Major oil companies in the North Sea and other industry participants recently announced the formation of a blockchain-based energy commodity trading platform called VAKT. They expect the platform to be operational by the end of this year and ultimately to bring about a 40 percent cost savings for trading and settlement, utilizing smart contracts.
A major U.S. financial services company issued an updated report on its review of bitcoin and cryptocurrencies, which was more optimistic than its past report. The firm is reportedly planning to offer bitcoin swap trading and has described cryptocurrencies as a "new institutional investment class." Another bank announced it had beta-tested a digital safety deposit box, which seeks to provide cryptocurrency storage and multi-signature services for cryptocurrency exchanges and investment funds. A third bank recently was awarded a U.S. patent for a cryptocurrency storage facility targeted at enabling enterprise-level institutions to store cryptocurrencies on behalf of their customers, including private key storage.
On the international front, France recently introduced an amendment that would lower the capital gains tax on bitcoin transactions from 36.2 percent to 30 percent. In Thailand, the Thai Securities and Exchange Commission (SEC) this month is reported to be close to approving the first SEC-certified initial coin offering (ICO) portal, which will offer ICO due diligence services, including reviewing smart contracts code and know-your-customer procedures. According to reports, the first ICO authorized by the Thai SEC may follow as early as December. In China, a recent decision from the Shenzhen Court of International Arbitration is being interpreted as allowing citizens to legally own cryptocurrencies and use them in commerce, which appears to reverse a government ban on bitcoin and cryptocurrency trading. In Singapore, an institutional stock exchange and the Monetary Authority of Singapore are reported to have successfully trialed a blockchain tokenized asset settlement system that seeks to promote efficiency and reduce settlement risk. Finally, a recently released report on cryptocurrencies and ICOs found that despite the price declines in 2018 and the continual decline in monies raised by ICOs in recent months, investors are still net positive on cryptocurrencies as investments despite.
For more information, please check out the following links:
- Oil industry-backed blockchain platform set to go live by end-2018
- Major Oil Firms, Banks Partner to Launch Blockchain Platform for Energy Commodity Trading
- Morgan Stanley Report Shows Strong Institutional Investment for Bitcoin
- VersaBank Subsidiary VersaVault Initiates Commercialization Stage of Its Digital Safety Deposit Box for Cryptocurrency Exchanges and Crypto Investment Funds
- Bank of America Wins Crypto Storage Patent
- French Lawmakers Back Plans to Ease Taxes on Bitcoin Gains
- Thailand SEC: First ICO portal en route
- China Lifts Bitcoin Ban; Individuals and Businesses Can Now Own Cryptocurrencies Legally
- Singapore Exchange Successfully Trials Blockchain for Tokenized Assets Settlement
- ICO AND BLOCKCHAIN INDUSTRY SENTIMENT SURVEY AND ANALYSIS ("DIPSTICK STUDY")
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