Authority

Dubai has been aspiring to reinforce its position as a fintech hub. Last month, the Dubai Culture and Arts Authority established the first digital bank for art in the world. ArtBank also launched its own digital currency to boost transaction speed and simplify the purchasing process.

While other countries ban the new financial technology, Bermuda remains optimistic. Having decided to follow the newest trends in the financial market, the Bermuda Monetary Authority issued a draft of “Bermuda’s fintech strategy” for regulating digital currencies and ICOs.

A new Cryptoassets Task Force was set up in the UK on March 22, 2018, by the Treasury, Bank of England, and Financial Conduct Authority (FCA) to explore the risks of cryptoassets, the benefits of this technology, and its influence.

If the rumor Nikkei posted is anything to go by, the Japanese Financial Services Agency (FSA) has requested Binance, the largest exchange on the cryptocurrency market, to end its activity. The government authority claims the fintech company is illegal because it has no authority registration.

Play2Live (P2L), the first decentralized streaming platform for gamers and esports fans, has announced the joining of Samson Lee, the highly experienced crypto investor, board advisor and senior executive in digital media and FinTech in China and APAC, to its advisory board.

On Monday, February 19, the Israel Tax Authority released a professional circular describing the country’s tax policy on cryptocurrency trading, especially Bitcoin. The government institution explained that any cryptocurrency should be regarded as an asset, rather than currency.

Austrian law officers have asked Interpol for help in tracking down the perpetrators of a Bitcoin scam that happened last year. The notorious scam dubbed “Optioment” has allegedly damaged over ten thousand cryptocurrency investors in the country and across Europe and stolen as many as 12,000 Bitcoins.

Two Bitcoin ATMs had been working in Lithuanian shopping center GO9, but the State Tax Inspectorate of Lithuania (Valstybinė mokesčių inspekcija - VMI)  asked the owner company to shut them down. The authorities explained that the ATM can’t work on the financial market until they have appropriate certifications.

The Financial Conduct Authority (FCA), a financial regulatory watchdog in the United Kingdom, has today released a warning about the risks of Initial Coin Offerings (‘ICOs’), stating that ICO investors must be aware of the possibility to lose an ‘entire stake'.