#CryptoCorner: Dutch Central Bank to Impose #Crypto Regulations in Jan 2020, Huobi-backed Startup Launching $500 #Blockchain Phone, Why Marshall Islands is Releasing a #Cryptocurrency and Elliptic Raises $23 Million in SBI-led Funding Round

#CryptoCorner: Dutch Central Bank to Impose #Crypto Regulations in Jan 2020, Huobi-backed Startup Launching $500 #Blockchain Phone, Why Marshall Islands is Releasing a #Cryptocurrency and Elliptic Raises $23 Million in SBI-led Funding Round

Point Roberts WA, Delta BC, September 4, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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September 4 Crypto Corner

Stocks discussed: (TYO:8473)

Reuters reports that crypto companies in the Netherlands will face regulations by January 10, 2020. A statement from the Dutch central bank reads:

“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”

CCN quotes the Dutch central bank further, outlining its supposed prerogative to oversee cryptocurrency for financial security reasons:

"We are required to start supervising these businesses under the fifth European anti-money laundering directive (AMLD5) and its implementation in Dutch law. Cryptos are vulnerable to financial crime, which is why it is important to set up integrity supervision now.

Whole Network, a startup backed by Singapore-based crypto exchange giant Huobi, is launching a $500 blockchain smartphone next week, according to a report from Finance Magnates. The phone will be called Acute Angle and can be purchased using Huobi’s native Huobi Token. Livio Weng, CEO of Huobi Global, explained:

“We think blockchain phones are a promising area for future blockchain industry development.
As the industry develops and as innovations like 5G become increasingly integrated into our telecommunications systems, we believe more and more crypto communities will want to trade and transact from mobile devices.
Given this, the need for devices optimized for blockchain seems clear. This move is our first step to meet those user’s needs.”

An essay by David Paul, Minister In-Assistance to the President and Environment, Marshall Islands, published on CoinDesk, delves into the reasons behind the island nation’s decision to create its blockchain-based currency, the Marshallese Sovereign (SOV). The Marshall Islands has hitherto used the U.S. dollar as its official currency. An excerpt from the essay reads:

“It may seem surprising that the Republic of the Marshall Islands would be issuing a currency based on blockchain technology, but actually it’s just the opposite: the Marshallese people have lived with decentralized systems for hundreds of years. For us, a country of just over 50,000 people spread across more than 1,000 Pacific islands, centralized solutions aren’t just inefficient: they’re completely unworkable. Blockchain has given us the opportunity to finally acquire monetary independence in a way that reflects Marshallese values. We intend to grasp that opportunity, innovatively and responsibly.”

Blockchain analysis firm Elliptic has raised $23 million in a Series B funding round led by Japanese financial services giant SBI Holdings (TYO:8473), according to a report from Cointelegraph. This new funding will go toward the company’s efforts to expand in Asia, with new offices set to open in Japan and Singapore.

Sam Mowers, Investorideas

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