#CryptoCorner: FINMA Publishes Guidelines Pertaining to Stablecoins and Libra, Coinbase Considering Initial Exchange Offering
#CryptoCorner: FINMA Publishes Guidelines Pertaining to
Stablecoins and Libra, Coinbase Considering Initial Exchange Offering
Point Roberts, WA, Delta BC, September 11,
2019 - Investorideas.com, a leader in crypto and blockchain investing news
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Stocks discussed: (NasdaqGS:FB) (NYSE:DPZ)
The Swiss Financial
Market Supervisory Authority (FINMA) published guidelines for
stablecoins today, wherein it outlines how the country’s supervisory law
applies to the tokens. Specifically, the guidelines deal with Facebook’s (NasdaqGS:FB) Libra, which recently requested
an assessment of its status under Swiss regulation. FINMA confirms that in its
presented form, Libra would would fall under financial market infrastructure
regulation, be subject to the Anti-Money Laundering Act, and that:
Due to the issuance of Libra payment tokens, the
services planned by the Libra project would clearly go beyond those of a pure
payment system and therefore be subject to such additional requirements.
CoinDesk reports that
U.S.-based crypto exchange giant Coinbase is considering the launch of an
initial exchange offering (IEO) platform. Speaking at CoinDesk’s Invest: Asia
conference, Coinbase’s head of institutional sales in Asia, Kayvon Pirestani,
said the company is considering IEO and other capital-formation tools but did
not elaborate further.
“We think there’s a really interesting opportunity
there for Coinbase. In a nutshell, Coinbase is carefully exploring not only the
IEO space but also STOs [security token offerings]. But I can’t make any formal
announcements right now.”
CoinDesk explains
the concept of initial exchange offerings as:
Not unlike an initial coin offering (ICO), an IEO is
another crowdfunding tool for cryptocurrency startups. It relies on an exchange
to act as the trusted broker offering the token sale – with each exchange
issuing its own proprietary token (such as Binance’s BNB) to execute the sale.
It usually requires a commitment from the exchange to handle know your customer
(KYC) and anti-money laundering (AML) checks on a startup’s behalf.
Crypto firm Pundi X
has revealed the look and name of its upcoming fully blockchain-powered
smartphone at IFA 2019 in Berlin, according to outlet CIOL. The phone will be
called Blok on Blok (BOB), and will execute all data on the company’s
blockchain, the Function X blockchain ecosystem. The phone allows users to
toggle between a blockchain mode and an Android mode, and also boasts a
customizable design kit. Zac Cheah, Co-founder and CEO of Pundi X, commented:
“BOB marks a big step forward in our mission of
creating a Blockchain Internet, a fully decentralized network where every piece
of data shared is under the owner’s control. More importantly, BOB gives a
sneak peek of a world powered entirely by blockchain technology, where everyone
has control over their own data and everything is executed with the
expectations of immutability and transparency.”
Domino’s Pizza (NYSE:DPZ) is celebrating
its 30th anniversary in France with a giveaway including a €100,000 in Bitcoin
(BTC) or cash,
according to a recent tweet. If the winner
chooses to receive their prize in Bitcoin, they will be awarded it on December
16. The amount will correspond to the exchange rate of Bitcoin when the
organizer purchases €100,000 worth on December 5, according to the competition rules.
Sam Mowers,
Investorideas
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