EBA welcomes EC's virtual currency AML proposal, suggests sufficient time to implement amendments

The European Banking Authority has recently published its opinion on the European Commission’s proposal to bring virtual currencies into the scope of Directive (EU) 2015/849 (fourth Anti-Money Laundering Directive). The EBA has proposed that sufficient time should be given to member states, competent authorities, custodian wallet providers (CWPs) and virtual currency exchange platforms (VCEPs)to transpose and implement the amendments, taking into account that the AML/CFT regime for VCEPs and CWPs does not yet exist.

IRS not to provide additional guidance on tax treatment of virtual currency transactions

According to latest reports, the Internal Revenue Service (IRS) has no plans to provide updates on how existing general tax principles apply to transactions using virtual currency. Keith Aqui, principal author, and Adrienne Griffin, information-reporting specialist, have confirmed that they do not intend to respond, nor are there any ongoing or planned projects to update the 2014 notice.

New version of California’s digital currency bill draws flak

The California Legislature recently released a new version of its digital currency bill AB 1326. The cryptocurrency community seems to be quite disappointed with the latest version. In an online post, Peter Van Valkenburg, Research Director at Coin Center, and Jerry Brito, Executive Director at Coin Center, have penned down the loopholes of the bill. They contend that the new version of AB 1326 is bad news for anyone who loves Bitcoin and blockchain technology, and highlighted “grave concerns” about the new language.

R3, 15 consortium members test distributed ledger technology for trade finance

The consortium members have completed two prototypes that demonstrate how distributed ledger technology [DLT] can address the key challenges facing the $45 billion global trade finance industry. The members involved in the trials include Barclays, BBVA, BNP Paribas, Commonwealth Bank of Australia, Danske Bank, ING Bank, Intesa Sanpaolo, Natixis, Nordea, Scotiabank, UBS, UniCredit, U.S. Bank and Wells Fargo.

Scam or not: Cryptocurrency community divided over Ethereum Classic

In a recent blog on Huffington Post cryptocurrency enthusiast David Seaman has not only called the Ethereum Classic project a scam but has also raised questions about Barry Silbert, founder and CEO of the Digital Currency Group, involvement in promoting it.

Blockchain research studies:

• 90 pct believe blockchain technology to alter payment landscape by 2025: EPC poll
   
• ‘The Blockchain Opportunity’- a book that explores cryptocurrency solutions in Africa
   
• Capgemini lays out 9-step approach for evaluating blockchain platforms
   
• CB Insights lists blockchain use cases beyond banking and payments
   
• Deloitte envisions future sports stadium with bitcoin-based betting system

Blockchain conferences/programs:

• Australian minister to share updates on regulating digital currency at 2016 CTF Summit
   
• Coders to get a brush with bitcoin protocol at Hacker Residency Program in New York

Important deals, partnerships, and more:

• Big four accounting firms to contemplate blockchain consortium
   
• Chain partners with US universities for ambitious industry-academia blockchain project
   
• TradeZero partners with bitcoin pioneer Jered Kenna to offer first ‘dark pool’ digital currency market trading