Liechtenstein’s parliament unanimously approves the blockchain law

Liechtenstein's parliament unanimously approves the blockchain law

The Liechtenstein Parliament unanimously adopted the Law on tokens and entities providing trusted technology-based services (TVTG), also known as the Blockchain Act.

The law was approved on October 3 and will enter into force on January 1, 2020. The Blockchain Act aims to improve investor protection, combat money laundering, and establish regulatory clarity. It will also regulate civil law issues related to customer and asset protection and establish appropriate oversight of the various service providers in the blockchain industry.

The official announcement claims that this act will make Liechtenstein the first country to have comprehensive regulation of the tokens-based economy.

Last month, Bittrex announced that Bittrex Global crypto trading platform will be based in Liechtenstein.

The .eth domains stolen earlier this month were returned

On October 1, OpenSea organized a tender for several domains built on the Ethereum network. The so-called Ethereum Name Service’s (ENS) were created as alternatives to the DNS system and are based on the idea of ​​decentralization and immutability.

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A hacker discovered a bug that allowed him to purchase 17 .eth domain names at much lower prices than the highest bidder. These included apple.eth, challeng.eth, pay.eth and wallet.eth.
Due to the immutability, the auction could not be canceled, so OpenSea had to ask the hacker to return the domains in exchange for a reward. This was set at 25% of the value of the best offer for the domain name.

On October 4, OpenSea announced on Twitter that the hacker returned incorrectly purchased domains.

Tether claims they are expected to be sued for price manipulation

Tether has posted a press release saying it expects lawsuits based on published research on price manipulation in the crypto market. Multiple analyzes have claimed that Tether manipulates cryptocurrency prices by injecting USDT into the market. The company claimed that USDT tokens are issued based on applications submitted by institutions using stable cryptocurrency.

However, Tether has not so far conducted an official audit to show that USDT is backed by dollar deposits.

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Along with Bitfinex, Tether is involved in a lawsuit filed by the New York Attorney General’s office nearly six months ago. On October 14, the two companies have a deadline to make available to the court a number of documents regarding a loan granted by the Tether exchange to Bitfinex. So far, representatives of Tether and Bitfinex have refused to produce the documents in question.

Ohio companies can no longer pay Bitcoin taxes

The head of the Ohio State Treasury has announced that companies will no longer be able to pay Bitcoin taxes due to legal difficulties. The website, created in November last year for this purpose by the previous treasurer, was suspended. Apparently, the decision was made because the Treasury Surveillance Commission stated that the necessary approvals to implement such a system were not granted.

In addition, Ohio Attorney General Dave Yost is against accepting cryptocurrencies as a method of paying taxes. He argued that companies using Bitcoin “cultivate organized crime and black market operations” and that the site facilitates this type of activity rather than helping to pay taxes.

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The new head of the Treasury, Robert Sprague, said that while he wants Ohio to be at the forefront of technological innovations and support the establishment of new businesses, he must abide by existing state law.

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