Kiffmeister’s FinTech Daily Digest (06/06/2020)

InterWork Alliance Launches to Standardize Token-Powered Ecosystems Worldwide
The InterWork Alliance (IWA) launched operations as a platform-neutral, non-profit organization dedicated to creating the standards frameworks needed to increase innovation across token-enabled ecosystems. The new organization already has 36 members, including tech firms such as Accenture, IBM, and Microsoft; banking and exchange firms ING, Nasdaq, SDX, and UBS; and, blockchain companies Digital Asset, Neo Global Development, Hedera Hashgraph and R3.

Coinbase wants to identify Bitcoin users for DEA, IRS
Coinbase aims to sell its Coinbase Analytics services, including its “identity attribution” software, to the U.S Drug Enforcement Administration and the Infernal Revenue Service. Coinbase Analytics uses technology from Neutrino, a blockchain analysis startup that Coinbase acquired last year. Coinbase uses the product internally for compliance and global investigations. However, Coinbase Analytics data is fully sourced from online, publicly-available data, and does not include any personally-identifiable information for anyone, regardless of whether or not they use Coinbase.

New York, French Finance Watchdogs Open Doors for Each Other’s Fintech Startups
The New York State Department of Financial Services and France’s Autorite de Controle Prudentiel et de Resolution will work to “ease the entry” for fintech innovators into their respective markets. The aim is to encourage innovation in the financial services markets by supporting financial firms that abide by their respective regulations, while still protecting consumers. The NYDFS and ACPR will refer fintech innovators to each other to, in principle, improve speed to market.

Binance-backed, crypto-friendly Founders Bank is still waiting to receive a license in Malta
Binance-backed Founders Bank has yet to win a license in Malta even though it originally expected to have one by 2019. The project also slashed its funding target due to lack of a regulatory timeline. The delays may stem in part from changes to the political landscape in Malta, which the crypto community has dubbed “Blockchain Island”.

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