which will be…

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Blockchain 

Cypherpunk Adam Back Speaks of Blockchain Benefits at G20 Meeting of Finance Ministers

Adam Back, who invented the hashcash proof-of-work system and was one of the first people to work on bitcoin (BTC), spoke about the positive uses of blockchain at G20. Cointelegraph Japan reported on Back’s comments at a meeting of finance ministers and central bank governors in Japan on June 8. Sitting next to the governor of the Dutch central bank, Back said he believed blockchain was another move to open networking — and said financial institutions stand to benefit from the technology because it would mean international transfers no longer need to go…

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Bitcoin 

G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto

G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action: “We ask the FSB and standard setting bodies to monitor risks and consider work on…

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Ethereum 

Vast Majority of DApps for Finance Built on Ethereum Blockchain

Ethereum devs constitute the vast majority of Decentralized Finance (DeFi) application (DApp) creators, according to a report by Binance Research on June 6. Number of DApps per blockchain, courtesy of Binance Research According to the report, DeFi can be thought of as the following: “An ecosystem comprised of applications built on decentralized networks, permissionless blockchains, and peer-to-peer protocols for the facilitation of lending/borrowing or trading with financial instruments.” This ecosystem purports to offer a permissionless, decentralized network for users, who reportedly retain full custody of their crypto assets. According to…

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