Policies

Italy is considering starting smart parametric policies with automatic reimbursement based on blockchain, smart contract and distributed technology (DLT). The policies will cover the risks related to bad weather, delayed flights and lost luggage. Catholic University and Reply are developing a solution for the issuance of smart blockchain-based insurance policies.

The Research Center on Technologies, Innovation and Financial Services (CeTIF) - Catholic University and Reply, together with a group of giant financial banking institutions including Banca Mediolanum, Popolare di Sondrio and Ubi, as well as the popular Italian insurance companies such as Mediolanum Assicurazioni, Cargeas Assicurazioni, Nobis Filo Diretto and Reale Mutua, have finally decided to work together on a solution for the issuance of smart insurance policies based on blockchain and smart contract technologies.

The 2019 European election is finally over and the elected representatives of the Five Star Movement (M5S), a political party in Italy founded in October 2009, will occupy the 14 seats available, however, the results show a drop in preferences for minister Luigi Di Maio, a popular cryptocurrency and blockchain enthusiast. Barred from the cutting-edge policies and stunned by hullabaloo after falling back on a position at the Ministry of Education, Dino Giarrusso becomes the most voted candidate in the M5S. The names of the candidates with vision for the North West, North East, Center, South and Islands districts in Italy are also being picked out.

The giant IT and social media company Facebook is improving its ads policies related to blockchain technology and cryptocurrency. The company recently announced that it wants to relax its imposed ban on blockchain, Bitcoin and other monetary goods and services adverts. However, the initial coin offerings (ICOs) ban will go on.

The Municipality of Bari, Italy, in collaboration with SIA, a top European hi-tech firm involved in the service payment infrastructures field, has rolled out a blockchain-based project which aims to digitize the exercise of managing guarantee policies, Lineaedp reports.

The global's first university powered by Blockchain technology could set up shop in Malta, and academics from some of the global's top universities have already signed up, as per reports from Medium on August 24.

South Korea has been swamped reviewing its cryptocurrency regulations. The regulators hope to loosen the rules on cryptocurrency assets in line with G20 famous policies. Another government agency is managing an in-situ inspection of cryptocurrency firms following several hacks and this has attempted the Bank of Korea to issue out a report with its major focus on using cryptocurrency as an alternative means of payment.

With the world’s largest cryptocurrency exchange Binance heading to Malta, three more exchanges decided to move their operations to offshore locations as well. The recent regulation policies accepted in China and Japan made fintech companies relocate their crypto trading businesses to remote islands.

Recent research examining 25 of the world’s crypto exchanges has shown that 68% of crypto exchanges are failing to comply with “Know Your Customer” (KYC) policies. Non-compliant companies have a lot of work to do as new anti-money laundering regulations will come into force next year.