In the past week a lot has happened around the globe in terms of regulation. In our regulation ECHO we look back at the end of the week and summarize what was said, thought or decided, when, where and by whom.
China: PBOC vice governor still tough on ICOs
China continues to maintain its tough stance on Initial Coin Offerings. Local Chinese media reported that Pan Gongsheng, a vice-governor of the Chinese central bank, spoke out in favour of sticking to the ICO ban. In the face of ever more fraudulent offers from the crypto sector, one must remain determined and enforce the applicable law.
EU: Fifth Anti-Money Laundering Directive enters into the news spy
The fifth EU Anti-Money Laundering Directive has become active this week: https://www.geldplus.net/en/the-news-spy-review/ This is the result of a press release issued by the EU Commission. The AML Directive is intended to provide a new regulatory framework for Europe’s regulatory authorities. Among other things, there will be greater transparency of the news spy exchanges and a stronger exchange of information with other EU institutions such as the ECB.
South Korea: New rules for dealing with blockchain and crypto currencies
The legislators of South Korea have published draft laws dealing with the regulation of crypto currencies. The documents also deal with the development of a strategy for the use of blockchain technology. According to KoreanTimes, the initiative comes from Song Hee-kyung, a deputy of the largest opposition party, the Liberal Party of Korea. The aim of the proposals is to prevent money laundering, cybercrime and data misuse.
India: No crypto ban, but strict regulation of the Bitcoin secret
According to the magazine Quartz, the Indian Ministry of Finance is to work on a regulation of crypto currencies. Read about it here: Is Bitcoin Secret a Scam? Read This Review Before You Sign Up! Denmach is no longer being considered a ban on crypto currencies. For this, one would probably like to classify Bitcoin secret crypto currencies as commodities and regulate them accordingly. One would probably like to try to trace the sources of trades and identify investors.
UK: Regulatory authority highlights potential of blockchain start-ups
Until now, it has attracted attention with warnings against crypto currencies, but now the British Financial Conduct Authority is showing that it has also recognized the potential of blockchain technology. Within the framework of a sandbox, FCA is initiating projects with a total of eleven companies from the blockchain and DLT sectors. New business models are to be developed and tested.
Shanghai: Stock exchange sees DLT regulation as urgent
The Shanghai Stock Exchange, one of the largest securities exchanges in the world, is considering using distributed ledger technologies for the stock market. In a paper published last week, the technology’s potential applications have already been analysed, for example in the registration of traders, the issue of new securities or the execution of trades. However, the DLT must first be sufficiently regulated before it can be used regularly.
Philippines: Two new Exchanges approved
Last week we reported that a total of 25 crypto-exchanges will be licensed for the Cagayan Economic Zone in the Philippines. Now the country’s central bank has accepted two new exchanges. According to Business World Online, Virtual Currency Philippines, Inc. and ETranss have been accredited as platforms and are now allowed to make Fiat crypto exchanges.