Ripple has recently welcomed the Taiwanese regulators in their company’s headquarters in discussing the potential of the technology offers by Ripple to enhance the financial inclusion in Taiwan. The meeting in Ripple HQ was confirmed by a Taiwanese Legislator, Karen Yu in her social media account which indicates that Taiwan is being open towards blockchain and cryptocurrency industry.
The Eurasian Economic Union (EAEU) a political and economic union established by Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan in 2014, its main purpose is consolidate financial market by 2025. Eurasian Economic Commission, which serves as an executive body of the EAEU has prepared a report on cryptocurrencies to promote regulation in the area.
Gibraltar has expressed its support towards the cryptocurrency industry by awarding the license to operate in the country to have five cryptocurrency exchanges so far. The Minister of Commerce, Albert Isola said, “Our financial regulator, the Gibraltar Financial Services Commission (GFSC), began awarding DLT licenses to a number of leading blockchain firms operating here in October.”
A report has been published by the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) demanding the European Union-wide approach to regulate the ICO and cryptocurrency industry. EBA then explained, “a significant portion of activities involving crypto-assets do not fall within the scope of the current EU financial services law.”
The New York State will become the first state in the US to create a cryptocurrency task force. The Chair of Subcommittee on Internet and New Technologies, Clyde Vanel explained, “The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment whilst protecting New York investors and consumers.”
The Philippines Security and Exchange Commision (SEC) has postponed that issuance of ICO regulations in the country as it was predicted to be released before the end of 2018 previously. The Philippines SEC then highlighted in the regulation draft, “Therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public.”
The authorities of Iran have recently issued an official warning for its citizen against Telegram’s coin named the Gram. One of the most important factors in banning Telegram was the sense of a serious economic threat from its activities, which was unfortunately marginalized and neglected due to the fuss in the political atmosphere of the country.
The Italian regulators have recently decided to temporarily ban two cryptocurrency investment in an effort to protect citizens. The websites and Facebook pages are being restricted as they are potentially a scam have been shared by the Commissione Nazionale per la Società e la Borsa (CONSOB) in a special bulletin named Bitsurge Tokens and Green Energy Certificates.
Two bills namely “The Virtual Currency Consumer Protection Act of 2018” and the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” were proposed by Representatives Darren Soto and Ted Budd aimed to combat crypto price manipulation. Both the representatives believe that the ‘virtual currencies and the blockchain technology’ have the potential to steer economic growth.
A consortium of nearly ten entities eyeing on cryptocurrencies and financial services have established the Association for Digital Market Assets or ADAM aimed at the development of a code of conduct for the digital currencies. The companies behind the group include Galaxy Digital, Genesis Global Trading and others. The association would assist the regulators.