Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
Crypto mining firm purchases New York dam: DPW Holdings subsidiary Super Crypto Mining has announced that it has bought the power generation of an entire river for mining purposes.
The Valatie Falls in New York has been purchased by the mining company and it produces 1 MW of clean energy from the hydropower project. The crypto mining farm will be established by Q4 2018 and will try and set a new precedent focused on mining from clean energy only.
The mining farm will yield a USD 2,000 worth of mining exploits every day for the company.
California introduces blockchain legislation: A bill has passed in the Californian state legislature in both upper and lower houses to define the scope of blockchain and form a working group of the government within a year.
Bill AB 2658 is now awaiting California governor’s approval. If signed into law, it would define blockchain as “a mathematically secured, chronological, and decentralized ledger or database“, something that will increase the importance of blockchain infrastructure development in the state.
The move follows a growing trend among US states to give blockchain and cryptocurrencies legal cover and promote innovation in the sector.
Securities administrators association reveal 200 active investigations on crypto-related products: The North American Securities Administrators Association (NASAA) has said that currently, there are over 200 active investigations in the United States and Canada regarding cryptocurrency projects.
The combined North American regulatory body said that investigations are part of a massive action called Operation Cryptosweep that has so far resulted in 46 enforcement actions involving ICOs and other crypto investment projects.
According to Joseph B Borg NASAA president:
“While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; state and provincial laws or regulations may apply, especially securities laws. A strong culture of compliance should be in place before, not after, these products are marketed to investors.”
The combined regulatory effort is aimed at suspected securities fraud for which the NASAA claims jurisdiction.
Government delays regulation of crypto and blockchain companies: The Canadian government has decided in principle to postpone the final regulations for its cryptocurrency and blockchain companies.
The reason for postponement was because the government is in pre-election mode ahead of the 2019 election and it is logical to delegate the task to whoever forms the next government. Meetings of regulatory bodies have been put on hold for the moment and the regulations will now be delayed till 2020 because it takes an additional 12-month period for any regulation to take effect after it has been signed.
The move was overall received positively by the crypto community as the government essentially backed away from strict rules drafted and published in June this year. But, some crypto quarters have concerns that this will damage the Canadian prospects of becoming a blockchain haven because of regulatory unclarity.
Central bank to experiment with blockchain and crypto: The central bank of Mexico Banco de Mexico has announced plans to harness the power of blockchain technology and start using cryptocurrencies on a trial basis to lower transaction-related costs.
Officials from the national banking regulator announced plans for public consultancy as well. The process will start by regulators learning more about the virtual currencies and their payment processing systems based on blockchain technology.
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