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EMU Advancing the “Blockchain + 5G” Concept

As blockchain and 5G technologies evolve, an intertwine between the two seems more and more inevitable. EMU is a 5G blockchain-based development platform advocating the “blockchain+5G” concept, looking to complement the weaknesses of one with the strengths of the other.

Tratok and Innovation in Tourism

The ethereum-based Tratok token can be used for booking services via a user-friendly app. The project’s value has not only reached a market cap in the billions but is holding on to the status this past quarter.

Thailand’s Crypto Law Could Change in 2020

Since its cryptocurrency regulations came into effect in 2018, only five companies received digital asset exchange licenses, of which only two are operational. After getting approved by the Thailand regulator last month, the first ICO portal in the country planned to launch a $98 million token offering.

Thailand Working on Blockchain-Based Refund System for Oil Exports

The new blockchain-based tax refund system will allow for more thorough inspections and will still speed up the whole process. The system will be delivered by Krungthai Bank and should prevent any future leakages of taxes and stop oil smuggling activities.

Lawyer Convicted for Laundering OneCoin Proceeds and Darknet Cocaine Trafficker Sentenced

A former partner at a prominent international law firm was convicted of conspiracy to commit money laundering and bank fraud for laundering over $400 million in connection with the multi-billion dollar OneCoin fraud. The lawyer created a series of fake private equity funds and disguised incoming payments as investments into the fund. Then, after layering the money through various accounts, he transferred the money back to the principals behind OneCoin as outbound investments from the fund. For his services, the lawyer was paid over $50 million and now could face up to 50 years in prison. Two men in Colorado were sentenced to federal prison for dealing over 50 kilograms of cocaine on darknet markets and related money laundering charges. The defendants laundered their Bitcoin proceeds in primarily two ways: “they used a website that allowed them to purchase gift cards that could be used to buy goods and services … [and] they exchanged bitcoin for cash using the services of an international money transfer company.”

25,000 Blockchain Firms in China Tried to Issue Cryptos, Senior Official Claims

The People’s Bank of China (PBoC) collaborated with multiple trade associations to release three “bluebooks” covering financial technology, regulatory technology, and blockchain. The Bluebook of Blockchain claims that the value of the Chinese cryptocurrency black market is over 110 billion yuan ($15 billion). The report says there are nearly 28,000 blockchain companies in China and the President of the Beijing Blockchain Technology Application Association said that around 25,000 of those companies are issuing their own crypto assets, with the remaining companies developing applications that utilize blockchains. The PBoC also recently issued other warnings to blockchain businesses and potential investors, further indicating that they plan to continue regulating the industry.

Thailand’s SEC to Amend Royal Decree and South Korean Legislation Progresses

Thailand’s Securities and Exchange Commission reportedly plans to amend the royal decree on digital asset businesses next year, according to the Secretary-General of the SEC. She explained that in order to remain competitive in the blockchain industry, the regulator must remain flexible and the laws applied to such emerging technologies “should not be outdated and should serve market needs.” In South Korea, the National Assembly’s National Policy Committee approved a bill that would legally categorize virtual currencies as digital assets, which according to the Financial Services Commission (FSC) would increase transparency and legitimize investment. The bill still needs to be approved by more committees and the main floor of the National Assembly, but if it does pass, all cryptocurrency-related businesses would be required to register with the FSC.

Ryuk Ransomware Targets Veterinary Hospitals and Nursing Homes

The California-based animal care company National Veterinary Associates is still recovering from a ransomware attack that affected roughly half of its 700 facilities. According to reports, the veterinary hospitals were infected with Ryuk ransomware and many locations immediately lost access to their “Patient Information Management Systems.” However, a spokesperson emphasized that “throughout this whole thing if there was a sick animal, we saw them. No one closed their doors.” A Wisconsin-based IT company for nursing homes, Virtual Care Provider Inc., was also attacked with Ryuk ransomware and had $14 million in bitcoin demanded from it in order to decrypt data belonging to over 100 nursing homes, which may be too expensive to pay. A company spokesperson said that the attack hindered operations in multiple ways, such as making it more difficult for nurses to acquire the necessary prescription medications for residents.

“Managed Stablecoins are Securities Act of 2019” Introduced in U.S. House

A bipartisan pair of legislators introduced the “Managed Stablecoins are Securities Act of 2019” (H.R. 5197) in order to “protect consumers against certain cryptocurrencies.” In an accompanying announcement, Congresswoman Sylvia Garcia (D-TX) said, “[m]anaged stablecoins, such as Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.” The proposed bill would bring “managed stablecoins” within the definition of a security under the Securities Act of 1933 and other pertinent federal securities laws. Both co-sponsors of the bill are freshman members of the Texas Congressional delegation and each sit on the House Financial Services Committee.

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