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The G20 Countries have signed a joint declaration in Buenos Aires, where it promises to regulate cryptocurrencies and combat its use for money laundering and the financing of terrorism in line with the Financial Action Task Force (FATF) standards, per a Saudi Gazette report. Section 25 of the declaration signed by the forum reads: “We
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The Taiwanese Financial Supervisory Commission is drafting a set of national standards for initial coin offerings. The regulator reportedly aims to make tokens as easy to invest and as liquid as stocks. The commission emphasizes that it “has no intention of curbing the creativity and productivity associated with cryptocurrencies if they are not used as securities.”
Taiwan to Regulate ICOs
The chairman of Taiwan’s Financial Supervisory Commission (FSC), Wellington Koo, has reportedly confirmed that the commission is drafting national standards for initial coin offerings (ICOs). The FSC aims “to make virtual tokens as easy to invest in as stocks and just as liquid,” the Taipei Times reported on Oct. 23.
The China Electronics Standardization Institute (CESI), a government organization under the country’s Ministry of Industry and Information Technology (MIIT), plans to release three blockchain standards for smart contracts, privacy and deposits as a way to improve the country’s development of the blockchain industry. The standards, which would be association based, were announced by Li Ming,
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New tokens and digital assets are an integral part of the Ethereum ecosystem. All of these newly created assets adhere to specific standards. Users have grown accustomed to ERC20 tokens, yet other standards exist as well. The following token standards are ranked in terms of their current perceived market traction.
#6 ERC-884 (Dave Sag)
The concept of the ERC-884 standard was first introduced in April of 2018. The core idea of this new standard is to enforce token owners to verify their identity. All tokens using this standard can only be issued to whitelist clients. Moreover, it does not allow for partial tokens either, which can impact token sales accordingly. A more detailed post on what this standard represents can be found here.
On August 31 the CEO of the firm Viabtc, Haipo Yang, published a blog post proposing the establishment of a standardization organization like the World Wide Web’s W3C consortium. Haipo Yang wants to start a similar group called the Bitcoin Cash Standard Organization (BCSO) in order to create standards and achieve better transparency when it comes to BCH consensus proposals.
Financial ministers and central bankers from the G20 states met over the weekend in Argentina to discuss the challenges for the global economy. They reiterated their position that cryptocurrencies do not pose a risk to the financial stability. The officials also called on the Financial Action Task Force to clarify by October how its anti-money laundering standards apply to crypto-assets.