Legal

Gibraltar protects cryptocurrency business

The crypto currency users in Gibraltar are protected by a mechanism from 1st of January. The Digital Ledger Technology (DLT) Regulatory Framework has been implemented soon after the Legislature of Gibraltar approved a bill to formulate and publish financial services regulations. For storing or transacting using the ledger technology, authorization of the Financial Services Commission has been mandated.

Vietnam: Criminal Prosecution and Fines upto $9000

The Central Bank of Vietnam imposed laws that restrict the issuance and usage of bitcoin as legal tender in the country. Use of cryptocurrency for transacting is considered to be a violation. Before prosecution, the offenders will be charged with fine between VND 150 million and 200 million.

DGCoin project to begin

The Digibank has announced to partner with Jubilee Exchange to create a new digital coin named ‘DGCoin’. The Digibank is a digitalized bank service presented by DBS Bank which proposes to create a blockchain called ‘DIGI’. They are also intended to launch ATMs among the international network.

 

Putin orders to work on ‘Cryptorouble’

The President Vladimir Putin ordered Russian officials to work on emerging national cryptocurrency christened “cryptorouble”. He further mandated regulations that would govern the miners, initial coin offerings and other operations of crypto industry. The Finance Minister of Russia also enunciated that there is “no point in prohibiting” cryptocurrency as they are a “reality” when he propelled that the department will regulate their use.  

 

Bitcoin Exchanges

Bitcoins: “No legal tender”, Arun Jaitley

The Finance Minister of India, Arun Jaitley, during the session at the parliament commented that bitcoins is not a legal tender in our country. He emphasized about the exchanges identified by the government and also about the conduct of investigation suspected to have evaded tax. He cautioned the citizens with regard to investing in cryptocurrency. He added that the government is looking forward to receive a report from interdisciplinary committee proposing regulatory framework for cryptocurrency.

 

Cryptocurrency Bitcoin Exchange

Huobi will expand into Asian region

The largest bitcoin exchange in China, Huobi, partnering with Japanese financial institution, Softbank Investment (SBI) Group has proposed to launch two new cryptocurrency exchanges. The launch is said to happen in the first quarter of 2018. SBI plans to acquire 30 percent of equity in Huobi, Japan. Presently, Huobi operates as a global cryptocurrency exchange.

 

Korean Cryptocurrency Market

Yoo on South Korea’s premature bitcoin regulations

The business administration professor at Seoul National University, Yoo Byung-joon, commented on the regulation policies introduced by the Korean government. Yoo cited that the policies are premature and too quick. Strict regulations can impact the cryptocurrency market growth, he elucidated.  

 

Coinbase Users details to be exposed to U.S. Internal Revenue Service

The Coinbase, a cryptocurrency exchange ordered to reveal database information of nearly 14,000 customers. It has been said to produce details about the crypto market functioning, with sale or purchase of $ 20,000 and higher amount between the year 2013 and 2015. The dispute had been continuing with Internal Revenue Service (IRS) intending on reduced summons.

Suit against multi-million dollar scam

Prosecutors of Incheon district of South Korea filed suit against Mining Max LLC, a mining firm for $250 million fraud. This has emerged from the mining business activity happening between the months of September 2016 until this October.

IT Department surveys on digital currency users

The Income Tax Department conducted a survey in accord to Section 133A of Indian Income Tax Act and gathered information about the digital currency users, transactions and other data. The IT officials went along with this widespread operation over suspicions of tax evasion by users rolled out. Arun Jaitley, Finance Minister of India, stated that bitcoins are not recognized as legal tenders and the government is looking forward to receive “recommendations” proposed to regulate cryptocurrency market.