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.
The U.S. Securities and Exchange Commission (SEC) Commissioner, Hester Peirce in speech at University of Missouri School of Law said that blockchain-based decentralized networks do not fit within existing securities framework. So it is important for policymakers and regulators to amend the existing federal laws to include new technological protocols. They making efforts in filtering out good ICOs.
Italy seeks to add terminology related to smart contracts and distributed ledger technology (DLT) to Senate Act 1989 and would allow blockchain timestamping, validation of digital documents, to be legally recognized. It believes this move will help it to advance governance of crypto and blockchains industry and in the country. Last month, it created a dedicated group to design blockchain strategies.
The amendment on blockchain industry regulation named as “Decreto semplificazioni” has been approved by the Italian Senate committee. The approval decision made has officially become the first regulatory move in the blockchain space by the Italian government which also defines basic industry terms such as the distributed ledger technology (DLT)-based technologies and smart contract.
The final draft of regulations for the implementation of blockchain technology in China has been released by the Cyberspace Administration of China (CAC). As per the draft, the Chinese blockchain service providers are prohibited from using it for illicit activities that could bring danger to “national security, disrupt social order, and infringe on the legitimate rights and interests of others.
The Canadian government has postponed the release of regulations to govern cryptocurrency and blockchain companies. The government has made it clear that the regulations would not be imposed until late 2019. The executive director of the Blockchain Association of Canada stressed, “The decision to delay the proposed regulation bodes well for the Canadian blockchain and cryptocurrency space.”
The U.S. CFTC chairman, Christopher Giancarlo has asked the regulators to consider blockchain seriously. He spoke before the House Committee on Agriculture. He stated, “It’s so important to us to be able to understand these innovations that are coming down the pike so fast.” According to him, the agency is ‘falling behind’ on blockchain compared to other countries.