Why Blockchain Firms Shouldn't Ignore New EU Cybersecurity Laws

Why Blockchain Firms Shouldn't Ignore New EU Cybersecurity Laws

Jacek Czarnecki is an attorney at Warsaw-based law firm Wardynski & Partners, where he specializes in areas including FinTech, digital currencies and blockchain. In this opinion piece, Czarnecki discusses European regulatory developments beyond blockchain, arguing that some laws under review outside the industry’s oversight could prove impactful to its practices. We know that ‘virtual currencies’ (the term to be hardwired into European Union law) will be covered by new anti-money laundering and terrorist financing regulations. But, while the details on this industry-specific regulation will follow shortly, there are also other pieces of the EU legislation that deserve attention in the meantime. Going forward, it is quite clear that...

Polish Regulator Recognizes Bitcoin Businesses

Bitcoin regulation in Poland has taken a step forward with the news that the country’s Central Statistical Office (GUS) has recognized the trading and mining of virtual currencies as an official economic activity. As a result, companies active in the industry will now be able to register with the agency. Firms involved in virtual currency trade and production can apply to obtain an official PKD 64.19.Z registration when filing their entities with the official court register, the GUS said in a statement. The development marks a significant advance for industry players in Poland where, to date, the state has not issued any specific legislation that regulates bitcoin and other virtual currencies. That said, the Polish Ministry of Finance has previously released a...

EU Watchdog: Blockchain Security Should Be Concern For Finance Firms

Financial firms need to be mindful of cybersecurity challenges as they look to integrate blockchain, a top IT agency for the European Union said this week. The European Union Agency for Network and Information Security (ENISA) has published a new report on blockchain tech, which seeks to highlight the security challenges that large businesses might experience in the face of broader blockchain adoption. Key management, data privacy and oversight of smart contracts were some of the major items identified in the report. It’s the first time the agency, founded in 2004, has released a major report on the tech. Last year, ENISA published a glossary page on its official website that offered an overview of blockchain, noting at the time that “it is too soon...

Digital Trade Chain: 7 Banks Could Go Live With Blockchain in 2017

Digital Trade Chain: 7 Banks Could Go Live With Blockchain in 2017

Seven major European banks are partnering on a new blockchain-based trade finance platform, with a tentative plan to launch sometime in the second half of 2017. Dubbed Digital Trade Chain (DTC), the initiative grew out of an earlier proof-of-concept spearheaded by Belgium-based bank KBC and first unveiled in July of last year. Those backing the platform’s development are looking to establish a secure place to manage open account trade transactions for both domestic and international commerce. DTC utilizes a permissioned ledger, with authorized parties allowed to submit transactions on the platform. Open account trade transactions involve products being shipped before the actual payment is due, meaning that trust among the transaction’s parties is imperative. With...

UK Exchange Coinfloor Embraces 'No-Fee' Bitcoin Trading

London-based digital currency exchange Coinfloor has announced it will adopt a ‘no-fee’ bitcoin trading policy beginning later this week. With the move, Coinfloor, one of the larger players in bitcoin’s still nascent GBP market, embraces a pricing strategy that is comparable to the industry’s largest, though primarily China-based exchanges, which have long withheld fees on bitcoin-denominated trades. Speaking to CoinDesk, exchange representatives indicated that the move is designed to boost liquidity at the exchange, the largest GBP bitcoin trading platform by volume, according to data from Bitcoinity. The exchange sees just over 630 BTC (roughly $425,000) in bitcoin trades daily, a figure that puts it ahead of Coinbase’s GDAX...