In the past week a lot of is around the globe time and again in terms of regulatory events. In our regulatory response we look back at the week end and summarize what was thought about when, where, and by whom said, or decided.
South Korea: government plans to emphasize tax benefits of Exchanges
South Korean crypto exchanges could soon lose the right to claim substantial tax benefits, in the currently smaller enterprises have been granted. The South Korean government announced a Revision of the existing tax law. This would classify the stock exchanges in the category of Start-ups or small and medium-sized enterprises (SMEs). According to the existing tax law of the country Start can apply to the ups and SMEs in the first five years after its establishment, a deduction of 50 to 100 percent of their income tax or corporate income tax.
China: censorship authority, a crypto-expert
The Chinese state government authority for the censorship of the media production is looking for a cryptographer who is familiar in terms of the Blockchain. The research center of the State press administration, has published a job description. The ideal candidate is therefore technologieaffin and possesses strong skills in cryptographic Algorithms, and performance optimization.
Philippines: New ICO law classifies all of the Token as a Securities
The Philippines are on the verge of the introduction of a new law regulating the legal Situation of ICOs. The Securities and Exchange Commission (SEC) in the country has published a draft Regulation. All in ICOs issued Token by default than securities classified unless the Issuer can prove the contrary. Only if the tokens are classified as securities, they fall also in the jurisdiction of the SEC.
Holland: crypto no real money currencies””
For Petra Hielkema, Department Director of the Dutch Central Bank, are crypto-currencies are not real money. Blame it on the volatility and the high risks to Consumers. This is the local news Agency, Dutch News reported. Hielkema also noted that the Bank has been experimenting for three years with the Blockchain and already four prototypes, has developed. Although Hielkema adds that the Blockchain is still not ready to be in Dutch payment systems implemented, there are “opportunities for the future”.
Chamber of Digital Commerce: policies for sustainable growth
The Token Alliance of the Chamber of Digital Commerce has published their press release a joint report on the proposed guidelines for “responsible growth” of the crypto-currency market. The document, entitled “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners” can be divided into three sections: a regulatory Overview of digital Token-markets in five countries, principles for the distribution of digital tokens, which are not intended to serve as the securities, and economic reporting of the “global Token of the landscape”.
SEC: New crypto-officer wants to promote dialogue
The American stock exchange regulator, the SEC, has commissioned a new Crypto. Valerie Szczepanik to provide for more dialogue between the emerging crypto industry and the Securities and Exchange Commission. Previously, she was employed by the authority, the supervision of Initial Public Offerings and share sales.