#CryptoCorner: tZERO (NasdaqGM:OSTK) Launching Retail Security Token Trading, FATF Designing Global #Crypto System, Ripple CEO Says Company Eyeing Further Investments and Rhode Island to Regulate Crypto Under Money Transmission Laws
#CryptoCorner: tZERO (NasdaqGM:OSTK) Launching Retail
Security Token Trading, FATF Designing Global #Crypto System, Ripple CEO Says
Company Eyeing Further Investments and Rhode Island to Regulate Crypto Under
Money Transmission Laws
Point Roberts WA, Delta BC, August 9, 2019
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August 9 Crypto Corner
Stocks discussed: (NasdaqGM:OSTK) (NasdaqGS:MGI)
tZERO, the
blockchain-focused capital markets platform from retail giant Overstock (NasdaqGM:OSTK) is opening up security token
trading to retail investors on August 12, according to a report from CoinDesk. tZERO CEO Saum
Noursalehi told CoinDesk that the company is “expecting up to 50,000 investors
who previously bought Overstock’s shares to get on board with digital securities
trading”.
“We had a lot of broker-dealers, about 30 or 40, reach
out to us that want to get involved in this ecosystem. We’re working on these
requests. Investors have been sending questions as well. They are excited and
they are trying to understand it.”
Noursalehi also
revealed that the company is working to get approved for a virtual currency
license from the New York Department of Financial Services.
“The New York BitLicense is challenging to get, we are
working on it, we’re hoping to get it in the next six months.”
Nikkei
Asian Review
reports that the Financial Action Task Force (FATF) is planning to design a
“system to collect and share personal data on individuals who conduct
cryptocurrency transactions” comprising about 15 governments as members. With
the goal of preventing money laundering and terrorism financing, the system is
intended to be up and running in a few years, whereupon it will be turned over
to private sector control.
Many countries have not yet created regulatory regimes
for cryptocurrencies, so international cooperation may speed up the development
of legal measures. About 15 countries, including the G-7 members, Australia and
Singapore, will develop the new system.
The CEO of Ripple,
Brad Garlinghouse, told Yahoo that the crypto
company is working on “multiple” potential investments and acquisitions
following its $30 million parntership with MoneyGram (NasdaqGS:MGI).
“We’re in a very strong position, our business is
growing strongly, we have a strong balance sheet, and I intend to press our
advantage. Anything we can do to accelerate our growth and give us more
capabilities that serve customer needs is a good place to be.”
International law
firm Alston
& Bird
reports that the U.S. state of Rhode Island will regulate cryptocurrencies
under its money transmission laws. An excerpt from the report reads:
The bill requires licensees engaging in virtual
currency business activities to provide certain specified disclosures to
residents. Further, licensees must
create and maintain certain compliance programs, including business continuity
and disaster recovery programs, anti-fraud programs, anti money-laundering
programs and information and operational security programs.
Sam Mowers,
Investorideas
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