Florida Bill To Recognize Blockchain Smart Contracts

New bill would create a legal foundation for blockchain data and smart contracts in the U.S. state
11 January 2018   662

A lawmaker in Florida has introduced a bill on December 9 that, if passed, would create a legal foundation for blockchain data and smart contracts in the U.S. state.

House Bill 1357 presented multiple stipulations that blockchain and smart contracts be treated as legally-binding methods of data storage — provided that such measures do not break any pre-existing laws or regulations.

The bill also states that a record or contract that is secured through blockchain technology is in an electronic form and is an electronic record and confirms that a signature recorded through a blockchain also qualifies as a valid electronic signature.

A contract may not be denied legal effect or enforceability solely because: an electronic record was used in the formation of the contract and the contract contains a smart contract term.

 

House Bill 1357

Last year, Arizona passed a similar measure, with identical notes on confirming blockchain records as electronic records, as well as giving smart contracts legal force. We have also reported that Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.