Bitcoin, Crypto currency, Blockchain

Regulation in the week looking back, KW#21 – The world looks at crypto

2964d64592a2fc088cbd272d4592cbad - Regulation in the week looking back, KW#21 – The world looks at crypto

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.

United Kingdom: currency exchange LMAX begins with crypto-Trading

LMAX, the UK platform for foreign exchange trading, has announced their entry into the crypto-trade. As the Financial Times reported, is planning to LMAX, to strengthen the legitimacy and acceptance of the crypto-currency, while the institutional interest is growing. The LMAX, which is regulated by the UK regulator, the Financial Conduct Authority (FCA), could occur in the future also in New York and Tokyo. So far, she was bound to London.

Japan: Blockchain payment network of Japan’s largest Bank

The Mitsubishi UFJ Financial Group (MUFG) has teamed up with the great Cloud delivery platform, Akamai Technologies in the United States to develop a global Blockchain-based payment network. Akamai was able to test the Blockchain platform “under realistic conditions”. They could process a Million transactions per second and a transaction in less than two seconds to complete.

Georgia: Central Bank to seek advice in the case of the BaFin

A representative of the German Federal financial Supervisory authority (BaFin) met this week with members of the National Bank of Georgia (NBG), and other members of the financial sector. Including representatives from the international financial institutions (IFIS), the private sector, commercial banks, brokers, audit firms and legal companies. The aim of the meeting was the awareness of crypto currencies increase in the country.

Australia: Estimated 2.1 million US dollars by crypto-Scams lost

Australian consumers have lost in the past year, around 2.1 million US dollars in crypto-Scams. This is one of the annual fraud report from the Australian competition and consumer Commission (ACCC). The analysis of the ACCC shows that the use of digital currencies as a payment method in the last quarter of 2017 reached its peak. Almost $ 100,000 were reported from January to September, crypto-based fraud per month, while in December, the loss of 700,000 US dollars have been reported.

Taiwan: Parliament wants to bring the Blockchain to advance

The Taiwanese Parliament on March 25. May, the formation of a new group is announced and will support the emerging Blockchain-sector of the country. The creation of the parliamentary coalition for the Blockchain in Taiwan (TPCB) is headed by the Deputy Jason Hsu Yu-Jen. It aims to unite politicians of different parties, in order to create a clearly defined regulatory framework to facilitate the Blockchain development, and to protect investors.

India: crypto-currencies taxed as “intangible property”?

India is working on proposals to crypto-currencies to the goods and taxable services tax (GST). Accordingly, the Central Board of Indirect Taxes, the government is planning to levy an 18 percent tax and crypto-currencies to be classified as “intangible property”. India has, so far, apart from legislating to currencies of the legislation in Crypto, even though the Central is trying to Bank, the use of restrict.

Singapore Central Bank warns of eight crypto-Exchanges

The Central Bank of Singapore has warned eight crypto-Exchanges, the securities rules and regulations. In a press statement, the Monetary Authority of Singapore (MAS) reiterated that operators in the city-state “are responsible for ensuring that you comply with all relevant laws”. The warnings continue, the authorities in this year’s Narrative. While Singapore aims to be a promotional, yet regulated environment for Blockchain and crypto-currencies.

South Africa: Central Bank Crypto-called currency “Cyber-Token”

The South African Reserve Bank, the Central Bank of the Republic, decided to designate digital currencies as a “Cyber-Token”. You are “the requirements of the money not justice”, as Bloomberg reported. The Reserve Bank has set up a FinTech-task force to check their attitude towards private crypto-currencies and to handle regulatory issues.

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