Singapore to Review Blockchain Business Rules, Mizuho Sponsors Crypto-Coworking & More Tezos Lawsuits
Cryptocurrency markets overnight continue their downward trend albeit at a far lower rate than recent days, suggesting the approach of underlying support levels. The global cryptocurrency market cap sits at 332 billion from 334 billion yesterday. Bitcoin at $7436, down just $16 and Ethereum gained $21 to $595 from $574.
One of Japans largest banks, Mizuho has announced a collaboration deal to both sponsor and become a long term tenant of Neutrino – Japans first blockchain oriented coworking space. Neutrino, based in Tokyo was created by Omise Japan (part of OmiseGo) in March this year with the aim to build a network of like-minded businesses and individuals to further develop commercial blockchain applications. This is not the first move into the crypto space by the bank, having already developed and tested a variety of blockchain applications including trade finance with IBM.
The Monetary Authority of Singapore (MAS) has released a consultation paper covering its review of the current regulatory framework. The review aims to update policies to accommodate the changes in new technology usage - specifically blockchain technology – for business models that allow p2p trading without intermediaries. In short, the most prominent proposed changes are the reduction in capital requirements, simplified regulatory requirements, technology risk management and outsourcing which should see smaller exchanges being accommodated in the future. MAS have requested industry comments be submitted up until the 22nd of June.
Tezos making headlines again – this time the Tezos community are filing a petition to dismiss the multiple class action suits filed against the company by investors on the grounds of “no merit”. Tezos was the largest ICO raise at the time of launch generating over $230 million during its crowd sale – only to run into structural issues between owners and co-founders with accusations of fraud flying in from all angles. Bitcoin brokerage Bitcoin Suisse has also been cited in the ensuing legal battles, leading them to file a motion to dismiss themselves from the cases on technicalities last week. Tezos community board director member Shaun Belcher stated “Everything else appears to be on track for the project now, just the looming threat of legal action limits the foundation’s ability to speak. We must understand that the Tezos class action case could set a precedent for all ICOs, past and future. If the community can prevail, not only will it help Tezos but it will immunize other blockchain projects from facing a class action, because failure here against Tezos would discourage law firms in the future.” Despite the desire of the Tezos community to draw a line as it were under the whole fiasco, one has to wonder if the project will ever resurface fully – class action law suits are invariably long, drawn out affairs that only see lawyers making a profit while the company stagnates, leading to investor apathy.
New ICO Ratings on ICOformula:
Created: Friday, May 25, 2018
Need to showcase your ICO to the World?
Our ICO advertising services are launching soon. Take advantage of our early bird discounts.