Reports reaching us suggests that Finland’s Financial Supervisory Authority (FIN-FSA) is making plans to assume the supervisory role as an authority in registration for the crypto industry participants. This is due to commence this week. The update came on April 27 as a press release by FIN-FSA.
On may 1, Finland’s Act on Virtual Currency Service Provider will come into effect and with this, the supervisory body has made it clear that in line with statutory laws, all crypto exchanges. custodian crypto wallet providers and cryptocurrency issuers operating in the country are required to register with the body.
In a related post, FIN-FSA points out that the Finnish legislation was prepared on the Fifth Anti-Money Laundering AML directive from the European Union
which came into full operation in 2018 establishing a revised legal framework for the watchdog to put cryptocurrency under active regulation and check the increasing rate of money laundering and terrorism financing.
According to the FIN-FSA, registration of exchanges will be needed to ensure compliance with multiple rules, rules that concerning the storage and protection of clients funds, segregation of service provider and client assets, rules associated with the marketing of services and heeding ANL/CFT laws.
Furthermore, the Supervisory watchdog announced a meetup for all Stakeholders in the blockchain industry scheduled for May 15 at Bank of Finland Helsinki. This briefing will make bare FIN-FSA’s registration timeline and what registration would entail and how to go about it. Also, issues around guidelines that apply to Industry participants and formal regulations will be attended to.
In as much as the new regulatory framework would go along way to restoring client security to some extent, it is however not a penultimate solution:
“The risks related to virtual currency investments remain unchanged. The risks include sudden major fluctuations in value, data security threats pertaining to exchange services and custodian wallet providers, and the nature of several virtual currencies as speculative investments not involving any inherent source of return.”
Earlier this March, LocalBitcoins a crypto peer-to-peer exchange based in Helsinki announced that it is now under supervision by FIN-FSA in compliance with Finland’s new legislation.
Similar findings suggest that France has asked other EU member states to follow suit in initiating regulations for the fast-growing technology and its digital assets.
Elsewhere In Europe, Belgium Updates 120 crypto scam websites in FSMA’s Blacklist.
Do you know that Jack Dorsey the CEO of Social Media Giant Twitter has joined the Lightning Network?
Blockchain to be applied in Transportation in Japan? Find out more…
Charles Hoskinson Defends Cardano From those who doubts its future
Charles Hoskinson, creator of blockchain project, Cardano defends the project from critics and people doubts and undermine the prospect of the project.
Cardano is an open source blockchain platform with its native token, the ADA. Cardano is based on peer reviewed research and was created entirely from scratch as opposed to other platforms that are based on the fork of other blockchains.
In a YouTube AMA session, the creator defended the project saying 200 people are currently working on the platform with 100 specifically focused on ADA, the native cryptocurrency of the Cardano blockchain.
Charles talking about people who doubt the future of the project said “I guess some people would like to pay attention to fake news. They would like to pay attention to the latest sycophant or provocateur of the week, and they don’t seem to understand that these are among the most complicated of protocols to implement.”
The Cardano creator was describing the process of development the blockchain and cryptocurrency, said There is no code we can copy, there is no source base to fork from, and we are doing very hard things.
…We are not missing deadlines, the project is going well […] the credentials and qualifications of our engineers are clear, and it’s clear to see the quality of the software, as evidenced by the fact that 13-year old children in Wyoming were able to get stake nodes running on Raspberry Pis”
The co-founder of Ethereum continued saying “..And when you do very hard things based upon science and it’s new occasionally you have issues.”
Defending himself after a viewer questioned him regarding his employment life, Charles quickly replied he had not been fired many times. Instead he took a buyout with Bitshare because he couldn’t work with Dan Larimer.
Commenting on him leaving Ethereum, the co-founder said, there was a decision to go the profit route or remain non-for profit. Others decided the latter and so, he had to leave.
And not him only, others also left and founded their own companies that are currently competing with the second largest blockchain platform by market capitalization, Ethereum.
Telegram Replies SEC, Telegram Blockchain could be Delayed
Telegram Open Network developers has finally responded to the lawsuit filed by the US Security and Exchange Commission SEC against Telegram Inc and its subsidiary.
In a press release dated 11th October, 2019, the SEC filed a suit against TON and Telegram for allegedly carrying out the sale of unregistered securities to 39 citizens of the United States after an investigation led by SEC’s Daphna A. Waxman et al.
The sale which according to SEC saw the firm raises funds from domestic and foreign investors amounting to over $1.7 billion.
The funds were raised to finance the development of the TON Blockchain which will be launched by the 31st of October, 2019 through the sale of the Gram token
SEC revealed Telegram didn’t seek regulatory approval before the sale of its digital tokens thus Telegram sold unregistered securities in clear violation of the provisions in Security Acts of 1933.
Stephanie Avakian, a Co-director in SEC was quoted saying “We alleged that the defendants have failed to provide investors with information regarding the Gram and Telegram’s business operations, financial condition, risk factors and management that the securities laws require.”
Based on letter sent to investors, Telegram Open Network talked about the situation and possible solutions to the issue.
According to the letter shared to U.Today, the developers revealed they have been in communication with the regulator for a year and a half. They also have received feedback on the TON blockchain.
Commenting on the lawsuit by the SEC, they said“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances, and we disagree with the sec’s legal position.”
Speaking on the way forward, the letter reports Telegram saying “We are continuing to evaluate the best means by which to resolve the situation in the interests of relevant parties, including but not limited to assessing whether to seek to delay the launch date.”
Telegram was scheduled to launch it’s blockchain by the end of October, 2019. It could be delayed if SEC and TON cannot find a common ground.
SEC Comes After Telegram’s Token Sale Days after Settling with EOS
The Security and Exchange Commission SEC has filed a temporary restraining order against Telegram Inc and it’s blockchain focused subsidiary TON Issuer Inc.
In a press release dated 11th October, 2019, the SEC announced it also filed an emergency action against both organizations.
The action comes days after the SEC settles the block.one’s EOS blockchain project for school $24 million after raising about $4 billion in a token sale that lasted for a year.
In an investigation conducted by Daphna A. Waxnan, Morgan B. Ward Doran and John O. Enright of the SEC’s Cyber Unit, the action is based on an alleged sale of unregistered, ongoing digital tokens offered to citizens of the United States and overseas which has raised over 1.7 billion dollars.
In January 2018, Telegram commenced it’s token sale to fund the development of its blockchain project, the Telegram Open Network TON which will have its own native cryptocurrency, the GRAM.
Based on the PR by SEC, Telegram and its subsidiary sold about 2.9 billion gram tokens to investors from all over the world.
The sale was made amongst others globally to 39 United States investors with the promise to deliver in the development of the product, the TON Blockchain by the end of the first month of the fourth quarter of 2019.
At the launch, investors held the promise that the gram token will then be available for purchasers on cryotocurrency exchanges.
The complaint was that Telegram didn’t seek regulatory approval before the sale of its digital tokens thus Telegram it’s and the subsidiary sold unregistered securities; in clear violation of the provisions in Security Acts of 1933, reported SEC.
According to Co-director of the SEC’s Division of Enforcement, Stephanie Avakian, the emergency action is to prevent the ‘flooding’ of the United States market with illegally sold digital assets.
She was quoted saying, “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors and management that the securities laws require.”
Another SEC Co-director Steven Peiken said “Telegram seeks to obtain the benefits if s public offering without complying with the long-established disclosure responsibilities designed to protect the investing public.”
Telegram nor its subsidiary has released a response to the action as at Press time.
First of its Kind in Africa: SisiPower to Empower the ‘African Sisi’ with $1m Entrepreneurial Grants and 150m Anion Sanitary Pads to women and the less privileged girl-child in Africa
Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain.
Sanitary pads which is supposed to be readily available and affordable to every girl or young woman in Africa is not. Though we have some sanitary pad brands in the market, it’s just that many of these girls and women can’t afford to buy and use them for their monthly menstrual circle. In order to get these pads, these young women find themselves in despicable situations where they are forced to have sex with the chemist or shop keepers who sells these items. They are also exposed to having sex with any available male in exchange for sanitary pad. So sad that girls have to sell their dignity just to get a paltry sum of money to care for their monthly period.
It is also not new as research shows that many girls especially in public secondary schools miss class during their menstrual period. They do this as a result of the fear of being shamed by boys and girls alike for the blood stains that reflects at the back of their skirts. Not only that, some of these girls, if at all they try to come, end up using unhygienic materials like dirty clothes or tissue papers. And while they are away from school they miss out on academic lessons which affect their overall academic performance and deny them of better future prospects.
A look at our female prisons wards, tales of woes, agony and pains as another worrisome situation is brewing there. In the prisons, we have a situation where about five female inmates have to share one sanitary pad. Thus exposing them to all manners of highly contagious disease and infection.
Some of these girls and women when interviewed say, “we can’t afford to eat three square meals how much more buy a sanitary pad.”
In putting an end to this problem which have skipped the eyes of many, BEEP Foundation, a concerned non-governmental organization launches SISI POWER, a campaign to empower indigent women and girls with 1 million Dollars and 150 million sanitary pads across Africa, though starting from Nigeria.
This cash will be given as business grants to indigent women, after proper training. Also, they shall be mentored by successful business women and the foundation to ensure they make better use of the grants given to them.
For girls, they shall have access to free monthly sanitary pad and access to Blockchain Technology, ICT and life skills training which makes it possible for them not to sell themselves short just for sanitary pads. They will be trained in the following areas; Coding, Mobile App Development, Animation, Digital Marketing, Graphic Designs and other relevant courses that ensure for their self-sustenance, productivity.
With this innovative gesture, BEEP Foundation through the launch of Sisi Power has placed itself at the forefront of poverty eradication, entrepreneurial empowerment of Girls and Women in Africa.
The narrative has to change , Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain. SisiPower leads the way in its application of blockchain technology by enabling acceptance of donations in BMCTokens and made provision for acceptance of a smart contract shared Master-Node Equity reward on the blockchain to support and sustain the vision and mission of sisipower.
Sisi Power is an initiative of Beep Foundation, a foundation geared at providing empowerment and innovative development in Africa.
A few members of the executive team were unveiled at the event.
This launch happened on Saturday, 28th September, 2019, at 10:00am at the ZAAZ Hotels, Ikeja, Lagos.
Find Photos of the event here
FEATURED4 days ago
An open-source map to the Pan-African Blockchain Ecosystem
Exchange2 days ago
Kubitx Exchange now listed on Coinmarketcap
Press Release4 days ago
CampusBCAT2019 Train Moves to OAU after a Spectacular Uniport Event
News1 day ago
Nile University has partnered with Cryptography Development Initiative in Nigeria (CDIN)