Is the New EU Data Protection Regulation a Threat or an Incentive?

The General Data Protection Regulation (GDPR), a sweeping and stringent European Union (EU) wide legal framework for personal data privacy, became effective on May 25. Ready or not, this framework is going to drastically transform the business of any digital venture. The International Association of Privacy Professionals (IAPP) forecast that at least 75,000 privacy jobs will be created as a result, and that Fortune’s Global 500 companies will spend close to $8 bln in order to ensure they are compliant with the GDPR. But what does this mean for the blockchain?    The…

A Guide To US Regulating Bodies

On May 22, 2018  the US Commodity Futures Trading Commission (CFTC) issued an advisory statement for listing virtual currency derivative products. The statement is aimed at providing clarity for exchanges and clearing houses. Previously this week, major US cryptocurrency exchange and wallet Coinbase spoke to regulators about obtaining a federal banking charter. Those events came in the midst of uncertainty regarding the status of crypto in the US, as federal regulatory bodies still haven’t come up with one definitive scheme to regulate Bitcoin, altcoins and initial coin offerings (ICOs). There…

South African Police Investigate Alleged Crypto Ponzi-Scheme Involving 28,000 Investors

South African Police are pursuing an alleged major cryptocurrency investment fraud, according to a police statement released yesterday, May 25. According to the statement, over 28,000 investors are said to have suffered losses exceeding 1 bln rand ($80.4 mln). The Hawks, an investigative unit of South Africa’s Directorate for Priority Crime Investigation (DPCI), have outlined the case, which they say involves “BitCaw Trading Company, commonly known as BTC Global”: “[Targeted members of the public are believed to have been] encouraged by BTC Global agents to invest with promises of 2%…

Blockchain Tech Still Needs to ‘Mature’

First Deputy Governor of the Russian Central Bank Olga Skorobogatova has said that blockchain technology is not yet “mature” enough for industrial-scale use, local media outlet Prime reports today, May 26. During a discussion at the St. Petersburg International Economic Forum, Skorobogatova suggested that the emerging technology still requires improvements. According to her, the technology has not yet been applied on an industrial scale, except for its use for cryptocurrencies, such as Bitcoin. The Deputy Governor focused on security and scalability as key issues that still need to be resolved…

UK Financial Regulator Opens 24 Investigations Into Crypto Businesses for Compliance

UK authorities have opened 24 investigations into cryptocurrency businesses over financial regulatory compliance, local media outlet CityWire reported May 25. Responding to a freedom of information request, regulator the UK’s Financial Conduct Authority (FCA) also confirmed it had opened seven whistleblower reports since the start of the year. While the FCA did not mention which specific businesses were on its radar, a response to CityWire stated that the investigations were being made in order to “determine whether they might be carrying on regulated activities that require FCA authorisation.” Addressing possible…

Open to the Idea of a Central Bank Digital Currency

The Governor of the Bank of England Mark Carney said at the Riksbank Anniversary conference that he was open-minded about the prospect of a central bank digital currency (CBDC), Bloomberg reports May 25. Riksbank is the central bank of Sweden. While he reportedly is not opposed to the idea of implementing a CBDC, Carney stressed that any such adoption of a digital currency would not happen soon. The UK central bank governor stated that cryptocurrencies do not currently constitute money.  In February of this year, Carney sharply criticized cryptocurrency at…

World’s Largest Diamond Jewelry Retailer Joins De Beers Blockchain Pilot

De Beers Group has announced that the world’s largest diamond jewelry retailer has joined their diamond supply blockchain platform Tracr, according to a press release published May 24.  Signet Jewelers joined the project, which aims to bring transparency to the industry, in addition to boosting consumer confidence. Signet will join the Tracr platform in its pilot version, which according to the press release, will enable the platform to complete a “digital link” from diamond production to its retail location. The parties will ensure that the platform corresponds to the needs…

Shenzhen Gov’t Partners With Tencent to Fight Tax Fraud With Blockchain

The Shenzhen Municipal Office of the State Administration of Taxation has partnered with technology firm Tencent, according to an official announcement May 25. The partnership aims to establish an “Intelligent Tax” Innovation Laboratory focused on tax management modernization and fighting tax fraud with blockchain technology. On May 24th, the Chinese regulator and Tencent signed an agreement on establishing an “Intelligent Tax” Innovation Laboratory. The newfound organization will reportedly employ cloud computing, artificial intelligence, blockchain, and big data to improve taxation management and find a technological solution to fraudulent fapiao, according…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, TRON: Price Analysis, May 25

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. Larger players always have an unfair advantage over the retail traders as they have the money and the resources to manipulate prices. Many crypto investors have been complaining against the manipulation in the markets, which hurts small investors. If the U.S. Department of…

Czech Energy Company to Crowdfund Projects, Sell Gas With Crypto

A Czech gas and energy company Pražská plynárenská is planning to crowdfund energy projects in and around Prague with cryptocurrency, local news outlet Hospodářské noviny reported May 25. The gas company is looking to establish a new investment platform in the field of green and gas projects in the country, allowing interested parties to contribute both in Czech koruna and digital currency. In addition to making crowdfunding in crypto available, the company will also accept digital currencies as a form of payment for their services.   Pavel Janeček, chairman of the…