А digital revolution is around the corner

Digital Revolution is around the corner
23 June 2017   3820

The two worldwide famous enterprises, namely an Estonian legal startup Agrello and Blockchain Development Corp ViewFin have recently declared their partnership on Digital Identity Implementation, that can be surely related to “smart agreements”.

The most strategically important reasons of their software success are following:

  • no coding or legal skills required
  • easy to set up
  • automated engine
  • legally binding agreements

During the “Blockchain and Finance Conference” (BFC2017)  Allegro announced that they were going to use an unique technology and graphical interface to develop a shared digital identity engine.

Among  key reasons for their choice to develop on Ethereum, Hando Rand, Agrello CEO listed several such as

-the maturity of the Ethereum ecosystem

-the continuous efforts by the Ethereum Foundation to overcome regulatory hurdles

According to the announcement on their unexpected clever agreement, Agrello will release an Ethereum-based token in its upcoming ICO but they are also going  to remain compatible with other blockchain environments, namely Metaverse, Antshares, Lisk, Qtum, RSK, Ethereum Classic and NEM at last but not least.

Thus, the optimised system for the Ethereum ecosystem by Allegro will definitely be a success.

New York State to Revise BitLicense Granting Terms

At the moment, BitLicense is the most stringent legal framework for the cryptocurrency industry
23 October 2019   14

The terms for granting the so-called BitLicense, the license required for cryptocurrency companies to work in New York State, will be reviewed. This was stated by the superintendent of the New York Department of Financial Services (NYDFS) Linda Lacewell, reports CoinDesk.

BitLicense is considered the most stringent legal framework for the cryptocurrency industry at the state level. In particular, companies are required to receive it for cryptocurrency transactions of New Yorkers, even if they themselves are based in other jurisdictions.

Last year, Kraken, a San Francisco-based exchange, chose not to receive BitLicense, but to completely leave New York. Earlier this year, the Bittrex exchange (Seattle) also left the state without licensing.

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do].
 

Linda Lacewell

Superintendent, New York Department of Financial Services

At the same time, she called not to “be too happy” about possible changes in the rules for the cryptocurrency industry.

According to her, the current regulatory regime “works well,” but the industry has changed since 2015, when BitLicense was introduced.

How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look.
 

Linda Lacewell

Superintendent, New York Department of Financial Services

 Lacewell did not specify when the revision of licensing terms will be completed and what exactly industry participants can expect in the end.

Since the introduction of the license until June 2018, only 6 companies have received BitLicense, but over the past 20 months, after the regulator has softened its position, 16 more companies have been added to their number.