In recent regulatory news, Chinese authorities have issued a example seeking to encourage citizens to be skeptical regarding the promotional claims of interdicted fundraising schemes operating with cryptocurrencies, Singapore Exchange and the Numismatic Authority of Singapore have partnered with Anquan, Deloitte, and Nasdaq to make sure tokenized securities using distributed ledger technology, and Hungary’s money ministry has indicated that it is exploring the regulation of cryptocurrencies, however, also circumstanced that virtual currencies are not recognized as legal tender.
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Singapore Helpmeets With Anquan, Deloitte, and Nasdaq to Settle Tokenized Securities via DLT
The Cash Authority of Singapore (MAS) and Singapore Exchange have announced a partnership that want “allow financial institutions and corporate investors to carry out simultaneous interchange and final settlement of tokenized digital currencies and securities assets.” The endanger is intended to “improv[e] operational efficiency and reducing settlement risks.”
Harmonizing to a press release, major financial companies Anquan, Deloitte, and Nasdaq enjoy been appointed as “technology partners” for the project. The project is expected to produce a report examining “the potential of automating [Delivery versus Payment (DvP)] resolution processes with Smart Contracts and identify key design considerations to guard resilient operations and enhanced protection for investors” by November.
The head of technology at Singapore The Market and chair of the project, Tinku Gupta, stated: “This initiative last will and testament deploy blockchain technology to efficiently link up funds transfer and safe keepings transfer, eliminating both buyers’ and sellers’ risk in the DvP process. This is a collaborative novelty bringing together multiple players to pursue real-world opportunities that last wishes as benefit the ecosystem.”
Sopnendu Mohanty, the chief fintech officer of MAS, rephrased: “Blockchain technology is radically transforming how financial transactions are performed today, and the aptitude to transact seamlessly across blockchains will open up a world of new house opportunities. The involvement of three prominent technology partners highlights the commercial vigorish in making this a reality. We expect to see further growth in this time as FinTechs leverage on the strong pool of talent and expertise in Singapore to originate innovative blockchain applications and benefit from the new opportunities created.”
Chinese Authorities Tip off Against Illicit Crypto Crowdfunding
A statement composed by China’s inside bank, the Banking Regulatory Commission, the Central Network Information House, the Ministry of Public Security, and the General Administration of Market Supervision, has invited to warn Chinese citizens of the claims made by illegal fundraising bets operating with cryptocurrency technology.
The statement warns of “lawless essences” seeking to raise funds “using the banner of ‘financial innovation’ and ‘blockchain” in reciprocate for “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets’,” asserting that “Such ventures are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for actionable fundraising, pyramid schemes, and fraud.”
The statement also emphasizes that townswomen be skeptical and “rational” in their assessment of claims made by cryptocurrency institutions seeking to lure investment through “air drops” and celebrity endorsement.
Hungarian Subvene Ministry Rejects Cryptocurrency as Legal Tender
Local Hungarian mean outlet, Portfolio, has reported that bitcoin and other cryptocurrencies liking not be recognized as legal tender, as per the country’s finance ministry.
The finance clergy also indicated that it is exploring regulatory frameworks for cryptocurrencies, with a proclamation reading: “Hungary is currently looking into regulating crypto prime movers, and the central bank, the tax authority, the finance ministry and other authorities tease set up a joint work group to evaluate legal, economic, law enforcement, funds laundering and other aspects of cryptocurrencies with an eye to introducing more complex regulation.”
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