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Category Archives: Blockchain, Crypto, Digital Assets Regulations

GBBC Blockchain Central Davos Virtual Event Jan 18-19: On Demand Recordings

GBBC | Jan 19, 2022

GBBC Blockchain Central Davos Jan 18 19 - GBBC Blockchain Central Davos Virtual Event Jan 18-19:  On Demand Recordings

Day 1: Jan 18

See:  Can Blockchain Solutions Unlock Capital to Fix Our Planet?

Day 2: Jan 19

Download the 2 day virtual agenda --> here


NCFA Jan 2018 resize - GBBC Blockchain Central Davos Virtual Event Jan 18-19:  On Demand Recordings The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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UK Law Society: Blockchain legal and regulatory guidance (second edition)

UK Law Society | Jan 11, 2022

blockchain legal and regulatory guidance 1 - UK Law Society:  Blockchain legal and regulatory guidance (second edition)We’ve published the second edition of our blockchain report, in collaboration with the Tech London Advocates (TLA) Blockchain Legal and Regulatory Group.

Who wrote the report?

The TLA Blockchain Legal and Regulatory Group put together the second edition of the blockchain legal and regulatory guidance.

Read the first edition

TLA's dedicated blockchain working group was founded in 2018 and serves as a hub for multi-disciplinary DLT experts.

For the 2022 guidance, we’ve heard from experts including the law commissioner for commercial and common law, Professor Sarah Green, and Alessandro Palombo, CEO of Jur.

See:  Blockchain Vulnerabilities, Forensics And Legal Challenges

A full list of experts who have addressed and fed into the group’s work is set out at annex two of the report.

What’s in the report?

The guidance covers a range of key issues for legal practitioners to be aware of when advising on DLT-related matters.

The report is divided into two parts:

UK Law society DLT and blockchain guidance second edition - UK Law Society:  Blockchain legal and regulatory guidance (second edition)

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Download the 236 page PDF report --> here


NCFA Jan 2018 resize - UK Law Society:  Blockchain legal and regulatory guidance (second edition) The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Gerry Cotten’s widow speaks out over his death and millions of missing crypto

CBC | Cassie Williams | Jan 18, 2022

QuadricaCX gerry cotton - Gerry Cotten's widow speaks out over his death and millions of missing cryptoGerald Cotten died suddenly in 2018 and took keys to $250 million in crypto assets to his grave

Robertson isn't under investigation and has never faced criminal charges. After Cotten's death, she agreed to forfeit $12 million in assets that included vehicles and real estate. She was allowed to keep $90,000 in cash, $20,000 in retirement savings, a 2015 Jeep Cherokee, $15,000 in furniture and some jewelry, including her wedding band.

Cotten ran Quadriga like a Ponzi scheme

Investigative journalists Amy Castor and Takara Small have spent years following and reporting on the Quadriga scandal.   Castor said Cotten operated Quadriga like a Ponzi scheme.

"Whenever people put their money into the exchange, he sort of used it as his personal slush fund," she said.

Small said people were bringing duffel bags of cash to the home Cotten and Robertson shared. She wonders why Robertson didn't think to question what was going on.

See:  QuadrigaCX: A Review by Staff of the Ontario Securities Commission

Robertson said she trusted Cotten, and any questions were explained away because banks were very "anti-bitcoin" and there were problems exchanging cryptocurrency for cash through traditional means.

"It never occurred to me [that he was breaking the law]," said Robertson.

Robertson said she understands many people have been hurt and lost large sums due to the collapse of QuadrigaCX.  "It has been the most unbelievable pain that I could ever imagine," she said.

Questions surrounding Cotten's death

The circumstances around Cotten's sudden death left investors with questions.  How could a seemingly healthy young man die suddenly from complications with Crohn's disease? Why did Robertson wait a month to notify investors of his death?

Robertson said "everything was crazy" after Cotten died and her lawyers were the ones who decided to wait weeks before letting investors know about Cotten's death.  "I did let that go to the lawyers and the contractors, and I trusted that they knew what to do," she said.

Hot Docs video:  Dead Man’s Switch (QuadrigaCX story)

Other red flags raised by investors surrounding Cotten's death included his name being spelled incorrectly on the death certificate and his closed casket funeral. That led to speculation that Cotten may have faked his own death.

Roberston said she's sorry for Cotten's actions and the harm he's caused.

Continue to the full article --> here


NCFA Jan 2018 resize - Gerry Cotten's widow speaks out over his death and millions of missing crypto The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Rep. Emmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC for use by individuals

Cato Institute | Norbert Michel | Jan 14, 2022

CBDCs - Rep. Emmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC for use by individualsEmmer introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) for use by individuals.

This week Rep. Tom Emmer (MN–R) introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) for use by individuals. A CBDC of this nature goes by several names, but it is just a private account for individual customers at the central bank, an institution that historically serves commercial banks.

In his press release, Emmer noted that “to maintain the dollar’s status as the world’s reserve currency in a digital age, it is important that the United States lead with a posture that prioritizes innovation and does not aim to compete with the private sector.” Emmer deserves high praise for taking such a principled stand for the private sector over further government centralization and control.

See:  ‘Ready to Go’: Powell Says Fed Report on Crypto and CBDCs will drop in the coming weeks

He clearly understands what’s at stake with a CBDC, and Americans can only hope that many other members of Congress share his sympathies. With any luck, the Federal Reserve researchers working on the Fed’s upcoming CBDC report — one that could be released any day now — are paying very close attention.

That report, among other things, is supposed to “evaluate whether to issue a CBDC and, if so, in what form.” This question of what form a CBDC might take is especially important, and that’s why Emmer’s bill is such a positive step.

CBDC proposals vary a great deal, but it’s the retail account based CBDC that poses the biggest risk to both personal and economic freedom. (Broader overviews of CBDC proposals can be found hereherehere, and here.)

See:  ECB Report on CBDCs: Functional scope, pricing and controls

So far, Fed officials have argued that the central bank only has the authority to offer accounts and payment services to commercial banks, as opposed to individuals, but nobody should doubt the Federal Reserve’s creativity. Its proclivity for creating special facilities, for instance, is especially worrisome given the details of some retail CBDC proposals.

Continue to the full article --> here


NCFA Jan 2018 resize - Rep. Emmer introduced legislation to prohibit the Federal Reserve from issuing a CBDC for use by individuals The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in here

FinBold | Jordan Major  | Jan 16, 2022

US government - US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in hereThe Bitcoin mining sector has piqued the interest of several countries over the last year, and it appears that the United States government is starting to become interested in this market.

As a result, a hearing has been scheduled in the US to explore the ramifications of the energy consumption incurred by cryptocurrency mining operations. Indeed the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will conduct a public hearing on the subject next Thursday, January 20, according to the House Committee.

“The Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce will hold a hybrid hearing that includes both in-person and remote attendance on Thursday, January 20, 2022, at 10:30 a.m.”

See:  Landmark Jury Verdict Finds Digital-Asset Products Linked to Cryptocurrency Mining Are Not Securities

The investigation is titled “Clearing Cryptocurrency: The Energy Implications of Blockchains,” and in particular, the Subcommittee is interested in learning about the energy consumption of blockchains, with the premise that they may create environmental concerns in the future. On the scheduled day, the hybrid hearing will also live stream on YouTube.

Congress’ energy subcommittee to discuss cryptocurrency

Bitcoin has gone through a lot of ups and downs in its short existence of just 13 years; however, one of the most recent efforts to discredit this technology is predicated on the fact that it is energy-intensive.

Proponents of Bitcoin argue those who oppose digital currency have not considered the costs of technology compared to the conventional banking system or the energy required to transport paper money across the globe.

US crypto mining growth

In response to the rapid expansion of US mining businesses after China’s mining prohibition, the local mining industry organized the formation of a Mining Council in 2021, which is overseen by the likes of Michael Saylor and Elon Musk.

See:  Arcane Research: Summary of Crypto 2021

Watch the live stream on January 20th: Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains

Continue to the full article --> here


NCFA Jan 2018 resize - US government to address the ramifications of cryptocurrencies on Jan 20th -> Tune in here The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Binance CEO’s net worth make him (at least) the world’s 11th richest person currently

Fortune | Grady McGregor | Jan 10, 2022

CZ binance wealth - Binance CEO’s net worth make him (at least) the world’s 11th richest person currentlyNew estimates claim the CEO of cryptocurrency exchange Binance, Changpeng Zhao, is the world’s richest crypto billionaire, with a net worth rivaling the sums amassed by tech billionaires Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg.

On Monday, Bloomberg calculated that Zhao’s net worth is $96 billion, which would make him the 11th richest person in the world. On the Bloomberg Billionaires Index, Zhao, known as “CZ” in crypto circles, is now sandwiched between No. 12, Mukesh Ambani, CEO of Indian conglomerate Reliance Industries, and No. 10, Larry Ellison, cofounder of Oracle, who’s worth an estimated $107 billion.

See: 

Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada

OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business

Bloomberg says its estimate is based on Zhao’s stake in Binance, reporting that the exchange generated upwards of $20 billion in revenue in 2021 and that Zhao owns 90% of Binance’s shares, according to a review of the firm’s regulatory filings.

Zhao’s net worth may be even higher than $96 billion since Bloomberg did not account for Zhao’s personal holdings of Bitcoin and Binance Coin, the cryptocurrency issued by Binance. Factoring in Zhao’s personal crypto holdings would likely give him a fortune on par with that of Bill Gates, the world’s fourth richest person with a $135 billion net worth, and Zuckerberg, the world’s fifth richest with $124 billion.

Zhao has not publicly commented on the size of his personal crypto holdings, but he told the Associated Press last November that his personal holdings make up the “majority” of his net worth.

Continue to the full article --> here


NCFA Jan 2018 resize - Binance CEO’s net worth make him (at least) the world’s 11th richest person currently The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada

The Logic via FP | Claire Brownell  | Jan 11, 2022

Exchange the world - Binance hires ex-regulators and incorporates in Alberta to charter compliance course in CanadaBinance, the world’s largest cryptocurrency-trading platform by volume, has registered three new corporate entities in Calgary and hired two senior employees with experience working for Canadian securities regulators as it seeks to comply with the country’s rules.

Binance, the world’s largest cryptocurrency-trading platform by volume, is looking to Canada’s West as it changes course and seeks registration with securities regulators after announcing in June its high-profile exit from Ontario amidst a crackdown. The company has made two high-level hires with experience working at Canadian securities regulators and has seven active job postings in Canada, including one for a junior regulatory analyst and another for fraud and risk operations.

See:  OSC to Binance Investors ‘Not So Fast’: Binance Canada Receives License to Operate as Money Service Business

Lawrence Truong, former chief compliance officer of Toronto-based cryptocurrency-trading platform Coinsquare and a former regulatory analyst at the Alberta Securities Commission (ASC), is Binance’s new vice-president and general manager of Canada. Darren Gross, now Binance’s compliance director based in Calgary, has worked as enforcement counsel at the ASC as well as at the Investment Industry Regulatory Organization of Canada (IIROC).

By incorporating in Alberta, Binance has two options, Burgoyne said—seeking full registration as a securities dealer directly through IIROC, or going through the ASC for permission to operate as a restricted dealer first while it seeks full registration. Had it incorporated in Ontario, Binance would have had to deal with the OSC as its principal contact for registration.

“Maybe there’s a perception that Alberta might be a more receptive province to be regulated by versus Ontario,” Burgoyne said.


NCFA Jan 2018 resize - Binance hires ex-regulators and incorporates in Alberta to charter compliance course in Canada The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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