Andrew spoke at the Briefing Magazine 5P conference on how Artificial Intelligence, Cognitive Computing, Blockchain and Smart Contracts are already disrupting the legal industry and how they can prepare.

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The governor’s office of Hawaii revealed its new ‘Digital Currency Innovation Lab’ on March 17 — a blockchain and cryptocurrency incubator developed through collaboration between the state’s Department of Commerce and Consumer Affairs, Division of Financial Institution (DFI), and the Hawaii Technology Development Corporation (HTDC). The initiative will run for two years, and will allow “digital currency issuers to do business in Hawaii without obtaining a state money transmitter license during the effective period of the pilot program.”Through the program, Hawaii aims to “achieve a more in-depth perspective of digital currency” and inform future cryptocurrency regulation in the state. Iris Ikeda, Hawaii’s commissioner of financial institutions, has emphasized that the DFI has issued a no-action message to prevent regulatory recourse for companies operating under the sandbox who engage in what would normally be considered unlicensed money transmission activities.“DFI is leveraging its statutory authority to provide an innovative way to introduce digital currency issuers into the State of Hawaii, while ensuring the safety of our consumers,” Ikeda said. “By acknowledging digital currencies as a transmission vehicle of the future, we will be able to craft legislation that is conducive to its development in Hawaii. Len Higashi, the acting executive director of the HTDC, expressed his hope that the program will allow Hawaii to “position itself on the forefront of financial technology and potentially, reap the economic benefits that accompany the leadership stance taken.”Interested companies have until May 1 to apply for the program, and must pay a $500 application fee plus $1,000 for each term of participation. In 2017, Hawaii introduced the double-reserve requirement, mandating that companies operating with virtual currencies hold an equal sum of fiat and their clients’ crypto holdings. Although crypto companies were not prohibited from operating in the state, the regulation drove most blockchain firms operating in Hawaii elsewhere — including leading U. S.-based crypto exchange Coinbase. While the HTDC website notes that the sandbox was developed to address the concerns of companies deterred by the double-reserve requirement, it is not clear what Hawaii’s vision for its blockchain and crypto sectors is after the sandbox concludes. The website states that after the two-year program finishes, “participants must conclude all digital currency transactions unless explicit approval has been granted,” adding that “DFI will determine the appropriate licensing for the company to continue operations, if applicable.” Last week, Rhode Island also introduced a regulatory sandbox designed to facilitate innovation within blockchain and cryptocurrency.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/hawaii-launches-digital-currency-sandbox-to-attract-crypto-firms

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Hawaii Launches Digital Currency Sandbox to Attract Crypto Firms: https://www.youtube.com/watch?v=mE5BWYtgnT8

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The combined valuation of the top 50 blockchain-related firms in the Swiss canton of Zug — known as “Crypto Valley” within the industry — fell by nearly half in 2019. Swiss investment firm CV VC debuted a new report at the World Economic Forum in Davos, Switzerland on Jan. 22, giving an appraisal of the blockchain and cryptocurrency industries in the Crypto Valley during the last year. Per the report, the valuation and subsequent price drop in Ether (ETH), the native cryptocurrency of the Ethereum network, led to a 40% drop in valuation of the top 50 firms — from $42.6 billion in H1 2019 to $25.3 billion in H2 2019. One-year Ether price chart. Source: Coin360CV VC director Ralf Kubli told a Cointelegraph correspondent at the World Economic Forum that, while all crypto related firms are ultimately influenced by token prices, it is important to examine funding inflows and employment:“Overall funding has increased, so the real money that flows into the projects that we count in the top 50 has increased, so that’s basically a really important indicator for us that it continues to grow. And since . employment has increased among the top 50 — employment has increased overall in the space in Switzerland — so that’s kind of how we gauge…” Indeed, the report notes that funding to the top 50 projects increased from $3.8 billion in H1 2019 to $4 billion in H2 2019. The top selected projects also employ 733 of over 4,400 crypto and blockchain professionals currently working in Switzerland and Liechtenstein. CV VC co-founder Marco Bumbacher and PwC Strategy Partner Daniel Diemers present the report in Davos. As Kubli further noted, the top 50 companies change every year depending on their annual performance. 2019, for its part, saw the addition of several noteworthy projects to the list, including Libra — the global stablecoin project first proposed by Facebook — cryptocurrency exchange Bittrex Global and Ethereum development firm CasperLabs. The report also noted several unicorns — startups valued at over $1 billion —  including Bitmain, PolkaDot and DFinity Overall, the report states that indicators are pointing to a maturation of cryptocurrency and blockchain industries, with 842 related firms now operating in Switzerland.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/ether-price-drop-slashed-valuation-of-crypto-valleys-top-50-firms-by-40

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Ether Price Drop Slashed Valuation of Crypto Valley’s Top 50 Firms by 40%: https://www.youtube.com/watch?v=YFcHZDNIn9c

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