Global CryptoReg Roundup #001

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Introducing the first edition of the Global CryptoReg Roundup, a weekly digest of crypto-related political, regulatory, and legal news from across the globe.

No frills or needless exposition, "just the facts, ma'am"...

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Japan

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• In the wake of the Coincheck/NEM $530M hack, Japanese regulators plan to ramp up onsite exchange inspections.

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South Korea

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• South Korean exchange Coinpia is forced to suspend trading. They were unable to open a bank account accepting South Korean Won after failing to comply with new de-anonymity rules.

• The Supreme Court of South Korea will rule on whether recently-introduced crypto regulations are consitutional.

• Prime Minister Lee Nak-yeon states that closing crypto exchanges is "not a serious consideration now", however it remains "one of the many possibilities."

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Hong Kong

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• The Securities and Futures Commission of Hong Kong issued warnings to seven exchanges not to trade cryptocurrencies that are legally securities, leading some exchanges to cease offering tokens to investors.

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China

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• After attempts to halt crypto trading domestically, Chinese authorities will ramp up measures to ban access to foreign exchanges and ICOs.

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Thailand

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• Thailand's Finance Minister confirmed crypto will remain legal, and that a a regulatory framework will be finalized within a month's time.

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Singapore

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• Singapore may be reconsidering whether a regultory framework for crypto and ICOs will be drafted.

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India

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• After initial reports of a crytpo ban in India, government leaders walked back the idea while announcing that work on a legal framework is in process.

• India Taxation authority sent 100,000 notices to residents that failed to declare crypto investments on their tax returns.

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Armenia

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• Proposed legislation in Armenia would legalize crypto mining and incentivize miners via tax breaks

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Ghana

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• Ghana issues its first official digital currency: Finchcoin.

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European Union

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• European Central Bank (ECB) leader states that regulating crypto "not exactly very high on our to-do list" while the European Securities and Markets Authority states that crypto will top their agenda in 2018.

• Meanwhile, ECB Exec Yves March compares Bitcoin to tulips; states it is not money; and equates it to a Ponzi scheme.

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Italy

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• BitGrail loses $170 million of Nano/RaiBlocks coins in hack. Bitgrail and Nano teams point the finger at each other.

Spain

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• The central bank of Spain issued a warning on the risks associated with crypto and ICOs while noting that no currencies or ICOs have registered with regulatory agencies.

• Meanwhile, government officials have pushed for legislation to encourage investment while remaining in compliance with anti-money laundering rules.

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Gibraltar

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• Gibraltar to usher in first ICO regulations, to include “the concept of regulating authorized sponsors, who will be responsible for assuring compliance with disclosure and financial crime rules”.

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Canada

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• Canadian regulators are pushing Google to ban crypto and ICO advertising following Facebook’s decision to ban them.

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United States

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• Regulatory heads from the SEC & CFTC testified before Senate Banking committee. For a detailed breakdown of the hearing, check out this Steemit Deep Dive from yours truly.

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• World Bank Group President Jim Yong Kim claims "the vast majority of cryptocurrencies are basically Ponzi schemes".

• Agustin Carstens, head of the Bank for International Settlements (BIS), described crypto as "a combination of a bubble, a Ponzi scheme and an environmental disaster". He added: "[I]f authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability"

• France & Germany push for global action on cryptocurrencies at next G20 meeting

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• DavorCoin received a Cease and Desist Order from the Texas State Securities Board. DavorCoin promised a "monthly interest rate up to 48%" and promotional structure similar to BitConnect, offering "‘special bonus rates for leaders and promoters,’ inciting others to recruit new investors in exchange for monetary reward."

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Thoughts, comments, and corrections are always appreciated. Cheers!

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|| @bubbleboy ||

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