Japan’s crypto industry drafts self policing rules
In an effort to step up consumer protections and improve transparency, Japan’s cryptocurrency industry has drafted new regulations that prohibit insider trading and the trading of new currencies that cannot be traced easily.
The Japan Virtual Currency Exchange Association, created in March, will vote on the proposal at a meeting on June 27. It seeks to adopt the rules as soon as it is recognized as a self-regulatory body by the Financial Services Agency, a financial watchdog.
The FSA initially refrained from imposing strict rules on the budding industry in hopes of promoting growth. But the theft of over $500 million in mostly NEM coins from cryptocurrency exchange Coincheck in January heightened the need for stronger regulation.
Walmart patents a Bitcoin powered electrical grid
US retail giant Walmart has patented a new electrical grid powered by Bitcoin that could be used for better management of energy consumption.
The patent application was published by the US Patent and Trademark Office on June 14th.
MANAGING A DEMAND ON AN ELECTRICAL GRID USING A PUBLICLY DISTRIBUTED TRANSACTIONS LEDGER
A method and system for managing a demand on an electrical grid is provided, including: receiving a capped total amount of cryptocurrency available to purchase units of energy from an energy provider, the capped amount of cryptocurrency being recorded in a publicly distributed transaction ledger, allocating a portion of the cryptocurrency of the capped total amount of cryptocurrency to each energy consumption device, wherein the portion of the cryptocurrency allocated to each energy consumption device is recorded in the ledger, receiving, a request from an energy consumption device of the plurality of energy consumption devices that the energy metering device purchase an energy unit, using the portion of cryptocurrency allocated to the first energy consumption device, accessing the publically distributed transaction ledger in response to receiving the request from the first energy consumption to verify that the first energy consumption device has a remaining amount of cryptocurrency.
US Gov officials must disclose crypto holdings
Those working for the executive branch of the US government must disclose their cryptocurrency holdings, officials from the US Office of Government Ethics said on Monday.
In the legal advisory, ethics officials clarified that cryptocurrency is “property held… for investment or the production of income” instead of a “real” currency or legal tender. As a result, the OGE will now require executive branch employees to report holdings of digital currencies because they “may create a conflict of interest for employees who own it.”
Dubai luxury resort offers units for sale by Bitcoin
Luxury hotel units at Al Mahra Resort by Cristal can now be purchased with Bitcoin. The 4-star luxury resort is one of the first hotel projects in the Middle East to be available through cryptocurrency. Located in the heart of Al Marjan Island in Ras Al Khaimah, the resort is being developed at an investment of $95M and is expected to open by 2020.
Al Mahra Resort by Cristal is owned by FAM Holding, a business conglomerate with diversified investments across the U.A.E. Dr. Faisal Ali Mousa Al Naqbi, Owner & Chairman of FAM Holding, said “Cryptocurrency has radically improved the transparency, speed and security of property transactions with smart contracts, hence it is really ground-breaking to do what we are doing.”