Digital Currency and Blockchain Weekly Round-Up – February 1st, 2019
South Korea to keep ICO ban in place
South Korea’s Financial Services Commission (FSC) has announced that it does not plan to lift the ban on initial coin offerings (ICOs), which was imposed in September 2017, CoinDesk reported. Last year, reports suggested that regulatory authorities were considering lifting the ban in a bid to encourage innovation. However, after a survey which revealed that certain projects have been violating the laws, the FSC has put its foot down.
UK Financial Conduct Authority launches consultation on cryptoasset guidance
The UK Financial Conduct Authority (FCA) announced on Wednesday that it is consulting on guidance for cryptoassets. Once finalized, the guidance will set out the cryptoasset activities that fall under FCA regulation.
Bank of Thailand completes Phase I of wholesale CBDC project, says “DLT can fulfil basic payment functionalities”
The Bank of Thailand (BOT) has announced the results of the first phase of a project focused on domestic wholesale fund transfer using wholesale Central Bank Digital Currency (wholesale CBDC). Called “Project Inthanon”, the project seeks to explore the potential of distributed ledger technology (DLT) in improving Thailand’s financial infrastructure. The Phase I ran from August 2018 to January 2019.
Securities Commission Malaysia introduces regulatory framework for crypto exchanges
The Securities Commission Malaysia (SC) has announced that it has amended its Guidelines on Recognized Markets to include a regulatory framework for digital asset trading. The recent amendment introduces new requirements for electronic platforms that facilitate the trading of digital assets.
SWIFT launches proof-of-concept to link gpi with R3’s Corda blockchain platform
Global banking payments network SWIFT has announced that it has launched a proof-of-concept (PoC) to trial a new gateway to interlink trade and e-commerce platforms with gpi – the new standard in cross-border payments. The PoC will trial “gpi Link” – a new gateway which will enable gpi members to seamlessly connect with multiple trade platforms.
Project Aber: Saudi Arabia and UAE’s joint cryptocurrency project seeks to reduce remittance costs
The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) have announced the details of their joint digital currency initiative. The central banks have said that the digital currency project, called “Aber”, will focus on financial settlements between the two countries using blockchain and distributed ledger technologies (DLTs).
Digital Currency and Blockchain Initiatives