Policy Weekly | Thailand has recently opened up digital asset trading qualification certificates; Jeju Island may become the only "ICO legal area" in South Korea (7.23-7.27)
This week, the positive trend of blockchain and digital currency related policies is obvious.
This week, the positive trend of blockchain and digital currency related policies is obvious.
first level title
Currency market
Currency market
Bitcoin BTC reported at $7989.6, a change of +7.21% within 7 days;
Ethereum ETH reported at $466.25, a change of +0.52% within 7 days;
International section
Image Source:Invsting.comChinese website
Focus this week
International section
1. Good news
according to
according tobangkok postbangkok post
According to today's news, the Ministry of Finance of Thailand began to issue digital asset trading qualification certificates on Tuesday (7.24). Companies that are conducting related businesses and companies that are willing to participate in the industry can submit applications to the Thailand Securities Regulatory Commission (SEC). In June of this year, Thailand promulgated the "Digital Assets Law", including the "2018 Digital Assets Enterprise Law" and the "2018 Tax Law Amendment" aimed at supervising related taxes; in July, Thailand passed the "Digital Assets Business Act" . The successive promulgation of the bills may mean that Thailand will become one of the first countries in the world to have clear laws on digital assets.
According to Korean media "Korea Times"to report，to report（Financial Services Commission,Korea Financial Services Commission
South Korea's Jeju Island promotes the construction of a "blockchain special zone", or becomes the only "ICO legal zone" in South Korea
according toaccording toKorean media etnews news
, South Korea's Jeju Special Autonomous Region is promoting the construction of a "blockchain special zone", and the specific plan will be made public at the end of next month. Many domestic and foreign companies preparing for ICO projects are paying attention to Jeju Blockchain Special Zone.
US state of South Carolina lifts ban on blockchain firms
The South Carolina Attorney General’s Office, which oversees securities regulation, announced on July 26 that it was withdrawing cease-and-desist orders against two blockchain startups. Both ShipChain and Genesis Mining were banned for issuing “suspect securities.” Securities Commission Deputy Commissioner Tracy Meyers said there were "good reasons" to lift the ban after gathering information and learning from multiple parties.
India's Telangana state to sign MoU with blockchain firm to streamline government services
The Indian state of Telangana plans to sign a memorandum of understanding with some blockchain companies. Government officials said the measure was aimed at improving transparency and efficiency in the delivery of public services by the state.
According to Bitcoin.com, employees in Costa Rica can receive part of their salary in digital currency, which is not illegal. Certain provisions in national legislation allow companies to pay workers not only in fiat currency but also in goods, and some legal experts believe digital currencies fit into this category. In addition, Costa Rican law provides for the use of generally accepted assets as a means of payment.
2. Steady progress
2. Steady progress
Liechtenstein's 'Blockchain Act' Legislation Delayed Government Still Deliberating
According to Bitcoin News, the Liechtenstein government in Europe has postponed the "Blockchain Law" (The Blockchain Law), which is expected to be introduced on July 10, and the date of the new legislation is still unclear. It is reported that the bill was proposed as early as March this year, aiming to build a monitoring framework to support the development of blockchain and provide legal guidance for digital currency companies.
Statistics Korea will conduct a survey of 121 companies related to the blockchain for the purpose of further implementing the follow-up process of the blockchain industry classification standard. A representative of the South Korean government said the survey was done because we need more detailed statistics to support our policies, as blockchain-based industries are becoming more active and have a greater impact on our economy.
3. Regulatory upgrade
3. Regulatory upgrade
New Bill in Congress Directs FinCEN to Focus on Digital Currencies
U.S. Congressmen Ed Perlmutter and Steve Pearce co-introduced the Financial Crimes Enforcement Network (FinCEN) Improvement Act (HR 6411) on July 18. How digital currencies are used in socialist or other illegal activities. The bill states that although the use and transactions of digital currencies are legal, some terrorists and criminals, including international criminal organizations, are trying to take advantage of the fragility of the global financial system and increasingly use emerging payment methods such as digital currencies to Transfer of illicit funds.
FINMA Files Case Against Illegal ICO Firm
According to Bloomberg, the Swiss Financial Market Supervisory Authority (FINMA) filed a lawsuit against EVN issuer Envion. FINMA said the company may have violated ICO-related financial market laws by issuing EVN through an unauthorized ICO that raised 100 million Swiss francs (about $100 million) from more than 30,000 investors. FINMA said it would not comment further until after the meeting.
G20 members ask FATF to develop digital currency anti-money laundering standards within three months
G20 finance ministers and central bank governors met over the weekend to reiterate their cautious and regulatory stance on digital currencies, CoinDesk reported. Member states have called on the Financial Action Task Force (FATF) to clarify how existing “anti-money laundering” standards apply to digital currencies within three months. Member states stated in the document, “Although encrypted assets do not currently pose a risk to global financial stability, we remain vigilant. We reiterate our commitment to implement FATF standards in March and ask FATF to clarify how its standards will be in October 2018.” Applicable to digital currency assets.”
Indian Cryptocurrency Exchange Unocoin Suspends Fiat Deposits and Withdrawals
According to Bitcoin.com, Indian cryptocurrency exchange Unocoin has suspended fiat currency deposits and withdrawals under pressure from the Indian central bank. It is said that the deposit and withdrawal business of digital currency is in normal operation, and users can use the rupees in the account to buy BTC and ETH; cryptocurrency/rupee, and the trading pairs between cryptocurrencies are also open. Previously, the Reserve Bank of India ordered in early April this year that banks and other financial institutions under its supervision shall not process and provide virtual currency services and settlements for any individual and corporate entities from July onwards.
Domestic sector
Domestic sector
1. Good news
1. Good news
2. Regulatory upgrade
2. Regulatory upgrade
Deputy Dean of the School of Finance and Finance of Renmin University of China: ICO issuance of currency or financing tools is suspected of being illegal without government approval
According to People’s Venture Capital, Zhao Xijun, deputy dean of the School of Finance of Renmin University of China, said that if currency is issued in the form of ICO, it must be regulated by laws and regulations related to currency. If the issuer is promoting a financing tool, such as raising funds through ICO, with reference to the current law, public fundraising from unknown potential investors must be regulated by securities regulatory agencies. ICO behavior must go through legal procedures in advance and can only be carried out after approval, otherwise it will be suspected of illegal fundraising.
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