The Australian Government releases the long awaited Australian Blockchain Roadmap, we look at DeFi offering PoolTogether, a no-loss lottery powered by smart contracts, Compound Finance and Dai, the Australian Prudential Regulation Authority (APRA) published its submission to the Senate Select Committee on FinTech and RegTech and The National Bank of Cambodia is preparing to launch their central bank digital currency (CBDC) during the current fiscal quarter. Michael Bacina, Louisa Xu, Tom Skevington and Petros Xenos of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and FinTech.
Michael Bacina, Louisa Xu and Tom Skevington discuss the much anticipated National Blockchain Roadmap, which sets out the establishment of a National Blockchain Roadmap Steering Committee with Terms of Reference that will oversee the 12 step strategy for the Australian Government to address the challenges and leverage the opportunities that are presented by blockchain technology.
Michael Bacina and Tom Skevington consider a case study involving the US company PoolTogether, which has built a no-loss lottery relying on smart contracts, Compound Finance and the Dai stablecoin. We explore what regulations might apply to PoolTogether in Australia, and consider how existing regulation is suited to adapt to decentralised finance (DeFi) disruption generally.
Chainalysis have released their 2020 report summarising what, how and where cryptocurrency is being used for illicit activity, IBM has been awarded a patent for the development of a “self-aware token”, India are developing a blockchain-based solution for improving the quality of government schools, and Emurgo have partnered with Uzbekistan’s National Agency of Project Management (NAPM) in order to establish a regulatory framework for security token offerings. Michael Bacina, Tom Skevington and Petros Xenos of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and crypto.
US Congress have reintroduced the “Virtual Currency Tax Fairness Act of 2020”, the Bank for International Settlements has announced that a working group of central banks has been formed to assess use cases for central bank digital currency without the Reserve Bank of Australia, Aragon has begun onboarding jurors for its decentralized Aragon Court. Michael Bacina, Tom Skevington and Petros Xenos of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain and crypto.
The controversial Land Tax (Miscellaneous) Amendment Bill 2019 (SA) (Bill) has passed both houses of Parliament and is presently awaiting Royal Assent. After obtaining Royal Assent, the amendments to the Land Tax Act 1936 (SA) (Act) will come into force and effect on 30 June 2020.
The US Treasury Department is concluding a series of tests of a blockchain-based platform, the 5th Anti-Money Laundering Directive (AMLD5) is now in effect, the Reserve Bank of Australia weighs in on Blockchain and the activity of the CME bitcoin futures contract has increased significantly throughout 2019. Michael Bacina, Tom Skevington and Petros Xenos of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain.
Amendments to the Corporations Act 2001 (Cth) (the Act) now require certain companies to implement a whistleblower policy with particular mandatory content. On 13 November 2019, ASIC released its finalised Regulatory Guidance (as Regulatory Guide 270).
The United Nations Convention on International Settlement Agreements Resulting from mediation (Singapore Convention) has been characterised by the Chief Justice of Singapore as a catalyst for viewing ADR as “appropriate dispute resolution”. This fills a void within the international legal system by simplifying the process of enforcing cross-border mediation settlements. The Singapore Convention operates under a dualist model and is a vehicle that fosters certainty and enables parties to utilise mediation in circumstances where the most desirable outcomes can be achieved.
The Australian Blockchain Community rally around supporting those affected by the recent fires, the Reserve Bank of Australia announces continued research into digital currencies, Qatar are banning all services involving cryptocurrencies, the SEC file an emergency motion in the Telegram case and China continues to evolve guidelines for blockchain patent applications. Michael Bacina, Tom Skevington and Petros Xenos of the Piper Alderman Blockchain Group bring you the latest legal, regulatory and project updates in Blockchain.