BTCChina stopped trading

Oldest Chinese cryptocurrency exchange stopped it's work
30 September

One of the oldest crypto-exchange exchanges in the world - BTCChina - stopped trading operations. This was reported on Twitter by its founder Bobby Lee.

According to him, despite the fact that the BTCChina exchange is closed, BTCC continues its development. Also, Bobby Lee expressed the hope that BTCC's market-oriented trading platform will work for a long time.

It worth reminding that earlier this month, BTCC announced the suspension of trading on the Chinese stock exchange BTCChina, further explaining that the closure of exchange trades applies only to residents of China.

 

Gibraltar launches license for firms using blockchain

The license would formally recognize the use of blockchain records as an accepted mechanism for transmitting payments
14 December

The Gibraltar Financial Services Commission (GFSC) will introduce the world’s first bespoke license for fintech firms using blockchain technology from next month in in attempt to attract start-ups.

The license is the first of its kind and would formally recognize the use of blockchain records as an accepted mechanism for transmitting payments, paving the way for broader adoption.

This is the first instance of a purpose-built legislative framework for businesses that use blockchain or distributed ledger technology.

 

Nicky Gomez

The head of risk and innovation, GFSC

GFSC will publish guidance on Friday for applying its new law for firms that use blockchain to “transmit or store” cash and assets belonging to others - much in the same way as a bank is authorized.

According to Nicky Gomez, Gibraltar expects firms numbering well into “double digits” to seek authorization after the new rules come into force on January 1. Firms will have to treat customers fairly, and must have adequate IT systems and controls to comply with anti-money laundering and terrorist financing rules.