Blockchain Business Registry launched by Dubai Government

The government of Dubai is turning to blockchain technology to attract foreign investments and businesses in order to come into the city-state Emirate
03 May 2018   811

The city’s Department of Economic Development (DED) has revealed a joint blockchain endeavor alongside the Dubai Silicon Oasis Authority, named the ‘Dubai Blockchain Business Registry’. The project, developed in cooperation with the Smart Dubai office and long-time technology partner and early blockchain developer IBM, will ‘improve ease of doing business in Dubai and facilitate foreign direct investments’, the government’s media office declared.

The sweeping blockchain-powered project is aimed to simplify the process of instituting and operating a business in Dubai, make efficient digital trading of licenses and documents covering all spheres of a business and, critically, ensure regulatory compliance with Dubai’s rules.

The registry will be firstly started in the Dubai Silicon Oasis (DSO), a 4-square mile integrated free zone technology park supported and incentivized by the government, to enable changing of license information over the blockchain. In a major approval of the decentralized technology, the project will become the basic technology powering Dubai’s Unified Commercial Registry (UCR), ‘to store and update company registration by DED as well as the free zone authorities in Dubai’ the announcement added.

Dubai has already extended a blockchain platform that will registry the city-state’s entire land list by the year 2020. 

Having 100% of all applicable Dubai government transactions run on Blockchain is the first pillar of the Dubai Blockchain Strategy, and ongoing collaboration with government and private sector entities is crucial to our success.
Dr. Aisha Bin Blshr
Director-General, Smart Dubai 

The Dubai Blockchain Strategy revealed its first promise as a part of the city’s adopting of blockchain by stating its intent to execute all transactions and government documents on a blockchain by the end of the decade.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   197

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.