New York is planning a BitLicense overhaul
The New York Department of Financial Services (NYDFS) has announced the launch of the BitLicense review process. The first step is a proposal to regulate the token listing process, as well as a legal framework for issuing companies.
The regulatory authority is awaiting comment on this proposal by January 27, 2020.
Once the changes are adopted, companies that already own BitLicense will need to submit their own token listing policies and obtain NYDFS approval.
SolarisBank offers crypto custody services
German banking service provider FinTech solarisBank has announced the launch of a new digital asset custody platform. Solaris Digital Assets will provide protection for cryptocurrencies, in a system easily accessible to customers:
“Our custody solution stores private keys on a distributed group of hardware security modules, which are connected to a digital records system,”
said the bank.
As with the company’s digital banking products, the platform is API accessible and integrates into its partners’ own websites and applications.
SolarisBank has been a major contributor to building digital asset infrastructure in Europe. In September, it partnered with the Stuttgart exchange to offer regulated trading of bitcoin, ether, XRP and Litecoin.
Earlier this year, it also allowed the crypto-banking service, Bitwala, to offer bank accounts dedicated to trading cryptocurrencies and debit cards through its digital banking API. It also supported Bitbond’s first security tokens (STO) offer on the German market.
Bank of Lithuania: digital assets cannot be controlled by central banks
The Bank of Lithuania is the latest institution to publish an analysis of digital currencies issued by central banks (CBDC). The paper, entitled “CBDC in a whirlwind of discussions” highlights the country’s ambitions and opinions regarding the current cryptocurrency industry.
“It is fascinating to watch how fast the area of digital assets and currencies is evolving. It is not prudent to remain casual observers. This puts regulators and supervisors in the position of a parent who discovers that “parental control systems” are completely outdated. The best approach is to face the risks and gain practical experience in a controlled environment ”,
said Marius Jurligas, a member of the bank’s board of directors.
The paper described several types of CBDC with different characteristics. These could include a digital currency for retail, a whoelsale option and an interest-generating option.
The report concludes that current technology appears to be capable of addressing the need for a global solution to ensure cryptocurrency interoperability between central banks.
KeepKey hardware wallet, compromised in 15 minutes
Kraken Security Labs has warned that there is a way to compromise the KeepKey hardware wallet in 15 minutes. The compromise was made with a voltage converter, which can be built with just $ 75.
Although the secret phrase of the wallet is protected by a 1-9 digit PIN, they can be decrypted by brute force. According to Kraken Labs conclusions, the microcontroller has inherent flaws that the attack exploits and there is no other way to remedy them, except for a hardware redesign.
Keepkey has confirmed that they are already aware of the problem and advised users to use the BIP39 password. They also stressed that the level of knowledge and experience needed to compromise the wallet is very high, which means that the risk is relatively low.
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