The fight against money laundering is tightening, the first ICO license and Open Innovations
Binance tightens up money laundering
Binance Crypto Exchange announced the start of cooperation with Chainalysis, a developer of blockchain analysis and transaction tracking solutions. The purpose of the partnership is to strengthen the fight against money obtained by criminal means.
Binance will check users for legal compliance.
Binance, one of the largest crypto exchanges in the world, will use transaction tracking tools from the blockchain solutions vendor Chainalisys. As a part of the partnership, Chainalisys will open access to its compliance software. Using the provided toolkit Binance will be able to monitor cryptocurrency transactions in real time and track those that may be associated with criminal and illegal activities.
According to Binance Chief Financial Officer Wei Zhou, this step will “inspire” the crypto industry to take the fight against money laundering seriously and take actions against the financing of terrorism through cryptocurrency.
“The main goal of our partnership with Chainalysis is to create a secure blockchain ecosystem. We hope that the fight against money laundering will be joint and active. ”
Although Binance has already invested in creating its own tracking system for KYC and AML and hired compliance specialists, “criminals do not stop searching for loopholes in the system, so we constantly monitor new solutions and methods to combat money laundering and unscrupulous participants,” Zhou added.
Bermuda authorities issue first ICO license
Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. This is reported by Royal Gazette.
In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.
The draft law also states that before holding a tokensail, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.
The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.
The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.
In July, the authorities of Bermuda began to update banking legislation to provide services for blockchain companies.
Vitalik Buterin: I regret adopting the term “smart contracts”.
Vitalik Buterin, co-founder of Ethereum, said that he did not consider the term smart contract to fully reflect the essence of the technology. Legend of cryptography Nick Szabo stood up for the term, but explained that it is incorrect to talk about legally recognized smart contracts, a term used in courts.
Vitaly Buterin engaged into a discussion about cryptocurrency legislation and whether cryptocurrency should in principle be included in the legal field or it is set to remain outside.
The term “smart contracts” was not “boring” enough and does not fully reflect the technical aspects and realities of technology.
To be clear, at this point I quite regret adopting the term “smart contracts”. I wouldn’t have to say something like “persistent scripts.”
- Vitalik Non-giver of Ether (@VitalikButerin) October 13, 2018
“I had to call them somehow more boring and technologically, for example,“ robust scripts, ”wrote Buterin on Twitter.
He was supported by another Ethereum developer Vlad Zamfir. He noted that he would prefer the term “stored procedures,” but in general, smart contracts are also appropriate. “It was a good lesson for all of us.”
Encrypto Telecom team took part in the Open Innovations International Forum in Moscow.
From October 15 to October 17, the annual Open Innovations Forum was held in Moscow in the Skolkovo Innovation Center.
The program of the Forum was very rich, with the key topic being “Sources of digital breakthrough”: personnel and education, business and government, science and technology. Among the top speakers were Unilever CEO Paul Polman, Chief Technical Officer and Head of Philips Research Henk Van Houten, CEO AstraZeneca Pascal Soriot, CEO and Co-Founder of BlaBlaCar Nicolas Brusson, WAFA Games CEO Kathy Gong.
Participation in the forum gives new acquaintances in the international venture and innovation environment, up-to-date information about access to government tools of the innovative entrepreneurship support, demonstration of success and exchange of experience. The presence of the country’s top officials at the forum indicates a high level of interest of the state in innovations development, which always has a good effect on the investment climate of the country.
The main objective of the Forum is the development and commercialization of new technologies, the popularization of global technology brands and the creation of new tools for international cooperation in the field of innovation. The program includes plenary sessions and thematic sessions, an exhibition, educational events, seminars and workshops, innovative shows, business meetings and, of course, informal communication between Forum participants.
Our team took part in meetings with the Prime Minister of the Russian Federation — Dmitry Medvedev, Chairman of the Board of RUSNANO JSC Anatoly Chubais, and also visited the BitFury section (where our team took part in the Exonum solution discussion).
According to the organizers, this Forum was the largest in the history of Open Innovations, and they are having plans for an even larger event next year. We are looking forward to it and want to thank the organizers for a high level of preparations and arrangements!