Incent announced in a press release published on Sept. 26 that participants will have to sign up on its platform and sync their bank accounts in order to receive the tokens. The firm also claims that the crypto asset in question is “Australia’s first cryptocurrency for all purchases at United Petrol stations.”
Australian startup Incent plans to offer a 20% payback in its INCNT token on fuel purchases at United Petrol stations for a limited time.
A substitute for point-based loyalty programs
United Petrol reportedly owns over 450 stations across Australia. Per the press release, the system’s advantage over classical company-emitted points is that those tokens cannot be devalued or discontinued by the company and that there are no plastic cards or friction. Incent CEO Rob Wilson explained:
“Giving consumers something of real value rather than points that can expire or only be redeemed under strict conditions is one of Incent’s key differences. […] But it’s also what goes on under the bonnet that makes it truly compelling. Once a user has synced their bank account, rewards are issued automatically. […] Consumers can literally save as they spend, seamlessly.”
Lastly, the author of the release explains that any customer who signed up for the service and synced their bank account will automatically receive 20% of their fuel purchase price at United Petrol back into their Incent account as token rewards.
As Cointelegraph recently reported, 63% of American consumers perceive blockchain tokens to be an easy form of payment.
Bittrex, Coinbase and Kraken Set up Crypto Rating Council
A group of digital finance companies has announced the formation of the Crypto Rating Council, a member-operated organization created to help market participants comply with U.S. federal securities laws. The founding members of this new industry body are Anchorage, Bittrex, Circle, Coinbase, DRW Cumberland, Genesis, Grayscale Investments and Kraken.
The heavy hand of regulators has been stifling the growth of the cryptocurrency industry in the U.S. and caused innovators to flock abroad. In a bid to mitigate one aspect of this problem, major players have now created a joint system for rating what constitutes a security token.
Uniting Against Regulatory Uncertainty
The purpose of the Crypto Rating Council is to provide a joint assessment of whether a specific token should be considered a security under U.S. law. This definition has direct legal implications on companies that trade and manage digital assets in the U.S., but reaching this decision can be costly for any one company as it requires the assistance of expensive lawyers who specialize in such matters. Moreover, as it is a fuzzy legal definition and not a matter of code, different lawyers might reach different conclusions. A joint effort should help companies deal with the lack of clear-cut rules from the U.S. Securities and Exchange Commission (SEC).
Bill Shihara, the CEO of Bittrex, stated: “The Crypto Rating Council’s mission of operationalizing SEC guidance is one that deeply resonates with Bittrex, and me. Today’s regulatory complexity and uncertainty creates a challenging environment for emerging US blockchain technologies. By uniting as a Council to set industry standards and help clarify regulatory guidance, we can reinvigorate responsible blockchain and cryptocurrency growth in the US.”
The Securities Rating Framework
In order to judge whether an asset is a security, experts are asked a number of questions that are derived directly from SEC guidance and relevant case law. These are designed to address important characteristics such as the usage of securities-like language, the sale of tokens or token interests prior to the existence of token utility, marketing of the token suggesting an opportunity to earn profits, and decentralized development and usage.
The Crypto Rating Council’s analytical framework results in a score between 1 and 5. A score of 1 means the asset has few or no characteristics consistent with a traditional regulated security while a score of 5 means that an asset has many characteristics strongly consistent with treatment as a security. For example, Monero (XMR) got a 1.0 rating and Ripple’s XRP got a 4.0.
“Coinbase is proud to bring together many of the largest and most credible companies in the cryptoeconomy to implement the first industry wide crypto rating system,” commented Chief Legal Officer Brian Brooks. “Like the Motion Picture Association’s system for rating movies, this new system will provide clarity and a common language for assessing important aspects of individual cryptoassets-in this case, securities law compliance.”