Australian banks won't prohibit cryptocurrency operations with credit cards

Australian banking groups refuse to follow their American and British colleagues' lead in banning cryptocurrency purchases with credit cards
06 February 2018   588

Australia and New Zealand Banking Group released an official confirmation that they won't restrict their customers from buying Bitcoin with credit or debit cards.

Official stance towards Bitcoin among the major British and American banks is quite restrictive this days with recent bans for credit card usage in crypto purchases. But Australian banks are still holding the line and for now will allow it.

ANZ representative told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

However, ANZ is monitoring such transactions for signs of foul play, or “unusual behavior” as they put it, according to their regulatory responsibilities. Also, the bank doesn't work with crypto issuers or exchanges, because they consider such businesses to be unregulated and out of ANZ policy. But individual investors are safe, for now, to purchase and spend their hard-earned coins as they see fit.

Meanwhile, National Australia Bank reports that, if security concerns arise, they will halt any and all crypto-related transactions. Still too common theft of funds on exchanges is listed as one of the many example of such security breaches. NAB representative says they take their customers security very seriously, so some of the operations with compromised exchanges may not be processed because of that.

Westpac Bank also holds their judgment as of now and says, that they currently have no restrictions on cryptocurrency operations.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   78

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.