News on Regulations and Laws relating to Crypto Industry
Following the annual G20 summit held at Osaka, Japan the finance ministry website of Japan has published a joint declaration of the leaders based on the Fukuoka meeting. The statement on crypto: do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy. But also reaffirmed to comply with FATF.
Kik is transferring the control of its crypto defend fund (a crowdfunding initiative) which was raised for the task of its legal fight with U.S. Securities and Exchange Commission (USSEC) to Blockchain Association (a lobbyist group). In their joint statement, “Once the case against Kik is resolved, all remaining funds, including any portion of the initial $5 mn contribution, will be allocated to a nonprofit organization to be used for other initiatives that help with innovation in our industry,”
Coinfirm (a tech regulation startup) has divulged that it is investigating Ripple (XRP) post signing of an agreement to probe its compliance with anti-money laundering (AML) provisions & assert whether mixer technology is used for transactions. The move comes in the wake of the Financial Action Task Force (FATF) announcement focused on digital currency role in money laundering and goals for heightened regulation.
Speaking at an International Club, BaFin (German Federal Financial Supervisory Authority) President Felix Hufeld has mooted regulators to develop standards to issue of Facebook Libra. He warned, “We certainly can not just watch. We will have to respond appropriately in any way. I can only hope that we will succeed in developing at least European, if not globally, basic standards.”
A country located in the Italian Peninsula named San Marino has recently approved the cryptocurrency and blockchain regulations which will be governing the innovations and operations related to this technology. Apart from that, a new committee to make the country the globe-top hub for innovative technologies was also formed.
A debate had been held in gathering the Financial Committee of the German Federal Parliament (Bundestag) prompted lawmakers, regulators, and industry experts to discuss regarding the regulation for blockchain technology in the country. The debate proposal was initially submitted by Germany’s Free Democratic Party (FDP) due to the lack of regulation for the emerging technology.
The Department of Federal Revenue of Brazil (RFB) has released new rules requiring that cryptocurrency exchanges inform the regulator about users’ transactions in order to identify tax fraud. The guidelines gives clear road to cryptocurrency trading platforms in Brazil & they should adopt new rules to report about the movements of users’ crypto funds to the agency.
The conjoint effort has been between Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU), has culminated successfully published blockchain-related guidance for institutions. The aim of the publishment is to encourage innovations such as cryptocurrency and blockchain in the fintech sector as well in protecting the integrity of the financial market.
Coin Center (a nonprofit research and advocacy center) has urged Her Majesty Treasury not to over-broaden the scope of the United Kingdom (UK) anti-money laundering/counter-terrorism financing (AML/CFT) regulations. Coin Center argues that HM Treasury is expanding the basic framework of AMLD5 with its own additional provisions that go beyond the minimum that would be required to harmonize the U.K financial surveillance policy with the EU directive.
The Bangko Sentral Pilipinas (BSP) warned the public on use only those digital currency exchanges which have been approved to operate in the country, so that they don’t have to fall victim to any scams. In Philippines, where honest, well-intended crypto enthusiasts may be in need of a little more reminding that cryptocurrencies are intended to be for transactions, and not a get rich quick scheme.
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