Standards – DIGIT INFO

NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

DIGIT — Mon, 23 Jan 2023 20:00:57 +0000

On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]

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Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill

DIGIT — Thu, 08 Dec 2022 07:00:20 +0000

Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits. Law to Regulate Crypto Mining in Kazakhstan, Change Licensing Rules The lower house of Kazakhstan’s parliament, […]

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Open Metaverse Alliance OMA3 Launches to Develop Standards for an Interoperable Digital World

DIGIT — Thu, 03 Nov 2022 13:30:55 +0000

The Open Metaverse Alliance, OMA3, was launched by a group of Web3 dedicated companies in order to create standards for an interconnected metaverse. The organization, formed by companies such as Animoca Brands, Dapper Labs, The Sandbox, and Unstoppable Domains, stated its objective was to achieve a decentralized, community-led, and user ownership-oriented open metaverse. Open Metaverse […]

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Hong Kong to Introduce Licensing for Crypto Platforms Through AML Law

DIGIT — Sun, 10 Jul 2022 21:00:53 +0000

New legislation tailored to regulate the crypto space in Hong Kong aims to implement a licensing regime for crypto service providers. The respective changes to the region’s anti-money laundering (AML) rules have been submitted to its legislature while a recently published report examines relevant threats. Hong Kong Lawmakers to Review Bill Aligning Crypto Sector With […]

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Tencent Launches Extended Reality Unit to Tackle the Metaverse Market

DIGIT — Mon, 27 Jun 2022 07:00:55 +0000

Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven division. The division, named the extended reality unit, will be the one tasked with encompassing all metaverse-driven efforts, including hardware and software developments. According to reports, the company aims to employ over 300 in this unit, with Tencent giving it big […]

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Meta, Microsoft, and Others Launch Metaverse Standards Group

DIGIT — Thu, 23 Jun 2022 11:30:56 +0000

Meta, Microsoft, and 31 more companies have united to form an organization to promote the creation of open standards regarding metaverse tech. The institution, named the Metaverse Standards Forum, will focus on establishing standards to make each one of the metaverses on the internet interoperable, which would ideally permit these worlds to communicate. The Metaverse […]

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Vietnam Launches Blockchain Association to Conduct Research and Suggest Regulations

DIGIT — Fri, 20 May 2022 11:30:49 +0000

A newly established blockchain association aims to help Vietnam promote its digital economy and position the country on the world’s technology map. The organization looks to unite Vietnam’s experts in the field and seek cooperation with blockchain communities around the globe for the research and development of blockchain solutions. Vietnam to Expand Implementation of Blockchain […]

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Australia Needs Regulations to Facilitate Crypto Business, Senate Committee Reports

DIGIT — Thu, 21 Oct 2021 18:30:59 +0000

A Senate committee in Australia has made a number of proposals to address the lack of proper regulations for the cryptocurrency space. The lawmakers believe the country needs new rules for its fintech and digital asset industries to be able to compete with jurisdictions that are already attracting some of its own crypto firms. Senate […]

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Brian Armstrong Meets With Fed Chair Jerome Powell – ‘US Needs to Be a Major Crypto Player to Stay Relevant’

DIGIT — Sun, 04 Jul 2021 16:00:01 +0000

According to Jerome Powell’s conference calendar, the CEO of Coinbase, Brian Armstrong, met with the Federal Reserve chairman and former House of Representatives Speaker Paul Ryan to speak about the implications of digital currencies. The meeting’s details are unclear but most of the discussions seemingly revolved around the construction of an American central bank digital […]

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New WEF study reveals issues facing blockchain and crypto standards

DIGIT — Wed, 14 Oct 2020 12:04:41 +0000

WEF study says the ongoing efforts from blockchain organizations are not enough to set global blockchain standards.

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