Illinois Seeks 'Light Touch' Blockchain Regulation With New Roadmap
On 1st December, the state of Illinois took its first step in its ambitious multi-agency plan to guide the integration of blockchain technology into government operations. The Illinois Department of Financial and Professional Regulation (IDFPR) announced that it has released for public comment its proposed Digital Currency Regulatory Guidance on decentralized "virtual currencies", which is intended to address inadequacies found in the IDFPR’s interpretation of the state’s Transmitters of Money Act. The release happened at the same time the state’s Department of Innovation & Technology....
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A long-anticipated report published by the Canadian Standing Senate Committee on Banking, Trade and Commerce has called for a "regulatory light touch" on bitcoin and digital currencies. The report, entitled "Digital Currency: You Can't Flip This Coin!", comes after a months-long review that included a number of hearings before the Senate committee, and will undoubtedly play a role in how the Canadian government shapes future regulation. The committee recommended that the government look for ways to utilize digital currencies and blockchain technology, deeming the technology "ingenious" and....
What started as an early experiment by the state of Illinois to offer insurance services on a blockchain has expanded into a formal state-wide initiative. Announced today at Blockchain Conference Chicago, the Illinois Blockchain Initiative, a first-of-its-kind consortium comprised not just of companies – but of five government agencies, is a far-reaching measure aimed at not only making it easier for startups to innovate but removing barriers for the government to build with blockchain. In conversation with CoinDesk, Secretary of the Illinois Department of Financial and Professional....
The director of Singapore-based Bitcoin brokerage Coin Republic says that city-state should approach the regulation of bitcoin and digital currencies with a "light touch", according to ZDNet. In the eyes of David Moskowitz, government-imposed regulation alone won't put a stop to illicit use of digital currency. The idea instead is to allow the technology behind these rapidly-growing crypto-currencies to curb potential crimes like terror financing and money laundering. The Monetary Authority of Singapore (MAS) has said they're soon planning to release legislation that will require digital....
The multi-platform blockchain project Lisk has just released its developmental roadmap, which will cover five milestones that the team will build over the next few years. Lisk Roadmap Reveals 5 Key Phases. The Berlin-based Lisk project (Lisk.io) has been making waves within the cryptocurrency community for being a possible rival of the Ethereum project.....
A draft resolution submitted to the Illinois legislature has proposed the creation of a working group dedicated to blockchain technology. House Resolution 120, filed on Wednesday by state representative Michael Zalewski, would establish a 12-person group focused on researching the tech. Public records show that the resolution has been referred to the House Rules Committee for consideration. At its heart, the draft calls for Illinois to investigate how state and local-level governments can utilize blockchain – work that is already being done, in a way, by a consortium of government agencies....