The senator of U.S State, Utah has recently introduced a new bill with the aim in providing a better clarity for blockchain start-ups in the state and welcome more technology related start-ups to move into Utah’s blockchain space. The bill intended to seek the freedom from the state government to exempt blockchain start-ups who offer the products from the Money Transmitter Act (MTA).
A press release has been published to share that the government of Liechtenstein has recently passed the new regulations on the blockchain. The government of Liechtenstein has stepped up their strategy by introducing the new regulations as an effort in protecting the investors, reducing the money laundering scams cases and formalizing the existing regulations in the blockchain space.
Larry Hogan(Maryland Governor) by signing Senate Bill 136 made it into a law. This will allow companies can record stock ledgers, accompanying information and transmit certain communication through “distributed electronic networks”, including blockchain technology. But Maryland isn’t alone the states of Wyoming and Rhode Island have also pushed for laws which embrace the innovative technology.
A bill has been introduced by the Ohio House of Representatives which seems to indicate that they’re pressurizing the government to adopt blockchain technology, sponsored. The former Ohio Treasurer, Josh Mandel explained regarding Overstock’s plan to offer Ohio to accept bitcoin as taxes payment, “We applaud Overstock for becoming the first national brand in America to register to pay taxes via cryptocurrency.”
A U.S state, Florida have shared their plan to install a blockchain task force to observe the potential and the possible risk on Distributed Ledger Technology. The bill for the establishment of the Blockchain task force has been drafted where the task force will be in charge in encouraging the development of the innovative technology of blockchain and providing their recommendations and implementing blockchain-related policies.
The lawmakers in South Korea have pressurized the country to improve the existing cryptocurrency and blockchain regulation imposed by the local practitioners. A representative of the Democratic Party, Min Byung-doo commented, “The government said it would lower regulation barriers, but cryptocurrency and blockchain are not subject to this, which is a contradiction.”
Busan City has been preferred for blockchain regulation-free zone project by the Ministry of SMEs and Startups. The final examination and designation will be done by the Ministry of SMEs and Startups of the country on this coming July where Busan City will be competing with Jeju province for the same designation.
The co-founder of Ethereum, Vtalik Buterin has advice South Korea to deregulate the blockchain industry and start embracing cryptocurrency. Buterin then commented, “Blockchain is a technology that can be run without cryptocurrencies, but there is no crypto without blockchain. Public blockchains rely heavily on cryptography. Therefore, cryptocurrencies are absolutely necessary.”
The Cyberspace Administration of China (central internet censorship agency) has come up with companies list which are allowed to offer blockchain-related services in the country.The list includes Baidu Blockchain Engine (BBE), Alibaba Cloud Blockchain-as-a-Service (BaaS) among others. The logistics, government and medical services are areas that their providers obtained the largest number of approvals.
Federal Minister for Digital and Economic Affairs Austria, Margarete Schramböck shared her point on view and explained, “We do not need regulation for Blockchain as We also do not regulate technologies such as machine learning or C ++”. Although she agrees cryptocurrencies needs to be regulated to avoid crimes such as fraud, tax evasion, & money laundering.