Seven Bits is back with important blockchain and cryptocurrency updates that matter to your business.

Hong Kong to Introduce Licensing for Crypto Platforms Through AML Law

The Hong Kong Monetary Authority (HKMA) is planning to introduce a new set of regulations requiring cryptocurrency trading platforms to obtain a license from the authority.

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Under the new system, which is expected to come into effect by the end of September, crypto platforms will be required to comply with anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) regulations. The authors of this draft seek to bring digital asset trading platforms under the scope of the existing banking regulations. Moreover, they're also looking to introduce licensing for virtual asset service providers (VASPs) and registration for dealers in precious metals and stones (DPMS).

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Now, all the new players that want to launch their trading platform must be thoroughly reviewed by the HKMA. Once granted a license, they will be allowed to operate in the city. This is a welcoming development as it will help to curb illegal activities associated with cryptocurrencies and, at the same time, promote the city as a global financial hub. The new system is also expected to boost investor confidence and attract more institutional investors to the market.

Colombia Launches Guide for Executing Blockchain for Public Projects in the Country

The Ministry of Information Technologies and Communications of Colombia (MinTIC) has launched a guide for executing blockchain projects in the public sector. The document, entitled "Reference Guide for the adoption and implementation of projects with blockchain technology for the Colombian State," is aimed at helping government entities to identify opportunities and implement use cases of distributed ledger technology (DLT).

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The guide includes a general overview of blockchain technology, its characteristics, and potential applications. It also provides an overview of the regulatory framework and outlines the main risks associated with its adoption.

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In addition, the guide includes a section on how to identify a project's feasibility and how to assess its potential impact. Moreover, it guides how to develop and implement a blockchain project. Furthermore, the authorities have mentioned that the blockchain implementation will be under legal frameworks already existing in the country.

Moreover, Colombia has already identified opportunities to use blockchain technology in various government processes, including the management of public finances, land registry, identity management, and voting. The country is also home to several active blockchain startups and initiatives, such as the Blockchain Observatory and Forum, which was launched by the MinTIC in 2018.

The First Blockchain Layer-1 for NFTs to Launch Incentivized Staging Network

Aura Network is the newest Layer-1 blockchain for non-fungible tokens (NFTs), and it is set to launch its incentivized staging network this month. The network will offer several benefits to users, including low fees, fast transactions, and high scalability. In addition, Aura will also provide an easy-to-use platform for developers to create and launch their own NFTs.

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The Aura Network is built on the EOSIO protocol, and it uses a unique consensus mechanism called "Proof of Play" to secure its network. Under this system, users are rewarded for participating in the network by playing games. The more games they play, the more rewards they earn.

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In April, the company successfully launched its two main test-nets. Now, with the launch of its incentivized staging network, Aura Network is one of the first Layer-1 blockchains for NFTs to offer an easy-to-use platform for developers and users alike.

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The company is currently working on several partnerships with leading companies in the gaming and NFT space. It is also planning to launch a number of its games on the Aura Network.

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