Fintech startup InstaReM expands services to the EU
Cross-border payment firm InstaReM has announced a continued expansion across the globe – this time to the European Union. The company has come a long way since opening its very first corridor in Australia in 2014. With the issuance of the Electronic Money Institution license (EMI) from the Bank of Lithuania, InstaReM will be able to provide international money transfer services in Europe from Vilnius, which will be InstaReM’s seventh office globally. Operating out of Lithuania will not only allow InstaReM to grow its customer base exponentially throughout the EU, but will also play a significant part in developing Lithuania’s fintech eco-system. InstaReM aims to invest approximately 3 million euros […]
DigitalX advises Power Ledger on Australia’s first Initial Coin Offering (ICO)
DigitalX Ltd advises that it has been engaged as an advisor to Blockchain energy trading company Power Ledger for its Initial Coin Offering (ICO). Following a pre-ICO or “Token Generation Event”, in which Power Ledger raised the equivalent of AUD$17 million of digital currency, Power Ledger is offering 140 million POWR tokens as part of the main sale. POWR tokens will effectively be auctioned to the public, generating interest from solar developers, renewable energy projects, retail investors and speculators. “DigitalX is quickly becoming a market leader for ICO advisory services and we are pleased to be able to work in a strategic role to the Power Ledger project. “Power Ledger […]
Stricter regulations are coming for new digital currencies in Australia
The Australian Securities & Investment Commission (ASIC) has released a guidance paper on the regulatory framework for initial coin offerings (ICOs) in Australia. “ICOs generally operate by allowing investors to use cryptocurrency (such as bitcoin) to purchase coins via the internet for a set period of time,” ASIC said. “The ICOs are often global offerings which can be created anonymously and/or accepted anonymously.” The paper clarifies what type of ICOs would be regarded as a Managed Investment Scheme (MIS), and therefore subject to the Corporations Act. Here’s ASIC on what constitutes an MIS: A managed investment scheme (MIS) is defined within the Corporations Act. Basic indicators of whether an arrangement […]
Bitcoin ‘more than just a fad,’ Morgan Stanley CEO says
Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept — interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.” The digital currency has […]
Now you can buy Ethereum and alt-coins with cash at your local newsagent
The cryptocurrency revolution is coming to your local newsagent. Since 2016, enthusiasts have been able to purchase bitcoin over the counter in a local store via the blueshyft platform. Through a new partnership with CoinSpot, that has now been expanded to include numerous other cryptocurrencies, including Ether, the biggest rival to the dominance of bitcoin in the digital currency world. blueshyft CEO Kain Warwick describes the new in-store offering as a significant improvement to the availability of Ether and other digital currencies for consumers. “More Australians are becoming interested in cryptocurrencies beyond bitcoin. This partnership with CoinSpot now provides a simple method for consumers to buy many different […]
Legislation introduced to remove double taxation on digital currencies: What this means for startups
Digital currencies such as Bitcoin and Ethereum will no longer be subject to double taxation if legislation introduced last week into the Federal Parliament is successful. Treasurer Scott Morrison says the proposed change will “further cement Australia’s reputation as a global Fintech centre”. The legislation follows a promise the federal government made in the 2017 Budget, when it pledged to exempt purchases of digital currencies from the goods and services tax (GST) from July 1. The promise followed on from a statement by the Treasurer in March 2016, committing the government to addressing the issue. The legislative changes mean digital currencies, such as Bitcoin and Ethereum will be treated similarly […]
World’s central banks can’t ignore the Bitcoin boom, BIS says
The world’s central banks can’t sit back and ignore the growth in cryptocurrencies as it could pose a risk to the stability of the financial system, according to the Bank for International Settlements. It said central banks will need to figure out whether to issue a digital currency and what its attributes should be, though the decision is most pressing in countries like Sweden where cash use is dwindling. Institutions need to take into account of not only privacy issues and efficiency gains in payment systems, but also economic, financial and monetary policy repercussions, the BIS said in its Quarterly Review. The analysis comes at the end of a rough […]
Two Australian fintechs selected to help develop payments solutions for the world
Two Australian fintech companies have beaten entrants from across the world to be selected among five finalists in a global payments industry challenge, where they will work to develop new cross-border solutions for thousands of banks. Assembly Payments and CurrencyVue have been selected to take part in the SWIFT gpi Industry Challenge in Singapore on 13-14 September. As part of this challenge, the two well-established financial technology companies will work with 30 banks to develop new services for SWIFT’s more than 11,000 financial institution members across 200 countries, leveraging its SWIFT global payment innovation (gpi) service. Two winners will emerge from the Singapore event and will be featured at Sibos […]
