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Regulation

Government Of South Korea Is Finalizing The Crypto And Blockchain Legislation

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The government of South Korea is looking forward to the upcoming crypto and blockchain legislation and hurrying it up – all in order to recognize the cryptocurrency and blockchain sectors as legitimate industries.

According to some local reports, the authorities in South Korea disclosed their intent to regulate the crypto market with a stricter but more comprehensive regulatory framework – all in order to protect investors and boost the growth of startups in the field of blockchain.

As the government said earlier this year, financial authorities in the country were reluctant towards regulating cryptocurrencies because they feared that local investors would consider investing in crypto rather than fiat money in the government.

Still, the two major security breaches experienced by Bithumb and Coinrail, both some of the biggest crypto exchanges in South Korea certainly scratched the surface of possibilities and a potential legislation of the local cryptocurrency market.

This is when the government of South Korea saw that a strict regulatory framework for crypto is more than necessary – and what it is working on ever since. Everyone is right now looking forward to the new cryptocurrency and blockchain bill which will make digital asset exchanges regulated financial institutions and under the control of the Financial Services Commission (FSC) of South Korea.

More importantly, there will be strict security measures implemented within the country – such as the Know Your Customer (KYC), Anti-Money Laundering (AML) and transaction monitoring requirements all in order to ensure that crypto exchanges provide the same level of service as other commercial banks and major financial service providers.

 

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Regulation

Indian Government To (Finally) Draft Crypto Regulations This December

After years and years of ambiguity, the Indian government is in the latest digital currency news centered around regulation - now for its final plans to reveal a regulatory draft that will potentially regulate Bitcoin and the other altcoins in the cryptocurrency sector of the country before the new year. It all came from one panel that was tasked by India's finance ministry to regulatory norms and guidelines for domestic cryptocurrency trading and the blockchain industry - set to lay bare its draft next month according to a new report by Quartz. This notable development was triggered in a counter-affidavit that was originally filed by India's ruling government in a Supreme Court case which right now sees the domestic cryptocurrency exchange industry in India as challenging towards the banking ban enforced by the central bank of the country earlier this year. An excerpt from the counter-affidavit reads the following:
[S]erious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.
The document also goes on to reveal that the draft bill and the report will both be forwarded to members of the finance ministry's inter-ministerial committee. Subsequently, the committee will hold a meeting on the drafts which will be made available to its members sometime this December. In a live TV interview in June, the head of the committee and secretary of the Department of Economic Affairs, Subash Chandra Garg, hinted that the committee had "moved quite a lot" in terms of drafting the regulations - despite the many missed deadlines on revealing the drafts. Crypto traders are looking forward to a regulation of crypto - against an ongoing ban that will largely affect the digital currency industry in India.
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Regulation

India Reveals A Regulatory Draft For The Cryptocurrency Sector

According to the latest crypto news updates coming from India, the government is considering revealing a regulatory draft for the entire crypto sector before the year ends. A panel by India’s Finance Ministry that is working on regulatory norms and domestic crypto trading, will likely start working on the draft in December. This solution comes to the light right as the government battled a case in the Supreme Court about how India sees the domestic cryptocurrency exchange industry. The country believed that the crypto sector is challenging the banking ban that was enforced by the central bank this year. A piece of the government counter-affidavit reads:
‘’ Serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in (the) financial system and framework for digital currency in India.’’
The affidavit reveals that the draft bill will be forwarded to members of the finance ministry committee. The committee will hold meetings about the draft. Back in 2017, the finance ministry formed another committee that was given a task to examine the global regulatory frameworks for cryptocurrencies and that same committee suggested proposing a regulatory framework for crypto trading and crypto using in India. The ongoing ban which was enforced by the central bank, banned banks from providing services to all crypto exchanges and this decision has massively blocked the industry in India. Crypto exchanges saw no reason why they should continue operations in the country and many of them including the largest one Zebpay moved to Malta.
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Regulation

China: Cryptocurrency Exchange Huobi Creates Communist Party Committee

Huobi Group is in the latest news around regulation and even politics this time on our DC Forecasts crypto news site. The exchange has recently created a Communist Party committee which makes it the first blockchain-based company to do so in China, according to reports from the South China Morning Post. What's interesting is that this community was created through a Huobi subsidiary called Beijing Lianhuo Information Service - registered as a business earlier this year and owned by Li Lin, who is the founder of Huobi. Lin referred to the launch of the committee as a new milestone for his company, hailing the Communists party for its friendly policies towards the blockchain industry and sharing his excitement by stating:
“Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established.”
The laws of the Communist party make it compulsory for enterprises, especially state-owned companies (with at least three Communist Party members as employees) to set up a branch of this party. Huobi, however, is not the first one to set up such a committee - before it we saw similar ones from companies like Tencent and Alibaba Group. The Chinese government is still friendly to blockchain while ignoring the crypto space and putting a hold of it. As you probably remember, it was the Communist party that put a blanket ban on crypto earlier last year - leading to an exodus of exchanges to the neighbouring conutries.
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Blockchain Archive

CHFC: Cryptocurrencies Should Be Regulated To Prevent Money Laundering

A recommendation from the Canadian House Finance Committee for regulating cryptocurrencies to prevent money laundering is in the blockchain news today according to a report from the Canadian digital newspaper iPolitics. The Canadian House Finance Committee proposed a suggestion to regulate cryptocurrencies during the review of the Proceeds of Crime Money Laundering and Terrorist Financing Act that happens once in five years. The committee started meetings in February 2018 and came up with a couple of ideas on how the government could regulate cryptocurrencies. The first idea is to control exchanges that allow fiat to cryptocurrency while defining the entity that provides the exchange as a service business. The second idea is backed up by the new regulation released in Canada this summer where cryptocurrencies are defined and exchanges as money-service businesses. The second recommendation is meant for the government to require a license from crypto exchanges much like New York’s BitLicense. In the article there are plenty of suggestions by the IJW financial adviser and law firm Duran Morrisseau which refer the dubious crypto transactions done in an unregulated space:
 “Cryptocurrency transactions may be used by parties to swiftly move large amounts of wealth across borders, and that regulating (exchanges of fiat currencies for cryptocurrencies) would address the (anti-money-laundering) concerns of the cryptocurrency space.”
The last recommendation is to regulate all crypto-wallets to make tracking easier. The government is required to provide an answer to these suggestions in 120 days. Crypto regulation is a major subject around the world and many countries are implementing the regulation.
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