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Singapore Shipping Association to Deploy Blockchain for Ship Registration

The Singapore Shipping Association, the International Chamber of Commerce and blockchain firm Perlin are jointly working on an e-registry for ships. The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are jointly working on an e-registry for the ship registration and renewal process. Running on self-executing smart contractsThe International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, financial daily Business Times reported on Oct. 14. The blockchain e-register will run on self-executing smart contracts, purportedly reducing time, costs and occurrence of errors in the registration process. The initiative found favor with the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves to be successful in Singapore, the ICC will bid for global adoption of IERS standards in the ind..

Coinbase CEO: Senate’s Pressure on Libra Association Is ‘Un-American’

Coinbase CEO Brian Armstrong says the U.S. Senate’s action to pressure Libra participants is “very un-American.” Coinbase CEO has criticized United States’ senators for asking Stripe, Mastercard and Visa to leave Facebook’s crypto project Libra. “Something feels very un-American about this”After U.S. Senators Brian Schatz and Sherrod Brown apparently pressured the payment giants to leave Libra, Brian Armstrong, co-founder and CEO of major U.S. crypto exchange Coinbase, called the action “un-American” in a tweet on Oct. 13. Armstrong wrote: “Something feels very un-american about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.” Senators’ letter pushes payment giants to leave LibraOn Oct. 8, senators Schatz and Brown sent public letters to Stripe CEO Patrick Collinson, Mastercard CEO Ajaypal Banga and Visa CEO Alfred Kelly regarding their participation in Facebook-led stablecoin project Libra. In three separate letters, the senators have t..

Japan Security Token Offering Association: The Way of Self-Regulation

The Japan Security Token Offering Association comes at a time when the industry is looking for clarity, self-regulating is the next step. Security token offerings, or STOs, have more or less taken the mantle from their semi-defunct counterpart, the initial coin offering (ICO). Still, the extreme rise and subsequent fall of the ICO has left quite an impression on the cryptocurrency industry. At its peak prevalence in 2017, this novel fundraising prototype accumulated a total of $6.2 billion — but it wasn’t set to last. Come December of the same year, ICOs had become a shadow of their former selves, plummeting in demand. So far, a mere $366 million has been raised via ICOs in 2019, a retrace of 94% from their high some two years prior. This is perhaps a direct effect of the laissez-faire nature of ICOs. In 2018, the United States Securities and Exchange Commission (SEC) seemed to have decided that enough was enough, filing multiple injunctions against what it deemed to be “unregistered..

Libra Association’s Head of Product Spent Just Five Months in the...

Simon Morris, the head of product at the Libra Association, has left the project within five months of joining, according to his LinkedIn profile. Simon Morris, the head of product at the Libra Association, has left the project within five months of joining, according to his LinkedIn profile accessed on Oct. 9. The Switzerland-registered Libra Association is a not-for-profit membership organization established to govern the network for Facebook’s planned stablecoin Libra. A BitTorrent veteran and fleeting Libra contributorMorris’s LinkedIn page indicates that he left the Association in August — roughly two months after the social media giant announced its Libra plans. Prior to his work on Libra, Morris was a BitTorrent veteran, working there for almost 9 years across multiple roles until 2016, followed by a second stint in 2017–18 to oversee the design and development of a cryptocurrency project to be integrated into the BitTorrent protocol. Morris’s profile continues: “The work led d..

Leading Japanese Firms Form Security Token Offering Association

Leading Japanese financial firms like Monex Group and SBI Securities are forming a regulatory body for security token offerings. Leading Japanese companies are forming a regulatory association for security token offerings (STO). On Sept. 30, the Nikkei Asian Review reported that firms such as SBI Securities, Nomura Securities, Monex Group and Daiwa Securities Group are part of the STO association that will propose a new set of rules and seek approval from the country’s financial watchdog organization, the Financial Services Agency. STO’s are set to become a new way of raising capital in Japan as early as next April when a legal change will make them an option for firms to raise capital from assets like real estate. The legal change reportedly clarifies disclosure requirements and other regulatory issues. Consequently, big Japanese brokerages are increasingly willing to explore possible STO business opportunities. Similar to an initial coin offering (ICO), an STO investor receives a t..

Rakuten, SBI, Monex Launch Japan STO Association: Official

Japan STO Association launches on Oct. 1, includes Nomura Securities, Rakuten Securities, SBI Securities, Monex and others. Six major Japanese brokerage firms such as SBI Securities and Rakuten Securities officially established Japan Security Token Offering (STO) Association. The four other members of the new association include Nomura Securities, Daiwa Securities, Securities and Japan’s financial giant Monex, who officially announced the news on Oct. 1. Headquartered in Tokyo, Japan STO Association launches in order to support the development of STO fundraising by consolidating expertise in the industry, ensuring compliance with laws and protecting investors. Development of self-regulationsChaired by Yoshitaka Kitao, CEO and representative director of SBI Holdings and an exec at Ripple Labs, the general incorporated association will be mainly collaborating on the development of self-regulations for STOs, according to the press release. In the announcement Monex stressed the ..

Libra Association Talks With EU Regulators Following Opposition

Libra in ongoing discussions with EU regulators following pushback from Germany and France, says managing director. The Libra Association is in talks with European Union regulators, according to its managing director, according to an interview with Reuters, Sept. 27. Bertrand Perez said that discussions were ongoing and there was still work to do, in one of his first public appearances on the job at a blockchain conference in Geneva, where the association is based. Facebook’s Libra faced a cold reception in France and GermanySince Facebook announced its intention to launch the Libra cryptocurrency, it has faced scrutiny from regulatory bodies across Europe and North America. Facebook CEO Mark Zuckerberg has resorted to wining and dining US lawmakers, while French and German authorities have gone as far as to pledge that they will block Libra from operating in Europe. Libra clearly hopes that getting EU regulators on board will carry some weight with France and Germany. Launch date dep..

No Companies Have Officially Joined Libra Association Says Visa CEO

The CEO of Visa said that the listed members of the Libra Association have only signed a nonbinding letter of intent and have not officially joined. Alfred F. Kelly Jr., the CEO of Visa, said that no companies have officially joined Libra. At this stage, the 20-some companies involved with the foundation have reportedly only declared interest via a nonbinding letter of intent. According to an apparent transcript of a Q3 2019 earnings call for Visa dated July 23, Kelly said: "We have signed a nonbinding letter of intent to join Libra. We're one of – I think it's 27 companies that have expressed that interest. So no one has yet officially joined." As per the transcript, Kelly was responding to an inquiry from Bryan C. Keane — an analyst at Deutsche Bank Securities. Keane said there was “some confusion in the market” and asked whether Libra would be “a strategic partner for Visa or potential disruptive threat.” Regarding Visa’s intended involvement, Kelly said that the company..

Kik Hands Off Defend Crypto Frund to The Blockchain Association

Kik is handing off its Defend Crypto fund to The Blockchain Association. The Blockchain Association, a collective of advocates involved with the blockchain industry, has taken over the Defend Crypto fund set up by Kik According to an official blog post on June 28, Kik — the company behind Kik Messenger and the kin (KIN) cryptocurrency — believes that the Blockchain Association “will be in the best position to objectively allocate the resources to the highest impact initiatives” and has chosen it to lead Defend Crypto. The announcement also stresses that it will allocate resources for legal initiatives not just for Kik, stating: “If we are going to Defend Crypto, we need to do it as a collective. So today we are announcing that going forward the Defend Crypto fund will be used to support other projects fighting their own battles and litigation that impacts the broader crypto industry.” Kik, for its part, founded Defend Crypto in May and allocated $5 million to fight charges brought by ..

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report

Social media giant Facebook will reportedly unveil the Libra Association governing its cryptocurrency project on June 18. Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14. Per the report, Facebook and dozens of its partners will unveil the Libra Association — which will be based out of Geneva — as the entity that will oversee the company’s Libra cryptocurrency project. During the event, the company is also expected to launch the testnet of its blockchain. The Block claims to have seen an unspecified blog post from Facebook, according to which the Libra crypto asset will be hosted on the dedicated Libra Blockchain and backed by the Libra Reserve. The Libra Reserve is reportedly a store of real assets that should supposedly grant the token “stability, low inflation, global acceptance, and fungibility.” The Block further notes that the software underlyin..
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