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.
Thailand Crypto Regulation Could Arrive Through ICO & STO Offerings
“The regulator will have to consider how to deal with STOs for issues such as share ownership, voting rights and dividend. At the moment, we have not decided whether STOs fall under the SEC Act or the Digital Asset Act, but it depends on the STO's conditions and the details in its white paper.”On top of this, the country's SEC has recently scratched the surface of the Thailand crypto regulation issues with the approval of STOs in the local market, even though the plans to legalize ICOs are still contradictory and unclear. This month, the Thai SEC reportedly approved the official launch of the country's first ICO portal which brought a lot of positive news across many best cryptocurrency news sites. According to the news, there are plans for STOs approval in the local market.
“The next step is for an issuer to offer security tokens in the primary market,” said Archari Suppiroj, commenting the Thailand crypto regulation issue.According to big names in the crypt industry, there are still legal boundaries between STOs and global financial regulations. As one prominent CEO said:
“There’s a misconception that there’s a Thai regulatory problem or that somehow the regulations need to change. They don’t. You need to comply with rules around the world. If the compliance doesn’t work, nothing else can happen. We have talked with a number of regulators in the U.S. and around the world. No one has given us negative feedback and no one has signed off on it, but our fundamental opinion is that we’re complying with the rules.”In July, the Thai SEC officially legalized registered ICOs, allowing companies to run token sales with guidance from the SEC. All of this has led to greater Thailand crypto regulation and a lot of positive news in the crypto space.
Democratic US Presidential Candidate Advocates For Clear Crypto Regulations
“We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential," Yang said.The US presidential candidate Yang is definitely one of the many big names calling out for crypto regulation. His act definitely moves the waters and introduces certain regulatory certainty for businesses and regulators in the United States. He further pointed out that both crypto and digital asset markets develop faster than regulations can keep up. Featured on many best cryptocurrency news sites for his crypto-positive statement, Yang continued:
“Create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift."With this the US presidential candidate proved that he is interested in cryptocurrencies and wants to be recognizable in the world of crypto. In January, there were reports showing that the US States Senator and cryptocurrency critic Elizabeth Warren had announced her bid for president in 2020. Speaking at a Senate Bank Committee hearing in October, Warren asserted that “the challenge is how to nurture productive aspects of crypto with protecting consumers.”
Andrew Yang Democratic Candidate Advocates For Clear Crypto Regulation
“We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.”On the website, you can also see that Andrew Yang pointed out that cryptocurrency and digital assets markets are developing quickly and the regulatory bodies cannot follow the fast development. As we can read in the latest cryptocurrency news, he also pointed out:
“Create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.’’Back in January, the United States Senator and well-known crypto critic Elizabeth Warren made an announcement for her presidential run in 2020. While she was speaking at the Senate Banking Committee hearing back in October 2018, she stated that ‘’the challenge is how to nurture productive aspects of crypto with protecting consumers.’’ Elizabeth Warren also made clear that the average American consumer could become a victim of a crypto scam. As for Andrew Yang, he announced his candidacy in the 2020 elections in November 2017. At the start of this month, representatives Darren Soto (D) and Warren Davidson (R) introduced the Token Taxonomy Act. This reintroduced act will exclude cryptocurrency from being classified under security. The act also enables the introduction of regulatory certainty for regulators and business in the US blockchain industry. It also clarifies the relationship between government initiatives and regulatory rulings. As for Andrew Yang, we wish him good luck.
US Federal Jury Convicts Two Romanian Cybercriminals Of Cryptojacking
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