French government allows trading unlisted securities on blockchain

France has passed new rules allowing banks and fintech firms to establish blockchain platforms for unlisted securities trading
11 December 2017   1081

Earlier this year French government has established blockchain working group to research possible blockchain implementations and to assess its benefits and applications for the public sector.

Now France adopts a new set of rules, regarding blockchain usage in financial sector to allow various financial agents, including banks and fintech groups, to establish blockchain-driven platforms for trading unlisted securities. This allows trade without reliance on middlemen, such as brokers ans custodian banks, and, in theory, all exchange will happen at near-instant speeds.

Use of blockchain technology will allow various financial agents to develop new ways of trading securities that are faster, cheaper, more reliable and more open, said Finance Minister Bruno Le Maire.

Le Maire added on this topic, that such a move would be another asset for Paris' attractiveness as a financial center. This is beneficial to French effort to displace London as a current fintech powerhouse.

Eager to make Paris more attractive to business after Brexit, French government has already passed a set of laws to facilitate economical development of the city. Now, the introduction of blockchain will set a precedent to usage of shared digital ledgers.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   282

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.