HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the “Company” or “HIVE“) recognizes the thought leadership of the Swiss Financial Market Supervisory Authority (“FINMA”) following progressive actions towards blockchain service providers. FINMA has, for the first time, issued banking and securities dealers’ licences to two pure play blockchain service providers. As a company with operations in Zug, Switzerland this has the potential to be a positive development for HIVE as transaction costs could decrease while increasing opportunities for liquidity and banking options.
“The granting of licenses to SEBA Crypto and Sygnum in Switzerland is another positive step for the blockchain industry broadly,” said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. “I expect that this can have a positive impact on HIVE as transaction costs are expected to be lower while enhancing liquidity. The Swiss regulators are showing true leadership in blockchain and cryptocurrency and, in my view, it acknowledges the important role that blockchain technology is expected to play in the future of banking. SEBA has partnered with Julius Baer, a Zurich-based private bank, which comes on the heels of JP Morgan and Facebook entering the cryptocurrency landscape. I believe that large corporations and banking institutions entering the ecosystem is a testament to the disruptive nature of blockchain and cryptocurrency and the impact that it can have at a global level.”
HIVE also announces that it expects to file its annual financial statements and accompanying management’s discussion and analysis for the financial year ended March 31, 2019 (collectively, the “Annual Filings”) on or before September 29, 2019. As a result of the delayed Annual Filings the Company will have a delay in the filing of its interim financial statements, management’s discussion and analysis, and the related certifications for the period ended June 30, 2019(“Interim Filings”), which have a filing deadline of August 29, 2019 . HIVE will continue to provide biweekly status updates on the delay of filing its Annual Filings and Interim Filings.
HIVE confirms that since it announced a delay of its Annual Filings (the “Filings Notice”) there is no material change to the information set out in the Filings Notice that has not been generally disclosed and there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203. Management is working diligently to meet the Company’s obligations relating to its Annual Filings and that, while subject to the Management Cease Trade Order (“MCTO”), the Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly status reports until it has satisfied the necessary filing requirements.
SOURCE HIVE Blockchain Technologies Ltd.