News on Regulations and Laws relating to Crypto Industry
The Bank of Mexico (Banxico central bank of the nation) released a circular detailing crypto-related provisions for the regulation of financial technology institutions (FTIs). Sebastian Acosta Checa, CEO of local crypto exchange Isbit shared his shock “In a way, it’s preventing institutions from offering virtual assets to end consumers. This is a disaster. The people have really shown their ignorance about the subject…”
FIA BOCA 2019 has seen discussion on future of digital assets and the current regulatory climate. Adam White, the Chief Operating Officer of ICE’s Bakkt “The main advantage of Bakkt and ICE is that ICE takes opaque commodities and objects and creates regulatory clarity…This is a marathon, the winners and losers will not be revealed overnight.”
The cryptocurrency enthusiast from four Indian cities has united to express their voice on cryptocurrency regulatory suggestion. Crypto News India has quoted the comment from the member of the group, Manav Ailawadi explained, “We wanted to unite the community which also includes, investors, stakeholders, developers, and make them a part of the conversation.”
The Basel Committee has come up with its guidelines for banks which are planning to enter the cryptocurrency market. The core are which it focused are to improve risk management and disclosure processes. The committee stated: “Before acquiring exposures to crypto assets or providing related services, a bank should conduct comprehensive analyses of the risks…”
Gatecoin crypto exchange has been ordered by the court to shutdown all its operation and enter liquidation after an unsuccessful attempt to recover funds lost in a dispute. Its team stated: “Even after we managed to mitigate our loss by replacing that PSP with more reliable alternatives to process our clients’ transfers, the situation did not improve because that PSP retained a large part of our funds.”
The Russian central bank (RCB) is all set to bring new regulations on cryptocurrency which targets unqualified investors to be limited in how much cryptocurrency they can purchase. The Internet of Money and the Internet of Information offer users the freedom to go anywhere without leaving their home. Hence RCB wants to limit the trading of foreign currencies to qualified investors.
Due to the rapid growth cryptocurrency, Mexico has decided to step-up its strategy in protecting the local investors by strengthening its regulation on cryptocurrencies and the fintech sector. Several suggestions have been published by the Mexican Central Bank suggesting the ways to regulate the emerging industry to combat the illegal activities and transaction that could be done via cryptocurrencies.
The plan in regulating the emerging technology of blockchain in German have to lead the lawmakers, regulators, and industry experts to share their thoughts in a debate before deciding the final decision. The debate was reportedly initiated according to the proposal submitted by Germany’s Free Democratic Party (FDP).
The financial watchdog of Thailand, Thailand’s SEC is currently seeking for feedback from the investors of cryptocurrencies to gain a better understanding of the emerging industry. In a press release, SEC then explained, “the SEC is seeking public comments on the proposed rules for data submission to the SEC Office by digital asset business operators and initial coin offering portals.”
The Republican of the Texas house of representative Phil Stephenson has proposed bill number 4371, which demands proper identification of the individuals sending or receiving cryptocurrencies. If passed, the proposals in the bill will come into effect from September 1, 2019. However, was highly criticized by the crypto advocates in the state as well as in the country.
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