Bitcoin, Crypto currency, Blockchain

Regulation in the week looking back, KW#16 – The air in Asia is slim

3c14008de4d3ecac3e403b6d527ffc08 - Regulation in the week looking back, KW#16 – The air in Asia is slim

In the past week a lot of is around the globe time and again in terms of regulatory events. In the series, “regulating in the week to look back”, as we look back at the week end and summarize what was thought about when, where, and by whom said, or decided.

Taiwan: Bitcoin Miner shot down

According to a report in the Taiwanese news source Liberty Times was shot on Saturday evening, a Bitcoin Miner of two other Parties. They had wanted to meet the Miner to carry with it a significant investment. Both business partners had provided to the Miner before 10 million Chinese Yuan (about 1.7 million US dollars). Due to the tightened Chinese rules, he could not exchange the profits in Fiat currencies, the dispute escalated.

Vietnam: crypto ban in online trading

The Ministry of industry and trade in Hanoi has banned the use of Bitcoin and other crypto-currencies in the online trading in the city. In a document, the on 13. April has been issued, it is stated that “the issuance, delivery, use of Bitcoin and similar virtual currencies is illegal in Vietnam.” Violations are subject to a fine of up to 200 million Vietnamese Dong (8.810 US dollars) for individuals and organizations.

Hong Kong: Securities and Futures Commission (SFC) to ICOs

Julia Leung, the Deputy Director of the Hong Kong Securities and Futures Commission (SFC), warned in a speech to the Public from Fundraising activities in connection with the Blockchain technology. “We recognize that innovative technologies such as the Blockchain have the potential to improve efficiency and financial inclusion, but this entitles anyone to fundraise, which is a violation of the securities law,” said Leung.

Malta: when tokens are securities?

The island state of Malta is on the verge of a Test to determine whether the securities are Assets resulting from ICOs. The Test includes a three-stage process that would first check whether a crypto-Asset in the category of Utility Tokens, or whether it can be traded on the secondary market, and thus under the MiFID regulatory.

Japan does Not have a national crypto-currency planned

The Japanese Central Bank (BoJ) currently has no plans for a digital Central Bank currency. At a conference with the International monetary Fund and Japan’s Financial Services Agency, the Deputy Governor of the BoJ, Masayoshi Amamiya, the output of a digital currency might be the existing two-tier System is undermined. However, the BOJ has already begun to deal with the underlying Blockchain technology. This is currently intended only for business applications.

South Korea: self-regulation of 14 Exchanges?

The Korean Blockchain Association has proposed a self-regulatory framework, Standards for crypto-Exchanges. Accordingly, members of the group a minimum of 2 billion Korean Won ($1.8 million) to hold equity. In addition, annual financial statements and audit reports of the Association must be given. The new rules will apply to 14 crypto exchanges in the country, including Bithumb, Coinone, Gopax, OKCoin Korea and Huobi Korea.

Philippines: the law against crypto-crime to come faster

Leila M. de Lima, a Philippine opposition Senator, had introduced last month a bill in Parliament to make the penalties for crypto-crime harder. Now they called on their colleagues in Parliament on Monday to a “rapid adoption” of its draft law to the possible. “No matter how small or large a group is, the same punishment must be given. It should never be easy to escape, after stealing the hard earned money of other people,” said de Lima.

Crimea: the government is considering foreign investments in crypto

The internationally controversial regional government on the Russian-Ukrainian Peninsula of Crimea in a crypto-to establish funds for foreign investors. “We will discuss ways to avoid sanctions. One of these methods is the creation of a cryptocurrency investment Fund in the Crimea, where we collect cryptographic resources, you will be transferred to Fiat-money and then for the realization of any kind of investment projects in the Crimea are going to use. “ the Deputy Prime Minister of Crimea, Georgy Muradov.

European Union: Parliament for stricter regulation

The members of Parliament no approved with 574 votes in favour to 13-to votes with 60 abstentions, measures against money laundering and the fight against terrorism. The new legislation aims to address the anonymity of financial technology through the rules for crypto-Exchanges. In the framework of the measures must register as such with the authorities and a Due diligence, including the Customer’s check.

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