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.
Indian Government To (Finally) Draft Crypto Regulations This December
[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.
India Reveals A Regulatory Draft For The Cryptocurrency Sector
‘’ 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.
China: Cryptocurrency Exchange Huobi Creates Communist Party Committee
“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.
CHFC: Cryptocurrencies Should Be Regulated To Prevent Money Laundering
“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.
Join us on Facebook
- New York Stock Exchange (NYSE) Delays The Bakkt Bitcoin Futures Launch To 2019
- Indian Government To (Finally) Draft Crypto Regulations This December
- (Some) Crypto Exchanges Resume BCH Trading, Bitcoin Cash Price Reaches New Lows
- After Days Of Resistance, Ripple (XRP) Suffers A Major Price Drop
- Funny Or Not, Tom Lee Lowers His Year-End Bitcoin Price Target To $15,000
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Altcoin News1 day ago
BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue
Blockchain News5 days ago
Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue
Blockchain Archive4 days ago
15 Industries Blockchain Could Soon Revitalize
Blockchain News2 days ago
Famous NY-Based Art Auction House Records A $318 Million Sale On A Blockchain
Altcoin News2 days ago
Bitcoin, Ripple And Ethereum Are Getting Hit (Again) This Monday
Blockchain News2 days ago
Crypto Exchange Huobi Forms A Communist Party Branch Complying With Chinese Law
Analysis2 days ago
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
Altcoin News2 days ago
Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum