Canadian Blockchain Startup Expands Into Wyoming

Nova Scotia-based blockchain startup BlockCrushr has chosen Wyoming for its new corporate subsidiary
12 February 2018   521

The startup chose this state due to the state’s openness to both the technology and cryptocurrencies. The state legislature suggests the startup is confident about the prospects of the policy.

The state is currently working on several blockchain-related proposed policies, including Bill HB0070. This bill supports a digital coin issued on an open blockchain that’s not subject to securities and money transmission regulations as long as it meets a set of the following criteria:

  • digital tokens are not marketed to the public as investments

  • token users  can exchange it for goods or services

  • there are no repurchase agreements involved

  • the token issuer must not be a broker-dealer or in any way deal in securities

This bill was introduced in January and sponsored by a trio of lawmakers. Policymakers are looking to enact the bill in July 2018.

Bill HB0070 would be a blessing to BlockCrushr Wyoming. The startup is in the process of being incorporated and is located in Cheyenne-based coworking space The Second Floor @ the Paramount.

Wyoming is one of the best places in the U.S. to do business. Between low startup costs, the most business-friendly tax system in the country, and lawmakers who are focused on supporting and fostering the growth of innovative business and technology, Wyoming just makes sense.

Scott Burke

BlockCrushr Labs chief

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.