Global CryptoReg Roundup #002

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The Global CryptoReg Roundup is a weekly digest of crypto-focused 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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• Japan’s two largest crypto industry associations expected to merge in an effort to further protect traders and investors.

• In the wake of the $530M Coincheck theft, Japan’s FSA announced it will conduct on-site inspections of 15 unlicensed exchanges.

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South Korea

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• South Korea considering a regulatory framework similar to New York state’s BitLicense system.

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Thailand

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• Thailand’s central bank bans financial institutions from engaging in cryptocurrency transactions.

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India

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• A committee formed by India’s seven exchanges to develop a central database identifying every buyer and seller to include tracking of all trading activity.

• Citibank India prevents customers from buying crypto with debit and credit cards.

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UAE

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• Abu Dhabi’s Financial Services Regulatory Authority (FSRA) states crypto is “not legal tender," plans to draft a regulatory framework.

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Saudi Arabia

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• Saudi Arabia’s Capital Market Authority issued a warning on cryptocurrencies, citing prevalence of fraud & volatility.

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Russia

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• Russia drafting rules to accredit issuers of ICOs.

• The president of Chechnya, Ramzan Kadyrov, purchases Bitcoin.

• Siberian power plants to offer electricity to cryptocurrency miners, while governors of Kaliningrad and Leningrad declare willingness to welcome industrial-level crypto mining operations.

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Nigeria

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• Bitkoin Africa launches first Nigerian exchange in beta: BuyCoins.

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South Africa

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• In the wake of President Zuma’s resignation amid the Zupta scandal, South African banks to leverage blockchain technology.

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European Union

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• Europol director estimates that roughly 4% of all criminal proceeds in Europe ($5.5 billion) are laundered through cryptocurrencies.

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Austria

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• Austrian authorities enlist help of Interpol to investigate “Optioment” scam, where losses may have reached 12,000 bitcoin ($115 million).

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Switzerland

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• Switzerland’s Finma announces regulatory guidelines for ICOs breaking them into three classes of offerings: payment tokens, utility tokens and asset tokens, the latter to be regulated as a security.

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Spain

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• Spain’s ruling party to draft legislation "to set up Europe’s safest framework to invest in ICOs".

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United Kingdom

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• UK (& US) government websites infected with malware to mine Monero.

• The UK’s largest exchanges and crypto companies form CryptoUK, a self-regulating trade body.

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Iceland

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• Icelandic lawmaker suggests taxing crypto mining companies.

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United States

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• Credit Karma states that only .04% of federal tax filers have declared cryptocurrency gains.

• The CFTC issues first customer protection advisory on pump-and-dump crypto scams.

• The SEC suspends trading of three companies that accounced plans to sell their own cryptocurrencies.

• Chicago trader charged with stealing $2 million in crypto from employer.

• After introducing a bill to accept Bitcoin for tax payments, Arizona state legislators introduce a bill attempting to define when ICOs will be classified as securities.

• Four crypto-friendly bills presented in Wyoming legislature.

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• IMF head Christine Lagarde declares international crypto regulation is “inevitable”.

• US Treasury official calls for stronger international crypto regulations.

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• New Jersey authorities issue a cease and desist to crypto lending platform Bitstrade.

• Purported ICO LoopX completes exit scam after raising $4.5 million.

• Plaintiffs in Bitconnect lawsuit allege that its founders also orchestrated the Onecoin ponzi scheme.

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

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