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.”
Approval has been made by Thailand’s securities regulator to the country’s first initial coin offering portal. The director of the fintech department at the SEC, Archari Suppiroj told that the approval of the first ICO portal in the country was finalized for official approval with the other relevant government department and agencies such as Commerce Ministry and many more.
A blockchain security firm, CipherTrace, has been appointed by the Malta Financial Services Authority (MFSA) in monitoring the cryptocurrency businesses operated in the country. The CEO of CipherTrace has confirmed their responsibility for overseeing the regulatory process and audit risk management of virtual asset businesses licensed in Malta and making sure firms operate within the regulations.
Eric Woerth, The head of the Finance Committee of France’s National Assembly has proposed to ban on anonymous cryptocurrencies, or so-called privacy coins. In his report various problem with the anonymity like fraud, tax evasion, money laundering, and energy consumption have been raised to ban it. Per contra, France’s overall stance towards digital currencies remains vague.
A crypto Task Force (TF) has been introduced in South Korea as an effort in reducing the increasing number of crypto-related and fintech-related crimes of fraud. As per the report, the TF initiatives introduced in the country specifically aims to combat crimes of fraud or high value-added bait-for-business schemes which frequently related to crypto-industry.
The chairman of the European Securities and Markets Authority (ESMA) — the European Union-level financial markets supervisor has expressed his support towards the new digital asset regulations. ESMA Chairman, Steven Maijoor commented, “This makes it plain to see that we cannot legally qualify crypto assets via a ‘one size fits all’ approach.”