Kameir

Recent disclosures by members of Ukraine’s legislature revealed that three lawmakers have a combined wealth in bitcoin of almost $50 million. According to a report from RIA Novosti, Russia’s international news service, the three lawmakers are all members of the “Petro Poroshenko Block,” which constitutes the largest group of legislators within the Parliament.

Of the three named by the report, Dmitry Golubov possesses the most bitcoin: 8,752 BTC, an amount worth roughly $37 million at current prices. Alexander Urbansky possesses 2,494 BTC while Dmitry Belotserkovets owns 398 BTC, worth approximately $10 million and $1.6 million, respectively.Two bills to provide legal frameworks for cryptocurrencies including Bitcoin have now been submitted to the Ukrainian parliament. The latest one proposes recognizing them as financial assets. It also defines cryptocurrency derivatives, market of cryptocurrencies and their derivatives in Ukraine,” Bill No. 7183-1 was submitted last week.

And, other report confirmed that 150 Bitcoin machines will be installed in Ukraine later this year.

The Department of Homeland Security (DHS) Science and Technology Directorate (S&T) has awarded a $749,241 Small Business Innovation Program (SBIR) contract to Digital Bazaar, Inc. to develop fit-for-purpose blockchains for identity and access management.

Under the SBIR Phase II contract, the Blacksburg, Virginia-based technology company will develop a flexible software ecosystem that combines fit-for-purpose distributed ledger technology, digital credentials and digital wallets to address a wide variety of identity management and online access use cases for the Homeland Security Enterprise (HSE). This research and development (R&D) project is being managed by the Cyber Security Division’s (CSD) Identity Management project. CSD is part of the Homeland Security Advanced Research Projects Agency.

While US regulators keep making anouncements with little content in reference to the treatment of cryptocurrencies, countries like Switzerland are moving fast to embrace these new financial tools

The national railway company of Switzerland, Swiss Federal Railways (SBB), recently announced a new service. Starting on November 11, Swiss customers will be able to buy bitcoins from over 1,000 SBB ticket machines.

And, Swiss private bank Falcon is now offering their clients to store and trade bitcoins direclty via their cash holdings. A clear move that signals the traction the virtual currency is gaining even in slow-changing asset management.

The group’s new blockchain asset management service is being offered in partnership with cryptocurrency broker Bitcoin Suisse.

As you think about where to incorporate a business, you may be considering Delaware or Nevada. More than half of public and Fortune 500 companies are incorporated in Delaware, and Nevada. Delaware holds many advantages—but smaller business may not find it as beneficial. Here are the highlights:

• Delaware’s business law is one of the most flexible in the country.
• The Delaware Court of Chancery focuses solely on business law and uses judges instead of juries.
• For corporations, there is no state corporate income tax for companies that are formed in Delaware but do not transact business there (there is a franchise tax though).
• Taxation requirements are often favourable to companies with complex capitalization structures and/or a large number of authorized shares of stock.
• There is no personal income tax for non-residents.
• Shareholders, directors and officers of a corporation or members or managers of an LLC don’t need to be Delaware residents and now can be recorded via Blockchain.*
• Stock shares owned by persons outside Delaware are not subject to Delaware taxes.
• No personal income tax for non-residents.

*Amendments to Sections 219, 224 and 232 and related provisions are intended to provide specific statutory authority for Delaware corporations to use networks of electronic databases (examples of which are described currently as “distributed ledgers” or a “blockchain”) for the creation and maintenance of corporate records, including the corporation’s stock ledger.

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Existing law gives legal recognition to electronic records, signatures and contracts that comply with certain requirements and allows an electronic record or signature to satisfy a requirement for a written record or signature in certain circumstances. (NRS 719.240-719.350) Sections 2-10 of this bill provide similarly for the legal recognition of the use of blockchain technology for similar purposes. Section 11 of this bill prohibits a local government from: (1) imposing a tax or fee on the use of a blockchain; (2) requiring a certificate, license or permit to use a blockchain; and (3) imposing any other requirement relating to the use of a blockchain.

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