Dubai’s DCCI to Joint Venture with Singapore’s Perlin and ICC for Creating Blockchain Trading Tools

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Blockchain: Dubai Chamber Of Commerce Signs MoU With Singaporean Start Up

The Dubai Chamber of Commerce and Industry on July 1 announced its decision to sign a memorandum of understanding with a Singapore-based start-up Perlin and the international chamber of commerce.

The news of the latest collaboration involving the chamber was contained in a press release.

The joint initiative by the firms will tend to promote the adoption of blockchain trade solutions.

Effective Partnership

The DCCI is the main financial hub of the country, and its saddled with the responsibility of making sure the country moves along with the world trend and create a visible and robust business environment. The chamber made history as the first chamber of commerce in the world to offer blockchain tools developed by the ICC, as well as the Centre for Future Trade (CoFT), a massive project that was agreed upon in May 2019.

The agreement involves DCCI acquiring the exclusive right to offer CoFT blockchain trade solutions in Africa and also the Middle East region. The monumental agreement will tend to improve trade processes by providing greater transparency of supply chains, as well as also reducing the risk that’s normally encountered in the trade process.

Aided Support

Consequently, the new deal will also see the trade solutions giving its massive support to DCCI’s recently launched Digital Silk Road platform, which aims to apply blockchain technology to end major inadequacies mostly faced in the trading system.

The Digital Silk project was co-established by the DCCI and the Dubai Future foundation, and stands tall as an integral part of the Dubai 10x municipal development plan.

The ICC is a conglomerate of businesses, that has in its folds over 45 million businesses, some which includes global brands like Paypal and Amazon. Earlier in the month, Singapore’s Perlin revealed that it will help ICC roll out its blockchain powered technology.

Dubai is gradually incorporating blockchain into its tourist activities. A move that indicates that the country is not sitting on its hordes and relishing its past achievements.

The collaboration between the ICC and DCCI will not come to many as a surprise, this is because ICC is always looking for progressive, motivated and highly energized platform to collaborate and work with, which is the major reason why it is arguably the largest group in the world.

Bitcoinexchangeguide.com reported in May that the chamber was working to implement blockchain technology.

The chamber’s decision to tilt towards blockchain is an innovative move, as it will also allow its members like Coca-Cola, Amazon, FedEx and others tap into the revolutionary technology.

This will ultimately solve the issue of transparency that is mostly faced by big companies, and also instill the trust of their stakeholders and consumers, once again.

Although, the blockchain technology is still in its early years, if it can be adopted by a big organization like ICC, that has members that control the world’s economy, it is only a matter of time before the technology becomes the mainstay and adopted by not only firms, but governments and institutions, all over the world.

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Author: Ogwu Emma

Globacap Opens Regulated Platform for Crypto in the UK to Tokenize Digital Securities

Globacap-Launches-Regulated-Platform-for-Crypto-in-UK
  • The first fully FCA-regulated exchange has been launched by Globacap in the UK.
  • This exchange will offer capital rising, capital administration, and custody as their products.

Globacap is a fintech company based out of the United Kingdom, and they have just made some history with the Financial Conduct Authority (FCA). According to reports from The Block and Finance Magnates, Globacap has decided to launch their own platform for digital security offering and administration in the United Kingdom. Based on press releases from the company, this this the first exchange to follow the regulatory guidelines of the FCA within the UK.

Even since last year, Globacap was working underneath a regulatory sandbox established by the FCA, working with the watchdog before their blockchain-based platform was ultimately approved.

Speaking about the development, CEO Myles Milston of Globacap said,

“The Sandbox programme has been a great experience, enabling us to come to market with a new application of an emerging technology in a controlled but quicker manner. From our groundbreaking proof of concept in August last year, to our product now coming to market, the support from the Innovate Team at the FCA was instrumental in the success of this journey.”

Digital securities like bonds, shares, and funds are part of this tokenization. Right now, the company is offering three products that can be used independently, including capital rising, capital administration, and custody. The company explained that a digital token is created by their technology, and the legal requirements of switching ownership is automatically completed. All of the data from these transactions are then logged on a digital ledger.

In August last year, the company used their technology to digitize their own shares, and it provided the same service for two other companies in the UK this year. To raise capital, it offered both regulated arranger and custodial services.

The fintech industry is gaining more momentum behind tokenizing securities, and there are many startups that are looking to combine the functions of the traditional financial industry with youthful blockchain technology. Big names like Goldman Sachs are even supporting tokenization, considering that they may be launching their own cryptocurrency soon.

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Author: Krystle M

Facebook Is Looking To Achieve Global Regulatory Compliance as Libra Vies for New York BitLicense

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Facebook’s Libra coin, the new initiative from the company in order to create its own crypto and bring a frictionless and globally-available currency to all its clients is looking to get the New York BitLicense, considered the hardest regulatory approval to get in the United States.

The company is taking all the steps to appease regulators all over the world before the launch of Libra, but many experts seem to be concerned that the company will not have a fully successful enterprise this time.

In order to achieve its global regulatory compliance, Facebook will have to carefully deal with central banks and financial regulators from several countries. This will involve thousands of officers from dozens of countries.

According to Sean Park, the founder of CIO of Anthemis, a venture capital company, Facebook is far from having won the battle so far. This is not to say that the company has not made any kind of progress. Calibra, the subsidiary that will oversee the token and its wallet, has been already registered with the U. S. Financial Crimes and Enforcement Network (FinCEN), for instance.

Trying to obtain the BitLicense from New York’s Department of Financial Services is another smart move because it generally takes a long time and Facebook may even get rejected, so the company needs to work very carefully here.

Obviously, Facebook is not only dealing with U. S.-based regulators. The company has already been talking with Britain’s Financial Conduct Authority (FCA), the Bank of England and FINMA, the Swiss financial regulator. Recently, the Russian Ministry of Finance also affirmed that Libra will be treated just like any other token in the country, too.

Facebook Will Not Get A Free Pass

Even if Facebook is right in making all these steps as soon as possible, the company is far from having a free pass, in Park’s opinion. As soon as the product is launched, the authorities of the United States, European Union and India are going to be looking closely to the new coin.

The Central Bank of Singapore also seemed somewhat skeptic of the token and affirmed that it would require more information about the project before being able to allow it.

As you may know, Facebook is also being accused of leaking private information, so the global confidence in the company is far from high right now. If Facebook already had troubles with regulators, things are bound to take a turn for the worse with Libra.

Obviously, it should be remembered that Libra is not set out to be the new Facebook Coin. The new token is also managed by the Libra Association, which contains companies such as Uber, Mastercard, Visa, Paypal and others and is based in Geneva.

While Facebook is expecting the scrutiny, nobody knows how harsh the global regulators will actually be. The Bank of International Settlements, for instance, is already expected to place some restrictions on this new currency. The chair of the Financial Stability Board, Randal Quarles, is also reported to have affirmed that the company needs bigger scrutiny in order to be allowed to launch Libra.

According to representatives from Facebook, Libra is not planning to acquire any local banking licenses and all the value that the token will have will come from investment in government bonds and currencies, just like governments do with their sovereign fiat currencies.

These reserves, as affirmed by a Representative of the company to Reuters, will also fully follow the monetary policies of the countries that hold these assets.

At the moment, not a lot is known about Facebook’s ability to discover money laundering and tax evasion or fraud, so the company will have to take care of that before it can be whitelisted by international regulators which are often worried about this kind of question.

Jeff Bandman, a former U. S. Commodies Futures Trading Commission (CFTC) executive, has affirmed that Facebook has not yet fully considered the position that it is taking. To him, the company will use this year to figure that out and to narrow (and rescale) its project.

He affirmed this because he believes that such a huge project in an attempt to disrupt the global financial system is a very audacious plan and it has to be laid out well if it is supposed to work.

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Author: Gabriel Machado