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Back to Square One
On October 31st, the Bitcoin (BTC) whitepaper has completed 10 years! To commemorate the anniversary of the most famous blockchain in the world, we have brought in this edition the article “10 years of Bitcoin: from impossible idea to a market value of R$ 400 billion“, published in the Portal Bitcoin, with a brief history of the cryptoasset, since its creation to this day.

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Initiative Q: the project that promises virtual money “for free” – The Israeli Initiative Q project, created by Saar Wilf, aims to be the payment system of the future. “The initiative wants to serve as a currency, a unique and global means of payment, more or less in line with what Bitcoin is. But with a very important differential for the cryptocurrency: it is not decentralized.” The founder promises “easy money” to anyone who signs up on his platform and invites others to participate – the so-called “word-of-mouth” marketing. There are those who doubt that such a system would not be a pyramid, but for now, it is being framed as a “gain of trust”, since there is no need to contribute and it is not known when (and if) users will receive money. (EXAME, 06.11.2018; FORBES, 01.11.2018)

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Brazilian Startup develops cryptoasset to bring retailers closer to end consumers and reduce costs with marketingCreated by the startup WiBOO, the cryptoasset platform, Wibx, promises to reinvent the well-known reward programsWibx, promises to reinvent the well-known reward programs. In it, companies can offer “credits”, in the form of cryptoassets, to users in exchange for sharing their content, products, sales, and campaigns in social networks. In order to prevent a “speculative” trend of those who join, each consumer will have three months to exchange the cryptoassets for products, otherwise the value will go to a fund of “social profit”, to be used in social causes for poor communities. (SEPTEMBER BUSINESS, 31.10.2018)

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Brazilian Federal Revenue Office initiates Public Consultation to edit Normative Instruction on operations involving Cryptoassets – The Public Consultation No. 6, of 2018, available on the Federal Revenue website, aims to create ancillary obligations for exchanges of cryptoassets (companies that negotiate and/or make feasible the purchase and sale of cryptoassets), as well as for individuals and legal entities operating with cryptoassets in exchanges abroad or outside exchanges. Among the obligations set forth in the new Ordinance, it is the duty to inform the Federal Revenue about the operations involving cryptoassets. Contributions can be sent until Nov. 19th, 6pm, through a special form. (FEDERAL REVENUE OF BRAZIL, 31.10.2018)

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Japan allows the Japan Virtual Currency Exchange Association to self-regulate the cryptoassets market – The Financial Services Agency (FSA, a body similar to the Brazilian CVM) has granted the Japan Virtual Currency Exchange Association permission to regulate the cryptoassets market. Such authorization allows the Association to set rules for protecting client assets, preventing money laundering and enforcing operational guidelines, and the power to supervise the compliance with its rules. The FSA also stated that stablecoins should not be treated in the same way as other cryptoassets. For this reason, the Fund Settlement Law (which classifies cryptossets as a mean of payment, what makes them exempt from consumption tax) and the Payment Services Act (which establishes rules for registering the exchange of crypto assets in the FSA) are not applicable to stablecoins. (REUTERS, 24.10.2018; ETHNEWS, 29.10.2018)

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Coinbase Custody obtains license to operate as an independent Qualified Custodian – Coinbase Custody presents itself as “an institution that maintains custody over a large number of crypto assets in a highly secure manner”. According to a statement from Coinbase, the company obtained a license from the New York Department of Financial Services (NYDFS) to operate as a qualified custodian. Obtaining the license demonstrates the company’s concern for safety and US law. (The Coinbase Blog, 23.10.2018)

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Blockchain Desk Recommends
Each cryptoasset has distinct characteristics, which makes them unique in the market. However, it is possible to classify them according to their application, technology, value and alike. In this edition, we recommend the “Cryptoasset – Taxonomy Report“, from CryptoCompare, which aims to present and classify, in a very detailed way, the different types of cryptoassets existing in the market.

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Blockchain Desk.