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Russia to formulate new legislation on cryptocurrencies

Niji Narayan

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Russia to formulate new legislation on cryptocurrencies
Image Source: usethebitcoin.com
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The Russian Parliament Duma is likely to consider a new legislation on cryptocurrency in the coming winter. Anatoly Aksakov, the State Duma Committee head on the Financial Market, said that the parliament will consider a new regulatory bill to monitor the cryptocurrency circulation in the market space in January or February

He said: “The long-awaited law on digital financial assets is in the GPU for approval … It is in conjunction with two others: the law on the regulation of investment platforms or crowdfunding and changes to the Civil Code. We agreed that the law on digital financial assets should be adopted along with these two legislative acts … Judging by the information that I have, this is January-February. Most likely, February, of course. Consideration of all three bills should pass,” he stated.

Earlier last year, the lower chamber adopted the first reading of digital assets bill, which was introduced by the Federation Council members with Aksakov as the head and the deputies of State Duma. However, his statement suggested that this time in February the law would be framed in such a way that it administers crypto activities in the insurance and banking sectors.

 “The next law from digital is a bill regulating the activities of electronic platforms, in use, the marketplace. I submitted this bill to the State Duma for consideration at the end of December. We have a plan to adopt this law by February 15 in order to launch a pilot project about 20 credit institutions and the Moscow Stock Exchange are preparing, “he said.

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Cryptocurrency

Sportsbet.io lands headline Watford F.C. shirt sponsorship

George Miller

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Sportsbet.io lands headline Watford F.C. shirt sponsorship
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Disruptive sports betting brand Sportsbet.io has agreed a deal to become the Main Club Partner of Premier League team Watford F.C. after securing a landmark agreement with the 2019 FA Cup finalists.

The deal, the likes of which have never been seen before in the cryptocurrency sportsbook world, will see the Sportsbet.io’s logo appear on the front of Watford shirts for the next three years.

Sportsbet.io branding will also feature at Watford’s home ground of Vicarage Road from the start of the new Premier League season, which kicks off on August 10 against Brighton and Hove Albion.

The announcement comes as Sportsbet.io recently celebrated its third birthday, and marks a major step up in its marketing activity. Earlier this month, Sportsbet.io sponsored the CONIFA European Football Cup, which was won in dramatic fashion by South Ossetia.

A video created by the leading online sportsbook called ‘Know No Borders’ has been released celebrating the partnership, Sportsbet.io has also kicked off the first special promo to celebrate the big news.

Justin Le Brocque, Head of Sportsbook Marketing at Sportsbet.io, said: “The Premier League is the most watched sports league in the world, so we are absolutely delighted to announce a major sponsorship deal with one of its most celebrated teams.

“Like Watford, Sportsbet.io knows no borders in its efforts to bring fun, fast and fair entertainment and excellence to a truly global audience. We are both looking to disrupt more established competitors and need to be creative in the way we approach this challenge.

“We share the club’s desire to combine passion and innovation to reach the top, and we look forward to doing everything we can to support Watford next season and beyond.”

Spencer Field, Global Strategy & Partnerships Director of Watford FC, said “This is an important year for the club as we aim to improve on a fantastic season both on and off the pitch in 2018/19.

“Our desire to increase our global reach while continuing to make our fans proud by doing things differently in the Watford way is fully supported by Sportsbet.io. We are thrilled to have found a partner that matches our ethos by looking to disrupt the betting industry and offer their customers a fun, fast and fair experience.”

The partnership, the largest in Watford’s history, will see Sportsbet.io’s branding across Watford FC’s home, away and goalkeeping shirts, as well as training kit for both men’s and ladies’ team.

This historic deal was negotiated and concluded by Samson Sport Consultancy and Kalus Kenny Intelex.

Operated by the Coingaming Group, Sportsbet.io has quickly established itself as one of the most disruptive sports betting brands in the world, offering players a world-class experience and the ability to bet on sports with both traditional local currencies and cryptocurrencies.

Watford F.C. enjoyed a successful 2018/19 under manager Javi Gracia, finishing 11th in the league and reaching the final of the FA Cup.

 

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Compliance Updates

Israeli Supreme Court Passes Landmark Verdict on Crypto Exchanges

Niji Narayan

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Israeli Supreme Court Passes Landmark Verdict on Crypto Exchanges
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The Supreme Court of Israel has ruled that Leumi Bank cannot freeze the cryptocurrency exchange Bits of Gold’s account because of regulatory concerns.

The bank, in spite of the court ruling , still maintains its stance against dealing with the exchange. However, the ruling sets precedent for Israeli cryptocurrency firms to legally use traditional banking services in the region.

This history of the landmark goes like this:

In 2017, the Israeli Supreme Court previously ruled in favor of Leumi in a separate case against Bits of Gold, in which the bank restricted the exchange’s account on the grounds that bitcoin (BTC) transactions could not comply with the country’s anti-money laundering (AML) laws.

In 2018, however, the Israeli Supreme Court ruled that Leumi Bank could not block account transactions on the grounds that they went to BTC exchanges, purportedly “websites that execute gambling transactions.” Further, Judge Anat Baron issued a court order temporarily barring Leumi from blocking Bits of Gold’s bank account.

Judge Baron commented that since there was no indication of any AML violations over five years of exchange transactions, there are not any grounds to continue blocking Bits of Gold’s account. Baron noted, however, that the decision to issue the court order did not prevent the bank from scrutinizing the exchange’s behavior or complying with their risk management policy.

In March 2019, the Israeli Securities Authority issued its final recommendations for cryptocurrency regulations. The report includes several ideas for how to support the cryptocurrency space in the country, including the establishment of a regulatory sandbox.

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Cryptocurrency

Quanta Expands Its Payment Gateway and Increase Accessibility For Game Players

George Miller

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Quanta Expands Its Payment Gateway and Increase Accessibility For Game Players
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Quanta Technology the world’s first licensed blockchain lottery operator is excited and delighted to announce that it has introduced additional crypto currencies, QNTU and Bitcoin, as an acceptable payment to buy Quanta Game Tokens (QGT). Previously Ethereum was the only currency available to buy QGT, the in-game token in Quanta’s private blockchain environment.

With the latest Payment Gateway development, players can now use QNTU and Bitcoin on top of Ethereum. This gives players more payment options and extending the base to include those who currently only use Bitcoin, as well as increase the usage of QNTU, increasing the number of active players.

Alongside this new development, every player will now be able to withdraw their winnings back in the same currency they used to deposit in. Meaning if a player used Bitcoin to buy QGT, this will be the currency players receive by converting it back.

“This accomplishment is a significant milestone for Quanta, and align with our mission to leverage the gaming industry in the blockchain era,” said Kostas Farris, Acting CEO and Director of Quanta. “As we progress to increase the variety of acceptable currencies through our payment gateway, stakeholders in the gaming industry will see the benefits of utilizing our revolutionary blockchain technology as a part of their business and create a single trusted and transparent platform for players.”

Quanta currently runs a weekly prize draw, the ‘Quanta Prize Draw’ (www.myquanta.im), which is regulated by the Isle of Man Gambling Supervision Commission and has a range of prizes and a potential jackpot. In fact, one lucky winner in the Isle of Man has very recently scooped the top prize. Look out for news about our latest Jackpot win on Facebook and Telegram.

Quanta is also the major shareholder of Naija Lottery which is currently one of the biggest game operators in Nigeria.

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