A study on issues of competition in fintech, commissioned by the European Parliament Committee on Economic and Monetary Affairs (ECON), was published July 20. It found that central bank-issued digital currencies could be a “remedy” for a lack of competition policy in the crypto sector: “The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the cryptocurrency market, broadening the number of competitors.” The study mentions cryptocurrencies like Bitcoin (BTC) as “technological and operational paradigms that are a source of disruption for the entire sector, including monetary policy and financial stability.” …

Japan has overhauled its financial regulator, the Financial Services Agency (FSA), in order to better deal with fintech-related fields, including cryptocurrencies, news outlet Nikkei Asian Review reported July 17. Changes were made to various bureaus in order to make the organization more suited to address new problems and challenges in the financial sector. Starting today, the newly created Strategy Development and Management Bureau, which replaced the Inspection Bureau, will reportedly develop a financial strategy policy and handle issues addressing the digital currencies market, fintech, and money laundering. Additionally, the bureau will be responsible for administrative duties and inspection of financial …

The Large Credit Union Coalition (LCUC), a group comprising of the chief information officers (CIOs) of the 16 largest credit unions in Canada, has joined New York-based blockchain consortium R3, according to an announcement published July 17. The LCUC, whose corporate members include more than 3 million entities and represent over $125 billion in assets, has become a part of R3’s network of over 200 financial institutions, trade associations, and fintech companies in order to explore and integrate Corda. Corda is an open-source distributed ledger platform, designed to work within finance to operate complex transactions and restrict access to transaction …

Japanese internet services giant GMO Internet Inc. has today launched a new internet banking business that will leverage blockchain as a central part of its technological arsenal. The news comes from a company announcement Tuesday, July 17. The project has reportedly been in the works since July 2016 via the ‘GMO Aozora Net Bank,’ in which GMO Internet, GMO Financial Holdings and Aozora Bank are joint investors. According to today’s announcement, blockchain will feature as a key component of the new venture, alongside other cutting-edge technologies such as artificial intelligence (AI) and Internet of Things (IoT). GMO says it believes …

The Premier and Minister of Finance of Bermuda David Burt introduced new regulations on initial coin offerings (ICOs) speaking before the House of Assembly, the Royal Gazette news reports July 13. The regulatory framework describes minimum required information for ICO projects and establishes compliance measures for companies to conduct an ICO. Addressing the lower house of the Bermudian Parliament, Burt outlined regulations that would require Bermudian ICO issuers to provide detailed information about “all persons involved with the ICO.” Issuers must also disclose a review of the project, including such key aspects as the product or service, the market audience, …

Crypto and blockchain companies from the European Economic Area (EEA) can now conduct business through the fully licensed German solarisBank, Cointelegraph auf Deutsch reports Thursday, June 28. With its ‘Blockchain Factory,’ solarisBank offers its customers a so-called ‘blockchain company account’, which can only be opened in fiat currencies. These accounts are intended for the banking needs of blockchain companies, which are still not met by most German banks, according to Cointelegraph auf Deutsch. In addition, with the ‘automated trust account’, the banking platform provides a service to facilitate the purchase and sale of fiat currencies by global cryptocurrency exchanges. Philipp …

Blockchain technology is predicted to have a great future in Switzerland. What does this mean for the labor market, what does the Swiss government think about this technology and what does blockchain need in order to be adopted by the people? Cointelegraph discussed these questions with expert Dr. Daniel Diemers at BlockShow in Berlin. Daniel Diemers worked as an entrepreneur for several years in the field of internet-based early warning systems. He has been a partner at PwC Strategy& since 2005, where he advises banks and regulators in Europe and the Middle East on digitalization, fintech and blockchain. Daniel Diemers …

The Uruguayan chamber of fintech has announced the creation of a special committee for the development of crypto regulation framework, BNamericas reported Tuesday, June 19. The committee will reportedly promote innovation in order to help strengthen and develop the country’s financial system. This will include fighting against money laundering, terrorism or drug trafficking, as well as making the industry more transparent. While Uruguay has not yet developed specific regulations and standards for digital currencies, the fintech chamber is inviting organizations, consultants, entrepreneurs and government officials to collaborate on those. The Uruguayan chamber of fintech’s former president and founder Sebastián Olivera …

South Korean blockchain lab IncuBlock has signed a Memorandum of Understanding (MOU) with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law, local news outlet IT World reported yesterday, June 18. Blockchain tech has previously been used in terms of tracking halal foods, as UK-based HALAL TRAIL has begun using blockchain to track livestock and fresh food from farm to table through the halal food chain. The committee, Majlis Perundingan Melayu (MPM), will work with both IncuBlock and MPM’s international partner, Global Cornerstone Group, on sharing knowledge and developing a blockchain platform and a decentralized application …

The Malta Stock Exchange (MSE) has announced that digital currency exchange Binance is backing its newly launched program to support fintech and crypto startups, Finance Magnates reported June 18. According to a tweet by the MSE’s official Twitter account, it will accept up to twelve fintech companies to utilize the facilities proposed within the newly established program: The @MaltaStockExch is pleased to announce the MSX Fintech Accelerator. Will accept up to 12 Fintech Cos. to utilize our facilities.Thank you @binance & @cz_binance for a lead mentoring Co.@JosephMuscat_JM @edward_scicluna @SilvioSchembri https://t.co/jSLNTmanI8 — Malta Stock Exchange (@MaltaStockExch) June 18, 2018 MSX FinTech …

Digital Jersey, an independent organization that represents Jersey’s digital industries, has signed a memorandum of understanding (MOU) with cryptocurrency exchange Binance, according to a press release published June 11. Per the terms of the MOU, the two firms aim to develop a compliance base and cryptocurrency exchange on the island. Digital Jersey will reportedly cooperate with Binance to deliver training as part of their digital skills program and other services with the purpose of promoting the blockchain industry in Jersey, as well as support Binance in discussions about compliance with AML regulations. Digital Jersey will also assist the exchange in …

Multiple Russian corporate giants, including state-owned Gazprombank, have created a joint venture that plans to develop projects in blockchain and the digital economy, local news outlet TASS reported June 9. Russian telecom company MegaFon, Gazprombank, government corporation Rostec, and the USM Group have created a joint venture – referred to as MF Technologies (MFT) – that is worth $450 mln and has a 59 percent stake in Russian Internet giant mail.ru. The initiative plans to focus on developing digital financial solutions via Gazprombank resources. According to TASS, MegaFon stated that MFT will: “allow partners to maximally effectively implement comprehensive, innovative …