A bill titled, “A draft bill to amend some of the fund settlement laws” has been passed by Japan’s House of Representatives, this move will make the government to incorporate it into a act. The bill will be amending the Act on Fund Settlement and the Financial Instruments and Exchange Act. A spokesperson from FSA commented, “The passing of the bill depends on the deliberation process in the Diet.”
The crypto business in Australia has got a new updated regulatory guidance from the Australian Securities and Investments Commission (ASIC). John Price, ASIC commissioner explained, “Australian laws will also apply even if the ICO or crypto-asset is promoted or sold to Australians from offshore. Issuers of ICOs, crypto-assets and their advisers should not assume the use of these structures means that key consumer protections under Australian laws do not apply or can be ignored.”
The International Organization of Securities Commission (IOSCO, a federation of that regulators of securities and futures) has been actively seeking consultation and feedback for regulating crypto trading platforms (CTP). It has released a a consultation paper, titled “Issues, Risks, and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.” An IOSCO member said, “Many of the issues related to the regulation of CTPs are common to traditional securities trading venues, but may be heightened by how CTPs are operated,”
Former chairman of the Commodity Futures Trading Commission (CFTC) Gary Gensler, at Business of Blockchain event at the Massachusetts Institute of Technology (MIT) has strongly argued in favor regulating cryptocurrency in order to grow. His view is that it is important to make sure markets are appropriately overseen and sufficiently mature, and that the chance of manipulation is small or very limited.
Régie de l’énergie, the energy regulator of the Canadian province of Quebec, has released new rules for cryptocurrency miners. Ontario town of Innisfil, Canada, announced it is running a pilot program which will enable residents to pay property taxes with bitcoin (BTC), with possible extensions to other cryptocurrencies including ether (ETH), lite coin (LTC), bitcoin cash (BCH), and ripple (XRP) at a later date.
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.”
A G20 meeting to be held in Japan will be discussing the cryptocurrency and AML regulations on June 8th and 9th. The meeting aims to create a regulatory framework which will help to reduce the money laundering cases in cryptocurrency activities and will be encouraging the cryptocurrency companies to adopt stringent know-your-customer (KYC) policies.
A local press has reported that the South Korean officials are considering to revise the existing cryptocurrency regulation in the country. The co-president of the 4th Industry Forum of the National Assembly, Song-Hee-Kyong explained, “The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”
An international peer-to-peer (P2P) cryptocurrency exchange, LocalBitcoins have confirmed that its exchange will soon become supervised by Finland’s financial watchdog, the Financial Supervisory Authority of Finland. The announcement made in their official blog also explained that they’re currently establishing tools in increasing their compliance with regulators.
The Republic of San Marino has introduced the blockchain and cryptocurrency AML (anti money laundering) decree as an effort in combating illegal activities related to the emerging industries. The Professor at Jean Monnet University, Stefano Loconte commented, “Upstream, maximum transparency is assured and all those subjects that are not in line with San Marino standards are bounced back.”