Ethereum 

Legal & General Partners With Amazon to Use Blockchain for Pension Deals

Online retail giant Amazon has partnered with United Kingdom-based insurance agency Legal & General to create a blockchain system for managing corporate pension deals, according to a report by Reuters on June 11. Legal & General will reportedly make use of the Amazon Managed Blockchain for its bulk annuity transactions, which happen when companies transfer their pension schemes to Legal & General for insurance. According to an article by the Financial Times, companies make bulk annuity transactions to insurers like this so that they are not ultimately responsible for personally…

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Bitcoin 

Central Bank of Malawi Says Crypto Is Not Legal Tender, Warns of Trading Risks

The central bank of Malawi announced that crypto is not legal in the country and that the institution is against crypto-related activities, local news agency Nyasa Times reports on May 27. The Reserve Bank of Malawi (RBM) has stated that cryptocurrencies are not legal tender in Malawi and do not represent a substitute to the Malawi kwacha (MWK), the local fiat currency of the southeast African country. The bank has warned its citizens that the government is not planning to recognize investments in cryptocurrencies such as bitcoin (BTC), according to…

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Bitcoin 

Staking Claim on Bitcoin — Does Craig Wright’s Copyright Filing Hold Legal Merit?

Bitcoin SV (BSV) has had a big week. On Tuesday, its price jumped by just over 110%, leaping from about $62 at 1:14 p.m. UTC to $132 an hour later. Given that BSV had been having a rough time in the previous month, with a number of high-profile delistings, this dizzying price rise must have come as a relief to the supporters of the cryptocurrency and the company that created it — nChain. And while explanations for sudden market shifts are often hard to come by in the cryptocurrency industry,…

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Bitcoin 

Samoa Investigates Church After OneCoin Defied Legal Ban to Sell Products to Investors

A church in the Pacific nation of Samoa is at the center of scrutiny after ministers invited notorious cryptocurrency Ponzi scheme OneCoin to preach to its congregation, New Zealand-based media network Radio NZ reported on April 26. OneCoin, which is now all but defunct after the indictment of both its masterminds, raised hundreds of millions of dollars worldwide by luring investors with the promise of huge returns. Samoa’s central bank banned any activities involving the scheme in 2018, but representatives nonetheless succeeded in approaching the Samoa Worship Centre and pitched…

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Bitcoin 

Japan’s Finance Minister Urges Reporters to Adopt New Legal Term ‘Crypto Assets’

Japan’s Minister of Finance and deputy prime minister Taro Aso has urged reporters to stop using the term virtual currencies and switch to the newly-proposed legal name crypto assets. Aso — who also serves as the country’s Minister of State for Financial Services — made his remarks during a crypto-focused question and answer session at a press conference following a government cabinet meeting. The full transcript of the Q&A from March 26 was published by Japan’s Financial Services Agency (FSA) on April 26, alongside a provisional English translation. As Cointelegraph…

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Bitcoin 

Why ATB Coin’s Legal Encounter Sets Precedent in New York for Future Securities Violations

If there’s anything to take away from this federal class-action suit, it’s that this new opinion on ATB Coin provides further guidance on when a token might be considered a security under securities law in the United States. For those with a legal background, this piece is set up in a similar way to a case brief you probably remember from law school. But even without a legal background, here’s some guidelines on how to read this. A traditional case brief outlines the factual background, issues, rule of law, and…

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Blockchain 

Demand for Legal Experts With Blockchain Tech Knowledge is High, Report

Demand for legal experts with blockchain technology knowledge is high, according to Major, Lindsey & Africa managing director Brian Burlant, who recruits for law firms and in-house legal departments. The news was published by legal news and information site Law.com on April 17. According to Burlant, law firms are having difficulty keeping up with cryptocurrency and blockchain industry demands for lawyers because of a lack of candidates who really understand the technology. Burlant said that a lot of lawyers enter the space from regulatory practices or government, where they were…

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Bitcoin 

Winklevoss Twins and Charlie Shrem Settle Long-Running Legal Fight Over 2012 Bitcoin Deal

Cameron and Tyler Winklevoss have reached an agreement with bitcoin (BTC) entrepreneur Charlie Shrem to end a lawsuit the twins filed against Shrem last year. The news was revealed in court documents filed on April 16. The twins, who founded crypto exchange Gemini, had accused Shrem of stealing 5,000 bitcoin (worth about $26.1 million at press time) and using the crypto to buy Maseratis, powerboats and other luxury goods. He denied the allegations, which dated back to 2012. Attorneys for both parties have signed the document filed with a federal…

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Bitcoin 

Lithuanian Finance Ministry to Introduce Legal Amendments for Crypto-Related Firms

The Republic of Lithuania’s Ministry of Finance plans to release legal amendments for operating crypto-related businesses in the country, Riga-based newspaper The Baltic Times reports on April 8. According to the report, the Lithuanian finance ministry wants to bring more legal certainty to the operation of companies relating to cryptocurrency exchanges, crypto wallet operators, as well as initial coin offerings (ICOs). By enforcing legal requirements in the industry, the authority reportedly seeks to ensure an efficient policy against money laundering and terrorism financing, as well as to guarantee a due…

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Blockchain 

German Gov’t Hearing Takes Regulators to Task for Lack of Legal Framework on Blockchain

German regulators and lawmakers have thus far failed to create a workable legal framework that would provide legal certainty for applications of blockchain technology, representatives from the country’s Free Democratic Party (FDP) have argued. An FDP proposal, entitled “Creating a Sustainable Framework for Distributed Ledger Technology in the Financial Market,” was put forward during a public hearing held by the Bundestag’s Finance Committee on March 11. The hearing gathered regulators, entrepreneurs, legal experts and others to respond to the FDP’s proposal, which argued for the importance of creating a legal…

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