10 December

The new service will target bitcoin investors who are keen to turn their holdings into cash without selling, as well as hedge funds, miners and over-the-counter trading desks.

Partnering on the initiative is crypto lender BlockFi, which will help manage risk by offering cash worth 60% of a loan backed by bitcoin.

As the markets grow, we’d expect that this becomes a fairly important part of the ecosystem.”

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“Four U.S. lawmakers want Treasury Secretary Steven Mnuchin to rethink his rumored crypto wallet regulations.

According to Wednesday’s letter, this potential regulation would “hinder American leadership,” preclude U.S. actors from participating in the space, and “undermine the Treasury Department from stopping illicit actors from exploiting the financial system.”

Requiring exchanges to maintain this much KYC data could also threaten user privacy, the lawmakers wrote. Implementing regulations around self-hosted wallets might have the unintended effect of turning anyone who currently uses one into a criminal, the letter added.

Over-regulating self-hosted wallets will crush a nascent industry and leave the United States behind the rest of the world when it comes to harnessing the power of blockchain and cryptocurrency.”

The French Ministry of Finance unveiled sweeping know-your-customer (KYC) requirements on all cryptocurrency companies operating in and servicing the country on Wednesday, a move that could ultimately strip the French crypto space of any semblance of anonymity.

All virtual asset service providers must immediately begin checking their customers’ identities, verifying “beneficial owners” and prohibit anonymous crypto accounts, according to the press release.

The finance ministry said it is also preparing “new regulatory provisions” to fast-track “digital identification solutions” for crypto transactions.”

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“Notably, the firm’s crypto brokerage offering was tapped by PayPal earlier this year to power the payments giant’s cryptocurrency service. As with BitPay, the application will see a 30-day comment period as the next step in the process before it can proceed, though there’s no guarantee it will be granted.

A national Trust Bank charter provides us with flexibility to operate across the U.S. while continuing to adhere to the highest regulatory standards.

If approved, these companies would join Kraken and Avanti as some of the first crypto-native banks in the U.S., though the latter two secured state charters from the Wyoming Division of Banking, rather than go the federal route.”

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“He cited increasing BTC usage in small pockets of international trade and PayPal’s recent move to tap cryptocurrencies as a funding mechanism. Considered in the context of falling faith in ever-growing dollar reserves, this trend could bode well for the market-leading cryptocurrency.

Do not assume that your traditional currencies are the only stores of value, or mediums of exchange, that people will ever trust.”

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Enterprise blockchain applications are slowly but surely making their way to public networks, especially as new upgrades and features are being implemented into the Ethereum ecosystem. For example, the Baseline Protocol is a set of techniques using advances in peer-to-peer messaging, zero-knowledge cryptography and blockchain to coordinate complex and confidential workflows between enterprises.

The newly released commitment manager is a new microservice that would enable developers to switch between private and public blockchains using different Ethereum clients. This is notable, as the commitment manager component will likely attract more enterprises to the Ethereum mainnet via the Baseline Protocol.”

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“CoinSwap transactions look like transactions going from one address to another, but they’re actually being sent somewhere else. This test is a big step – especially considering how complicated CoinSwap is under the hood. But there’s still a lot of work left before users will be able to use CoinSwaps.

For anyone looking at the blockchain [Alice’s] transaction appears completely normal with her coins seemingly going from address A to address B. But in reality her coins end up in address Z, which is entirely unconnected to either A or B.”

“In general, a PCP is a public sector purchase of research and development services to adapt new or emerging technology to its needs. This aims to deliver EU-wide cross-border public services using blockchain technology.

This PCP will focus on developing a novel blockchain solution that builds on the EU legal framework such as the General Data Protection Regulation, the Electronic Identification, Authentication and Trust Services regulation and the Network and Information Systems directive.”