Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Bermuda will establish a new class of bank targeted towards fintech and blockchain companies. Bitflyerhas delayed withdrawals amid improvements to its KYC procedures.
The Government of Bermuda is expected to make changes to the Banking Act to allow for a new class of bank. The government worked closely with fintech and blockchain companies to draft the amendment to the Banking Act after local banks refused to offer services to the new industry.
Withdrawals at Bitflyer have slowed as the exchange increases its KYC verifications. The changes come amid a business improvement order from the Financial Services Agency. The regulator was concerned with its procedures for identity verification which may have allowed members of the Japanese mafia to trade digital assets.
The municipality of Zug has ended a trial to record votes on a blockchain using a digital identity system. The feedback from participants was largely positive expressing the ease of use of the system. Moving forward, a technical analysis of the system will be completed to ensure its security.
The country established the Cagayan Economic Zone Authority earlier this year to promote blockchain projects. As part of the efforts, the authority plans to license 25 exchanges for trading digital assets. The regulatory body also established a rule for ICOs to be wholly asset-backed.
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