UK Watchdogs to Release Cryptocurrency Report

Recognizing that cryptocurrencies do not directly fall within the scope of the Agency, FCA stressed that some aspects of their use are within its competence
09 April 2018   477

According to the plan of the Financial Conduct Agency (FCA) of Great Britain for 2018/2019, it, intends to publish a report on crypto-currencies together with the UK Treasury and the Bank of England. 

Technology plays a pivotal role in delivering financial products and services. It enables firms’ innovation (see the Innovation, big data, technology and competition crosssector theme) and supports their business strategies. New technologies can lead to harm if they are not safely adopted and managed. For example, new technologies such as distributed ledger (blockchain) and artificial intelligence rely on access to sensitive and high quality data. But new technologies present opportunities for helping firms to meet Know Your Customer or anti-money laundering requirements more efficiently.
 

FCA Business Plan

The "key activity" of the innovative FCA program will be directed, among other things, to crypto-currencies - FCA plans to assist the companies with regulatory recommendations, as well as to keep up with new market trends such as "ICO and distributed registry technology."

The FCA report also says that the cryptocurrencies themselves do not fall under their jurisdiction, but some models of using cryptocurrency packaged in other financial instruments fall under it, which makes the overall landscape more complicated.

FCA also notes that it has already begun to regulate work with cryptocurrency derivatives, including futures, contracts for price differences and options.

Agency will continue to monitor parameters such as the number of new entry points to the market and the emergence of new innovative products to understand whether fintech can help "improve competition for the benefit of customers.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   111

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.