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Regulation

Indian Government To (Finally) Draft Crypto Regulations This December

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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

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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