A decree has been signed by the President of Uzbekistan, Shavkat Mirziyoyev regarding the establishment of digital economy with blockchain technology and cryptocurrency market. Uzbekistan is not the only country that shows its interest in developing a healthy development of cryptocurrency in the country as Kazakhstan have hinted that they might issue their own cryptocurrency and show its interest in the blockchain.
Thailand’s Securities and Exchange Commission has published a timeline for the implementation of the crypto regulation. It is revealed that the regulations would come into effect from the 16th of July, 2018. The SEC mandates the issuers of digital tokens to be registered with them. It is reported that the retail investors would be restricted to purchase tokens less than 300,000 baht.
A bill that includes the money transmission changes and licensure guidelines for cryptocurrency has been passed unanimously. The bill received a positive feedback from the Chief Legal and Compliance Officer of Coinbase that “Passage of House Bill 86 exemplifies how regulators and legislators can work together to foster innovation.”
Chris Concannon, the CBOE Global Markets President, revealed that the ICO market would encounter a two-fold regulatory. It is quoted, “The reckoning will come in two waves. First, the SEC will go after ICO market participants. Then, class-action lawsuits against the teams behind ICO projects will surge.” Concannon stressed the ICO investors to be cautious.
Coinbase has confirmed to be in progress of becoming a regulated securities firm. Asiff Hirji, the president chief operating officer, said that if the cryptocurrency exchange has the license then seeking approval from the U.S Securities and Exchange Commission (SEC) would be the next step as he believed this could bring additional transparency to the ecosystem.
Ms. Valerie A. Szczepanik would act as the Senior Advisor for Digital Assets and the Associate Director of the Division of Corporation Finance. Recently, addressing at the Consensus blockchain conference in New York, she mentioned, “if you want the crypto industry to flourish, protection of investors should be at the forefront.”
Kathryn Haun, the Coinbase board member and HackerOne, stated that the blockchain and cryptocurrency would not see regulations for years. He made the statement during the Code Conference in California. She also claimed that had the regulations been levied a year ago, it would be outdated by now due to the rise of ICOs.
Senate Bill 300 has been proposed by Senator Matt Dolan. The bill claims to recognize blockchain records and smart contracts as electronic records under the Uniform Electronic Transactions Act. It is reported that the passing of the bill into law would help Ohio state follow Arizona and others for acknowledging blockchain and smart contracts for electronic records.
A representative from Germany’s Federal Financial Supervisory Authority, BaFin visited the National Bank of Georgia (NBG) to equip awareness about cryptocurrencies. It is reported that the attendants were receiving elaborated information on the cryptocurrency industry. The Georgia bank also warned the public over cryptocurrency investments.
Supporting cryptocurrency startup to establish their business in the U.S state, regulations have been signed by the Republican Governor Matt Mead. State Representative Tyler Lindholm said, “My legislation does tend to not align with federal bureaucracies very well, and it wouldn’t be the first time I got a letter from an agency at the federal level.”