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.
The Canadian House Finance Committee held a recent discussion on cryptocurrencies and its regulation. The committee has come up with three possibilities of regulating the cryptocurrency industry. They include registration of cryptocurrency exchange as a money service business, national license for exchanges functioning in Canada, and regulation of crypto wallet firms.
The Russian Blockchain Association has recently proposed amendments to the existing draft of cryptocurrency laws. The blockchain association would be promoting its amendments from the State Duma to the Federation Council, the upper house of Parliament, and the digitization council at the Russian Union of Industrialists and Entrepreneurs. Reportedly, the association would also reinstate the definition of crypto mining.
The Designated Business Registration policy has been updated by the Isle of Man Financial Services Authority (IOMFSA) as an effort to combat financial crimes involving cryptocurrencies and ICOs. The Isle of Man Financial Services Authority (IOMFSA) will not be registering any business involving cryptocurrencies unless the companies have met the requirements set by them.
A draft regulatory framework for crypto custodian services has been released by the Financial Services Commission (FSC) of the Republic of Mauritius. The FSC highlighted in the announcement that the regulations for cryptocurrency custodian services would be established to provide an adequate level of safety to the users of cryptocurrency custodian services.
The UK Cryptoassets Taskforce has released a final report on cryptocurrencies and distributed ledger technology (DLT) regulation. The report highlighted on the associated risks and benefits encircling crypto assets and the blockchain technology. The report quoted, “DLT has the potential to enhance system resilience; improve the efficiency of end-to-end settlement processes and reporting.”
The proposal for cryptocurrency regulations has been sent by the lobby group of the Russian Union of Industrialists and Entrepreneurs (RSSP) to the Prime Minister of Russia, Dmitry Medvedev. The head of RSPP, Alexander Shokhin explained that the existing legislation will force Russian start-ups in the cryptocurrency industry to move abroad that offers a welcoming regulation.
The Securities and Exchange Commission (SEC) has teamed with the Bangko Sentral ng Pilipinas in order to develop rules that govern the crypto trade including virtual currencies and ICOs. The SEC Commissioner, Ephyro Luis Amatong stated, “When BSP says virtual currency exchange, they don’t mean as a trading exchange, they mean as money changer license.”
The draft law on digital currencies in Russia was again modified before the happening of the second hearing scheduled for the autumn session of the State Duma. The lawmakers planned to delete the definition of crypto mining from the text containing proposals for regulating crypto assets in the country. The new law would not cover taxing of crypto miners.