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 2017   2485

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.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.