May 22, 2022

As part of our regular weekly roundup, Coinsquare News covers the week’s notable international cryptocurrency and blockchain headlines. In this edition, we see local crypto news from Canada, the Swiss authorities having problems with $ 121 million CAD ICO and much more.

A city in Ontario has just voted for a cryptocurrency pilot project

In local news this week, the city of Enisfield, Ontario, voted in favor of a year-long cryptocurrency pilot project. The project, which is the result of a partnership with a Toronto-based company, will enable residents to pay property taxes using digital assets.

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CBC reports that from next month, Innisfil residents will have the option to pay their property taxes using a cryptocurrency wallet operated by Coinberry Pay. From there, the funds will reportedly be converted into fiat currency.

Currently, the move is part of a one-year trial that will allow Bitcoin to pay taxes. Going forward, however, residents may have the option to pay their taxes with other digital assets such as Ripple, Ethereum, Litecoin, and Bitcoin Cash.

Lynn Dulin served as mayor of a small Ontario town with a population of about 36,000. He called this new pilot to prove that the city of Enisphile is innovative and ready for the future.

Swiss authorities say $ 121 million CAD ICO is illegal

In news about Switzerland this week, Reuters reported that Switzerland’s financial watchdog had found inaccuracies in the steps taken by a large initial currency offering (ICO) conducted in the country.

The ICO in question was managed by Envion AG The Swiss Financial Market Supervisory Authority (FINMA) said the defunct firm had received 90 million Swiss francs (more than $ 121 million CAD) without a license, the report said.

About 37,000 investors participated in the multimillion-dollar ICO in exchange for “bond-like” tokens. Among other violations, FINMA claims that the conditions surrounding the ICO were not the same for all investors, and that the firm did not support its legal requirement to hire an internal auditor.

New Collaboration Beauty Vietnam to establish an authorized crypto exchange

According to a recent press release, a blockchain firm and Vietnam’s largest distribution company have entered into an agreement to establish the country’s first approved cryptocurrency exchange.

Historically, the legitimacy surrounding cryptocurrencies has been somewhat complicated in Vietnam. While it is legal to transact and hold digital assets such as bitcoin in the country, the State Bank of Vietnam previously made it illegal to use cryptocurrency as a payment method.

Now, in collaboration with KRONN Ventures AG, a blockchain company based in Switzerland, and Linh Thanh Group, a Vietnamese distribution company, the country is reportedly ready to establish a licensed cryptocurrency exchange.

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