Author: Annaliese Milano

French Regulator Says No to Online Crypto Derivatives Ads

France’s stock market regulator released a statement about cryptocurrency-tied derivatives on Thursday, which includes a curb on the advertising of such products. In its statement, L’Autorite Des Marches Financiers (AMF) said that trading platforms should not be allowed to market cryptocurrency derivative products electronically, per regulations that cover derivatives more broadly. The publication followed a months-long review process, according to the AMF. The agency said: “The AMF concludes that a cash-settled cryptocurrency contract may qualify as a derivative, irrespective of the legal qualification of a cryptocurrency. As a result, online platforms which offer cryptocurrency derivatives fall within the scope...

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Venezuela’s President Orders Companies to Accept the Petro

Venezuela officially has its own cryptocurrency – and its president wants some of the country’s state-owned businesses to use it. According to a recording posted on Twitter by television network VTV, Venezuelan President Nicolas Maduro has ordered several state-owned companies to convert a percentage of their sales and purchases into the petro. “I gave the order to the company PDVSA, Pequiven and CVG to realize as of today a percentage of their sales and purchases in…the Petro,” Maduro said (according to a rough translation) during the petro pre-sale announcement. PDVSA is a state-owned oil and natural gas company which, in addition to...

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The Next Petro? Iranian Minister Reveals Cryptocurrency Plans

New statements suggest that Iran’s central bank is developing a new cryptocurrency that would be administered by the state government. Information and Communications Technology Minister MJ Azari Jahromi made the announcement on Twitter Wednesday following a meeting with the bank’s board of directors. He described a meeting during which “digital currencies based on the [blockchain]” were discussed, adding that it was decided “to implement the country’s first cloud-based digital currency using the capacity of the country’s elite.” در جلسه‌ای که با هیئت �…دیره پست بانک در خصوص ارزهای دیجیتال �…بتنی بر زنجیره بلوکی داشت�…، �…قرر شد این بانک اقدا�…ات...

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Venezuela Is Talking With Russia About Cryptocurrency

Officials from the Venezuelan and Russian governments discussed the former’s newly-launched cryptocurrency during a meeting in Moscow this week. Venezuelan Finance Minister Simon Zerpa Delgado was in Moscow on Wednesday discussing collaboration between the two governments, according to tweets published through his official account. According to one missive, the subject of the petro – which was unveiled in December and sparked global headlines with its launch Tuesday – was brought up during the meetings. Delgado tweeted (according to a translation): “In this meeting we have reviewed the economic and financial cooperation between the two countries, with emphasis on the...

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German Regulator Pledges ‘Precise’ Oversight of ICOs

Germany’s financial markets regulator has issued new guidance on how it will classify tokens sold during initial coin offerings (ICOs), including those it will consider securities. On Feb. 20, the Federal Financial Supervisory Authority (BaFin) issued a letter of advice, announcing the move in light of an influx of inquiries from businesses looking to host token sales within Germany. The move follows its warning in late 2017 regarding the risks associated with investing in ICOs. The letter (of which an English version is not currently available) reveals that BaFin will conduct a “precise case-by-case examination” of tokens to determine their legal status,...

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Gibraltar Will Take Market-Driven Approach to ICO Rules

Gibraltar may be moving to regulate initial coin offerings (ICOs), but officials say it will be up to the market to determine what a “good” token sale looks like. The U.K. overseas territory announced that it was drafting ICO regulation earlier this month, which will include the implementation of a system for “authorized sponsors” that will be tasked with managing compliance. Gibraltar’s government outlined a tripartite approach that would address “the promotion, sale and distribution of tokens,” create a well-regulated secondary market related to tokens and establish standards for the provision of advice relating to token investment within its...

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Tesla’s Cloud Hit By Crypto Mining Malware Attack

Electric vehicle maker Tesla has reportedly fallen victim to a cryptocurrency mining malware attack. On Tuesday, cybersecurity software firm RedLock reported that hackers had exploited an insecure Kubernetes console, which they used to access and siphon computer processing power from Tesla’s cloud environment in order to mine cryptocurrencies. The team says it discovered and reported the vulnerability to Tesla several months ago. A Tesla spokesperson told Gizmodo that customer information was not accessed during the incident. “We maintain a bug bounty program to encourage this type of research, and we addressed this vulnerability within hours of learning about it,” the spokesperson...

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Lisk Relaunches Blockchain Project With ‘Accessibility’ in Mind

The team behind the Lisk blockchain network is hosting a relaunch event in Berlin today, boasting a new look and long-term plan for the project. “Rebranding normally only involves a change of design, but we, while being in that process, determined that we need to change much more,” Max Kordek, Lisk’s co-founder and CEO told CoinDesk. Today, at an event sent for 7:30 p.m. CET, the startup will roll out a new front-end design, wallet and dashboard. The idea, Kordek said, is to improve accessibility for users who may be less familiar with using the various tools associated with...

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Regional Government in Russia to Test Blockchain Payments

Vnesheconombank (VEB), the Russian state-owned development bank, has inked a deal with the regional government of Kaliningrad to pilot a new blockchain-based payment system. Last week, officials including Kaliningrad governor Anton Alkikhanov and VEB chairman Sergei Gorkov met at the Russian Investment Forum in Sochi to sign the agreement underpinning the trials. Alikhanov said in a statement that the development bank’s “competence in the area of blockchain technology” will help Russia’s westernmost region to “improve the quality of management decisions.” The regional government and its development bank partner are betting that the technology will improve the quality of social services...

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California Bill Would Legally Recognize Blockchain Data

A California lawmaker has introduced a bill that, if passed, would update the state’s electronic records laws to account for blockchain signatures and smart contracts. Assembly Bill 2658, submitted by Assemblymember Ian Calderon last week, expands the definition of electronic records and signatures – contained in the Uniform Electronic Transactions Act – to include records and signatures on the blockchain, notably stipulating: “A record that is secured through blockchain technology is an electronic record.” The existing law “specifies that a record or signature may not be denied legal effect or enforceability solely because it is in electronic form and...

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