Blockchain Compliance Bulletin #7 - June 2019

Blockchain Compliance Bulletin #7 – June 2019

We want to express our deepest gratitude to all our readers who reached us with their notes, remarks and token of appreciation. We are pleased to release our Blockchain Compliance Bulletin number 7.

As usual, we have updated our Blockchain Compliance Rank (PDF), our proprietary concise insight into identifying the best jurisdiction to locate a Blockchain company in.

Among other updates, we want to highlight the leap forward Iceland made: the Nordic island country has recently approved the first blockchain-powered e-money firm in the country. Accordingly, Iceland’s score moved from 5.04 to 6.30.

On the opposite side, we downgraded Russia from 6.33 to 5.89. We believe that the federal increasing regulatory uncertainties are incompatible with reliable, stable and successful blockchain-related projects in the country.

In this issue, we tackle the new global coin announced by Facebook. Despite the (deserved) criticism and concerns raised around Libra, there’s no doubt that it will help the crypto-game to reach a whole new level.

Further, we asked ourselves how social media and FinTech can work together in the eyes of the Regulator, and we identified the compliance-related risks FinTech businesses must take into consideration when deciding their online communication strategies.

We also walk you through the legal frameworks applicable to cryptocurrency in Asia, an area of conflicting views on crypto regulation.

Finally, our editorial focuses on the challenges posed by the Blockchain to the banking system and payment service providers. Despite the overused expression, the traditional financial system is called to adapt itself to new technological standards, or it will die (at least as we know it today.)

We hope you will enjoy reading this copy of our magazine.