Tag: Islands

Solomon Islands, Soramitsu team up for Bokolo Cash CBDC proof-of-concept

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The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency (CBDC) called Bokolo Cash, with Japanese blockchain Soramitsu providing support. Bokolo Cash will be worth one Solomon Islands dollar. Project participants can use it in retail settings in the island nation’s capital, Honiara, and for person-to-person transfers. Wholesale transfers between commercial banks and simulated cross-border payments and remittances will also be tested. Users will undergo “two-tier” Know Your Customer verification, according to Soramitsu. Related: Small Islands, big problems: Can Bitcoin fix this? Cointelegraph Cape…

Hong Kong Securities Association suggests ICO to boost island’s economy

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The suggestion that Hong Kong could make an “Initial Coin Offering” (ICO) appeared in a list of propositions formulated by the Hong Kong Securities and Futures Association to revitalize Hong Kong’s economy. The document, signed by association president Chen Zhihua, was published on Nov. 29 and included various measures, ranging from routine to bold. The suggestions include the legal recognition of Islamic finance, and inviting stakeholders from the Islamic world to set up a committee to formulate “Islamic finance guidelines with Hong Kong characteristics.” The tenth point of the list…

IMF sees climate change, DAOs, CBDC as threats to Marshall Islands, urges reforms

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The Republic of the Marshall Islands (RMI) has completed its annual talks with the International Monetary Fund (IMF). The country is expected to see gross domestic product (GDP) growth this year, the IMF concluded, in a recovery from the impact of COVID-19 and the contraction of its fishing industry. Climate change and decentralized autonomous organizations (DAOs) remain a threat, however.  The RMI is spread across more than 1,000 islands in the Central Pacific region. It has an average elevation of six feet above sea level and a population of about…

Faroe Islands postal service issues NFT-embedded stamps

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The Faroe Islands have issued a new series of digital “crypto stamps,” with a digital copy stored on the blockchain as a nonfungible token (NFT) while still serving as actual postage.  On June 23, the Posta Faroe Islands’ official website for issuing postage announced that the autonomous region issued its first collection of crypto stamps called Stamps of Maybe in collaboration with VariusSystems.  Stamps of Maybe crypto stamps. Source: Posta Faroe Islands According to the postal service, each physical stamp has a digital version stored on the blockchain, which allows users…

Nexo sues Cayman Islands financial regulator over VASP license

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The same week that Bulgarian authorities were raiding Nexo’s offices and indicting four individuals for charges related to money laundering, the crypto lender filed suit in the Cayman Islands. In a document dated Jan. 12, Nexo filed a lawsuit against the Cayman Islands Monetary Authority, or CIMA, for denying its registration as a virtual asset service provider (VASP) in the island nation. The crypto lender asked the court to overturn the financial regulator’s decision as it was “suitable” to provide crypto services to Cayman Islands residents. According to court documents,…

Marshall Islands legally recognizes DAOs as domestic limited liability companies

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The Republic of the Marshall Islands, an independent island state located in the Pacific Ocean near the Equator, has announced that the Decentralized Autonomous Organizations Act of 2022 has officially been passed into law. The law recognizes decentralized autonomous organizations and enables legal entities registered in the country to formally adopt DAO structures and governance tools. The government hopes the move will encourage the growth of decentralized entities and their accompanying elements within the state. According to the announcement, the DAO Act of 2022 will allow DAOs to incorporate as…

Renovi and Aftermath Islands Partners to Launch First NFT Buildathon

Per the announcement, entries to participate in the buildathon will continue until January 9 2023, and the submissions will be judged by a panel of NFT and metaverse veterans. Renovi, a metaverse marketplace, and design studio has launched the first Non-Fungible Token (NFT) Buildathon in partnership with Aftermath Islands Metaverse Limited. As contained in a Press Release shared with Coinspeaker, the buildathon, dubbed the Next Top Metaverse Build will enable artists, architects, and entrants to create items that can have real value in the metaverse. Coming off as the second…

Huobi Obtains License to Operate in the British Virgin Islands, States There Is No Timetable for Expansion Into the United Kingdom Yet

  Huobi’s affiliate Brtuomi Worldwide is one of the first exchanges in the British Overseas Territory to offer compliant crypto derivatives and trading services. In addition, Huobi, a major cryptocurrency exchange, is expanding its worldwide presence by entering the British Virgin Islands, a British Overseas Territory. Huobi stated on Friday that it had obtained an investing company license from the British Virgin Islands Financial Services Commission (FSC). The permission enables Huobi to run a virtual asset exchange through its subsidiary Brtuomi Worldwide Limited (BWL). BWL intends to provide various crypto…