Italian Government interested in Blockchain and Cryptos

A number of countries are aimed to have a vibrant DLT ecosystem and Italy is not left behind: it created a working group to take care of blockchain and cryptos
17 June 2018   235581

The working group is operating in Naples and beyond. The Naples authorities declared that volunteers were welcomed from all over the globe to help the working group in “developing and implementing objectives related to blockchain technology.” The demand was well gained by scholars, blockchain developers and enthusiasts from around the world and about 300 of them entered the group.

The Naples mayor`s associate, Felice Balsamo confirmed that since December 2017 the blockchain project has been in the works, when the price of bitcoin hit an all-time high of $20K. Presently, the officials of the project are dividing the entire focus group into small chunks joining people with various skills and disciplines. The entire focus group connects volunteers who are students, legal luminaries, engineers, developers, accountants and more.

The major object of all the cells that make up the working group is to brainstorm and making blockchain solutions which would be able to enforce transparency in different areas of the administration including elections, birth records, and the entire economy. As a resolve is developed, volunteers will now deploy their startups in the region about the advantages of adopting such systems while encouraging small and medium enterprises to accept payments in cryptocurrencies.

Combining traditional economy with a new economy based on cryptocurrencies could lead to a huge economic potential for over 3.5 million residents of the metropolitan city of Naples.
Luigi de Magistris,
The Mayor, Naples

Italy is defined to join the league of nations championing the crypto revolution, beginning with Naples. If things go well, in a few years time, Italy will become a crypto hotbed in Europe.

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   298

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.