An association representing the digital asset and blockchain industry in Canada, the Chamber of Digital Commerce Canada has suggested the development of blockchain framework in the country. The MD of the association, Tanya Woods explained, “Canada’s blockchain innovation is largely plagued by regulatory and policy challenges or gray areas. Having a favourable climate is the first step to helping businesses thrive.”
Richard Neiman and Robert Easton, who have previously associated with New York State Banking Department and the New York Department of Financial Services have joined Coinbase’s Board of Directors. Coinbase belives that as it is regulated by the New York Department of Financial Services (NYDFS), addition of 2 former experts form the regulators will give them a edge in the market.
A new Fintech law introduced by the Bank of Mexico which restrict on progress of blockchain and crypto improvements in the country & can shutdown al startups related to it. The Director at Mexico’s Secretary of Finance, Josu San Martin explained, “At the end, the law came out very restrictive, especially for cryptocurrencies to the point where an exchange can’t work under the Mexican law.”
Three firms in Taiwan, Rakuten International Commercial Bank, LINE Financial Taiwan (a subsidiary of the LINE Group in the country) and the local operator Chunghwa Telecom has been granted with virtual banking licenses by the government. The permission granted allows the firms to act like virtual banks in the country indicates that the government are on the move in regulating the industry properly.
The United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member has conjointly agreed on the need for a comprehensive policy for big tech companies. Crapo said, “We’ve got to look at how we structure data protection in the United States. We need to move to a comprehensive approach. What that structure exactly is, I can’t tell you.”
The U.K. Finance Minister Philip Hammond said that regulators and not lawmakers should decide on how to regulate Facebook stablecoin Libra. Hammond further stressed that without proper scrutiny, Libra has the potential to pose a great risk to the financial system as it could become a tool for money laundering and financing terrorism. Meanwhile, Bank of England governor Mark Carney can in support of Libra, regardless of the project potential downsides.
The new draft bill named “Keep Big Tech out of Finance” has been shared by members of the U.S. House of Representatives Financial Services Committee with the aim of insulating finance from large tech companies. The document says, “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value…”
A country located in the Italian Peninsula named San Marino has recently approved the cryptocurrency and blockchain regulations which will be governing the innovations and operations related to this technology. Apart from that, a new committee to make the country the globe-top hub for innovative technologies was also formed.
Coin Center (a nonprofit research and advocacy center) has urged Her Majesty Treasury not to over-broaden the scope of the United Kingdom (UK) anti-money laundering/counter-terrorism financing (AML/CFT) regulations. Coin Center argues that HM Treasury is expanding the basic framework of AMLD5 with its own additional provisions that go beyond the minimum that would be required to harmonize the U.K financial surveillance policy with the EU directive.
The Municipality of Naples has shared that collaboration has been made with various accountants, universities, the CNR are among the inter alia in drafting a strong resolution on blockchain legislation. Italy has become one of the cryptocurrency-friendly nations as numerous of Napoli have begun adopting cryptocurrency to purchase a piece of Pizza.