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Blockchain & The Law Roundup: 14 September 2017

The latest in the high speed world of blockchain development includes the rush towards regulation, Canada’s first in-house blockchain attorney. The $1Billion blockchain lawsuit.

 

Title:  Professor Urges New Zealand Government to Develop Bitcoin Regulations

Author:  Bitcoin.com

Date: 9 September 2017

URL:  https://news.bitcoin.com/professor-urges-new-zealand-government-to-develop-bitcoin-regulations/

Extract: Head of Auckland University’s Commercial Law Department, Associate Professor Alex Sims, has urged the New Zealand government to legitimate bitcoin and other cryptocurrencies through developing a permissive regulatory apparatus. Sims argued that legitimating cryptocurrencies is imperative in order for the government to lay the groundwork required in order to facilitate the application of blockchain technology in a range of economic sectors. “The technological advances are compelling, which is extraordinary from something that only came up under 10 years ago,” Sims told Interest.co.nz.

 

Title:  Crypto Valley Association Comes Out in Support for Careful ICO Regulation; Announces ICO Code of Conduct

Author:  Blockchain.com

Date:  8 September 2017

URL:  http://www.the-blockchain.com/2017/09/08/crypto-valley-association-comes-support-careful-ico-regulation-announces-ico-code-conduct/?ct=t(RSS_EMAIL_CAMPAIGN)

Extract: The Crypto Valley Association (CVA), the Swiss-based not-for-profit association supporting the development of blockchain and cryptographic related technologies and businesses, today announced support for careful regulation and best practices for Initial Coin Offerings (ICO). The announcement describes the development of an official, CVA-supported ICO Code of Conduct, a framework designed to guide ICOs on proper conduct, taking into account all legal, moral, and security obligations. The ICO Code of Conduct is expected to bring clarity and confidence towards a new, rapidly-growing asset class.

 

Title:  Addison Cameron-Huff Hired By Decentral Inc. – First In-House Blockchain Lawyer in Canada

Author:  Press Release

Date: 12 September 2017

URL:  http://news.sys-con.com/node/4155942

Extract: Decentral Inc., Canada’s leading blockchain company, is the first company in Canada to hire a full-time blockchain lawyer. Addison Cameron-Huff will be joining the company on September 15th, 2017, marking a new step forward for the maturation of the Toronto blockchain cluster. Mr. Cameron-Huff is a leading Canadian lawyer focused on blockchain & decentralized technologies. An Adjunct Professor at University of Toronto’s Faculty of Law (GPLLM), Addison has built his own technology law practice since 2013 to advise and support entrepreneurs, software developers & rapidly growing businesses in the internet & blockchain domains. Anthony Di Iorio’s company, Decentral, has been a long-standing client.

 

Title:  Blockchain Lawsuit For Over $1Billion

Author:  Type Board

Date: 12 September 2017

URL:  http://typeboard.com/2017/09/12/blockchain-lawsuit-for-over-1billion/

Extract: Two of the Largest Blockchain Firms Sue for Over $1b in Digital Currency. Some of the largest blockchain firms have lost their limelight this year due to the increasing popularity of cryptocurrency and crypto-assets as a whole. The two leaders in the market, R3 and Ripple are now suing each other over a dispute regarding the cryptocurrency XRP.This past Friday, September 8th, R3 which is a group of more than 80 various financial institutions, sued one of its partners, Ripple, over an options contract to purchase over $1 billion in XRP. That same day, in a California court in the city of San Francisco, Ripple countersued R3.

 

Title:  Securities Over the Blockchain Expected to Get Legal Framework in France This Fall

Author:  National Law Review

Date: 8 September 2017

URL:  https://www.natlawreview.com/article/securities-over-blockchain-expected-to-get-legal-framework-france-fall

Extract: The French Act no.2016-1691 dated 9 December 2016 on Transparency, Anti-Corruption and Modernization of Economic Life empowered the Government to amend the regulatory framework to facilitate the transmission of certain financial securities through blockchain technology.

In order to prepare such executive order, the Ministry of Finance initiated last Spring a public consultation, whose key trends were made public on 30 August 2017.

The 43 contributions included the points of view of local associations, banks, management companies, fintech pure players, academics, law firms and consultants, and provided operational and technical aspects to be taken into consideration in order for the new regulatory framework not to hinder the adoption of blockchain technology, while balancing security and foreseeability for all the players involved.

 

Title:  “Blockchain” and the World of Marine Insurance

Author:  Marine Link

Date: 14 September 2017

URL:  https://www.marinelink.com/news/blockchain-insurance429260

Extract:  The Marine Insurance Use Case: Marine insurance is generally accepted as being the oldest form of commercial insurance; this has enabled the sector’s customs, practices and policy terms to standardize and codify. This standardization of policy language and customs potentially allows marine insurance to reap the benefits from automation, particularly from the use of a blockchain ledger and smart contracts.

 

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