Tag : Financial

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Dubai is Launching a Blockchain-Based Legal System

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The Dubai International Financial Center has announced that they will launch a new blockchain-based initiative. They are going to partner with the Smart Dubai project for this venture. This partnership will result in the formation of the world’s first Court of Blockchain.

The announcement was made on the 30th of July, 2018. This new partnership between Smart Dubai and the DIFC will explore blockchain technology. Through the innovations in this new technology, its applications in cross-border court judgments will be explored. There is a potential to create the first-ever blockchain technology-based judiciary system for the world. It will allow decentralized information systems between different courts to coordinate and establish an international system.

Dubai’s Blockchain-Powered Future

The new court system will be targeting the use of blockchain technology to make the judicial process smoother. It will minimize the need for duplicating documents and improve the overall efficiency of the legal system in Dubai.

The DIFC courts have the job of providing resolutions to commercial and civil disputes. These include the likes of international transactions, employee disputes and debt collection.

This partnership is aiming to provide quick implementation of the new technology. The whole model of governance and economy will see itself become revamped. Smart contracts that can deal with dispute resolution will create a lot of opportunities for improvement.

The Chief Executive Officer of the DIFC Courts talked about the new partnership. He said that this new task force will deliver the courts as a service. Powered by blockchain technology, Dubai will cement its position in the forefront of legal technology. It will set new standards for legal processions for the world to follow.

The court of the blockchain project is in line with Dubai’s push for a blockchain-powered future. Dubai boasts an extensive network of task forces. They are all working towards building a bright digital future for the city-state.

The director General of the Smart Dubai Office, Dr Aisha Bint Butti Bin Bishr says that the region has become a global trailblazer.

It is embracing advancements in technology to steer the region towards a more secure future.

Blockchain technology has been a revelation for the world with all the disruption it has caused. The potential uses for the technology are apparently endless. This invention of such a high caliber yet equally disruptive nature is providing a new set of rules, which are more effective. They make them easier for the institutions to uphold them.

BV Prime

$100 Million Initial Coin Offering Project in Trouble

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Envion AG, the issuer of a $100 million is in trouble with the Swiss Financial Market Supervisory Authority. The Swiss FINMA has announced the launch of proceedings against Envion AG.
The press release by the Swiss FINMA has revealed the intent of the regulator to enforce proceedings against the ICO issuer. This announcement comes in light of the fact that the Swiss regulators have come across incriminating evidence. The FINMA has reasons to believe that Envion AG has breached financial market law with their Initial Coin Offering. This is a result of the company accepting public deposits for the ICO of the EVN token.
Investigations carried out by the FINMA have revealed that Envion AG has accepted public funds of over $100 million. With over 30,000 investors on board, they’ve promised them EVN tokens in a bond like form.
Envion AG Making Headlines for Second Time
This is the second time Envion AG has made its way into headlines this year. The whitepaper launched by the company starts off with the legal disclaimer. It states that the US Securities and Exchange Commission and the Swiss FINMA have not approved investments. It’s not just these two major financial authorities. No financial authority has approved the investment into their tokens.
That being said, the disclaimer adds that the token can is identifiable as a security. The ICO promises holders of the tokens with profits resulting from mining operations. That means the token is also subject to regulations under the US securities laws. The disclaimer adds that the ICO is compliant with said laws. It restricts US citizens and green card holders from access to the category of accredited investors. This is in compliance with Rule 506 (4) of the US Security Act Regulation D.
The Swiss Financial Market Supervisory Authority will not be making any further announcements. They want to bring the matter to a conclusion before they elaborate on the whole ordeal.
This is an interesting development considering the current state of affairs. May of 2018 saw the New York Times publish an article about Envion AG. The article elaborated that the creators of the company have been accusing one another of fraud. This has been a result of the founders losing control over their own company.
With the announcement of the Swiss Financial Market Supervisory Authority pursuing proceedings against Envion, things are looking to become even more interesting. The result of the FINMA inquiry remains to be seen.