#CryptoCorner: CFTC Issues Derivatives Advisory, North American Securities Regulators Investigate ICO and Crypto Scams, Japanese Bank Plans #Cryptocurrency and Australia Eyes #Blockchain for Welfare Payments
#CryptoCorner: CFTC
Issues Derivatives Advisory, North American Securities Regulators Investigate
ICO and Crypto Scams, Japanese Bank Plans #Cryptocurrency and Australia Eyes
#Blockchain for Welfare Payments
Point Roberts, WA, Delta BC – May 22, 2018 - Investorideas.com, a leader in crypto and
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CFTC Issues
Derivatives Advisory, North American Securities Regulators Investigate ICO and
Crypto Scams, Japanese Bank Plans Cryptocurrency and Australia Eyes Blockchain
for Welfare Payments
An
advisory on “virtual currency products” has been released by the U.S. Commodity
Futures Trading Commission (CFTC) according to a press
release today. The advisory was a joint issue from the CFTC’s
Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR), and
“gives exchanges and clearinghouses registered with the CFTC guidance for
listing virtual currency derivative products.”
DCR Director Brian Bussey stated:
““CFTC staff is providing this
information, in part, to aid market participants in their efforts to design
risk management programs that address the new risks imposed by virtual currency
products. In addition, the guidance is designed to help ensure that market
participants follow appropriate governance processes with respect to the launch
of these products.””
The North American Securities
Administrators Association (NASAA) is investigating fraudulent ICOs and
cryptocurrency scams in “Operation Crypto Sweep”. So far, the operation has
yielded “nearly 70 inquiries and investigations and 35 pending or completed
enforcement actions related to ICOs or cryptocurrencies since the beginning of
May.” A statement on the NASAA website reads:
“In April 2018, NASAA organized a task
force of its member state and provincial securities regulators to begin a
coordinated series of investigations into ICOs and cryptocurrency-related
investment products. Regulators identified many cryptocurrency-related products
and as part of its work, the task force identified hundreds of ICOs in the
final stages of preparation before being launched to the public. These pending
ICOs were advertised and listed on ICO aggregation sites to attract investor
interest. Many have been examined and some were determined to warrant further
investigation. A number of these investigations are ongoing and others resulted
in enforcement actions announced today.”
Japanese outlet NHK reports that a banking division of Mitsubishi UFJ
Financial Group (MUFG) is planning to test its own cryptocurrency. According to
the piece, the ‘MUFG Coin’ could debut by next year and will involve 100,000
MUFG clients who have applied to participation.
According to ZDNet, Australia’s Digital Transformation Agency (DTA) is
looking to instigate blockchain delivery of welfare payments in the country.
The piece quotes DTA’s Randall Brugeaud:
“"Our plan is to look for use cases across
the Commonwealth with an initial focus on the welfare payment delivery system,
then working with our digital service standard, we'll conduct user research
with a view to having a prototype by the end of next financial year."”
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