Japan’s cabinet has approved a draft series of changes to the country’s laws governing financial instruments and payment services, in a move designed to further standardize the cryptocurrency marketplace, according to Nikkei Asian Review. The draft amendments will limit the use of leverage in crypto market trading, at “two to four times initial deposits.”
Canadian officials are looking to modify their securities regulations to include cryptocurrency exchanges and reduce risk to consumers, Bloomberg reported this week. According to reports, the officials are asking for feedback to help them create a ‘tailored framework’ for oversight of the industry:
The U.S. Securities and Exchange Commission will hold its second Fintech Forum on May 31, at the agency’s Washington, DC headquarters. The public forum will be focused on blockchain technology and digital assets, according to an SEC press release announcing the event.
Thailand’s Securities and Exchange Commission has approved the country’s first initial coin offering (ICO) portal, the Bangkok Post reported on Wednesday. The portal will be operated by an unnamed foreign company, according to the director of the SEC fintech department, Archari Suppiroj.
During remarks at the South by Southwest event in Austin, TX this week, Cameron and Tyler Winklevoss told attendees that the crypto industry needs to build trust if it wants to play a role in the future of money, the Statesman reported on Friday. The Gemini cryptocurrency exchange founders repeated their calls for regulatory oversight of the industry.
In recent remarks at the DC Blockchain Summit, U.S. State Department Acting Under Secretary for Economic Growth, Energy, and the Environment Manisha Singh highlighted the importance of ensuring that policymakers act in ways that further American leadership and competitiveness in the blockchain industry.
The Venezuelan government has launched a new service to facilitate Bitcoin and Litecoin remittances to the country’s citizens. Launched by the nation’s Superintendency of Cryptoassets and Related Activities (Sunacrip), the new remittance services are accessible via the Patria Platform:
Major banking institutions continue to deny basic bank services to cryptocurrency-related businesses, according to a March 3 report from Bloomberg. The article notes that many of the leading banks reportedly view the cryptocurrency industry and crypto-related firms as “ticking regulatory time bombs” and are reluctant to deal with perceived compliance issues.
In a 5-1 vote on Thursday night, the City of Plattsburgh, New York formally ended its moratorium on cryptocurrency mining operations, according to a report from Sun Community News. The decision comes nearly 12 months after the city became the first in the U.S. to ban digital currency mining.
Japan’s National Police Agency (NPA) revealed this week that they had received more than 7,000 reports of suspected money laundering last year, according to a February 28 article in The Japan Times. All totaled, crypto-related cases represented roughly 1.7 percent of the more than 417,000 money laundering reports received by the police in 2018.
Elections for the Moscow City Duma could soon involve blockchain technology, according to a recent article from Russian news agency Tass. United Russia deputy Dmitry Vyatkin announced earlier this week that he co-authored a bill that would allow for the use of a blockchain voting platform that Muscovites could access through the mos.ru portal.
Liechtenstein-based Bank Frick announced this week that it will launch a new crypto token trading platform called DLT Markets. The subsidiary will provide institutional investors with a regulated platform offering “multi-exchange access” to digital asset trading, according to a February 20 press release.
The Texas State Securities Board (SSB) has announced that four cryptocurrency companies have agreed to cease and desist token offerings that regulators have identified as unregistered securities. The announcement was made in an order published on Thursday. As part of the agreement, the companies will each be required to pay a $25,000 administrative fine.
The South Australian Government will conduct the country’s first official election using a blockchain voting system, according to a report by Micky News.
According to a report in Korea Herald, South Korean trading institutions have been in somewhat of a holding pattern when it comes to innovative cryptocurrency trading options like exchange-traded funds, preferring instead to wait and see how the United States deals with the issue.
The Indonesian Bappebti, the country’s Commodity Futures Trading Regulatory Agency, has announced the establishment of a new regulatory framework to govern digital assets futures markets, according to Finance Magnates. The framework will require cryptocurrency exchanges operating in the country to register and obtain approval first.
A leading Japanese business association has asked the country’s Financial Services Agency (FSA) to lower the rate at which taxes are assessed for cryptocurrency trading. The request from the Japan Association of New Economy (JANE) asked the regulator to use progressive rather than general taxation, according to a February 14 report from Cointelegraph Japan.
The U.S. Securities and Exchange Commission highlighted its “guide to initial coin offerings” in a Twitter post Sunday. The post linked to a page on the SEC’s website that highlights digital assets’ “increased risk of fraud and manipulation” due to their lack of regulation. Many twitter users were quick to point out the one thing that the “guide” doesn’t do: namely, offer any real regulatory clarity for ICO issuers or others in the industry.
Securities and Exchange Commission member Hester Peirce recently said that regulators need to be careful about how they approach cryptocurrency regulation, noting that it’s not their job to determine the merit of any given investment opportunity. The commissioner’s remarks came during a wide-ranging speech on regulation at the University of Missouri School of Law on Friday, February 8.
The Ontario Securities Commission confirmed in a statement to Reuters on Friday that regulators are looking into the issues surrounding QuadrigaCX, the besieged Canadian cryptocurrency company whose founder passed away in December. The OSC cited concerns about potential harm for investors as a reason for its interest, though commission spokesperson Kristen Rose refused to confirm that there is an official investigation.