Russia May Build Offshore Destination for Cryptocurrencies, Exchanges and Forex

Leonid Petukhov, who heads the Far Eastern Agency for Attracting Investments and Supporting Exports, said the island could become an offshore destination for cryptocurrencies, crypto exchanges and forex markets.Bolshoy Ussuriysky lies on the border between Russia and China, with western parts of the long-disputed territory transferred to Beijing following a 2004 agreement.Petukhov made his statements while speaking to TASS at the St. Petersburg International Economic Forum.Russia has already built two offshore economic zones in recent years: Oktyabrsky Island off Kaliningrad and Russky Island in Vladivostok. Neither of them currently deal in cryptocurrencies.Russia’s own long-awaited cryptocurrency legislation is currently being delayed after facing a requirement to include more crypto-specific terminology.

Monero Developers Consider Adopting New Proof-of-Work Algorithm in October

Arweave, which has launched a permanent and decentralized internet, said that monero will implement the RandomX algorithm, thus replacing CryptoNight, if the audit is successful.Until now, monero developers reportedly hard-forked the network once every 6 months to ensure application-specific integrated circuit (ASIC) resistance by implementing small changes to CryptoNight.Arweave has purportedly partnered with monero developers to co-fund the audit, which is expected to reach $150,000 of funding and will be conducted over the next two months.The GitHub page dedicated to RandomX also notes that the algorithm requires miners to dedicate over two gigabytes of RAM to the process, which could make cryptojacking attempts harder to hide.

Singapore’s iSTOX to Launch a Regulated Digitized Securities Platform in 2020

Capital markets platform iSTOX has joined Singapore’s regulatory sandbox to launch digitized securities trading in late 2019, the firm announced in a tweet on May 24.Following its addition to the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox on May 1, the Singapore-based company will start providing service for the trading of digitized securities starting from Q4 2019, according to an iSTOX official press release.The MAS represents both Singapore’s central bank and financial regulator. The authority launched its FinTech Regulatory Sandbox in order to enable local projects to develop new financial products and services in a secure and efficient ecosystem.In late 2018, the MAS expanded its regulatory framework for payment operators to bring selected cryptocurrencies such as bitcoin (BTC) and ethereum (ETH) under its jurisdiction. The bank has submitted a new bill that is expected to replace two existing pieces of its legislation related to payments and remittances.

2020 Presidential Hopeful Swalwell Launches Crypto Donations Campaign

Swalwell, 38, announced his presidential bid on April 8. A fourth-term Member of Congress from California’s Bay Area, he serves on the House Intelligence and Judiciary committees and co-chairs the Democratic Steering and Policy Committee.Swalwell is also reportedly founder and chairman emeritus of Future Forum, a Congressional caucus of House Democrats that focuses on issues and opportunities for millennial Americans. His pro-technology House initiatives reportedly earned him the moniker of “The Snapchat King of Congress” in 2016.While 2020 contender and senator Elizabeth Warren is well-known as a staunch crypto critic, serial crypto advocate John McAfee has also claimed he aspires to run in the 2020 race. The controversial figure conceded he may have to run a prospective campaign from a boat in international waters, given his alleged indictment by U.S. tax authorities.

Circle Sheds 10% of Workforce as CEO Blames Restrictive US Regulatory Climate

The CEO of Goldman Sachs-backed crypto finance startup Circle blamed a hostile regulatory climate in the United States as he confirmed layoffs of 30 staff on social media May 21. Allaire had taken aim at the slow progress on unifying the patchwork U.S. regulatory landscape, but remained hopeful that the future would bring improvements.He made the comments while attempting to explain why Circle had cut off U.S. access to certain trading pairs on Poloniex, a cryptocurrency exchange the company acquired in 2018.Announcing the firings, Allaire likewise sought to underscore Circle’s overall health as a company.Crypto outlet The Block also reported that Circle has purportedly lowered its March fundraising goal of $250 million by 40%, citing unnamed sources.Circle is just the latest industry business to slim down its operations in response to an extremely challenging year.

EOS Developer Block.One Attempts 10% Private Buyback of Its Stock

EOS developer Block.one is attempting a 10% buyback of its stock, offering backers a share repurchase price that will return as much as 6,567% on their initial investments. As As reported today, Michael Novogratz’s crypto   merchant  bank Galaxy Digital accepted the buyback offer and sold its shares in Block.one for $71.2 million — realizing a 123% return on its initial investment. Novogratz stated that substantial outperformance from Block.One had contributed to the decision.Bloomberg cites a March 2019 email to shareholders that reportedly indicated that EOS’ total assets, including cash and investments, amounted to $3 billion at the end of February. $2.2 billion of these were held as what the company termed in its email “liquid fiat assets,” with most invested in U.S. government bonds. The email also reportedly revealed that the company’s crypto portfolio had halved to around $500 million during the bear market.

Zimbabwe Stock Exchange Eyes Blockchain-Based Products, Needs Regulatory Clarity

Zimbabwe Stock Exchange (ZSE) chief executive Justin Bgoni says ZSE is interested in adopting blockchain technology if regulatory certainty can be achieved.Regulatory certainty for the crypto spaces is currently being pursued in several jurisdictions. The newly reintroduced Token Taxonomy Act (TTA) in the United States for example, seeks to provide regulatory certainty for crypto by introducing uniform definitions and reclassifying it.ZSE is considering blockchain-based services and products in real estate investment trust securities, mineral commodities exchange, and exchange-traded funds, per the report.In 2017, however, the Reserve Bank of Zimbabwe (RBZ) — the country’s central bank — announced that bitcoin is illegal. That being said, RBZ Director and Registrar Norman Mataruka commented that the bank had begun investigating the risks of crypto, and that it would need to create a regulatory framework for digital assets before they could potentially legalize cryptocurrencies.

Coinbase Earn Now Available to the Public in Over 100 Countries

 Coinbase first announced the program at the end of 2018 as an invite-only initiative. This pilot period let users earn cryptocurrency by learning about the ERC-20 token “0x” (ZRX). Coinbase Earn users can also earn crypto. In return for taking quizzes about Stellar Lumens (XLM), Zcash (ZEC) and Basic Attention Token (BAT), users can earn those respective coins. Earlier this week, Coinbase added trading support for 50 new jurisdictions, as well as USD Coin (USDC) trading options in 85 new countries. In its press release announcing the expansion, Coinbase commented on its hopes for USDC to provide economic stability in these newly covered countries.

Reserve Bank of India Urged to Reconsider Banning Crypto From Regulatory Sandbox

The RBI’s proposed framework, unveiled last month, would allow blockchain technology to be tested on a small number of consumers — but cryptocurrencies, exchanges and initial coin offerings are excluded.Nasscom, a trade association of Indian IT companies, is calling for the regulator to rethink, and argues the RBI would better understand the risks associated with crypto by including it in the sandbox.Sandboxes are used by regulators around the world, including the United Kingdom’s Financial Conduct Authority. Some startups are concerned that India’s hardline approach will mean innovative products cannot be tested in their home country, even if they are permitted in international markets.India’s relationship with crypto has been fraught at times. Late last month, a report suggested that the world’s second-most populous nation was considering a complete ban on digital currencies.

ConsenSys-Backed Kaleido Launches B2B Tech Stack With ‘Plug-and-Play’ Features

The ConsenSys -backed company said the stack brings together the necessary tools and technologies that businesses need to build modern networks delivering operational improvements and new revenue streams. Kaleido claims it has helped multinational corporations including T-Mobile, Heineken, Sony, Shell and Fox implement blockchain-based solutions in their businesses.In November, Kaleido and Amazon Web Services launched a marketplace to help enterprises implement blockchain solutions — a move designed to eliminate the custom code required to build blockchain projects.Last May, the Enterprise Ethereum Alliance released its architecture stack, which was designed to standardize specifications for Ethereum -based business applications.