Bitcoin Daily: Ripple, Chinese University Debut Blockchain Scholarship; UK Reg Drafts Crypto Assets Guidance

Bitcoin Daily

The Institute for FinTech Research at Beijing’s Tsinghua University (THUIFR) has unveiled a blockchain scholarship program with Ripple’s help, Cointelegraph reported.  Through the program, graduate students are said to focus on the study of blockchain development and regulations. They will also, reportedly, be able to participate in corporate events, as well as have access to advanced knowledge of the sector. A Ripple representative tweeted on Tuesday (Jan. 22), “We @Ripple are excited to work with Tsinghua University Institute for FinTech Research (@THIFR3) and help develop the next generation talent for blockchain in China!”

On another note, the Department of Banking and Securities (DoBS) in Pennsylvania released new guidance geared toward the local digital currency space, CoinDesk reported. The department indicated that digital currency service providers and exchanges aren’t required to have a money transmission license. While parties that transfer fiat money and charge a fee for doing so need a license, the Act noted that crypto exchanges “are not money transmitters” because they don’t directly handle fiat currency.

Bee Token has shifted its business model: The platform has reportedly started to charge fees in some cases, CoinDesk said. The company, which is aiming to make a decentralized alternative to Airbnb, sought to take away ads and reduce fees. Bee Token Co-founder and CEO Jonathan Chou told CoinDesk, “It’s definitely a pivot. The focus is to have a sustainable revenue model.”  The company reportedly raised 5,000 in Ethereum in an initial coin offering (ICO) last year.

In other news, the U.K.’s Financial Conduct Authority (FCA) published a draft guidance for crypto assets on Wednesday (Jan. 23) in a consultation paper, CoinDesk reported. The organization created three categories for digital tokens: financial instruments, specified investments and eMoney. With the guidelines, the FCA sought to clarify which assets are regulated and which are not. Executive Director of Strategy and Competition Christopher Woolard said, “This is vital if consumers are to know what protections they’ll benefit from, and in ensuring we have a market functioning as it should.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.