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.
Saudi Arabia: Bitcoin Trading declared illegal
A Committee from the saudi Arabian financial market regulators has released this week an opinion on the topic of Bitcoin and crypto-currencies. Therein, the legislature declares that trading with crypto-currency in Saudi Arabia is illegal. Thus, the Committee warned of the negative consequences and high risks for the distributor, as the Bitcoin-trading deck-no state supervision. What penalties threaten those who act in spite of prohibition with crypto-currencies will not be executed.
Spain: Left-wing movement Podemos wants to explore the Blockchain
Podemos, the new left movement in Spanish politics, for a Committee to study the possibilities of Blockchain technology. As the Europa Press reported, calls on the opposition party, the government, and serious with adaptation and regulation. According to the Vice-Chairman Alberto Montero the Blockchain bring enormous Potential, which could also reduce costs in the state administration.
United States: disclosure of the proceedings against Ripple rejected
The U.S. Northern District of California court has decided the case against the company Ripple Labs is not a lower court. The subject of a lawsuit that accuses the company Ripple to break with the output of the XRP-Token against the law of the state of California. Ripple had carried the matter to the District Court Level, the plaintiffs wanted to negotiate the case to a tier below.
EU: the New Crowdfunding regulation should include ICOs
The Committee on economic and monetary Affairs of the European Union worked this week in the new regulatory framework for Crowdfunding activities. After a template Initial Coin play Offerings as a source of revenue for a role. Accordingly, the designs for Crowdfunding offer rules although no clear-cut solution for the regulation of the ICO period, and represent an important step in order to make appropriate regulatory measures for the protection of investors.
South Korea: Protest against the tax plans of the government
In South Korea, the interest associations of the Blockchain and crypto – industry against the government’s plans, cryptographic protest deprive businesses of tax advantages. The government had previously decided to make a law with tax benefits for companies dealing with growth in technologies. The companies that are in the Blockchain sector were excluded, however, explicitly, what annoys the crypto sector in the country is understandably pissed.
United States: SEC stops. ICO Scam Tomahawkcoin
As the American financial market regulator, the SEC, in a press release, announced that it has stopped a fraudulent ICO. The Tomahawk Exploration LLC have tried, with the output of the so-called Tomahawkcoin funds. The company advertised with inflated projections of Oil production, which would suggest that the Tomahawk had the rights to the Oil-promotion. This is not according to investigations by the SEC, however, not the case.
Italy: Association of the insurer, is testing the Blockchain
In Italy, the national insurance Federation, according to a press release, a Blockchain-Test in the insurance sector. The organization aims to use the technology in the case of disputes with Automobile liability claims. The project is part of the Insurance Blockchain Sandbox, where innovative real-world use cases, with the active participation of businesses, consumers, and various institutions involved in the insurance process, to be carried out.
Thailand: Seven permits to crypto-trade issued
The Thai SEC has granted seven companies authorised to carry out Cryptographic operations. These permits are to be considered as part of the regulation of the domestic market. Thus, the crypto-trade is to be given in Thailand in a regulated framework, with simultaneous control of the business by the financial market regulation.