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Bloomberg: Crypto Companies Still Run Into Trouble Opening Bank Accounts

Bloomberg reports that companies in the cryptocurrency industry still have trouble opening bank accounts. Companies in the cryptocurrency industry still have trouble opening bank accounts, major financial publication Bloomberg reported on March 3. The report cites the complaint of Sam Bankman-Fried, CEO of quantitative crypto trading company Alameda Research, that “the standard answer of ‘just go to your local Chase branch’ doesn’t work in crypto.” Bankman-Fried also added that it is not illegal for banks to serve crypto businesses, but “it’s a massive compliance headache that they don’t want to put the resources in to solve.’’ Bloomberg also points out that, while the larger banks avoid serving companies involved in crypto, smaller ones are trying to get hold of this underserved subset of the market. Such an example given in the report is Silvergate Bank in San Diego, which reportedly said in a November 2018 filing for an initial public offering that crypto businesses have as much as..

Two Companies Used Crypto to Pay Taxes in Ohio, Says State...

Ohio state treasurer Robert Sprague revealed that the authority has collected two tax receipts via cryptocurrency to date. Two businesses in the United States state of Ohio have paid taxes with cryptocurrencies, state Treasurer Robert Sprague said in a forum on Feb. 19. Ohio became the first state to allow businesses to pay taxes with cryptocurrencies like Bitcoin (BTC) in November 2018. During a forum covering policy issues facing the state, Sprague said that the treasury has only collected two receipts for tax payments using cryptocurrencies. He did not specify the specific amount of tax payments received through cryptocurrency. With that, Sprague emphasized that the Ohio state treasury does not manage cryptocurrency themselves, clarifying that they do not accept any other currency than the U.S. dollar. The treasurer elaborated that crypto tax payments are conducted through a cryptocurrency platform which simply facilitates the exchange from crypto to fiat: “We will never accept won..

Bahrain’s Central Bank Launches Sandbox for Blockchain Companies: Report

Bahrain’s central bank is launching a regulatory sandbox to allow blockchain and crypto companies to work in the country, according to a gov’t official. Bahrain’s central bank is launching a regulatory sandbox to allow blockchain and crypto companies to work in the country, pending formalized regulations. The news was reported by Bloomberg оn Feb. 20. As previously reported, in December 2018, the central bank issued draft proposals to potentially regulate and license crypto asset services. With the prospective framework currently open for consultation, the new sandbox will reportedly allow companies in the sector to work on a trial basis for nine months. Dalal Buhejji, business manager at Bahrain’s Economic Development Board, told Bloomberg the initiative will enable firms "to test their solution on a limited number of users, with a limited number of transactions.” Buhejji said the initiative is intended to expedite new companies’ entrance into the market. Among the 28 companies appro..

Forbes ‘2019 Fintech 50’ Lists About Half as Many Blockchain Companies...

The Forbes “Fintech 50” list for 2019 of top fintech firms features little over half as many blockchain companies as before. The Forbes 2019 “Fintech 50” list of the world’s top financial technology firms published on Feb. 4 features six blockchain companies, little more than half the amount listed in the 2018 edition. Released in February of last year, Forbes 2018 “Fintech 50” list contained 11 blockchain- and crypto-related companies. In the introduction to this fourth edition of the list, Forbes writers note that while “crypto prices and ICOs collapsed, overall investment in fintech surged in 2018,” stating that “big fintechs are getting bigger.” The introduction also points out that 20 of the startups are making their appearance on the list for their first time. The list of companies featured “Crypto & Blockchain” as one of its categories. However, the first company on the list which involved such technologies, Axoni, was placed in the “Wall Street” category. This company, accordi..

US Securities Regulator Solicits Blockchain Analytics Companies for Data Review

The United States Securities and Exchange Commission is seeking sources for blockchain data and its analysis. The United States Securities and Exchange Commission (SEC) is seeking sources for blockchain data and its analysis, a statement issued by the agency revealed on Jan. 31. According to the statement, the SEC is trying to find businesses able to provide blockchain data to support its risk monitoring and compliance enforcement activity, as well as inform the commission about digital assets. Last month, the agency announced that cryptocurrencies are one of the its top examination priorities for the current year. According to the Jan. 31 statement, the agency expressed interest in potential sources for data concerning the most popular blockchain ledgers. Other than providing the data, the companies are also required to parse the data for ease in reviewing. Furthermore, the SEC also requests information concerning an overview of the data extraction, conversion and verification proces..

China Introduces New Anti-Anonymity Regulations for Blockchain-Related Companies

China has introduced new guidelines seeking to eliminate anonymity in blockchain networks. The Cyberspace Administration of China (CAC) has introduced new regulations for blockchain firms that are operating in the country. The announcement was published on the regulator’s website on Thursday, Jan. 10. According to the CAC, the guidelines, which will come into force on Feb. 15, were developed to contribute to the healthy development of the industry. The document describes the firms that are subject to regulations as websites or mobile apps that provide information and technical support to the public using blockchain technologies. As soon as the regulations come into power, they will be obliged to register their names, domains and server addresses at the CAC within 20 days. The guidelines require blockchain startups to allow authorities access to stored data, and to introduce registry procedures that would require ID card or mobile numbers from its users. Moreover, they will be obliged ..

At Least 340 UK Crypto or Blockchain Companies Ceased Operations in...

At least 340 cryptocurrency or blockchain companies were dissolved or liquidated this year in the U.K., nearly two and a half times more than in 2017. At least 340 cryptocurrency or blockchain companies were dissolved or liquidated this year in the United Kingdom (UK), British news outlet Sky News reported on Dec. 22. UK crypto companies in 2018. Source: SkyNews The aforementioned article also reports that last year, the number of companies in this industry that had been liquidated amounted to 139, nearly two and a half times less than this year. Moreover, 60 percent of the companies dissolved this year ceased activity between June and November. According to the reported data, more than 200 of the now-dissolved companies “were incorporated with Companies House during 2017.” This year, according to the article, newly-registered crypto companies were growing slower than the number of dissolved businesses for the first time. The data upon which Sky News reportedly based its article has ..

26 French Companies, Five Banks Complete Blockchain-Based KYC Trial Based on...

26 French companies along with five banks have successfully completed a blockchain-enabled KYC trial with R3 consortium. 26 French companies and five major banks have completed a Know Your Customer (KYC) test based on blockchain, according to a press release by the entrant firm RCI Bank and Services released Dec. 3. RCI Bank and Services, a French automotive financing and insurance firm unveiled details of a customer knowledge-focused blockchain solution trialed in partnership with blockchain consortium R3. According to the press release, the Proof-of-Concept (PoC) test has been conducted in cooperation with the Association Française des Trésoriers d'Entreprise (AFTE), a local network of treasury and finance professionals. As revealed by a participant of the test, RCI Bank and Services, which is also a member of the R3 consortium, trial participants were able to implement KYC requests within a shared network, with banks having to request access to data and enterprise clients able..

Italian Securities Watchdog Orders Unauthorized Crypto Companies to Cease and Desist

Italian securities watchdog CONSOB has ordered cease and desist orders on several crypto-related firms for offering unauthorized financial services. The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered three crypto-related companies providing unauthorized investment services to cease and desist, an official release states Monday, Nov. 19. The first company, a trading platform called Richmond Investing, has purportedly violated the Consolidated Law on Finance (TUF) — a fundamental law governing Italian financial markets — by failing to register as a financial intermediary in the country. The Italian securities market regulator has also suspend the activities of two other companies, Crypton Ltd. and Eagle Bit Trade, along with individual Alessandro Brizzi representing Cryptoforce Ltd., for 90 days. According to the release, CryptoForce, a company specializing in Proof-of-Stake (PoS) mining, promoted a cryptocurrency dubbed “Crypton.” Brizzi was advertising CryptoForc..

Data Research Firm: 96 Percent of Companies That Exist Today Will...

sponsored Inability to extract intelligence from the data will harm competitiveness, the company says. Anyone involved in marketing knows the adage as old as advertising itself: “Half the money I spend on advertising is wasted; the trouble is I don't know which half.” The reality may be worse though - not just a half, but an absolute majority of marketing budgets is wasted on customers that don’t generate enough profitability, says Peter Fader of the Wharton school of economics at the University of Pennsylvania. The rise of big data and analytics technology promises to change that situation. Today, decision-makers are increasingly able to tell a wasted marketing budget from an effective one. Nevertheless, few companies have what it takes to tap into big data riches, and the consequences may be dramatic. Singapore-based data science firm DATAVLT says that 99 percent of corporate data is wasted and never used to draw knowledge from it. Only one percent of the data companies collec..
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