Bitcoin Daily: NY Approves First Stablecoins, WeChat Blocks More Crypto Accounts

New York State has approved the dollar-linked digital currencies created by Gemini Trust and Paxos Trust, making them the first stablecoins approved by the state’s regulator.

Both the Gemini dollar, launched by twins Cameron and Tyler Winklevoss, and the Paxos Standard will be fully collateralized by the U.S. dollar on a one-to-one basis.

“These approvals demonstrate that companies can create change and strong standards of compliance within a strong state regulatory framework that safeguards regulated entities and protects consumers,” New York State Department of Financial Services Superintendent Maria Vullo said in a statement, according to Reuters.

In other news, messaging app WeChat is moving doing more than just banning accounts that focus on crypto events and crypto news: it is now blocking those that offer cryptocurrency market prediction and analysis.

The messaging app recently blocked the official sales channel of Bitmain, which uses the WeChat ID “antminersale” and provides information regarding sales of bitcoin miners, as well as cryptocurrency market analysis.

According to CoinDesk, those searching for content are directed to a page that states: “Following users’ complaints, the platform [WeChat] has reviewed and discovered that this account — without having acquired authorized credentials or licenses — has been publishing and distributing information of relevant businesses it is involved in.”

So far, though, another Bitmain official account that provides product information for mining equipment – “antminer_official” – remains active.

Meanwhile in Australia, the New South Wales (NSW) government announced it is launching a driver’s license digitization program using blockchain.

The program, called TrustGrid, will use a distributed blockchain network to authenticate and store driver license data of 140,000 holders so that they can show their credentials via a mobile app. The pilot is scheduled to start in November, with motorists in Bondi, Bondi Junction, Bronte, Clovelly, Coogee, Randwick and Waverley invited to participate.

And Ashley Fox, a member of the European Parliament (MEP), wants to make initial coin offerings (ICOs) more accessible through regulation.

The proposed regulations would limit the proceeds for ICOs to 8 million euros, enforce know-your-customer/anti-money laundering rules, and provide token startups with access to the entire EU, Fox said in an exclusive interview with CoinDesk.

“What I’m aiming to do is bring transparency to ICOs, allowing intermediaries to perform the required due diligence. And the effect of this will be to provide an EU-wide law which gives a passport to the whole market,” he said, adding that the companies that follow the rules will have access to a larger market.

The full Committee on Economic and Monetary Affairs is expected to meet in November to vote on the proposal, while the official position for the European Parliament would happen near the end of November or early December.