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Back to Square One
Blockchain technology has changed the way people relate to others in various segments, including the work segment. In this issue, we suggest the text “Typical Blockchain Jobs”, published in Medium, which lists some jobs created or innovated by blockchain technology.
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Block News
Brazilian Securities and Exchange Commission (“CVM”) changes the CVM Normative Ruling 505 – The Brazilian Securities and Exchange Commission issued the CVM Normative Ruling 612, amending the CVM Normative Ruling 505, which rules the activities of intermediaries in the regulated securities market. According to CVM’s statement, the local authority seeks to improve the internal controls and practices of intermediary institutions regarding (i) the registration and filing of orders; (ii) events that may impact the activities and cause the interruption of critical business processes; and (iii) failures related to information security. The new wording of CVM Normative Ruling 505 will be effective on 09/01/2019. (CVM, 08.21.2019)
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Securities and Exchange Commission (“SEC”) charges company of raising millions of dollars through unregistered ICO – According to SEC statement, SimplyVital Health raised 6,3 millions of dollars in 2017 with an unregistered Initial Coin Offering (ICO) . The company announced the debut of its platform and raised this amount only by the pre-sales of their Health Cash token (HLTH), offered by an investment contract (SAFT – simple agreement for future tokens). While not admitting the violation, SimplyVital complied with the SEC’s ruling to return the amount received to their investors, so as not to face any additional penalty. (DECRYPTO; 08.14.2019)
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Paraná, a Brazilian state, launches a project to develop a marketplace to buy and sell electric energy based on blockchain technology – The project registered at Aneel (Brazilian energy agency) under number 02866056/2016, developed by Companhia Paranaense de Energia (COPEL) in partnership with CPQD foundation, is developing a decentralized blockchain-based marketplace for transactions involving electric power. The project shall run for 21 months and, in addition to the implementation of a blockchain network to give operational support, simulators will be developed to emulate the interaction between the project participants in the energy transactions which will be executed by smart contracts. Alongside, Cointelegraph reported that EDP will be the first electric energy company in Brazil to use blockchain technology in the energy sector. The company will measure and record the energy consumption and distributed generation by the consumers in the company’s concession area (COINTELEGRAPH; 08.23.2019)
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Rwanda Central Bank plans to issue its digital currency – To increase transaction efficiency and promote economic growth in the African country, the Rwanda Central Bank plans to offer its digital currency. According to Financial Stability Director-General Peace Masozera Uwase, the Central Bank is also learning with other countries, studying the attempts of other Central Banks, such as Canada, Singapore, and the Netherlands, to implement their national digital currency. (BLOOMBERG; 08.22.2019)
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Urban development project has already recovered more than 70 tons of recyclable waste on the coast of Rio de Janeiro with the help of blockchain technology – The Recicla Orla project is responsible for the administration of several kiosks along the coast of Rio de Janeiro. The waste is collected near the kiosks and then selected to be recycled and returned to the industry for reuse. The data from this process is recorded in a blockchain platform, developed by startup Polen, so that companies can prove the realization of the so-called “reverse logistics” of consumption of the products, in compliance with current legislation. According to the report, “the correct disposal of this material (…), has already resulted in the emission savings of 20 tons, in addition to the positive social impact”. (COINTELEGRAPH; 08.16.2019)
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Atlas Quantum present audit report to Brazilian Securities and Exchange Commission (“CVM”) – As reported in our latest newsletter (to access it click here), the Atlas Quantum, a Brazilian crypto exchange and asset manager, was banned by the CVM from advertising its investment-related services. On August 22, 2019, the exchange presented the result of an audit to prove that the company has the bitcoins it claims to have in its custody. Since CVM stated that the company’s advertising was an irregular offer of a collective investment agreement, part of its clients tried to withdraw their assets but were surprised with the change in the withdrawal period (from one to four days). After the audit report – conducted by Grant Thornton company – Atlas Quantum is promising to pay its customers three-day late yields, with an additional bonus of 25 percent of the yield. (VALOR INVESTE; 08.23.2019)
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California universities will have blockchain study programs related to blockchain – Mousebelt Blockchain Accelerator opened a blockchain study program in August at the University of California Davis, Los Angeles, and Santa Barbara campuses. The intention is to invest in the development of research and projects involving blockchain technology. The program will sponsor from undergraduates to Ph.D. students. University of California extension director Ashlie Meredith said that the program was designed to fill a knowledge gap as most universities do not offer blockchain classes. (COINDESK; 08.22.2019)
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Blockchain Desk Recommends
Blockchain technology has been developing significantly fast, which raises questions about its legal treatment, especially in its use in financial services and products. In this issue, we recommend reading the article “Blockchain e o mercado financeiro e de capitais: riscos, regulação e sandboxing”, written by Marcus Vinicius Cardoso Barbosa, Rio de Janeiro State Attorney, in which he discuss some of the challenges of regulating the Blockchain in the financial and capital markets, based on examples from other jurisdictions.
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Blockchain Desk.