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Malta Lawmakers Pass Three Bills on Cryptocurrencies

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Lawmakers across the globe are making decisions on the disruptive technology currently sweeping across industries. It is no surprise that the Cabinet of Malta joined lawmakers taken favorable stances on cryptocurrencies. The cabinet approved three bills related to cryptocurrency and blockchain technology, with one bill, in particular, the Virtual Financial Assets Bill, providing a regulatory framework for cryptocurrencies and initial coin offerings. While the other two bills are the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill.
The three bills were also presented to the Parliament of Malta for its first reading on Tuesday. The next stage is a debate between both sides of the House before they are passed into law. Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri states, “As a government, we think that by regulating this market, it will ensure that the three main principles of financial regulation are adhered to and will be a market that protects the investor and provides market integrity and financial soundness.”


A new department has been established by the Malta Digital Innovation Authority Bill, the new department is called the Malta Digital Innovation Authority. The new department will focus on internal governance arrangements and its key roles have been described by Mamo TCV Advocates law firm, “the certification of DLT [Distributed Ledger Technology] platforms to ensure credibility and provide legal certainty to users wishing to make use of a DLT platform.”
The Mamo TCV Advocates law firm focuses on ICOs “and the regulation in respect of certain service providers which will be involved in activities related to ICOs.” The firm added that “The bill will also outline the regulatory regime which will be applicable to cryptocurrency exchanges.” These newly implemented bills will foster greater developments for Malta and empower the Malta Financial Services Authority (MFSA).

What do you think about the new bills approved by the Cabinet of Malta? Let us know in the comments section below!
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Images courtesy of Malta Today and crypto money.
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Cardano to Release Version 1.6 of Its Software Product In A Few Days – Charles Hoskinson

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Image: themerkle.com

 

We are shipping the version 1.6 update over the next few days tweeted CEO of Cardano Charles Hoskinson. In the tweet, Charles also requested for some “screenshots” of the new Daedalus and users’ comments on the product whether they like it or not.

Praising the team Cardano team, the Charles Hoskinson said lot of work went into this release and he is extremely proud of the team.

Daedalus is an extensive open source cryptocurrency and highly secure wallet for the Ada cryptocurrency.
It is built with web technologies and features unlimited accounting with advanced security.

Charles formerly was worked in Ethereum as a Co-founder is moved to Cardano where he is building ground breaking innovations using blockchain technology.

Cardano according to the IOHK website is a blockchian platform with more advanced features that any protocol yet developed, and the first to evolve out of a scientific philosophy.

Launched in 2017, Cardano is a product of IOHK created using the Haskell code, a technology firm committed to using peer-to-peer innovations to provide financial services to billions of unbanked individuals all over the world.

It prides itself as a decentralized company that loves innovative teams forming and executing ideas that cause “cascading disruption“.

 

Cardano’s protocol is designed towards protecting privacy rights of users, while also taking into account the needs of regulators. It is the a blockchain platform with more advanced features than any protocol yet developed by a large team of experts engineers and researchers from various field.

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Ripple Hit With Law Suit From Aggrieved Investor For Selling Unregistered Securities

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A class action suit has been amended by an investor in XRP of Ripple. In the suit, Bradley Sostack an investor in XRP alleged that Ripple misled investors and raised money from them by selling XRP token, an unregistered security. A clear violation of Federal laws.

The filing was made on the 5th of August, 2019 and in a Coindesk’s report dated August 13th, the initial class action law suit was filed in 2017 and with this amendment, Ripple has until mid of September to make a response to this action.

 

Citing a SEC’s newly released “Framework for Investment Contract Analysis of Digital Assets, the plaintiff is seeking to defined XRP as an unlawful unregistered assets under the framework.

The SEC Framework makes clear that ‘[w]hether a particular digital asset at the time of its offer or sale satisfies the Howey test depends on the specific facts and circumstances.’ The specific facts and circumstances relating to XRP support the conclusion that XRP is a security under the Howey test.”

 

The contention of Ripple as a security or not has been an ongoing debate amongst individuals in the industry. Some see XRP as a centralized digital asset which should not be touched since the founders hold huge percentage of the total while others do not share this opinion.

 

Since the XRP Token is at current not mandatory to utilize any of Ripple’s products, this has raised concerns on the use cases of the token. Since it cannot be used in any of Ripple’s products, it begs the question of what really is XRP.

 

Ripple is a US based technology company founded by Chris Larsen in 2012. It is currently led by Brad Garlinghouse. It provides frictionless experience to send money globally using the power of blockchain. According to the company, by joining its growing, global network (RippleNet), financial institutions can process their customers’ payment anywhere in the world instantly, reliably and cost effectively.

 

Ripple is expected to respond to the class action not later than September.

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CertiK Announces The Completion of Binance British Pound Backed Stablecoin BGBP Official Audit

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In a post on micro-blogging site, CertiK announced the completion of audit on Binance British Pound backed Stablecoin, the BGBP.

Binance had some weeks ago through its CFO, Wei Zhou in an interview with Bloomberg hinted of the top exchange’s plans to issue own stablecoins. According to the Binance rep, the token will be called Binance GBP and will be fully backed by reserves of the British Pounds. He further continued that more fiat currency pegged stablecoins will also be launched on the Binance Chain.

The Binance British backed stablecoin was verified by CertiK. According to a blog post by CertiK, the auditors utilized their Formal Verification Technology and were able to identify undetected vulnerabilities in the stablecoin providing a more thorough security sweep and offering suggestions.

 

 

Commenting on the Audit and why the exchange sorted the services of CertiK, CZ, CEO of Binance said “CertiK’s Formal Verification bypasses the limits of manual detection, offering one of the most thorough audits in the industry”.

According to CertiK, the audit was done to ensure the source code of BGBP’s smart contracts were free from issues and vulnerabilities. By utilizing its Formal Verification Platform, Static Analysis and Manual Review, the team at CertiK applied a comprehensive examination during which they ensured that the codebase meets best practice and industry standards, that contract logic meets specifications etc.

The results of the audit carried out on the Binance GBP code showed that best practices was followed, the contract is not vulnerable to known securities challenges and that the BGBP is “a more secure, safe, and protected asset”.

CertiK is a blockchain and smart contract verification platform founded by experts from Yale and Columbia University. Incubated by Binance Labs, CertiK has been able to secure strategic partnerships with world’s leading exchanges such as OKEx, Binance etc and has been able to carry out audit on projects such as the LEO, TUSD etc.

The BGBP is a dual issue token, created on both the Ethereum (ERC-20) and Binance (BEP2) Chains. The Binance GBP is currently trading on the Binance.com and Binance.je exchanges.

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Stablecoin Tether Launches Support for Tether (USDT) on the Liquid Network

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Tether on Liquid Network

Stablecoin Tether has now been launched on the Blockstream’s Liquid Network. The announcement was made via a blog on the stablecoin’s official website. Tether communicated the intention to launch on the Liquid Network was initiated by the desire and quest towards “improved blockchain interoperability”.

The Liquid Network is a blockchain for exchanges, brokers, and market makers that enables fast, private Bitcoin transactions with other members of the network. It is designed to allow the movement and issuance of digital assets.

The launch of Tether on the Liquid Blockchain according to CSO at Blockstream Samson Mow, is a major milestone in increasing the utility of the Liquid Network. He also emphasized the benefits such as OTC atomic swaps, super-fast arbitrage between exchanges etc

Speaking on behalf of Tether, CTO, Paolo Ardoino said

“It has been a natural decision to deploy Tether on the Liquid Network given the fantastic work that the Blockstream team is achieving. Issuing stablecoins and various other digital assets under one blockchain platform makes a lot of sense and greatly improves industry efficiency whilst allowing traders to manage all their assets from a single wallet application.

Launched in 2014, Tether has surprisingly withstood several scandals. By its affiliation with Bitfinex, the largest stablecoin with about $4billion market capitalization has met some serious allegations however, it has continue to rage on and has been able to launch on some blockchain networks in time past, for example the Tron Blockchain.

The Liquid Network is one of its several achievements in the year 2019. The launch of Tether on the Liquid Network will open opportunities for new possibilities according to the blockstream website. Some of these possibilities includes enhanced securities trading, instant, low cost stablecoin payments using Lightning support for L-BTC when launched. Arbitrage traders will also be able to take advantage of Liquid’s 1-minute block times to rapidly complete inter-exchange transfer of fiats.

Liquid USDt is currently open for deposit and withdrawal on the Bitfinex exchange with other exchanges working on enabling it such as OKEx, OKCoin etc.

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