Tag: Islands

JPMorgan enters the metaverse, Marshall Islands legalizes DAOs, Feb. 10-16

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Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the metaverse a $1 trillion a year opportunity.  In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NYSE) and the metaverse are part of its long-term plans. On the regulatory front, the Republic of the…

JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10–16

Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the Metaverse a $1 trillion a year opportunity.  In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NFTs) and the Metaverse are part of its long-term plans. On the regulatory front, the Republic of the…

The Republic of the Marshall Islands Allows Registration of DAOs as Legal Entities – Regulation Bitcoin News

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The Republic of the Marshall Islands has announced it will allow decentralized autonomous organizations (DAOs) to become legal entities. At the time of writing, only one DAO has successfully incorporated in the country. DAOs Will Be Allowed to Register as Legal Entities The Republic of the Marshall Islands (RMI) has said it will allow decentralized autonomous organizations (DAOs) to register as legal entities. The move, which has been made by the recent passage of the Non-Profit Entities (Amendment) Act 2021, makes it possible for DAOs to be “recognized by the…

How the Marshall Islands Is Trying to Become a Global Hub for DAO Incorporation

“We think of [decentralized exchanges] and DAOs as ships. They live in international waters, right?” Mark Lurie, CEO of Shipyard Software, told CoinDesk in an interview. “So when trying to figure out where to incorporate [Shipyard Software], we realized, Oh, let’s look at ships. And it turns out ships are all registered in the Marshall Islands. And that’s what led us here.” Source

Marshall Islands officially recognizes DAOs as legal entities

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The Republic of the Marshall Islands has moved to formally recognize decentralized autonomous organizations, better known as DAOs, as legal entities — a move that gives collectively owned and managed blockchain projects formal recognition on the global stage.  DAOs, which are blockchain-based entities governed by self-organizing communities, have attained legal recognition in the Marshall Islands after the country passed the amended Non-Profit Entities Act 2021. The amendment allowed cryptocurrency trading infrastructure platform Shipyard Software to incorporate the island country’s first DAO, Admiralty LLC. The incorporation was aided by MIDAO Directory…

LABS Explores Opportunity to Tokenize One of Resorts on Maldives Islands

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LABS is the world’s first end-to-end real estate tokenization ecosystem to develop accessible and cost-efficient investment opportunities for all. LABS is on its way to building a one-of-a-kind investment ecosystem offering opportunities to its growing community. They actively partner with real estate developers and firms worldwide, tapping into the tokenized real estate investment market’s full potential. The company has announced a partnership with the possibility of tokenizing the Ifuru Resort, a top-of-the-world luxury complex located on one of the world’s most exclusive islands in nowhere other than the one and…

Marshall Islands digital currency would ‘raise risks,’ says IMF

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A representative for the International Monetary Fund has said the Marshall Islands’ digital sovereign currency would currently pose a risk to the islands’ financial stability.  Following a March consultation, International Monetary Fund, or IMF, representative Yong Sarah Zhou said the issuance of the Marshall Islands’ digital sovereign currency, called SOV, as legal tender would “raise risks to macroeconomic and financial stability as well as financial integrity” of the islands. According to Zhou, the measures the Republic of the Marshall Islands, or RMI, took to contain COVID-19 may have been “swift…

Spanish Real Estate Agency Begins Accepting Bitcoin Payments for Properties in the Canary Islands – Bitcoin News

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Crypto adoption keeps spreading among the real estate industry in Europe, specifically in Spain. Recently, a leading agency in the Canary Islands announced it would start accepting cryptocurrency payments. Firm Praises Bitcoin’s Decentralized Nature According to Digital Sevilla, Piso Barato Inmobiliaria, a Tenerife-based real estate firm, has enabled the feature that allows customers to acquire properties by paying with bitcoin (BTC). Although they mentioned the word “cryptocurrencies,” the firm talked mostly about BTC throughout the announcement. Piso Barato Inmobiliaria argues that a group of experts stated that bitcoin is becoming…

Cayman Islands Extends Regulatory Oversight to VASPs

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The Ministry of Financial Services of the Cayman Islands defined Virtual Asset Service Providers to include cryptocurrency service providers which include but not limited to cryptocurrency exchanges, wallet service providers amongst others. The Ministry of Financial Services of the Cayman Islands has announced that it has commenced the regulations of Virtual Asset Service Providers (VASPs) in the country. Per the official press release by the Ministry, the regulatory oversight extends to the Virtual Asset Service Providers is necessary to attract persons and entities who have an interest in such businesses…

Marshall Islands Seeks to Establish a “Self-Sovereign Identity” With New Blockchain-Based Currency

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The Marshall Islands’ project says its creation of a digital sovereign currency, named SOV, aims to be a “game-changer”. It could also pioneer how governments respond to crises such as the COVID-19 pandemic. In an exclusive interview with Cryptox, Joel Telpner, chairman of Sullivan’s Fintech and Blockchain Practice and Marshall Islands crypto advisor, highlighted that the project still faces “a lot” of challenges ahead, but looks forward to making the work “rewarding.” The current phase of SOV’s project Telpner said that the Islands’ government is currently in an 18 month…