This week’s crypto news has everything: Innovation, IPO, Integration and regulatory support. China’s blockchain is forging fullsteam ahead while New York is making it easy for companies to operate in the blockchain/crypto space in the State. Big 4 firm, KPMG, is launching a suite of blockchain and crypto analytics services and more.
BSN Integrates Chainlink Oracles, Bringing Real-World Data Into Its IRITA Powered Network
China’s Blockchain Service Network (BSN) has integrated Chainlink oracles. “This key integration will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. Professional Proof of Stake (POS) operator SNZ Pool will run nodes to support the operation,” according to the press release. The integration is expected to speed up the adoption of BSN in and outside China. Chainlink has been picking up steam recently with many companies using Chainlink’s Oracles to bring the conventional business world to the blockchain network.
Supreme Court sets ‘limits’ on SECs powers to assess digorgements (penalties)
Securities Exchange Commission’s ‘extent’ of power has been challenged by the Supreme Court. A ruling that SEC cannot assess digorgements beyond the ‘illicit gains’ could help a lot of blockchain and crypto startups with much needed relief knowing that SEC cannot assess penalties beyond what was raised from the investors minus required expenses. For instance, before this ruling, SEC could charge a company disgorgements that are 100% or more of the money raised from the investors, this devastated many up and coming entrepreneurs who may have spent part of the proceedings in expenses such as legal expenses, salaries, administrative expenses, etc., Supreme Court also ruled that the disgorgements should be used for the benefit of victims and not solely for the SEC’s fund.
KPMG’s Chain Fusion To Help Manage Crypto And Traditional Assets Over Public And Private Blockchain Networks
KPMG is making strides in the blockchain and crypto space. It has recently launched its Chain Fusion, a suite of advanced analytics capabilities to support blockchain and crypto technology products. The press release states “KPMG Chain Fusion leverages a structured data model to combine data originating from blockchain infrastructure and traditional systems in support of analytics for business, risk and compliance objectives. KPMG Chain Fusion was designed to help clients address considerations from regulators across the globe focusing on the integrity of control environments to support business objectives for accurate financial reporting and technology objectives for security, availability and processing integrity across both traditional and blockchain systems.”
New York proposes new licensing rules to facilitate crypto businesses
In a good news from the big apple, New York financial regulators proposed new licensing rules for the crypto businesses that would make it easier for businesses to offer services and use cryptocurrencies. The New York Post reported that The New York State Department of Financial Services (NYDFS) “proposed framework would allow companies that want to engage in virtual currency business activity in the state to obtain a conditional license, through which they would collaborate with fully licensed companies.” Regulators in other States in the US are trying to catch up with regulatory framework to lure blockchain and crypto organizations, NY is heating up the space by making it easier for companies to operate in the State. Being the financial capital of the US and the world, this is a welcoming stance from the State for the crypto businesses.
Bithumb Exchange to Reportedly File for IPO in South Korea
Bitcoin and Cryptocurrencies are going mainstream. We have seen companies that operate in the blockchain and crypto space going IPO instead of ICO. ICOs have historically been limited to those who have been in the crypto space while IPOs are much more stringent to follow through with registrations, approvals and investor selection. Bithumb, one of the popular exchanges is rumored to be going the IPO route. Google translation of the news reads that “It is expected that Bitsum’s IPO will be an event in which discussions on virtual currency and even blockchain will spread in our society and economy. From whether or not a virtual currency can be recognized as a real value, it is highly likely that there will be controversy over business feasibility, industrial value, and meaning. In addition, virtual currency tax issues, business continuity, asset handling, and investor protection are also issues to consider.”
Bitfinex Launches Open-Source Crypto-Powered Streaming Protocol
Bitfinex launched an open-source crypto powered streaming protocol called Dazaar. Dazaar’s website describes that “Dazaar Vision is a live video-streaming app. It allows you to set up live broadcasts and subscriptions. All Peer-to-peer, and in real time. With the power of Dazaar you can customize payment options for your subscribers and viewers, without any centralized third-parties.” The platform is designed to be blockchain agnostic although it will support Bitcoin Lightning Network, Ethereum and EOS at the beginning.
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