Fintech Daily Digest

Momentum for TON has been building over the past few months and the token distribution set for Oct. 16 was drawing ever nearer. In August and September, Telegram released the TON testnet for both explorer and node software, launched a free wallet service for its 300 million users, and announced a controversial $400,000 bug bounty. Just as everything was falling into place for the company - the SEC stepped in.

Ex-CFTC Chair Giancarlo: "No perfect solution exists to address the challenges and promises of digital currency, nor can anyone predict all the technological advances these efforts will generate. The same was true when President Eisenhower proposed the National Aeronautics and Space Administration and when President Kennedy vowed to put a man on the moon. America must once again establish a team of the world's brightest minds, this time to update a global economic order that ensures our freedom and prosperity."

The Government of Bermuda announced Wednesday it will accept payments in USD Coin (USDC) "for taxes, fees and other government services," according to a press release by crypto finance startup Circle.

The transactions of over 700 cryptocurrencies are now searchable on CipherTrace's blockchain analytics platform. Support for ERC-20 tokens and smart contracts has also been added, including transaction and counterparty information.

Google, Temasek and Bain & Company released their e-Conomy Southeast Asia report for 2019, highlighting the most significant industry trends observed in 2019 and analysing the current and future potential of the Southeast Asian Internet economy across its six largest markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam).

Google, Temasek and Bain & Company released the e-Conomy Southeast Asia report for 2019, highlighting the most significant industry trends observed in 2019 and analysing the current and future potential of the Southeast Asian Internet economy across its six largest markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam).

The Bank of Thailand announced that ten financial institutions are participating in its regulatory sandbox project to test-run the use of e-kyc (electronic know your customer) biometric technology to verify customer identities.

"With a view to expanding and deepening the digital payments ecosystem, it has been decided that State/UT Level Bankers Committees (SLBCs/ UTLBCs) shall identify one district in their respective States/UTs on a pilot basis in consultation with banks and stakeholders. The identified district may be allocated to a bank with significant footprint which will endeavour to make the district 100% digitally enabled. This would enable every individual in the district to make/receive payments digitally in a safe, secure, quick, affordable and convenient manner. Guidelines in this regard will be issued shortly."

The World InsurTech Report (WITR) 2019 from Capgemini and Efma explores the Insurance marketplace of the future and offers insights into how established insurers and InsurTechs can remain competitive in a dynamic business environment.

Each user's funds will be covered by the Federal Deposit Insurance Corporation up to $1.25 million. To get around the $250,000 FDIC limit per bank, Robinhood is partnering with six banks that it will spread a user's cash across as necessary to bundle up to that sum.

Using Tradeshift's platform and smart contracts on the Ethereum blockchain, Icelandic retailer Nordic Store purchased goods from IKEA Iceland and settled an e-invoice with Monerium's programmable digital cash.

Working with wallet provider Blockchain and precious medal trader MKS (Switzerland) SA, Coinshares announced a gold-backed network for trading tokens representing digitized physical gold. The network launches with more than $20 million in gold held in a Swiss vault to back up its tokens. Each DGLD token is backed by 1/10th troy ounce.

To justify halting the launch of Telegram's long-awaited $1.7 billion blockchain project, the Securities and Exchange Commission (SEC) relied heavily on communications obtained from investors.

Binance will integrate Coinfirm's blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF's guidelines to cryptocurrency exchanges around the world.

Marco Polo, a trade finance blockchain that has partnered over 20 banks, is testing its first trade deal between Germany and Russia.

Online travel company Booking.com joins PayPal, Stripe, Visa, Mastercard, MercadoLibre and EBay on withdrawing from participation in the Libra Association.

Coinbase has been granted an e-money license by the Central Bank of Ireland. The crypto platform was granted a UK FCA e-money license in March 2018, and earlier this month gained access to the UK's Faster Payment Scheme through ClearBank.

Telegram sent a note to investors saying it is considering ways to resolve the temporary restraining order from the SEC , including the possibility of postponing the issuance after the Oct. 31 deadline.

Telegram's pledge to return money to investors in the event of a delay to the launch of its blockchain network may be superseded by a "force majeure" clause in its purchase agreement.

The Telegram Open Network is probably dead. The emergency order stops Telegram from "delivering Grams to any persons, or taking any other steps to effect any unregistered offer or sale of Grams." This is worldwide - not just for the US.