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Originally, sidechains were developed to solve problems related to blockchains, such as the scalability. They work as “extensions” of a main blockchain, increasing its main function by providing the validation of the information more rapidly. Due to its innovative potential, we bring, on this issue, an article that illustrates, in a didactic way, the concept, main features and functions of sidechains.
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New bill of law to regulate cryptoassets in Brazil is presented in the House of Representatives – On 04.04.2019, congressman Aureo Ribeiro (SOLIDARIDADE-RJ), submitted to the House of Representatives a new bill of law (no. 2,060/2019), aiming to determine the legal regime of cryptoassets as well as criminalize their fraudulent use, including increased penalties for cases of “pyramid scheme”. The new bill of law has a different approach from the first bill presented by the same congressman (PL nº 2.303/2015), which included the cryptoassets in the definition of “payment arrangements, under the supervision of the Central Bank”. (CONJUR, 04.10.2019; CRIPTOMOEDAS fácil, 04.14.2019)
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The National Civil Aviation Agency (ANAC) authorizes the use of blockchain technology in its activities – Through Resolution No. 511, published on 04.11.2019, ANAC authorized the use of blockchain Resolution No. 511, published on 04.11.2019, ANAC authorized the use of blockchain to record information on civil aviation in Brazil. As reported by the Bitcoin Portal, “[t]he old rule that dealt with data authentication, public and private keys, hashing and asymmetric digital encryption, now includes Blockchain as a way to guarantee the immutability of the information registered within the agency”. The registration of the information in Blockchain will have to follow the guidelines of the Information Technology Superintendence (STI) of ANAC, which will be drafted by ANAC after public consultations, as pointed out by Article 1 of the Resolution. (PORTAL DO BITCOIN, 04.12.2019; DIÁRIO OFICIAL DA UNIÃO, 04.12.2019)
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Blockstack announces Security Token Offering (STO) under Securities and Exchange Comission (SECs) A+ regulation to enable decentralized Internet – In 2017, Blockstack, a company that develops software with blockchain technology, announced that it would create a decentralized internet infrastructure. Recently, in April 2019, the company said that it plans to raise about 50 million US dollars with an STO using the A + Regulation of the SEC. This procedure is more flexible than an IPO, for example, and will occur through the subsidiary Blockstack Token LLC that will issue the token Blockstack Stacks. (COINDESK; 04.11.2019)
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Coinbase launches debit card that enables the payment of products and services with cryptoassets – Exchange Coinbase has placed on the UK market the debit card named Coinbase Card, which aims to enable payment with cryptoassets. The card uses the VISA system that synchronizes directly with the user account in the Coinbases system. Suppliers of products and services will not receive payment in cryptoassets, as Coinbase will convert the crypto in currency before transferring the value to the supplier. (CNBC; 04.10.2019)
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International Chamber of Commerce (ICC) starts partnership with startup for blockchain use – ICC is an international non-governmental organization that works to promote and advise international trade and globalization and is one of the world’s leading centers for dispute resolution. In order to promote the use of technology by all industry sectors, ICC has partnered with the startup Perlin to create a group called “ICC Blockchain / DLT Alliance”, a reference to distributed registration technology. In the initial phase, the partnership will focus on the traceability of the production chain and the simplification of international transfers. The ICC will connect Perlin with several companies in the market, and name it as an official technology partner, with free access to the Perlin platform during the initial phase of the project. (FORBES; 04.10.2019)
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France will try to boost regulation of cryptoassets in the European Union – After the approval by the French Parliament of a bill of law for the issuance and sale of cryptoassets devices on French territory, France begins a campaign to persuade the European Union to adopt a unified regulatory framework in line with the French one. The law passed by the French Parliament allows the issuance and commercialization of cryptoassets, provided that a certificate issued by the French Financial Market Regulator is obtained. One of the consequences is that issuers, traders, custodians and investors will pay taxes on any gains obtained. (REUTERS; 04.15.2019)
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Blockchain Desk Indica
In this issue, we bring the article “Token Taxonomy Act of 2019: The Digital Token Exclusion”, written by Grant Gulovsen, which analyzes in detail the bill of law known as the “Token Taxonomy Act of 2019”, which proposes changes in US securities legislation and the tax regime applicable to cryptoassets.
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