Bitcoin, Crypto currency, Blockchain

Regulation in the week looking back, KW#24 – Ethereum but no value paper

baf20ef56f091ddf52e064b12a3bacc9 - Regulation in the week looking back, KW#24 – Ethereum but no value paper

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, looking back,” we look to the week end to back and summarize, what, when, where, and by whom, said, thought, or decided was.

SEC-Director: Ethereum is not a securities

William Hinman, Director of Corporate Finance of the SEC, does not see any value in Ethereum as the value of paper (Security). On the Yahoo All Markets Summit: Crypto Event in San Francisco, the SEC-representative indicated that there is no Central figure or group behind the crypto-currency. Therefore, Ethereum is, strictly speaking, no Investment contract. Thus, a further voice of the SEC fits in with the chorus of the regulators. Last SEC had reported to Chairman Jay Clayton, more and more Bitcoin, and as a Non-securities defined.

Colombia: banks close accounts of the Exchange, Buda

Colombian banks have closed all accounts of the South American crypto-Exchange According to the E-Mail from the company to its customers, the step came as a surprise, the banks confirmed that the accounts were closed without explanation. The Colombian CEO of Buda, Alejandro Beltran, confirmed the Situation to the local industry media. He also named the three banks, the blocked Budas accounts: Bancolombia, BBVA and Davivienda.

Lithuania: guidelines for ICO-regulation published

The Lithuanian Ministry of Finance has issued guidelines to the Initial Coin Offerings (ICOs). There is what are the crypto-Token as the securities are regarded, and how every aspect of a Token Sales should be governed by different laws in the country. According to the document, it is important to determine whether a Token “gains or management rights” granted to investors who acquire the Token via an ICO.

UK: the financial market regulator advises banks to crypto-Assets

The British Financial Conduct Authority (FCA) has issued a Directive for banks, which advises you of the risks in dealing with the “crypto-Assets”. In accordance with the Declaration of the Executive Directors of Supervision of banks should pursue customer, have to do with crypto-Assets, a very individual approach. For Bank customers, offering its clients services in the area of crypto-currencies, are approximately stated a Due-Diligence for key customers as appropriate measures to reduce the risk of financial crime.

South Korea: banks use the Blockchain to verify customers

The Korean Association of German banks (KFB), a national banking group in South Korea, wants to introduce a blockchain-based ID-verification system for domestic commercial banks. According to the opinion of the Association the new System to be launched – called BankSign – in July, after a test phase, which began in April of this year. Building on Nexledger, a private Blockchain platform developed by Samsung, will provide BankSign local banks Option to replace the in South Korea for decades, the existing System for Checking IDs, so the KFB.

USA: study on the use of crypto-currencies in the Sex trade

The Financial Services Committee of the US house of representatives has submitted this week a draft law that currencies should initiate a study on the use of Crypto in the sex trade. The draft should be approved, would need to investigate the auditors of the United States, as “virtual currencies, and Online marketplaces to buy, sell or facilitate the financing of goods or services in connection with the sex trade will be used.” The study would in addition, examine the use of crypto-currency in the illegal drug trade.

Thailand: SEC looks at 5 of the 50 ICO-applicants as appropriate

Thailand’s financial Supervisory authority, the SEC has confirmed that five of the ICOs are ready, according to the new Fundraising provisions of the country, financial resources to collect. According to the new rules ICOs must meet in Thailand, mandatory requirements and the regulatory authority’s register. According to Thawatchai Kiatkwankul, head of Corporate Finance at the SEC-Department of Equity, are, on the whole received 50 scheduled services. Only the five mentioned above comply with the new legal framework.

Kazakhstan: International financial centre would like to support crypto-Innovation

Kairat Kaliyev, the Governor of the Kazakh financial centre, Astana International Financial Center (AIFC), is in favour of the Blockchain. On the “Blockchain Conference in Astana,” he says, AIFC attach particular importance to the promotion of innovative technology in the country. The circulation of crypto-currencies should be regulated, in his opinion, in contrast, exactly.

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