29/08/2018: Biggest Stories in the Cryptosphere

1. Australia Eyeing National Blockchain With Help of IBM

The Commonwealth Scientific and Industrial Research Organization (CSIRO), an Australian federal agency, has revealed that its division Data61 has formed a consortium with law firm Herbert Smith Freehills and tech company IBM to create a national blockchain. The project, called Australian National Blockchain (ANB), will allow companies to “collaborate using blockchain-based smart legal contracts”. They will also be able to exchange data as well as authenticating and keep track of legal contracts. Businesses will manage the entire lifecycle of a contract, from negotiation to expiry of the contract itself. If the pilot, which is taking place on IBM blockchain, is successful, then the project will expand internationally.

2. Swiss Regulator FINMA To Call For Relaxed AML Rules For FinTechs

Swiss regulator FINMA, the Financial Market Supervisory Authority, is set to relax anti-money laundering rules for small size FinTech companies. In order to qualify, the companies in question need to produce gross revenues which are lower than 1.5 million Swiss francs (£1.2 million). With this move, the watchdog hopes to promote innovation as well as making the country a hub for money management. The review was caused by a ‘FinTech’ licensing category established by the parliament in June when amending the Swiss Banking Act. In the document, it will be outlined how the applicants can ensure due diligence. Finally, an example of exemption smaller FinTech firms would benefit from is the ‘independent anti-money laundering unit with monitoring duties’ which they will not have to set up.

3. Russian State Pension Fund: Employment Contracts on Blockchain

It has been revealed that the Russian state pension fund (PFR) is considering the integration of blockchain in its ‘labour relations’ operations. The country’s largest social service will adopt smart contracts which will act as employment contracts between the employer and the employee. With the adoption of blockchain, officials hope to reduce paperwork, along with cutting costs of data storage and management. Furthermore, they believe this will also help bring transparency to the whole process. According to the State Labour Inspectorate, 465,000 Russian citizens reported labour rights violations in 2017. This led to fines amounting to a total of 20 billion rubles ($293 million). The project is part of the country’s initiative to revamp its labour industry.

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