Update NIM and CopyrightCoins® – Status per 12th February 2020
- Technical and development status.
- Legal and rollout status
Technical and development.
The CopyrightCoins® ecosystem.
A new and (very) improved user interface is in RC (Release Candidate) development and being tested as we speak.
As a CopyrightCoins® owner, you will now be able to send CopyrightCoins® to any other CopyrightCoins® owner (need to own at least 1 CopyrightCoin® ) and registered in our ecosystem. This is OTC trading (Over The Counter trading) to make exchange and trade of CopyrightCoins® between know legal entities easier.
All existing CopyrightCoins® owners will get an invite when ready.
All CopyrightCoins® owners will be able to invite others and collect rewards for successfully signing new members up. The new members can sign up, but will not be given access to the ecosystem until after passing the KYC/AML evaluation (see https://kycaml.im).
Everybody signing up will earn their referrers a “bounty” as described in earlier newsletters. Currently, 4% in fiat and 6% in CopyrightCoins®.
We are implementing a direct payout from our ecosystem for all that are opting to get referrals “bounty” in fiat. This can now be done “ad hoc” or as a standing order. The payout is limited to “bounties” earned.
There will be a special consideration for Copyright owners that is a) not recouping advances or b) receiving royalties directly. They will also be able to request fiat for CopyrightCoins® on an “ad hoc” basis (just a click on a button) or as a standing order. The payout is limited to royalties earned (wallet status).
NB! The payout will always be based on the CopyrightCoins® value pegged against the Euro NOT the bid/ask on the exchange. See earlier newsletter for details.
Registration and trade of Copyrights.
The registration user interface (UI) is under extensive testing and will be available in Alpha version for invited participants soon.
If you would like to be part of the testing team, please let me know.
NB! Batch registration for existing catalogues is already implemented. The registration UI is for NEW registrations only.
The NIM ecosystem will self-regulate until such time any legislation/regulated registration and trade of Copyright is activated (see Legal and rollout status below). In practical terms will all new registrations only be performed after a KYC/AML approval. Copyrights can then be traded within the same OTC trading as CopyrightCoins®.
NB! Both OTC trades (CopyrightCoins® and Copyrights) will only be performed within the NIMs closed ecosystem.
White Label Content Mesh
We are now able to implement a white label solution for any PRO, Music Publisher and Music label as well as DSP within a week if hosted on our own cloud (for instance deezer.thecontentcloud.com). Any implementation will include both registration and OTC trade of both CopyrightCoins® and Copyrights for p2p agreement between two parties. Bid and ask trades will have to be done on exchanges.
Legal and rollout status.
Isle of Man.
After Brexit and the UK government statement NOT to support/implement the EU Copyright directive, the Isle of Man Government (through the Digital Isle of Man team) stated that they would not pursue a regulated registration and trade of Copyright (at least not in 2020).
NIM and/or Internet Music will continue to evaluate and monitor the Isle of Man situation and continue planning for an establishment of self-regulated registration and trade if possible. However, it will mean that the already incorporated NIM in Estonia will do all the legal setup.
Any incorporation on Isle of Man will probably be to take advantage of the tax incentives and not necessarily mean a larger establishing of companies on the island.
Sweden and Estonia.
All legal/contractual agreements will be under Swedish and/or Estonian law. Both countries are working out the legal kinks of implementing the EU Copyright directive before 31st December 2020. NIM has advisors and people in our network working on that (including Sofia Westergren – MP of the Swedish parliament).