Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
  • Contact
CLOSE

The Latest Crypto and Blockchain Regulations

Blockchain technology has immense potential to revolutionize the world of financial transactions. However, the technology has also had its fair share of challenges and controversies. Crypto investors and speculators have been defrauded of millions of dollars. There also have been fears that ICOs could be used for money laundering and terrorist financing. As the adoption of blockchain becomes more widespread and cases of fraud in the crypto-space become rife, government regulators and political players are looking for ways to keep the rapidly evolving industry in check. DC Forecasts your leading bitcoin news site, explores countries and agencies that have been in the news of late for blockchain and crypto regulations.

Industry Updates

The EU has implemented strict regulations that have significant ramifications on blockchain technology. The General Data Protection Regulation (GDPR), which became effective on May 25, 2018, aims to harmonize data privacy efforts across the union. The regulation especially mandates that EU citizens have a “right to be forgotten” on the web. This right can potentially contradict the immutability and decentralization that blockchain technology offers its users. The newly enacted GDPR values rest upon the moral foundation that European Union residents should have the fundamental right to control their data. Hence, it is up to blockchain companies to make sure that the EU minimum requirements for data ownership are met sufficiently.

United States

The U.S. handles about 26% of bitcoin, which is the world’s second largest volume after Japan’s 61%. The legality of bitcoin trade differs between states. In March 2018, the Security and Exchange Commission (SEC) signaled plans to enact securities laws to govern the digital currency industry, ranging from crypto-exchanges to digital asset storage firms (wallets). The SEC has trained its eyes on initial coin offerings (ICOs) and has increased efforts to police them through various subpoenas. Read More






X
X