blockchain

Turkish Bank Launches Blockchain Platform for Digital Gold Transfers

Turkey’s Takasbank announced the release of its blockchain-based gold-backed transfer system Dec. 30th. Developed by the Istanbul Clearing, Settlement and Custody Bank, the BiGA Digital Gold trading platform provides banks with a blockchain-based system for the issuance, repayment, and transfer of digitized gold.

Illinois Legalizes Smart Contracts and Other Blockchain-based Records

As of January 1st, Illinois’s Blockchain Technology Act took effect, opening the door for the legal use of blockchain-based contracts.

FBI Warns Against IoT Vulnerabilities

In the not-that-unlikely chance a business’s network is compromised, their entire infrastructure is at risk of exploitation. Gaining access to high-risk digital assets can lead to devastating revenue damages –– which is nothing to take lightly.

CBDCs Are on the Rise, Are Banks Prepared?

As more investors and businesses turn to the tokenization of digital assets, there’s no stopping the inevitable rise of digital currencies worldwide.

EY Focuses on Blockchain Security with Launch of Smart Contract Analyzer

rnst & Young (EY) launched its token and smart contract review service. The tool will allow companies and individuals to evaluate smart contracts and tokens for known security risks.

State Street Turns to Tokenization in an Unguarded Digital Era

In a recent survey by the quantitative analysis firm Oxford Economics, 94 percent of State Street clients hold digital assets

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December 2019 Newsletter – Subscribe!

Our December Newsletter is live! Subscribe to follow our product, updates, events and cyber security news.

Here are the highlights:

Blockchain & Key Management: Trending

With increasing movement towards blockchain platforms by banks and financial institutions, there is a rise in key management hacking. The Hub Security team weighs in:

Tamper Proof HSM – New Video!

Our latest product video is live! Watch our new self-destructing chip go up in flames when there is an attempt to tamper with it.

HUB’s APAC Team @ CyberTech Tokyo 

Our APAC team, along with CEO Eyal Moshe, exhibited at CyberTech Tokyo, a great event and venue to meet new & existing clients. The energy on the floor was palpable as this space continues to heat up.
Meet us at CyberTech Tel-Aviv in Jan 2020!

We Are Hiring!

We are looking for a new PPC manager to join the team. Click for details.

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To learn more on HUB Security solutions for digital assets and key management or submit details below.





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Digital Asset Alert: HK SFC Issues New Regulations

The Hong Kong Securities and Futures Commission (SFC) issued a position paper Nov. 6th defining a new regulatory framework for virtual asset trading platforms. In it, they outlined the parameters under which VSTs would be eligible to apply for a license from the SFC. Virtual asset trading platforms are platforms that offering trading of security tokens.

A virtual asset is a digital representation of value. Also known as a cryptocurrency, a crypto-asset or a digital token, the estimated total market value of virtual assets is now between $200-300 billion. As of November 2019, there are over 3,000 digital tokens and 200 virtual asset trading platforms.

Now the SFC adopted a new set of regulatory standards for virtual asset trading platforms similar to those applicable to licensed securities brokers and automated trading venues. The standards were passed in order to address key regulatory concerns surrounding the tokenization of digital assets. Of primary concern to regulators are the safe protection of assets, KYC requirements, anti-money laundering, and terrorism counter-financing.

Photo – Rikki Chan

According to the position paper released this month, the SFC will only grant licenses to platforms that are capable of meeting the standards outlined by their committee. While enthusiasm for ICOs waned throughout 2019, other forms of virtual asset fundraising hold continued buzz. Securities such as STOs are typically structured to provide the same features as traditional securities, but also involve digital proof of asset ownership using blockchain technology.

“Regulators need to be open to the benefits of innovation, but they should also be ready to tackle the risks to investors which some financial technologies give rise to,” said Mr. Ashley Alder, the SFC’s Chief Executive Officer.

As part of the newly announced regulations, the SFC also made it clear that virtual assets traded on licensed platforms will not require compliance with the same set of financial regulations as traditional security offerings.

Additionally, the SFC issued a warning to investors regarding the high risks associated with purchasing virtual asset futures contracts, citing their unregulated nature and security vulnerabilities. While this warning served largely as a side note to the excitement surrounding the announcement, investors and digital asset owners alike likely still have a long way to go before these concerns can be fully addressed and their digital assets safeguarded.

To learn more on HUB Security solutions for digital assets and key management or submit details below.

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Wyoming Takes the Lead in Blockchain Regulations, Will Others Follow?

Wyoming announced last month it may be the first state to make ‘blockchain banks’ a thing. If this sounds strange to you –– it’s because legally and conceptually it is. To date, hundreds of cryptocurrencies have roamed the blockchain network unchecked and unregulated.

When blockchain technology first emerged, many thought cryptocurrencies would change everything –– from how we make purchases to how we invest. But institutional investors need more than a cryptocurrency ledger to satisfy regulators that they can protect customers’ assets.

Now Wyoming is looking to change all that with the introduction of Bill H.R. 2144 (116) to the Wyoming State Legislature. Announced November 11th, the Bill outlines a path to legalization of SPDIs –– legally known as “special purpose depository institutions” –– which would serve business unable to secure FDIC-insured banking services due to their dealings with cryptocurrency.

Since February, a number of important bills were passed in Wyoming aimed at building the infrastructure for what will soon become the most crypto-friendly state in the US. In January, Wyoming’s Senate passed a bill allowing for cryptocurrencies to be recognized as money, and the same month passed another bill defining certain open blockchain tokens as intangible personal property. It’s even rumored that five new “blockchain banks” could bring as much as $20 billion in assets into Wyoming by 2020.

The rapid innovation of blockchain technology and the growing use of virtual currency and digital assets has resulted in many blockchain innovators being unable to access secure banking services. These kinds of bureaucratic legislative hiccups continue to stall the development of blockchain services and products in marketplaces the world over.

Now that’s all about to change, with Wyoming of all states leading the way to a more secure crypto future. With the newfound legal foundations for crypto-based products in place, young companies will now be left to face their next big challenge: protecting their customers’ digital assets from digital threats.

As long as innovators continue to use blockchain, legislators will need to keep pace with the rapid advancement of such technologies –– or lose out on the opportunity to provide the much-needed legal infrastructure for what is still known as the ‘wild west’ era of blockchain technology.

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