Month: October 2018
Bitcoin, regulation and the SEC: The US Securities and Exchange Commission announced the launch of the Strategic Hub for Innovation and Financial Technology on 18 October. The so-called FinHub is an outsourcing of some internal departments at the SEC, which is to be relieved.
Bitcoin, crypto currencies, blockchain technology and regulation are a pair that is still struggling. New information about Bitcoin’s regulation is constantly being added to the news columns. However, a final agreement is still not in sight. A new department of the SEC is therefore to take some countermeasures in the future.
The tasks of the new cryptosoft
In future, the Securities and Exchange Commission will outsource part of its cryptosoft. The authority, which among other things deals with regulatory issues relating to cryptosoft Bitcoin & Co., will be relieved of its responsibilities by the FinHub. Its tasks are:
Provision of a portal for industry and the public on which it will be possible to discuss innovative ideas and technological developments directly with SEC staff;
Provide information on the SEC’s activities and initiatives with FinTech;
Inform the public through publications and events. (Including a FinTech Forum focusing on distributed ledgers and digital assets).
To act as a platform and clearing house for SEC staff to acquire and disseminate information and FinTech-related knowledge within the Agency.
To serve as a liaison with other national and international regulatory authorities regarding new technologies in financial, regulatory and supervisory systems.
Bitcoin regulation to become more centralised in the future
Rejoicing the crypto trader
Valerie A. Szczepanik will head the SEC’s FinHub. In addition the chairman of onlinebetrug: “The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure and financial services to improve investor protection and not reduce it in any way. The FinHub is a key focus for our efforts to monitor and promote crypto trader innovation in securities markets that are promising, but also require a flexible and rapid response from regulators to fulfill our mission.
SEC Chairman Jay Clayton.
This will make the regulation of Bitcoin and Co. somewhat more centralised in the future. Further information can be found in the official press release and on the FinHub homepage.
The Berlin-based blockchain company Brickblock announces two new strategic partnerships. In the future, Brickblock plans to work closely with SolarisBank, which is known for its activities in the crypto sector. In addition, Brickblock was able to win the financial services provider JTC for a partnership.
For the Berlin blockchain start-up Brickblock, the arrow continues to point upwards. A few weeks ago, BTC-ECHO reported on the company’s partnership with the investment company Peakside Capital. Now Brickblock, whose business is the tokenisation of real estate, is following up with two new partnerships.
SolarisBank: With a banking license in the crypto sector
SolarisBank is a German Fintech company with a full banking licence and specialises in providing infrastructure for companies in the blockchain and crypto sectors. It thus creates a technological and regulatory bridge between the banking and blockchain worlds. SolarisBank has also recently started cooperating with Bitwala to create the first German blockchain account.
Now the cooperation with Brickblock. Together they would like to digitize the handling process for investing. This process includes compliance with anti-money laundering and know-your-customer (KYC) guidelines. Investors wishing to participate in the assets offered by Brickblock are encouraged to provide the necessary information. SolarisBank will then take care of regulatory compliance. Identification should be possible online and, according to the company, should not take more than half an hour.
“By automating our processes through SolarisBank, we can offer our customers an institutional AML / KYC service that ensures compliance at the highest level,” Brickblock said, says Brickblock founder Jakob Drzazga.
Together with the JTC Group, Brickblock will bring real estate to the Blockchain
At the same time Brickblock announces the start of a second partnership. According to this partnership, Brickblock and the asset manager JTC Group want to make investments in real estate possible. JTC has expertise in the management of traditional and alternative asset classes with a particular focus on real estate. The total assets under management amount to more than 100 million US dollars.
The first properties will be offered via the blockchain in the coming weeks with the help of JTC. Hillview Homes will offer the Holt Hill property, which is located in the United Kingdom. Brickblock’s Blockchain service is designed to facilitate investment in this property with low fees, fast processing and virtually no spatial restrictions.