New legislation to regulate blockchain and cryptocurrencies proposed in Vermont

Senator Alison Clarkson (D) from Vermont has proposed legislation that outlines a use case for government-based cryptocurrency solutions
09 January 2018   693

Blockchain technology is rapidly gaining popularity in different aspects of real life and production. Pharmacologists and food suppliers are looking into ways to implement digital ledgers. So, no wonder, that the new round of legislation got proposed last week in Vermont to regulate and harness blockchain.

Alison Clarkson, the Windsor District Democrat, proposed a new bill detailing the use of digital assets tethered to blockchain and various digital currency solutions. Two most interesting parts are sections twelve and thirteen.

Section thirteen calls for research and report on risks and benefits of adopting blockchain technology and cryptocurrency operations in Vermont state government. This report will be reviewed various government officials and members of the Vermont Law School. Also Clarkson wants to create a dedicated cryptocurrency research and fintech Summit to explore opportunities that promote financial technology and economic development in the private sector, including in the areas of banking, insurance, retail and service businesses, and cryptocurrency providers and proponents, as quoted from the bill, published on Vermont government website.

Section twelve, in turn, is more along the regulatory lines. It talks about digital currency LLCs' physical presence in the state, taxation and possible exemptions for such companies. This section proposes the ability to pay taxes in cryptocurrency, if the company resides in Vermont. The S.269 proposal follows:

A digital currency limited liability company shall remit to the State in the form of its digital currency a transaction tax equivalent to $0.01, at the then current exchange rate for the currency with the U.S. dollar, per transaction for: each unit of currency mined or otherwise created; and each sale or other transfer of one or more units of currency.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   91

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.