07/09/2018: Biggest Stories in the Cryptosphere

1. Australia To Implement Financial Markets Rules on Crypto While Checking on ICOs

The Australian Securities and Investments Commission (ASIC), a major financial regulator, has released a corporate plan for 2018–2022. The initiative is a cross-department effort, a supervisory approach will be adopted. In the document, it was mentioned that an eye would be kept on emerging technologies, including ICOs and cryptocurrencies. Furthermore, in the first two years, ASIC will implement a regulatory framework based on financial markets rules on crypto exchanges. It will also intervene, when necessary, in order to ensure consumers and investors are being protected. Lastly, market players will be monitored through a licensing system. Although it did not create targeted regulations for crypto exchanges, ASIC published last year a set of guidelines for ICOs issuers.

2. China’s Supreme Court Allows Blockchain-Authenticated Evidence In Court

China’s Supreme Court has released an announcement revealing that evidence authenticated through blockchain is now legally binding and can be introduced in court. The decision is part of a set of rules aimed at giving more clarity around litigation procedures for internet courts, all of whom stages are carried out online. Digital data collected and stored via blockchain is admissible in the case the party can prove its reliability. This is the latest example of how these emerging technologies have the potential to revolutionise the legal system. In July, we covered the UK Law Commission’s annual report for the year 2017/2018. In the document, smart contracts and the popularity they gained were discussed. The independent body is currently investigating how the technology could help its court system remaining competitive.

3. Goldman Sachs CFO Dismisses Claims They Scrapped Crypto Trading Desk

On Wednesday, we reported an article by The Next Web claiming that Goldman Sachs delayed indefinitely its crypto trading desk project while keeping the custodian services. However, Chief Financial Officer (CFO) Martin Chavez has now dismissed the claims, stating that the financial services company is still working on it. Instead, Chavez said that, due to demand from clients, they are now working on a Bitcoin derivative that is “non-deliverable forward,”. The CFO rejected the report but also noted that a timeline has not been set yet. He went on to say that when they made the announcement, they meant this as an exploration which would develop over time rather than a project with set dates. At the moment, Goldman Sachs is clearing Bitcoin futures issued by CBOE and CME, along with providing liquidity to its clients.

4. Uzbekistan Wants To Attract Crypto Exchanges With Crypto Benefits

Uzbekistan’s President Shavkat Mirziyoev wants to attract crypto exchanges with tax benefits. Earlier this week he issued an order outlining a list of benefits crypto exchanges moving to the country would benefit from. Taxes will not be applied to crypto-related income. Furthermore, licensed crypto exchanges dealing with foreign fiat currencies will be exempt from existing foreign currency regulations. They will also be exempt from securities and exchanges regulations. The license will be granted once the crypto exchange opens a subsidiary in the country. However, it must also be mentioned that they need to meet certain requirements. An authorised capital of at least 30,000 the average minimum salary, that is $700,000. Employees must be located in Uzbekistan. Crypto exchanges also need to implement AML rules and store data for at least five years. Finally, miners will also enjoy certain benefits. Those using more than 100 kWh of power will be provided with land without the need for an auction.

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Sources:

1. https://download.asic.gov.au/media/4855947/asic-corporate-plan-2018-22-focus-2018-19-published-31-august-2018.pdf
2. https://www.coindesk.com/australian-watchdog-to-apply-market-rules-to-crypto-exchanges/
3. https://asic.gov.au/for-finance-professionals/market-infrastructure-licensees/
4. http://www.court.gov.cn/zixun-xiangqing-116981.html
5. https://cointelegraph.com/news/chinas-supreme-court-rules-that-blockchain-can-legally-authenticate-evidence
6. https://medium.com/@BlockEx/20-07-2018-biggest-stories-in-the-cryptosphere-219d98c05188
7. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/727386/6.4475_LC_Annual_Report_Accounts_201718_WEB.PDF
8. https://thenextweb.com/hardfork/2018/09/05/goldman-sachs-bitcoin-trading-desk/
9. https://www.cnbc.com/2018/09/06/goldman-sachs-cfo-calls-reports-of-shutting-down-crypto-desk-fake-news.html
10. https://www.coindesk.com/uzbekistan-looks-to-lure-crypto-exchanges-with-new-tax-benefits/
11. https://static.norma.uz/official_texts/%D0%9E%20%D0%BC%D0%B5%D1%80%D0%B0%D1%85%20%D0%BF%D0%BE%20%D0%BE%D1%80%D0%B3%D0%B0%D0%BD%D0%B8%D0%B7%D0%B0%D1%86%D0%B8%D0%B8%20%D0%B4%D0%B5%D1%8F%D1%82%D0%B5%D0%BB%D1%8C%D0%BD%D0%BE%D1%81%D1%82%D0%B8%20%D0%BA%D1%80%D0%B8%D0%BF%D1%82%D0%BE-%D0%B1%D0%B8%D1%80%D0%B6%20%D0%B2%20%D0%A0%D0%B5%D1%81%D0%BF%D1%83%D0%B1%D0%BB%D0%B8%D0%BA%D0%B5%20%D0%A3%D0%B7%D0%B1%D0%B5%D0%BA%D0%B8%D1%81%D1%82%D0%B0%D0%BD.pdf