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No Bitcoin – No Blockchain, CFTC Chairman Tells US Senate



The Tuesday’s Senate hearing has had the topic of cryptocurrency regulations. During it, the chairmen of two top US market regulatory agencies has stated the importance of blockchain and its link to Bitcoin.

The hearing was held by the Senate Committee of Banking, Housing and Urban Affairs in the US. Aside from cryptocurrencies, it touched a lot of topics regarding blockchain technology, initial coin offerings (ICOs), trading platforms, exchanges and exchange-traded funds (ETFs). Basically, there was nothing that wasn’t mentioned at the conference.

Right from the start, there was some concern about the fact that crypto exchanges are currently regulated at state level rather than the federal. Clayton and Giancarlo expressed concerns about that and said that this may change in the future.

According to Jay Clayton who is the chairman of the Securities and Exchange Commission (SEC), ICOs were more important topic of discussion. He said that ICOs should not be classified as a security under federal regulations.

The chairman Christopher Giancarlo, on the other hand, has won the hearts of all the Bitcoin enthusiasts out there with a couple of comments directed to the community. In the beginning, he made it certain that Bitcoin is linked to blockchain and told the committee that “it is important to remember that if there is no Bitcoin, there would be no blockchain”.


After hearing him out, the Chairman Clayton stated:

“We may be back with our friends from the U.S. Treasury and the Fed to ask for additional legislation.”

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Blockchain News

ZebPay Acquires New Name And Registers An Office In The Blockchain Island Of Malta

Since regulation is yet again the center of all crypto news worldwide, the largest Indian exchange that has shut down all services in India now opens a new office in the blockchain island of Malta. As it turns out, the unfriendly regulatory climate in India wasn’t so bad after all for this major crypto exchange. Malta is the best places for all crypto ventures, businesses, and crypto enthusiasts. This is why Zebpay decided to move all of its operations here. By registering in Malta, Zebpay will serve more than just the citizens and residents of this island but also will provide services for all European countries. According to their website, Zebpay lists all of the countries whose residents and citizens are eligible to use this exchange. Major EU countries such as France, Italy, Ireland, Denmark and Sweden, and their citizens, can use the services provided by Zebpay. Zebpay is now going under its new name Awlencan and they announced:
 “For all intents and purposes, Zebpay shall mean and include below – Awlencan Innovations Malta Limited [C-88318], a Maltese Registered Company with Office Address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA Exchange Platform in Malta, hereinafter referred to as “Awlencan” or “Zebpay” or “company”…”
Last month, the exchange giant shut down all operations in India because of the ban by the Reserve Bank of India. At that time, Zebpay was operating more than three years and in that time managed to acquire more than three million users.
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Government Of Japan Wants To Simplify The Crypto Tax Filing Process

In today's crypto news, we have the government of Japan and its recent efforts to simplify the current tax filing system for cryptocurrencies and therefore ensure investors to accurately report their gains. According to Japan's Tax Commission, there must be a way to simplify the process through which residents of the country file their taxes in regards to their Bitcoin and altcoin investments. During the general assembly held on October 17th, the commission discussed potential improvements to the process, as the regional news outlet Sankei. The committee is apparently rolling out a new system that would make a lot of things regarding tax filing easier - and make it easier for taxpayers to calculate their profits on the sales of digital assets - when compared to fiat currencies and other cryptocurrencies. As the president of the Tax Committee, Minoru Nakazato, stated during the assembly:
"Since it is necessary to take into consideration frameworks other than the taxation system and business practices, we will hold a small meeting of experts to deepen the discussion while listening to outside opinions."
The president also said that the profits from the sale of cryptocurrencies currently fall under the category "miscellaneous income" where a sliding tax rate from 15% to 55% is applied, depending on the number of gains above a threshold of 200,000 yen ($1,800) per year.  
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Crypto Regulation In UK May Take Up To 2 Years To Be Drafted

A new legal report is in the news on our DC Forecasts crypto news site today - centered around the market in the United Kingdom and the potential regulation of cryptocurrencies. Issued by a UK-based law firm, the report shows that it may take up to two years for such regulations to be introduced. According to James Kaufmann who is the Legal Director at Reynolds Porter Chamberlain UK (RPC) commented on the subject in a statement published by his company, saying that the main reason for such delay is the approval that needs to be given from several legal bodies within the country. Meanwhile, RPC is active in UK and Asia, as a firm which has over 80 partners and has been named 'Law Firm Of The Year' three times in a row since 2014. According to Kaufmann, the process of regulation needs to move bills that are "lengthy" given that the recent proposals sent to the House of Commons Treasury Committee (HM Treasury) have just begun moving forward. As Kaufmann said:
“Bringing a complex and fast-evolving area like cryptocurrencies into a regulatory framework is going to be a difficult and lengthy process. Added to this, big issues like Brexit are already occupying a lot of regulator’s time,”
He also pointed out to the past precedents in the release, stating:
“Past precedents show it can take years to make relatively minor regulatory changes to the financial regulatory regime. For example, it took two and a half years from the Treasury’s original announcement (10 May 2004) for the regulation of home reversion plans to come in force (6 November 2006).”
In order to regulate cryptocurrencies, the Treasury Committee will need time to study the industry and know which "specific activities related to cryptocurrencies" would require monitoring, certain proposed regulations, consultation periods and changes.  
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ICO Legality In South Korea To Be Confirmed This November

The latest news around regulation on our DC Forecasts crypto news site shows that South Korea will be deciding whether initial coin offerings (ICOs) will be approved or rejected again in the country, according to a statement from a top-level official. According to Hong Nam-ki who is head of the office for government policy coordination first addressed this issue during the National Assembly's annual audit on government actions, telling lawmakers that the topic must be reviewed in the coming months. Hong also added that the Financial Services Commission (FSC) which is South Korea's market watchdog has been conducting surveys on ICOs since September. As CoinDesk Korea then reported, he stated the following:

"We are going to form the position of the government in November based on the results of the investigation at the end of October."

The official was also responding to the question regarding ICO permission that was raised by Jeon Haecheol, a lawmaker from the ruling Democratic Part, voicing the support for lifting the current ICO ban. As he said during the questioning:

"If we waste time, the blockchain industry could face huge difficulties. We need to look at very realistic and specific ways to nurture the blockchain industry, and I think permitting ICO is one of them."

He concluded:

"Many people say ICO should be allowed, but ICO's uncertainty remains, and the damage is too serious and obvious."

In May this year, lawmakers from the National Assembly, which is the country's legislative arm, pushed for a removal of the ICO ban. According to recent reports, the FSC is actively investigating token sales projects with a questionnaire that seeks information on extensive project details as part of its efforts to review the ICO ban case.
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