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.
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).
A new working group has been launched by the state’s chief securities regulator in Massachusetts as an effort in clearing the uncertain regulation for blockchain. The CEO of Boston-headquartered cryptosecurity start-up, Sharon Goldberg explained, “I personally wouldn’t be doing this if all that was going to come out of it was more enforcement action, but we first need to know what the rules are.”
A bill has been introduced by the lawmaker from the U.S state of Utah to exempt blockchain firms from being classified under the same class as money transmitters. Apart from that, the bill also visions to establish a legislative group named the “Blockchain Pilot Project Evaluation Task Force” to conduct a study on technology in government services.
One of the friendliest states in the United States, when it comes to blockchain and cryptocurrency, Wyoming have recently signed another 4 blockchain-related bills. The news was confirmed by the Wyoming Blockchain Coalition in their social media account, which the 4 bills were signed by Governor Gordon, despite the increasing criticism on the blockchain.
The Luxembourg parliament has made an official announcement that the blockchain-framework bill has been passed. The local press then reported that the bill 7363, will enable the transactions done with blockchain technology. Only two members of the opposition party have voted against the implementation of the bill out of 60 parliamentarians.