Category Archives: Crypto Regulation

Auto Added by WPeMatico

France May Tighten Digital Asset Regulations

France May Tighten Digital Asset Regulations

French regulators slightly uneased by the rate of development and use of cryptocurrencies have called for increased regulations. First reported by The Tokenist, financial regulators recognize the role the blockchain could play in finance once integrated, however, feel that the function of anonymity of some cryptocurrencies calls for concern.

In a move to provide more oversight on the industry, the French National Assembly’s Finance Committee published a report urging for refinement of current laws governing the blockchain industry.

Author of the report, Eric Woerth, who also chairs the finance committee has strong opposition towards cryptocurrency mining in France — discouraging the enterprise — citing environmental impact. This is due to the fact that cryptocurrency mining takes a toll on the environment as it is not energy efficient.

Woerth has also called for a systematic regulatory framework towards privacy coins which allows users transact without a trace of transaction history between parties. In his opinion, many aspects of the cryptocurrency industry “remain hidden, non-transparent and opaque”.

Apparently, the report was not all grim, as the committee finds that the integration of blockchain into the financial system can streamline processes to provide more efficient service delivery. Noting that while typical banking operations and services can involve as many as forty intermediaries – individuals, insurers, banks, customs, maritime operators, and so on, the interactions between the systems can better be managed on the blockchain.

“… [We] can legally favor the blockchain and condemn at the same time the release of crypto-assets deliberately aimed at maintaining [the] anonymity of their holders and thus serve as a ‘cache’ for traffic of all kinds… [and] build a fair and proportionate regulation.”

Last year, the French were warming up to cryptocurrency regulations as it was recognized as a revolutionary financial innovation, and was preparing in the event of an international regulation to which it saw as inevitable. However, with Woerth’s report, it may be a little harsher than reality once full legislation is in effect, considering digital assets and blockchain go hand-in-hand.

Germany is taking an alternate route to inclusion with the recognition of blockchain-based securities as legitimate forms of financial instruments. More so, as with a few other jurisdictions, it requested for input from players in the blockchain industry, it may be angling itself to becoming a pro-digital asset jurisdiction, taking a leading role in the EU.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

 

The post France May Tighten Digital Asset Regulations appeared first on BitcoinNews.com.

Russia Sets 1st July Deadline for Crypto Regulation

Russia Sets 1st July As New Deadline For Crypto Regulation

Cryptocurrency regulation in Russia has yet again been given a final deadline as President Vladimir Putin has given instructions to the Federal Assembly to come up with a regulatory framework for the digital asset industry.

The Presidential Address posted on the Kremlin website specifically issued orders to Volodin Vyacheslav Viktorovich and Medvedev Dmitry Anatolyevich to draw up a working legal framework “aimed at the development of the digital economy, including determining the procedure for conducting civil law transactions in electronic form, as well as regulating digital financial assets and attracting financial resources using digital technologies”. The deadline was set at 1 July 2019.

Up until now, a crypto regulation draft had been in the works with several edits and criticism accompany the initial draft. With as much vagueness present from the onset, there still has not been a complete working draft for the government to enforce. A lobby group had also attempted to provide an alternative cryptocurrency legislation bill which it claimed will be more efficient, addressing the contradictions in the initial draft.

In 2018, tendencies had been drawn against Bitcoin. The chairman of the financial market committee in Duma Anatoly Aksakov had said:

“Earlier we had some thoughts on Bitcoins, on their integration into our economic system. But as we decided we don’t need them, these ambiguous Bitcoins.”

Moreover, early developments had included renaming cryptocurrencies to digital rights.

More so, Putin may have been pro-blockchain, suggesting so when he claimed Russia won’t be left behind in the blockchain race, but was certainly doubleminded about crypto such that he had at some point considered a state-backed currency dubbed the cryptoruble, however, the project was later shot down.

Further, there had been rumors that the country was planning a huge investment in Bitcoin, while this was later dismissed as rumors, economist Vladislav Ginko – who originally provided the speculations – stood by his initial claims.

In many parts of the world, cryptocurrency regulations remain important subjects yet have been in the gray areas, perhaps because of the nascent nature of the emerging asset class and its evolving markets.

Recently, India’s Supreme Court had ordered the financial regulatory watchdog to come up with a framework on cryptocurrency in order to proceed with the case involving the Reserve Bank of India and players within the cryptocurrency industry in the country who sought to reverse the bank’s decision on the ban of financial services from commercial banks to crypto-related ventures. Earlier this month, the government was reportedly seeking outside help in regards to formulating a regulatory framework for cryptocurrencies.

In some parts of the United States, crypto regulatory frameworks have progressed positively. The US State of Wyoming recently passed a bill that allows cryptocurrency to be treated as financial assets under existing laws.

In Europe, a bill was passed in Luxembourg to facilitate the development of the blockchain industry as well as the digital asset economy in the country.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Russia Sets 1st July Deadline for Crypto Regulation appeared first on BitcoinNews.com.

Australian Securities Watchdog Prepares to Mitigate Potential Harm of Cryptocurrencies and ICOs

The Australian Securities and Investments Commission (ASIC), as the nation’s chief securities regulator, has recently released its corporate plan 2018-2022 to focus on monitoring the potential dangers from emerging technologies and services such as cryptocurrencies and ICOs.

Future Plans

The ASIC will be launching a project to examine and study the usage and popularity of cryptocurrencies across various industries. In addition, regarding cryptocurrency exchanges, the regulator said it was preparing a policy that would bring them under the same level of scrutiny that traditional stock exchanges and financial market operators are also subject to, by “applying the principles for regulating market infrastructure providers to crypto exchanges.”

Presently, domestic cryptocurrency exchanges fall under the regulation of the country’s financial intelligence agency and watchdog, the Australian Transactions and Reporting Analysis Center (AUSTRAC).

These regulations have been in effect since April 2018. However, AUSTRAC has been monitoring domestic cryptocurrency exchanges since December 2017. Exchange operators were obligated to enroll with AUSTRAC’s ‘Digital Currency Exchange Register’ whilst complying with anti-money laundering (AML), counter-terrorism financing (CTF) and know-your-customer (KYC) rules.

At the time, this was considered to be a skeptical move from Australia, but it actually generated a positive force behind cryptocurrency acceptance, knowledge and adoption in Australia by creating ‘sustainable, non-restrictive regulations’.

The ASIC report writes: “We will continue to focus on monitoring threats of harm from emerging products (e.g. ICOs and cryptocurrencies), cyber resilience, the adequate management of technological solutions by firms and markets, and misconduct that is facilitated by or through digital and/or cyber-based mechanisms.”

Despite a May 2018 report from the Australian Competition and Consumer Commission (ACCC) that detailed significant consumer losses to cryptocurrency scams in 2017, Australia managed to bounce back in a very positive way.

Developments Down-Under

Australia has been a significant point of interest for the crypto or blockchain industry and community for quite some time. After the regulations set up in April, Australia has adapted with an open-minded approach to real-world cryptocurrency and blockchain applications.

With regards to infrastructure, an Australian tech firm partnered with an energy provider to create a dedicated power station for blockchain operators, with the hopes of creating a blockchain “Silicon Valley”.

In March, the Australian Tax Office (ATO) began looking to the public for guidance on how to legislate cryptocurrency taxes. As time moved forward, the ATO moved forward with its crypto-tax plans by coming up with a 100 point check system. In July, crypto-classifications and taxation rules were further clarified.

Most recently, the Australian federal agency partnered with IBM to create a national blockchain for the use of smart legal contracts, which allows domestic companies to utilize the network for digital contracts.

Blockchain technologies in Australia have also managed to find their way into sustainable sugar projects, as well as the Commonwealth Bank of Australia’s recent project that successfully tracked the shipment of 17 tons of almonds using blockchain.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Australian Securities Watchdog Prepares to Mitigate Potential Harm of Cryptocurrencies and ICOs appeared first on BitcoinNews.com.