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Regulation

China: Cryptocurrency Exchange Huobi Creates Communist Party Committee

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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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Regulation

Crypto Regulators To Add New Strict Rules For Crypto Exchanges

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crypto regulators
Crypto regulators are eyeing to adopt tougher rules for crypto exchanges regarding the sharing and storing of information about where and to whom users are sending money. In our altcoin news today we are about to find out more. The new rules will go beyond the ‘’know-your-customer’’ rules. The exchanges will need to verify and keep records on the users’ identities and will also have to pass information to other exchanges when transferring funds. Many in the blockchain industry agree that though this is a practice similar to the one banks use, it is not the worst one for crypto. Representatives from the industry urged the Financial Action Task Force to reconsider the delay of the proposed policy. However, crypto regulators especially those who have the FATF’s rotating one-year presidency, were not really into adopting the new set of rules according to some of the attendees at the Vienna meeting. The U.S Treasury’s Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker pointed out:
 “During its presidency of the FATF, the United States has worked with other countries to clarify how all countries should regulate and supervise activities and providers in the digital currency space. We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.”
Even if the FATF accepts the proposed policies, they will not be enforced overnight. The member countries first have to pass the legislation or recommend making changes to the guidelines. The Assistant professor in the Department of Political Science at the University of California, Santa Barbara Julia Morse pointed out:
 “The FATF recommendations are not legally-binding international law; however, because the FATF’s members – 36 economies and two regional bodies – include the largest and most important financial systems in the world, its rules have teeth.’’
As mentioned in the latest cryptocurrency news, industry members are waiting to see the final guidance and hope that the governments will provide enough time for a solution on sharing information among other crypto exchanges.  The industry leaders should also be ‘’recommending an extended adoption timeframe to ensure proper implementation and coordination across the industry.’’
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Regulation

Crypto Regulation In Japan: The Measures G20 Wants To Impose

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crypto regulation in japan
in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country. If recent reports are to be believed, the G20 has established a solid agenda. The international organization's busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations. First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:
“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”
The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too. However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing - such as resolving the United States-China trade rift. As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.
“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions," Noda stated.
However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing - but may start thinking about this differently if they abide by the rules.  
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Regulation

Indian Bitcoin Lobby Pushes The Reserve Bank To Accept Crypto

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Indian Bitcoin Lobby
Indian Bitcoin lobby which derives from the major tech lobby NASSCOM is trying to force the Reserve Bank of India to accept cryptocurrencies like bitcoin in its regulatory sandbox. The goal is to improve the future of cryptocurrencies in the country so in the latest cryptocurrency news today we see what they propose. NASSCOM represents about $154 billion of the IT sector in India. The Lobby group is calling for the central bank to include crypto in their ‘’Draft Enabling Framework for Regulatory Sandbox’’ after they decided to exclude cryptocurrencies, crypto trading and ICO from their document. A spokesperson for the group stated that by including crypto in the framework, the bank could better understand the risks and benefits presented by the crypto technology:
‘’Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox.’’
The decision to remove cryptocurrencies and crypto trading out of the regulatory sandbox is unclear. The decision was also backed by the Payments Council of India which is also trying to find a more open regulatory structure:
‘’The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective. Ideally, they shouldn’t have such large exclusions.”
As per the coming altcoin news, the founder and CEO of the Crypto exchange WazirX believes that cryptocurrencies such as Bitcoin, if mentioned in the regulatory sandbox, could create jobs for people in the country and can even boost the wealth of India. Many business owners turned to cryptocurrencies but still, the sector can’t figure out what the industry will go through next because of the regulatory uncertainty. For this reason, many of the businesses closed down and moved to more crypto-friendly countries. The goal of the Indian bitcoin lobby is to make the central bank reconsider their stance on crypto in order to provide a better climate for crypto startups. Everyone believes that the economy of the country will also get much better if they only made the regulation preferable for business owners.
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Regulation

Regulating Cryptocurrencies Is Not A Priority: Russian PM

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Regulating Cryptocurrencies
Regulating cryptocurrencies is currently not a priority for the Russian Government since cryptocurrencies lost their popularity in the country according to the Russian Prime Minister. Dmitry Medvedev’s comments were reported by a local news outlet and reached our altcoin news today. According to the reports, Medvedev believes that cryptocurrencies are not interesting for the Russian population and there is no need for mainstream crypto adoption and crypto regulation:
 “The popularity of cryptocurrencies has decreased so far, which likely makes the regulation issue not that relevant already.”
During the annual international judicial forum on May 15, Medvedev pointed out that the problem was previously discussed at the previous forum in 2018. He then urged the government to legislate some of the crypto terms. While Bitcoin was a hot topic in 2018 and later the hype decreased, the prime minister concluded that the time has passed. He also believes there is still no opportunity for the crypto markets to rally. His stance comes amidst the first major bullish sentiment of crypto markets in 2019. This happened when Bitcoin surged from the average threshold of $4,000 to above $8,000 during the 45 days since April 1 according to the data gathered from CoinMarketCap. The Russian crypto regulation bill ‘’On Digital Financial Assets’’ was initially passed by the Russian Parliament in May 2018 but it was sent right away to the first reading stage as reported in the latest cryptocurrency news, after reports emerged there is a lack of major key concepts such as crypto mining. While the parliament of the country has delayed yet again the consideration of the bill, the president of the country Vladimir Putin ordered the government to adopt crypto regulation for the entire crypto industry by July 2019. Last year, for example, Putin made a similar order and tried to create and enforce the regulation by summer 2018. Russia has minimal progress in regulating cryptocurrencies and crypto related policies. The central bank of the country has refused to get into cryptocurrencies or even recognize them as a mean of payment after the head of bank Elvira Nabiullina had a pretty contradictory stance on ICO fundraising calling it ‘’efficient.’’
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