Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [November 26, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. British Law Commission: the laws of England and Wales can apply to smart contracts

The Law Commission said on November 25, 2021 that the current laws in England and Wales can apply to smart contracts. According to the Commission, the implementation of smart contracts does not require large-scale changes to the existing legal framework – unless in some cases, only minor changes to common law may be required. The statement also confirmed the conclusions reached by the UK jurisdiction Working Group on cryptocurrency and smart legal contracts in November 2019. The Law Committee believes that the flexibility of common law is sufficient to adapt to emerging technologies such as smart contracts. However, the legal committee also pointed out that as part of its conclusions, more research is needed in the field of conflict resolution caused by smart contracts and general emerging technologies. The Law Commission is also studying cryptocurrency and digital asset regulation, focusing on property rights, whether tangible or intangible. (Note: the Law Commission is a statutory independent body established under the Law Commission Act 1965 to review the laws of England and Wales and make recommendations for reform when necessary.)

[2]. Stockbit, a mobile platform for stock trading in Indonesia, acquires old local securities companies

Recently, stockbit, an Indonesian stock trading application, announced the acquisition of mahakarya artha sekuritas, a local brokerage company, and renamed it stockbit sekuritas. At present, this transaction has been approved by the Indonesian Financial Services Authority. In the future, existing and new users of mahakarya artha sekuritas will be able to open accounts and conduct transactions on the Indonesian stock exchange through stockbit’s app. Stockbit was founded in 2012. Its core product is a transaction analysis tool with social function. In 2019, stockbit acquired a mutual trading fund application and renamed it bibit. The latter received investment from Sequoia Capital (India), Tencent, prosus ventures, East ventures and AC ventures in January and may respectively.

[3]. Nobroker, an Indian real estate technology platform, received US $210 million in financing, led by Tiger global

Recently, nobroker, a real estate technology platform headquartered in India, announced that it had obtained a financing of US $210 million, which was jointly invested by general Atlantic, tiger global management and Moore strategic ventures. Established in 2014, nobroker mainly provides users with real estate related products such as leasing, purchase, family services, financial services and social management through digital means. At present, nobroker has covered six cities in India, serving 16 million users, and the platform valuation has reached US $1 billion.

[4]. India plans to completely ban private cryptocurrencies and launch official digital currencies

The Indian government said on Tuesday that it would reintroduce a bill to ban private cryptocurrencies and introduce the digital currency of the central bank. It is reported that the Indian government said in a notice: “the cryptocurrency and official digital currency Supervision Act of 2021 will establish a convenient framework for the creation of official digital currency issued by the central bank. The act also seeks to prohibit all private cryptocurrencies in India.” however, the report pointed out that there will be some exceptions, such as promoting the development of basic technology.

[5]. Corestack, an American SaaS service provider of cloud technology, received a round B financing of US $30 million

Recently, corestack, an American SaaS service provider of cloud technology, announced that it had obtained a round B financing of US $30 million. Avatar growth capital led the investment, and trailblazer capital, iron pillar and some angel investors participated in the investment. At present, the total financing scale of the company is US $45 million. Corestack provides “cloud management” services to help enterprise customers realize continuous and independent cloud management on a large scale, including its operating costs, compliance management and consumption costs. At present, corestack is a joint marketing partner of Amazon AWS, Microsoft azure and Google cloud. The company now has more than 100 enterprise customers with a management scale of more than US $1 billion.

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