France gives crypto startups "the right to a bank account"

Wei Lin

By Wei Lin

The only tradeoff, say French regulators, is that the startups must submit to regulation.

Banks Can’t Snub Crypto Startups Thanks to France’s New Blockchain Law

"The Takeaway: France’s new crypto law grants blockchain-related projects the right to a bank account, provided they opt in to being regulated. There’s an optional certification or 'visa' for ICO projects as well as crypto services providers such as exchanges and custodians The new law paves the way for French life insurance and private equity funds to get more exposure to crypto assets. All of this is a far cry from the U.S."

Other News

2,000 More US Grocery Stores Enable Bitcoin Buying at Coinstar Machines

"Supermarket kiosk chain Coinstar is expanding the footprint of its bitcoin-buying service to more than 2,000 locations in 19 different states. The service, through a partnership with blockchain startup Coinme that offers individuals the ability to convert cash into bitcoin, has expanded from an initial 70 machines to some 2,100 different kiosks, Coinme announced Wednesday."

How the Kleiner Perkins Empire Fell

"Once the very embodiment of Silicon Valley venture capital, the storied firm has suffered a two-decade losing streak. It missed the era’s hottest companies, took a disastrous detour into renewable energy, and failed to groom its next-generation leadership. Can it ever regain the old Kleiner magic?"

New York State Sees First Conviction for Crypto Money Laundering

"A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering. The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet. Between 2013 and 2018, the two men sold steroids and other drugs including Viagra across the U.S. via their website 'NextDayGear' and on the dark web. They sold over 10,000 packages and accepted payments in cryptocurrency and fiat currency via Western Union, which they then laundered."

Crypto’s Long Road to Acceptance May Have Started Here

"They focused on private bilateral derivatives known as over-the-counter contracts, instead of exchange-traded products like Bitcoin futures. Unlike the futures contracts that trade on public markets managed by regulated companies such as CME Group Inc., OTC contracts, including options, are not standardized. They also expose traders to the credit risk of their counterparts."

Samsung Invests $2.9 Million in Crypto Hardware Startup Ledger

"South Korean technology giant Samsung has invested 2.6 million euros ($2.9 million) into crypto hardware startup Ledger. The investment gives the startup a valuation of roughly $290 million, French business magazine Capital reported Wednesday. Indeed, Samsung may one day issue its own token, according to CoinDesk Korea."

Soon Robots Will Pitch IPOs

"Come on, it wasn’t purely about relationships. Your capital markets bankers didn’t just win business by buying the fanciest dinners and making the wittiest conversations at them. They also did some 'data analytics.' It was just a very informal sort of 'data analytics,' the sort of thing that goes by the name 'market knowledge' rather than 'machine learning.' And in fact if you outsource all the data analytics to a robot, then that means that the human doing the job will be focused more on relationships; if all the market knowledge is in the computer, the human’s only value-add is the dinner conversation."

Crypto is Financial Unbundling

"Ultimately, if you want to transact without everything the traditional financial system enforces on you, crypto will give you a way to opt out. It will let you adjust the sliders of property rights, of monetary policy, and whatever tradeoff between throughput and safety that you prefer for your financial application. In a diverse market economy, more choice can only be a good thing."

Hacker Finds He Can Remotely Kill Car Engines After Breaking Into GPS Tracking Apps

"The hacker, who goes by the name L&M, told Motherboard he hacked into more than 7,000 iTrack accounts and more than 20,000 ProTrack accounts, two apps that companies use to monitor and manage fleets of vehicles through GPS tracking devices. The hacker was able to track vehicles in a handful of countries around the world, including South Africa, Morocco, India, and the Philippines. On some cars, the software has the capability of remotely turning off the engines of vehicles that are stopped or are traveling 12 miles per hour or slower, according to the manufacturer of certain GPS tracking devices."

How Ethics Can Hold Us Back

"For better or worse, science is moving forward. We have the ability to influence what happens next, but there are only two outcomes to scientific innovation: We unify ethically, or we allow those who use shortcuts to place first. We all win, or we all lose, together."

BeefChain Receives First USDA Certification For A Blockchain Company

"BeefChain, a company meshing the world of blockchain with the beef supply chain, received certification from the United States Department of Agriculture (USDA) as a Process Verified Program, confirmed by the certificate BeefChain provided to me, shown below. BeefChain is the first blockchain company to receive such USDA certification."