06/09/2018: Biggest Stories in the Cryptosphere

1. Should The EU Have a Standardised Crypto Set of Regulations?

Belgium think tank Bruegel suggested in a report prepared for EU finance ministers for the European Union to adopt a standardised cryptocurrency regulatory framework across all state members. The rules would apply to crypto exchanges as well as ICOs, where the think tank believes there is a lack of regulatory clarity. This would allow each country to take full advantage of crypto and blockchain’s potential while managing risks. The report, which is not available to the public yet, will be followed by an “informal meeting of economic and financial affairs ministers”. The document will be shared during the meeting which is taking place on September 7th and 8th in Vienna. We previously discussed a draft of the main topics which will be discussed during this event.

2. Two Prominent Crypto Figures Say That The US Is Getting Behind on Blockchain

During the TechCrunch Disrupt San Francisco, Ripple CEO Brad Garlinghouse and TechCrunch Founder Michael Arrington affirmed that the lack of action by the US in terms of crypto regulations is leaving the country behind in terms of blockchain as well as the future of technology. While giants such as Facebook, IBM and Twitter are looking into blockchain to see how they can use the new technology; most of the startups which are currently being launched are located outside of the states. Arrington went on to say that although some investments are in the US, 80–90% are in Asia, Europe and Israel. Along with a lack of regulatory clarity, he also mentioned taxes and the visa process. Finally, he called for SEC to step up, a sentiment that was echoed by Garlinghouse. The CEO also mentioned the need for a regulator. The two also compared the emerging technologies with the advent of the internet decades ago.

3. Korean Investor Wants Goldman Sachs To Explain Crypto

Korea Post, South Korea’s national postal service, wants to learn more about crypto. Company’s President Kang Seong-ju revealed that cryptocurrency was the topic of discussion during his meeting with Goldman Sachs’ COO, and soon-to-be CEO, David Solomon. At the end of this month, Korea Post will meet with the financial services company’s crypto research team in Hong Kong to go through digital assets, as well as new technologies such as blockchain and AI. Although the Korean company has no interest in investing in the sector, the growing popularity among public prompted them to investigate the advantages and risks of these technologies. On the other hand, Goldman Sachs has appointed a Head of Digital-Asset Markets and, as we reported yesterday, is planning on offering custodial services to crypto funds.

4. Blockchain Employed To Track Convicts On Parole

The Chinese city of Zhongshan has decided to track convicts on parole using a blockchain network. The initiative was announced today by a local news outlet. The blockchain-based system was launched by the local Justice Department. Monitoring ex-convicts’ movements with this method, will improve the efficiency of the whole system. The need for labour force would also decrease. The blockchain network has been rolled out across community service centres. Here, parolees are required to carry out daily duties when checking in. Data regarding each subject’s activities will be then available at any time. Being a blockchain-backed platform, community correction staff and relevant law enforcement agencies have access to the data in question.

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