Pavlo Symonenko has now joined the Blockchain Expert Committee (BEC) of the Financial Commission (FinaCom PLC). Symonenko has well-experienced expertise in the financial industry especially in the banking sector as a senior manager for a branch and apart from being the founder of Integrity Trading Technology LTD. FinaCom plans to raise the scrutiny of cryptocurrency exchanges and ICOs.
The president of South Korea, Moon Jae-in has pushed that regulatory innovation in blockchain is the need of the hour. Moon has commented, “While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”
Though the crypto market is comparatively volatile, 2019 has been bullish, but data reveal that some blockchain and crypto companies may be exasperated in the coming months because of USA bring down heavy regulation to the infant industry. US Treasury Secretary, Steven Mnuchin said, “I want to be careful that anybody who’s using bitcoin — regardless of what the price is.”
A business plan for 2019-2022 has been published by the Canadian Securities Administrators (CSA) and mentioned strategic goals to respond to technology-related emerging regulatory issues stemming from the growing influence of social media and innovation in distributed ledger technology (DLT), including blockchain parallel with their previous aim to introduce a regulatory sandbox for the fintech businesses.
The Finance Minister of Cyprus, Harris Georgiades has taken a step to regulate the emerging technology of blockchain and cryptocurrency. Apart from that, the house speaker, Demetris Syllouris commented, “Full implementation of this technology across the public and private sector is expected to radically change the structures of modern societies, the way they are organized and their operation.”
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 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.”