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PGB signs MOU with global blockchain leader NChain

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The Provincial Government of Bataan (PGB) recently signed a Memorandum of Understanding (MOU) with global blockchain leader NChain with the objective of laying down the framework for the establishment of a digital platform for the province in order to streamline current systems and procedures of government services.

Signed by Bataan Governor Joet Garcia and NChain AG Chairman Stefan Matthews, the MOU is pursuant to Republic Act No. 11032 also known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. This partnership aims to digitalize the operations of the PGB.

NChain’s Stefan Matthews said, “NChain is committed to partnering with governments around the world to digitally transform their economies. Through this memorandum of understanding with Bataan, we are thrilled to propel the state forward by providing expert advice and blockchain-based solutions for the digitization of the state services, products, and processes using our robust intellectual property rights portfolio. With BSV blockchain powered by NChain, Bataan can look forward to an efficient, secure, and transparent system in digitalizing various branches and agencies of the state, providing better services and products for its people.”

For his part, Governor Garcia lauded the partnership that will utilize NChain’s “cutting-edge blockchain technology and improve the efficiency and transparency of our government operations, as well as provide innovative, secure and accessible online services to our citizens.”

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He added, “We are excited to be at the forefront of the implementation of blockchain technology in government services. This partnership with NChain will greatly benefit our citizens by providing them with fast and secure access to government services, while also ensuring the integrity of these services.

More than that, the Governor emphasized that “the technology will improve the transparency and accountability of government operations, as it provides tamper-proof record of all transactions.”

He also disclosed that the roll-out of this technology will happen in the coming months “as the Provincial Government of Bataan and NChain work hard to achieve our common goal of fully enabling blockchain technology in government services.”

He added, “We are confident that this strategic alliance will result in improved efficiency within the state’s operations and bring many innovative possibilities for the future.”

Founded in 2015 and with offices in London, United Kingdom; Zug, SwitzerlandLjubljana and Maribor, SloveniaStockholm, Sweden; and Manila, NChain unleashes the potential of blockchain technology through ongoing research and development of inventions, including the maintenance of a robust patent portfolio, and by offering software, IP licensing, and consulting services across several industries, including iGaming, supply chain, and finance.

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NChain also offers solutions in the digital payment space, along with professional services that assist enterprises of all types to benefit from blockchain technology. NChain currently has almost 2,800 registered patent applications of which approximately 500 have been granted and is the developer behind the Bitcoin SV Node software, Teranode, LiteClient, Kensei and more.

Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Blockchain

Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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