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.
Japan: the Minister of Finance is considering Amendments to the crypto-taxation
The Japanese Finance Minister thinks about it, to change the way the crypto-currencies will be taxed in Japan. He doubted, however, that the Japanese Public will react to this news favorably, since the new taxation could be viewed as unfair. The current tax rate for Crypto transactions is a maximum of 55 percent. A Change in the category would, like shares or foreign exchange transactions, a tax rate of 20 percent.
Urkaine: No regulation of crypto-mining
The regulatory authorities in the Ukraine not planning to in the near future to regulate the Mining of crypto-currencies. How a Russian news portal reported, is not crypto-mining is viewed as an activity that required licensing. Igor Samokhodski of the crypto-friendly NGO BRDO welcomes the decision.
Australia: No own crypto-currency planned
In a Briefing to the Australian Business Economists, the Head of Payments Policy Department reserve Bank of Australia commented on a possible own crypto-currency. This would be as an idea, while intriguing, for the real-world use, but inefficient. In addition, the theme for the Central Bank would have no priority, they are working on possible solutions.
Canada: working group on regulation formed
The Investment Industry Regulatory Organization of Canada, an NGO that relies on self-regulation in the crypto scene, has formed a working group. This works in the future to a set of rules for the regulation of Blockchain applications. In a document, you show the organization’s priorities for the year 2019.
South Korea: Bank’s control over the Exchanges will be extended
The South Korean financial Supervisory authority has changed the rules for combating money laundering. In the future, domestic banks should be required to strengthen the Monitoring of Bank accounts associated with crypto-currencies. According to an announcement by the Financial Services Commission (FSC) means the Change, which is initially valid for one year, that of domestic banks, the use of crypto exchanges, will now have to monitor all the accounts of this exchange.
Hong Kong: securities and markets observed in the crypto area
In its annual report 2017/18 the Securities and Futures Commission (SFC) announces the Chinese special administrative zone Hong Kong, to crypto-currencies and ICOs in the future. Thus, new technologies often come in conjunction with the risk, occasionally, the Intervention of regulators is necessary. High-quality projects you want to support.
Malta: Three draft laws on the Blockchain in the Parliament
The Parliament of the island state Malta has adopted three draft laws on crypto-currencies, Blockchain and Distributed Ledger Technology (DLT). With these, you will want to support the Maltese government to understand the Blockchain better and to make the location an international crypto-Hub. To the Parliament the initiatives of Silvio Schembri, parliamentary Secretary for financial services were introduced.
UK: Bank of England warns again on risks of crypto-currencies
Sam Woods, Chairman of the Board of the UK financial services authority the Prudential Regulation Authority (PRA) announced in a Letter that banks, insurance companies and investment firms measures should take to protect themselves against market volatility and to protect potentially risky investments in the Krypobereich. So he support the position of the Central Bank chiefs Mark Carney, called repeatedly for a strengthening of the control of the crypto sector.