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Cruise ship ‘Satoshi’ to house crypto companies and digital nomads

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Ocean Builders, a company that builds “floating, off-grid seapod homes,” has bought an old Australian cruise ship it renamed ‘Satoshi’ and plans to fill with crypto companies, entrepreneurs, and digital nomads off the coast of Panama.

In an announcement, Ocean Builders COO Chad Elwartowski, said the ship will comprise a hub for innovation, offering a unique space in which crypto entrepreneurs can build and network:

“We look forward to creating a hub for technology and innovation here in Panama. Our goal is to figure out how to live sustainably on the sea and chart new waters in this new frontier.”

The ship was built in 1991 with the name Pacific Dawn and has since been operated by Princess Cruises and P&O Australia. P&O’s parent company Carnival Corporation decided to sell the ship due to the impact of the pandemic on the cruising industry.

The ‘Crypto Cruise Ship’ is named Satoshi after Bitcoin’s (BTC) pseudonymous creator, with Elwartowski claiming the vessel will host restaurants, casinos, medical services, and a waterpark. Satoshi will anchor in the Gulf of Panama, the island home to many crypto exchanges, and BTC will be accepted to pay for all on-board purchases, alongside U.S. dollars.

The first 200 of Satoshi’s 777 cabins will be sold via auctions scheduled for Nov. 5 to Nov. 28. The cabins are priced between $25,000 and $50,000. However, buyers must also pay ongoing monthly fees to acquire full ownership of the cabins.

The cabins will be sold one deck at a time to give associated entrepreneurs the opportunity to purchase rooms adjacent to one another.

“Our idea for families with children is to buy a balcony or ocean view room for the parents and purchase a cheaper interior room across the hall for the children. We would like to think of your cabin as your bedroom while your living room is the rest of the ship.”

If everything goes according to plan, Satoshi will be available for residency from early 2021.

According to Marine Insight, ‘seasteading pioneer’ Elwartowski and his Thai girlfriend were last year accused of violating Thailand’s sovereignty when they tried to occupy a sea home off the coast of Phuket. The act reportedly saw the home seized by the Thai Navy and arrest warrants were issued for both of them.



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Regulation

New York authorizes first Yen stablecoin operator in the US

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New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S.

Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. 

Given New York’s status as a global center, the NYDFS is the most prominent state financial regulator in the U.S. It is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. 

GMO’s charter is as a limited liability trust company rather than a full bank, the principle difference being in authorization to handle deposits. While a stablecoin operator typically needs the ability to hold reserves of the pegged asset, GMO’s charter limits its rights to hold other kinds of deposits not central to its ability “to issue, administer, and redeem” its stablecoins. 

The right to issue such non-depository charters has been a bone of contention between state regulators like the NYDFS and national banking regulators in the U.S. 

GMO president and CEO Ken Nakamura said: “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe haven asset.” 

The NYDFS recently made changes to its famous BitLicense, including a conditional format that buddies up newly licensed firms with existing licensees. The first conditional BitLicense went to PayPal, facilitating the launch of its new crypto services earlier this fall with the help of longstanding licensee Paxos.