Blockchain 

Initiative Including Microsoft, Intel and IBM Introduces Token Standards

The Token Taxonomy Initiative (TTI) has unveiled a framework to standardize the construction of tokens. The initiative has made its Token Taxonomy Framework (TTF) available to the public, according to a press release shared with Cointelegraph on Nov. 4. The platform-neutral framework will purportedly provide a set of definitions for tokens in various implementations. The TTI includes a common set of concepts, definitions of tokens and their use-cases across industries, a classification hierarchy, a composition framework and other standards. The TTI’s members include major tech, financial, software and blockchain firms…

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Cryptocurrency 

Libra Chief Praises Its Anti Money Laundering Standards

Libra Chief David Marcus has claimed that the Anti Money Laundering Standards of the underfire project are superior to any other payment networks on the market today. Libra Scrutiny Means Its On Track, Says Chief Marcus is the CEO of Calibra, the corresponding digital wallet of Libra, and previously served as president of PayPal and a member of the Board of Directors at Coinbase. Speaking at the Money 20/20 conference in Las Vegas, he said, “I want to say that the efficacy of sanction enforcing can be much higher on…

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Blockchain 

Security Numbering Association to Consider Standards for Digital Assets

A global association of national numbering agencies has set up a new task force to assess the adoption of name standards for digital assets. All types of tokens to be considered The Association of National Numbering Agencies (ANNA) will examine the identification of digital assets such as tokens and cryptocurrencies, the organization announced on Oct. 23. ANNA oversees the work of global national numbering agencies — organizations responsible for issuing International Securities Identification Numbers (ISINs) —  and will now consider the role and scope of ISINs in regard to the…

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Bitcoin 

Binance Seals Accreditation From Global Security Standards Organization

Cryptocurrency exchange Binance has been awarded an internationally recognized security accreditation, ISO/IEC 27001, following two external audits of its information security systems. The exchange shared news of its accreditation in an official tweet on Sept. 23. Two external audits to secure the accreditation The ISO/IEC 27001 standard that underpins Binance’s new accreditation is the international standard that provides the specification for information security management systems (ISMS). The technology-neutral standard is designed to assist organizations in managing their information security processes in line with international best practices. To be evaluated for…

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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 

BaFin Head Urges Global Bank Standards in Response to Facebook’s Libra

The head of the German Federal Financial Supervisory Authority (BaFin) has urged regulators to develop standards in response to Facebook’s forthcoming cryptocurrency, Libra, Cointelegraph Deutschland reported on June 26 Speaking at the International Club Frankfurter Wirtschaftsjournalisten, BaFin President Felix Hufeld stressed that policymakers and regulators should not stand aside on the issue of Facebook’s Libra as considerable control questions could arise once the coin comes into use. Hufeld hinted at possible regulatory measures introduced by BaFin, but also pointed to the need for an international regulatory framework: “We certainly can…

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Blockchain 

AICPA Proposes New Standards That Would Apply to Blockchain-Based Audit Data

The American Institute of Certified Public Accountants (AICPA) has proposed a new set of standards for audit evidence including accommodation for blockchain-based data, according to a report by trade publication Accounting Today on June 24. The new proposal, the so-dubbed Proposed Statement on Auditing Standards (SAS), Audit Evidence, will purportedly set guidelines on how preparers and auditors should evaluate audit evidence that is based on new tech such as blockchain and data analytics.  The new standards are apparently a source-indifferent, multidimensional set of metrics for evaluating audit data. The aim…

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Bitcoin 

Major Crypto Traders Meet to Establish Industry Blacklist, Standards

A group major cryptocurrency traders is considering the idea of creating a blacklist of counterparties engaged in nefarious activities in the crypto space, Bloomberg reported on May 8. At a meeting in Chicago on Tuesday, a group of traders from 35 digital assets firms including such industry players as trading firm DRW Holdings Inc.’s Cumberland crypto unit, Mike Novogratz’s Galaxy Digital Holdings, and tech startup Ripple proposed to create a blacklist for parties who reneged on trades and engaged in dubious activities. Some reportedly suggested to create an accreditation for…

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Blockchain 

FedEx Executive Advocates for Industry Blockchain Standards

Rob Carter, the chief information officer of American delivery services company FedEx, has called for uniform standards in the blockchain industry, tech-focused media outlet Computerworld reported on April 25. Speaking at the Blockchain Global Revolution Conference, Carter argued that mandated standards would help create uniformity for blockchains used in supply chains. He also noted the technology’s ability to improve the tracking of a good’s provenance and streamline the shipping process: “There is an incredible amount of information moving with an international package. An incredible amount of paperwork [such as] certificates…

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Bitcoin 

Binance to Delist Bitcoin SV as It ‘No Longer Meets’ the Exchange’s Standards

Major cryptocurrency exchange Binace has officially announced that it will delist Bitcoin SV (BSV) starting next week. The news was revealed in an official announcement from the firm today, April 15. The exchange stated that as of April 22, it will delist and cease trading on all trading pairs for BSV — on the exchange under the ticker BCHSV. In the post, Binance explained that it regularly reviews assets listed on its platform “to ensure that it [an asset] continues to meet the high level of standard we expect.” The…

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