Bitcoin, Crypto currency, Blockchain

Regulation: News from South Korea, China and the Bundesbank

07cc8cac9da29fe707baf1deeeb068b3 - Regulation: News from South Korea, China and the Bundesbank

In South Korea, the question of regulation of crypto currencies is still not finally clarified. However, the evidence suggests that there will be stricter regulations, but no ban of crypto-currencies. A stricter control should be in China. In China, the existing ban on cryptocurrency exchanges will be extended according to Bloomberg, “exchange-like” platforms. In Germany, calls for the BundesbankExecutive Board Wuermeling, meanwhile, an international solution for the regulation of crypto-currencies.

In South Korea great confusion prevailed in the last days, because a ban on the cryptocurrency trade. After the justice had made Ministry such a proposal publicly, it was the panic all the greater.

As CCN reported to have cleared but now the speaker of the South Korean President, Moon Jae-In in a yesterday’s public press conference about it on that it will be in the near future, no prohibition of the trade with crypto currencies. The speaker of the currencies referred to the competence of the established Task Force for the regulation of Crypto and stated that this practice will publish suitable rules and regulations. A ban is not the case, therefore, under this definition of the word.

According to the report of CCN will, however, establish a prohibition for foreigners and minors, investors who want to trade on the Korean stock exchanges. Expected date for this is 20. January. Until probably the end of January, according to a report from Yonhap, the South Korean crypto-currency exchanges to permit registrations for new users, however, under the compliance with the prohibition of anonymous accounts. In the case of non-compliance with the new rules can result in a fine according to the report.

A spokesman of Bithumb told Yonhap News that he does not think that a ban in the near future is unlikely. Instead, in its view, would follow new rules that make the trade transparent, fair and stable.

China plans to ban “exchange-like” platforms

As Bloomberg reported yesterday, want to locals by the Chinese authorities “the domestic access and Offshore platforms, which enable centralized trade, block, […] without such platforms defined” (source: Bloomberg).

According to the report, it came out in the last few weeks, a rising Trend is to bypass the stock exchange ban by September 2017, by alternative platforms were used.

Probably now platforms could be advised, such as local bitcoins, to the attention of the Chinese authorities.

Bundesbank Executive Board calls for global regulation of crypto-currencies

Also in Germany the issue of regulation of crypto seems to be currencies gradually in the focus of individual actors. As Bundesbank Board member Joachim Wuermeling explained at an event in Frankfurt that from his point of view, regulation is only through the widest possible international cooperation possible in order to keep the global phenomenon of crypto-currencies in chess.

A first step was made according to Wuermeling, the EU, the new Directive on money laundering of December. In addition, the issue of “regulations of cryptocurrencies will be discussed” at the Initiative of France on the this year’s G20 summit.

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