regulation

Blockchain regulatory view from within China –

Huo Xuewen, director of Beijing Municipal Bureau of Financial Work has fired 9 acute questions toward Bitcoin, blockchain and ICO in a Fintech meetup recently. He tried to explore the fundamentals and values of this technology.

Mr. Huo said that now that investors care only for making profits in ICO and nobody cares about the values behind this innovative mechanism. And since most of the trades of cryptocurrency rely on centralized exchanges, the digital assets are still threatened by traditional risks.


Australia Introduces New Rules For Cryptocurrency Exchanges

“The Australian approach treats exchanges more or less as money services business, in-line with many other jurisdictions in the world. Cryptocurrency exchanges, like fiat currency exchanges, are deputized to help law enforcement identify money launderers. They have a risk-based approach for transaction reports under the standard $10k threshold, and automatic reports for transactions above $10k. So, standard practice for most currency exchanges. The aspect that is important to monitor going forward will be the performance of the agency the cryptocurrency exchanges report to, AUSTRAC. This agency will now have even more information and data to track, store, and secure. Agencies like them around the world — FinCEN in America for example — already have poor track records when it comes to prosecutions based on the data they gather. With the cryptographic sophistication and global, borderless infrastructure around cryptocurrency trading, we’ll have to wait and see if this is just more agencies gathering more data that serves no purpose other than to provide a talking point that they are ‘doing something’ to fight terrorism financing and money laundering.”



Crypto & Blockchain Working Group to Be Established by Irish Department of Finance By Cryptovest

The Government of Ireland’s Department of Finance released, on March 22, a discussion paper on virtual currencies and blockchain technology. The paper was partly a response to parliamentary questions, but also a first step toward inter-agency talks on formulating Ireland’s government policy on cryptocurrencies and blockchain technology.

While no recommendations were made regarding cryptocurrencies themselves, the discussion paper does give a sense of how the Department of Finance sees cryptocurrencies within the Irish context.


The Blockchain’s Biggest Problems

The blockchain technology has taken the world by storm. Initially, blockchain was synonymous with Bitcoin and cryptocurrencies in general but it’s now in most industries and it’s changing the way we have done things for ages. From cost efficiency and…



Davos: Blockchain can no longer be ignored

The world’s big financial institutions are wrestling with a cryptocurrency dilemma: whether to stand by and denounce a technology many distrust but also fear — or join those investing in it.

After a surge in the combined market value of cryptocurrencies from less than $20bn to more than $540bn, the phenomenon — and the blockchain technology that underpins it — has become impossible for the financial establishment to ignore, despite its denunciations of bitcoin in p


Tokyo Crypto Exchange BitFlyer Approved for Europe | Coinnewsline

Authorities across the world are either opening their doors to crypto or shutting them. Exchanges want to keep up with this fast-paced ecosystem and seek out favorable nations and markets. Japan is a known haven for crypto and Tokyo exchange BitFlyer has recently obtained approval to operate in Europe.


Commission Income From Crypto Accounts Jumped 36 Times for South Korean Banks

South Korean banks have been providing virtual account services to cryptocurrency exchanges and earning commissions from them. According to data obtained by the country’s Financial Supervisory Service, banks made 36 times more in commission income from crypto exchanges last year than the previous year.


South Korea is considering closing local cryptocurrency exchanges (again)

Reuters reports that policymakers in South Korea’s parliament said that they’re considering shutting down domestic cryptocurrency exchanges, following the steep plunge in value of major virtual currencies over the past couple of days.

The news comes just days after we heard just the opposite. After South Korean law enforcement agencies raided the offices of local cryptocurrency exchanges to investigate alleged tax evasion last week, various government bodies including the official residence of the President announced that trading wouldn’t be banned in the country the next day.