Regulation

Russian Authorities Upbeat to Legalize Cryptocurrency Confiscation

  • The laws that will allow confiscation of digital assets should come into action in 2021.
  • The regulation is still vague as cryptocurrencies are not the easiest to confiscate due to their decentralized and anonymous nature.

Tencent Granted License to Operate a Blockchain Bank

  • Tencent blockchain general manager Weige Cai announced the news in a keynote speech at the Wuzhen blockchain conference.
  • With this license, Tencent will gain speed in virtual banking over mainland competitors.

Hong Kong Regulator Publishes New Rules for Crypto Exchanges

  • The new licensing scheme for crypto exchanges is similar to the one applied to security brokers.
  • Exchanges are required to have an independent auditor, which will file annual reports on its activities to the Securities and Futures Commission.

China Launches New Regulatory System For Fintech Products

  • A "Certification of Fintech Product" will be given to all products that pass the prototype and on-site inspection.
  • The certificate cannot be used for promotional purposes and has to be renewed every three years.

International Blockchain-Based Invoice Standards to be Drafted by Tencent

  • The U.K., Switzerland, Sweden and Brazi all gave their support to Tencent's "General Framework of DLT-Based Invoices" project.
  • The internet giant will be assisted by China's Academy of Information and Communications Technology and the Shenzhen Taxation Bureau.

China Passes Cryptography Law, Into Effect in 2020

  • The new law will set standards for the application of cryptography in the country, and also aims to tackle regulatory and legal challenges.
  • It also calls for the creation of a central cryptographic agency, which will establish guidelines and policies for the industry.

IRS Publishes New Cryptocurrency Tax Guidance, Expected Since 2014

  • The guidance makes it clear that tokens acquired from a fork of a blockchain should be perceived as income.
  • The communiqué also determines how you should calculate what you owe when you receive cryptocurrency for goods or services.

SEC Deems Telegram’s $1.7 Billion Offering Unlawful, Blocks GRM in the U.S.

  • The agency claims that Telegram failed to provide its investors with the needed information regarding the GRM token.
  • The SEC has obtained a temporary restraining order, aiming to stop the company from distributing its tokens in the U.S.

Bitwise’s Bitcoin ETF Proposal Rejected by the SEC

  • The reason behind the rejection was that NYSE Arca did not meet the requirements to prevent market manipulation and other illicit activities.
  • Currently, there is only one ETF proposal awaiting decision from the SEC, but things do not look good as it was again filed by NYSE Arca.

U.S. Legislators Openly Ask Payment Enterprises to Quit Libra

  • Senator Brian Schatz and Senator Sherrod Brown sent letters to Mastercard's, Visa's and Stripe's CEOs.
  • The letter contains concerns about threats to the economy, past allegations and even a hint of warning.