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Aug. 9, 2019, 12:13 p.m. EDT

CryptoCorner: tZERO Launching Retail Security Token Trading, FATF Designing Global Crypto System, Ripple CEO Says Company Eyeing Further Investments and Rhode Island to Regulate Crypto Under Money Transmission Laws

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Aug 09, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - August 9, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner

tZERO, the blockchain-focused capital markets platform from retail giant Overstock ( NasdaqGM:OSTK ) is opening up security token trading to retail investors on August 12, according to a report from CoinDesk . tZERO CEO Saum Noursalehi told CoinDesk that the company is "expecting up to 50,000 investors who previously bought Overstock's shares to get on board with digital securities trading".

"We had a lot of broker-dealers, about 30 or 40, reach out to us that want to get involved in this ecosystem. We're working on these requests. Investors have been sending questions as well. They are excited and they are trying to understand it."

Noursalehi also revealed that the company is working to get approved for a virtual currency license from the New York Department of Financial Services.

"The New York BitLicense is challenging to get, we are working on it, we're hoping to get it in the next six months."

Nikkei Asian Review reports that the Financial Action Task Force (FATF) is planning to design a "system to collect and share personal data on individuals who conduct cryptocurrency transactions" comprising about 15 governments as members. With the goal of preventing money laundering and terrorism financing, the system is intended to be up and running in a few years, whereupon it will be turned over to private sector control.

Many countries have not yet created regulatory regimes for cryptocurrencies, so international cooperation may speed up the development of legal measures. About 15 countries, including the G-7 members, Australia and Singapore, will develop the new system.

The CEO of Ripple, Brad Garlinghouse, told Yahoo that the crypto company is working on "multiple" potential investments and acquisitions following its $30 million parntership with MoneyGram ( NasdaqGS:MGI ).

"We're in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage. Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be."

International law firm Alston & Bird reports that the U.S. state of Rhode Island will regulate cryptocurrencies under its money transmission laws. An excerpt from the report reads:

The bill requires licensees engaging in virtual currency business activities to provide certain specified disclosures to residents. Further, licensees must create and maintain certain compliance programs, including business continuity and disaster recovery programs, anti-fraud programs, anti money-laundering programs and information and operational security programs.

Sam Mowers, Investorideas

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