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South Korean Lawmakers Urge The Government To Relieve The Harsh Crypto Regulation

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A group of South Korean lawmakers has urged the government multiple times to relieve the pressure they placed on the crypto regulation and the regulation on the blockchain sector. Today’s blockchain news comes from the local newspaper in South Korea-The Korea Herald.

According to the reports, the groups of lawmakers believe that the administration of Moon Jae-in is putting up measures that are breaking down the growth of the blockchain industry. They claim that the financial regulator of the country, the Financial Services Commission has a harsh, conservative stance towards losing up the strings of regulation of the sector.

During the 2019 Deconomy Conference at the National Assembly, the Representative Min Byung-doo of the Democratic Party stated:

 “The government said it would lower regulation barriers, but cryptocurrency and blockchain are not subject (to such a move), which is a contradiction. It is now time to review previous regulations and ease them according to needs.”

Min aimed to raise the issue of deregulation with the president Moon since he is the head of the National Policy Committee, saying that he has already been consulting with officials from the presidential cabinet previously.

As DC Forecasts previously reported, the co-founder of Ethereum, Vitalik Buterin, urged the South Korean lawmakers to reduce the harsh regulation of the sector arguing that the government cannot implement blockchain technology and prohibit cryptocurrencies since both of them are correlated.

Song Hee-Kyong, a Liberty Party representative, proposed a revision of the current framework aiming to provide better support for the blockchain industry. Song also stated:

 “Although many customers rely on blockchain for a technological breakthrough, they suffer from lack of systemic support. The government’s vision of promoting the blockchain industry is nothing but talk.”

South Korea has banned initial coin offerings back in 2018 in September since the government believes that is the perfect tool for scams. The government also thought that ICOs have the ability to raise funds for tokens that are fraudulent and fake.

At the start of this year in January, the FSC decided to keep the ICO ban. Later in March, the Supreme Prosecutors’ Office of the country created a special task force to fight crypto crimes.

However, the government decided to triple its blockchain budged this year and has a lot of blockchain initiatives to pursue. The Liberty Korea Party pledged to promote blockchain as the most important technology of the fourth industrial revolution.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Regulation

Cyprus SEC Embraces Blockchain Despite Unclear Crypto Regulation

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The Securities and Exchange Commission (CySEC) of Cyprus has published a report in which it discussed about the ongoing activities of its Innovation Hub - a new cooperative entity which launched in October 2018 with the main goal to engage the communication between CySEC and entities operating in the fintech and regtech sectors. The Cyprus SEC now embraces the blockchain technology and is intended to facilitate knowledge-sharing between regulators and innovators. The commission will also be in charge of promoting the development of regulations which foster innovation and ensure compliance within dynamic and emerging tech industries. It will also engage with third parties seeking to participate with emerging financial innovations, including law firms, credit institutions and education institutions. A press release shows that the chairwoman at Cyprus SEC Demetra Kalogerou described the Hub as working to strengthen investor protections “by embracing new innovations in financial and regulatory technology,” adding that the regulator’s mission is to “create a robust ecosystem in which fintech firms can flourish responsibly in Cyprus.” Despite the efforts to foster innovation within the DLT sector, activities involving cryptocurrencies remain an unregulated activity within the country. A recent interview showed Kalogerous saying that the agency is still “evaluating the risk and benefits of crypto innovation to determine whether further actions and legislative requirements are needed to ensure full investor protection.” The chairwoman also added that the Cyprus SEC team does not wish to act prematurely as its main mission is to prevent “any dislocation in an otherwise smooth functioning [...] capital market.” Before this, CySEC published warnings regarding three unauthorized forex and cryptocurrency brokers including Naga Markets, CALIBUR CAPITAL and IcFxMarkets of operating illegally within the country. The commission noted that the companies fraudulently claimed to have affiliation with entities regulated within the jurisdiction. As the blockchain news showed, the Cyprus securities regulator partnered with the University College London's Blockchain Technology for Algorithmic Regulation and Compliance (BARAC), which researches applications for blockchain technology in automating the compliance and regulatory procedures. In 2019, the cabinet in the country published its National Strategy on Distributed Ledger Technologies, aiming to provide a platform for both public and public-private initiatives employing blockchain applications.  
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Russia Decides To Outlaw Crypto As Means Of Payment

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The regulation crypto exchange and crypto news show that Russia's Federal Security Service (FSB) which is the successor of KGB, agreed with the central bank of the country that cryptocurrencies should not be allowed as means of payments on the territory of Russia, according to a local portal. Reports show that Russia decides to outlaw crypto and sees if it is even possible to ban cryptocurrencies like Bitcoin as payment options. Before the consensus, the FSB was confused about whether it was even possible to do this. The two departments have argued about how to regulate digital currencies. While the Bank of Russia has been firm on its position that everything related to cryptos should be banned, the FSB was open to legalization and endorsed a new regulatory framework that would favor the miners. According to a letter from the Deputy Prime Minister Dmitry Chernyshenko seen by the Russian portal Baza (sent to Vladimir Putin) the two agencies have finally come to a compromise.
"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.
In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
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More Crypto Regulation Suggested By Michael Bloomberg

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U.S Presidential candidate Michael Bloomberg suggests more crypto regulation which is expected to clarify the status of crypto assets within the financial system and he aims to offer more government oversight as well as improved consumer protection so let’s find out more in the regulation crypto news. Bloomberg made these statements in his now published Financial Reform Policy and the candidate is not the first one to support more crypto regulation but he is the most credible candidate given his history in the financial sector. The other candidate, Andrew Yang, recently dropped out of the race. Bloomberg plans to:
‘’Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game ‘’
The document wants to establish consumer protection and to clarify the taxation rules by creating a framework for initial coin offerings by determining which of the tokens are legal securities. He also calls for more regulations for banks and other financial institutions. The proposal is short but notable as the other leading candidates have remained silent on this matter. The other presidential candidate Bernie Sanders made no statements about crypto nor Joe Biden or Elizabeth Warren has commented. Trump is still not a fan of cryptocurrency and has made no calls for regulation. More discussion about the blockchain development could be sparse among the presidential candidates but the topic will not go away. Some of the other branches of government have been addressing the impending wave of crypto adoption and the Federal Reserve Chairman Jerome Powell discussed Bitcoin before the entire House Financial Services Committee. The fact that Bloomberg wants to address blockchain assets is not surprising. He founded one of the most successful financial companies that specialize in software and technology. There’s sure no doubt that he is familiar with crypto and its potential. If the crypto market continues to recover, more candidates will make new positions on how the federal government should approach the blockchain development. There is no doubt that the next president will have to recognize the crypto potential and the change of the entire economic landscape.
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Worldwide Cryptocurrency Regulation Turns Bearish

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The crypto markets are in a freefall and the worldwide cryptocurrency regulation seems to be turning bearish as well. One of the SEC Commissioners proposed a safe harbor for crypto projects and the US Secretary of Treasury announced more cryptocurrency regulation. So what can we expect? Let’s read in the cryptocurrency regulation news today. The cryptocurrency scene in Brazil got hit the hardest especially recently since the IRS agency imposed stricter cryptocurrency regulation back in 2019. Brazil was known as the crypto-friendly space but according to the crypto news site Porto do Bitcoin, all of the exchanges now have to report the transactions to the federal revenue service and they have to follow more compliance rules no matter the amount of the assets transferred. The Brazilian cryptocurrency exchanges had a hard time following the criteria and many shut down. Former CPO of Access Bitcoin exchange Pedro Nunes said:
 “After the rules of the Federal Revenue, we noticed a significant decrease in the volume traded within our market. We also feel that the market has cooled for smaller exchanges.”
The worldwide cryptocurrency regulation changes can be seen in Russia as well since the country seems to be sending out a lot of mixed signals as to how it aims to develop cryptocurrency regulation. Some of the most popular exchanges such as Binance added support for the Russian Ruble a while ago but today, the country steps up on its AML stance. This means clamping down on crypto as well. The United States has a strict regime towards crypto as well and denies it to warm up to crypto. The pro-bitcoin presidential candidate Andrew Yang withdrew from the presidential race and the current president is not really a fan of bitcoin and crypto in general. Steven Mnuchin explained to the Senate Finance Committee that they are preparing new requirements for cryptocurrency and said that ‘’we will be seeing a lot of work coming out very quickly’’:
 “We want to make sure that technology moves forward but, on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts”
Another development in the cryptocurrency regulation comes from Belgium as the Financial Services and Markets authority reveled the new plan with the government to enforce greater regulation on digital currencies for transactions. The senator Jean-Paul Servais stated that the industry is growing rapidly and urged the lawmakers to establish a legal framework for sale, purchase, and use of cryptocurrencies.
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