Global CryptoReg Roundup #001
Introducing the first edition of the Global CryptoReg Roundup, a weekly digest of crypto-related political, regulatory, and legal news from across the globe.
No frills or needless exposition, "just the facts, ma'am"...
- In the wake of the Coincheck/NEM $530M hack, Japanese regulators plan to ramp up onsite exchange inspections.
South Korean exchange Coinpia is forced to suspend trading. They were unable to open a bank account accepting South Korean Won after failing to comply with new de-anonymity rules.
The Supreme Court of South Korea will rule on whether recently-introduced crypto regulations are consitutional.
Prime Minister Lee Nak-yeon states that closing crypto exchanges is "not a serious consideration now", however it remains "one of the many possibilities."
- The Securities and Futures Commission of Hong Kong issued warnings to seven exchanges not to trade cryptocurrencies that are legally securities, leading some exchanges to cease offering tokens to investors.
- After attempts to halt crypto trading domestically, Chinese authorities will ramp up measures to ban access to foreign exchanges and ICOs.
- Thailand's Finance Minister confirmed crypto will remain legal, and that a a regulatory framework will be finalized within a month's time.
- Singapore may be reconsidering whether a regultory framework for crypto and ICOs will be drafted.
- After initial reports of a crytpo ban in India, government leaders walked back the idea while announcing that work on a legal framework is in process.
- India Taxation authority sent 100,000 notices to residents that failed to declare crypto investments on their tax returns.
- Proposed legislation in Armenia would legalize crypto mining and incentivize miners via tax breaks
- Ghana issues its first official digital currency: Finchcoin.
European Central Bank (ECB) leader states that regulating crypto "not exactly very high on our to-do list" while the European Securities and Markets Authority states that crypto will top their agenda in 2018.
Meanwhile, ECB Exec Yves March compares Bitcoin to tulips; states it is not money; and equates it to a Ponzi scheme.
- BitGrail loses $170 million of Nano/RaiBlocks coins in hack. Bitgrail and Nano teams point the finger at each other.
The central bank of Spain issued a warning on the risks associated with crypto and ICOs while noting that no currencies or ICOs have registered with regulatory agencies.
Meanwhile, government officials have pushed for legislation to encourage investment while remaining in compliance with anti-money laundering rules.
- Gibraltar to usher in first ICO regulations, to include “the concept of regulating authorized sponsors, who will be responsible for assuring compliance with disclosure and financial crime rules”.
- Canadian regulators are pushing Google to ban crypto and ICO advertising following Facebook’s decision to ban them.
- Regulatory heads from the SEC & CFTC testified before Senate Banking committee. For a detailed breakdown of the hearing, check out this Steemit Deep Dive from yours truly.
World Bank Group President Jim Yong Kim claims "the vast majority of cryptocurrencies are basically Ponzi schemes".
Agustin Carstens, head of the Bank for International Settlements (BIS), described crypto as "a combination of a bubble, a Ponzi scheme and an environmental disaster". He added: "[I]f authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability"
France & Germany push for global action on cryptocurrencies at next G20 meeting
- DavorCoin received a Cease and Desist Order from the Texas State Securities Board. DavorCoin promised a "monthly interest rate up to 48%" and promotional structure similar to BitConnect, offering "‘special bonus rates for leaders and promoters,’ inciting others to recruit new investors in exchange for monetary reward."
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