Daiwa Securities Group, a Tokyo-based securities brokerage, will be working with Myanmar’s Yangon Stock Exchange (YSX) to establish a Blockchain-based stock exchange by integrating Daiwa’s equity trading into the Yangon exchange platform. Daiwa and YSX are currently testing the Blockchain platform and are in discussions with government officials to fully…
California first proposed a licensing framework for digital currency companies in February 2015, though the bill was inactive by September 2015. Just last week, California legislators introduced a bill that was amended from the original bill in February 2015. Known as AB 1326, the amended bill proposed the enactment of…
The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member States. The proposal seeks to introduce stricter rules on the reporting and identification around the users of virtual currencies,…
A new report published by the European Parliament’s Committee on Economic and Monetary Affairs calls for the establishment of a task force, with its own budget and dedicated staff, that would study digital currencies and provide policy advice to the European Union and member-states. The report also provides for more…
Coindesk recently published Citi Bank’s response to the UK Treasury’s call for information on digital currency, in which Citi Bank told the UK government it should consider creating its own digital currency. Citi’s Treasury and Trade Services Technology and Innovation Team stated, “[t]o be a key participant may mean that…
A critical but sometimes overlooked topic in the virtual currency world is the Bank Secrecy Act (“BSA”) examination for registered money service businesses. Digital currency companies that meet the definition of an MSB must register and comply with the requirements of the BSA. This includes the implementation of an effective…
The digital currency press has been buzzing about a recently issued Goldman Sachs report highlighting the emergence of digital currency businesses as a force to be reckoned with going forward. And the buzz is justified. This report is an important sign that digital currency is having a major impact on…
On January 20, 2015, President Obama delivered his State of the Union address: an annual report on the condition of our country. Overall, the President concluded, while it is still “a hard time for many,” “the shadow of crisis has passed, and the State of the Union is strong.” In…