#CryptoCorner: FINMA Publishes Guidelines Pertaining to Stablecoins and Libra, Coinbase Considering Initial Exchange Offering
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Stocks discussed: (NasdaqGS:FB) (NYSE:DPZ)
The Swiss Financial Market Supervisory Authority (FINMA) published guidelines for stablecoins today, wherein it outlines how the country’s supervisory law applies to the tokens. Specifically, the guidelines deal with Facebook’s (NasdaqGS:FB) Libra, which recently requested an assessment of its status under Swiss regulation. FINMA confirms that in its presented form, Libra would would fall under financial market infrastructure regulation, be subject to the Anti-Money Laundering Act, and that:
Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system and therefore be subject to such additional requirements.
CoinDesk reports that U.S.-based crypto exchange giant Coinbase is considering the launch of an initial exchange offering (IEO) platform. Speaking at CoinDesk’s Invest: Asia conference, Coinbase’s head of institutional sales in Asia, Kayvon Pirestani, said the company is considering IEO and other capital-formation tools but did not elaborate further.
“We think there’s a really interesting opportunity there for Coinbase. In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now.”
CoinDesk explains the concept of initial exchange offerings as:
Not unlike an initial coin offering (ICO), an IEO is another crowdfunding tool for cryptocurrency startups. It relies on an exchange to act as the trusted broker offering the token sale – with each exchange issuing its own proprietary token (such as Binance’s BNB) to execute the sale. It usually requires a commitment from the exchange to handle know your customer (KYC) and anti-money laundering (AML) checks on a startup’s behalf.
Crypto firm Pundi X has revealed the look and name of its upcoming fully blockchain-powered smartphone at IFA 2019 in Berlin, according to outlet CIOL. The phone will be called Blok on Blok (BOB), and will execute all data on the company’s blockchain, the Function X blockchain ecosystem. The phone allows users to toggle between a blockchain mode and an Android mode, and also boasts a customizable design kit. Zac Cheah, Co-founder and CEO of Pundi X, commented:
“BOB marks a big step forward in our mission of creating a Blockchain Internet, a fully decentralized network where every piece of data shared is under the owner’s control. More importantly, BOB gives a sneak peek of a world powered entirely by blockchain technology, where everyone has control over their own data and everything is executed with the expectations of immutability and transparency.”
Domino’s Pizza (NYSE:DPZ) is celebrating its 30th anniversary in France with a giveaway including a €100,000 in Bitcoin (BTC) or cash, according to a recent tweet. If the winner chooses to receive their prize in Bitcoin, they will be awarded it on December 16. The amount will correspond to the exchange rate of Bitcoin when the organizer purchases €100,000 worth on December 5, according to the competition rules.
Sam Mowers, Investorideas
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