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Back to Square One
With the end of the year, time for some retrospective, there´snothing better than remembering the importance of blockchain technology. In this issue, we bring the article “Blockchain will impact your life… here’s how and what you can do about it”, which deals with the topic in a simple way, with practical examples and points out some reasons to get to the point.

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Companies unite to elaborate code of conduct for the cryptoasset market – On November, 10, companies in the New York financial services sector created the Association for Digital Asset Markets (ADAM) that will have as one of its goals the elaboration of a code of conduct for the cryptoasset market. ADAM intends to increase transparency and prevent market manipulation.(BUSINESS WIRE, 11.27.2018)

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Real Estate company launches Security Token Offering (STO), with the sale of fractions of its properties via tokens – Convexity Properties announced in late November that it will sell tokens backed up by the Hub, a luxury residential property for students, located near the University of South Carolina. The goal is to raise 20 million dollars. The purchase and sale of tokens will be restricted to accredited investors. The token developer, the Harbor company, created security layers that made it mandatory the “Know-Your-Customer” (KYC) and “Anti-Money Laundering” (AML) protocols, among other financial compliance rules.(FORTUNE, 11.27.2018)

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SEC Chairman states that there is no prediction for the approval of the Exchange Traded Funds (ETFs) of cryptoassets – As discussed in our newsletter of 08.21.2018, are pending approval in the SEC the ETFs of cryptoassets – funds traded on stock exchanges, that allow diversification of investment into a single vehicle. At the CoinDesk’s Consensus: Invest Conference, held in late November, the Chairman of the Securities and Exchange Commission (SEC), Jay Clayton, said the approval of cryptoassets ETFs depends on the end of market manipulation. Another worrying point for the SEC is the custody of the assets.(COINDESK, 11.27.2018)

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CFTC publishes second guide on Smart contracts – On 11.27.2018, the Commodity Futures Trading Commission (CFTC) published on its website the second guide on smart contracts, in order to explain the technology. The text clarifies what the technology is, including its historical origin, characteristics, potential applications and possible impacts on the everyday life. The CFTC points out that smart contracts are subject to existing laws, including the Commodity Exchange Act (CEA) and “Anti-Money Laundering” (AML), depending on their application or type of product linked to it. (COINDESK, 11.28.2018; CFTC, 11.27.2018)

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Ohio State will accept cryptoassets for the payment of taxes – Ohio is the first U.S. state to allow the payment of taxes using cryptoassets, in particular bitcoin. The state, however, will not directly receive cryptoassets. Taxpayers will have to send the amount to Atlanta payment processing company, BitPay, which will convert it into US dollars and send it to the State Treasurer’s Office.(QUARTZ, 11.28.2018)

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U.S. Federal Electoral Commission (FEC) enables cryptoasset mining to support political campaigns – In the memorandum published on 11.13.2018, FEC issued an opinion allowing the mining of cryptoassets by individuals as a form of support for their candidates. The memo was issued due to a query made by Osianetwork LLC last September, which asked whether individuals could assign their computers to a “pool” of cryptoasset mining, with the aim of contributing to candidates campaigns. According to FEC, even with approval, any donation made to political campaigns in this way will be counted as a contribution of the miners and the Osianetwork itself. Thus, it would work similarly to a political committee that raises money through volunteers.(COINDESK, 11.19.2018)

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South Korea launches project for voting in blockchain – Since 2013, South Korea has a online voting system, called K-voting, which has been used by more than 5.6 million people. However, the system is not completely secure, since it is susceptible to hacker attacks and other frauds. In this context, the country decided to develop a voting program using blockchain technology. The Government believes that,with these procedures, its citizens will vote more safely and easily through the Internet. (EPOCA NEGÓCIOS, 11.28.2018)

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Blockchain Desk Recommends
In this issue we bring the article “Why Everyone Missed the Most Important Invention in the Last 500 Years” by Daniel Jeffries, a comprehensive and entertaining analysis of the evolution of the accounting/record systems, from the single entry record to the triple system entrance, which is at the base of blockchain technology

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Blockchain Desk.