Regulatory framework for ICO in Lithuania

Regulatory framework in Lithuania for ICOs

“Lithuania doesn’t have a track record of world-famous tech startups, and we didn’t have access to large VC funds. ICOs and crypto communities remove boundaries so that no matter where you are located, only the team, technology and idea matters.” – Vladas Jurkevičius, CEO of Lithuanian digital identity startup Safein.

One of the greatest things about cryptocurrency is that it gives nations a chance to compete on an even keel. It doesn’t matter what your GDP is, or how many nukes are locked in your bunker: on the internet, everyone’s equal. This has given countries that have traditionally lagged industrially and economically a chance to make amends. From tiny islands to humble nation states, a series of global outposts have made it known that they’re open for crypto business. This makes cryptocurrency a Great Leveler.

Lithuania has seized this opportunity by creating a favourable regulatory eco-system around crypto currencies along with a solid infrastructure of fast internet. Lithuania is excelling in issuing new digital currencies, or “Initial Coin Offerings” (ICOs) – over the past year, they have raised half a billion euros from ICOs and blockchain-based businesses. The influx of real cash for digital units has helped Lithuania’s economy to grow by 3.1% this year compared to the average 2.3% for the rest of the EU.

[LIVE UPDATES] There is a New Judgement Day for Crypto in India – 9/11

[9.30 AM] Today, The Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive day for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s ban on all banks’ dealings with crypto-related businesses.

[10:00 AM] The verdict itself may take a while to be pronounced, the proceedings will clear the government’s stance towards the industry and the Reserve Bank of India’s (RBI) reservations against bitcoin.

[10.30 AM] The matter is being heard by chief justice Dipak Misra along with justices AM Khanwilkar and DY Chandrachud. The attorney general of India (AGI), KK Venugopal, is also likely to be present for the hearing, following the court’s directive.

[11:00 AM] The hearing begins. Mr. Gopal Subramaniam, Sr. Advocate representing IAMAI submitted that in the world of digitalisation, such a Circular from RBI would be a loss. Source

[11:30 AM] Limited arguments were advanced on behalf of IAMAI and RBI today. Since SEBI and few others have not filed their response to the Petition seeking regulation, so the Court directed for completion of pleadings. Final arguments on 11th September. Source

[12:00] No interim relief or stay has been granted by the Supreme Court till the 9/11 hearing. It’s status quo for now.

That’s all for now folks.

Credits: Quartz

July 20, 2018

Coinbase gets approval to list Coins deemed Securities

Coinbase said it got the green light from U.S. watchdogs to move forward with a trio of acquisitions that will allow it to become one of the first federally regulated venues for trading digital coins deemed to be securities. Last month, Coinbase acquired Keystone Capital, a California-based FINRA-registered broker-dealer that operates as an alternative trading system.

With permission to trade tokenized securities, Coinbase users could soon have the ability to move beyond the limited cryptocurrency options currently available to be traded on the site’s central exchange which currently just lists Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The company announced last week that it was exploring adding five new tokens to its exchange, including Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x.

New York Crypto Miners to get Power at Higher Rate?

Ledn, First in Canada to Offer Crypto-backed loans.

As per new electricity rate scheme in New York, crypto miners need to pay more than other consumers. New York State Department of Public Service Chair John Rhodes said in a statement:

“We must ensure that business customers pay a fair price for the electricity that they consume. However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”

On the other hand in Quebec, Canada provincial utility Hydro-Quebec proposed a new regime under which blockchain companies will be required to bid for electricity and quantify expected job creation and investment.

Malta Passes Three Cryptocurrency Bills

Malta is making quick progress in establishing itself as the world’s friendliest jurisdiction for cryptocurrency firms. The Parliament of Malta has passed three bills into law that establish a regulatory framework for blockchain and cryptocurrency technology. According to the Junior Minister, companies now have the necessary legal tools to operate in a regulated environment and are optimistic about companies choosing Malta as their base of operations resulting in further economic growth.