In the past week, a lot has happened around the globe in terms of regulation. In our regulation analysis we look back at the end of the week and summarize what was said, thought or decided, when, where and by whom.
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Chile: Parliament for blockchain adaptation
Two Chilean MPs have tabled a motion in parliament for a stronger adaptation of the blockchain technology. As the local news portal, Fortin Mapocho reports, Miguel Angel Calisto and Giorgio Jackson address President Sebastian Pinera directly. The demand: to implement the blockchain in all public institutions of the country. The advantages that such an implementation would bring are listed directly in the document.
Ukraine: Workers’ group for crypto taxation
The Ukrainian Ministry of Finance wants to focus more on cryptocurrencies and their effects on the domestic economy in the future. To this end, the Ministry wants to start with the taxation of cryptocurrencies. For example, the ministry set up a working group to work out a concept on how exactly the state could benefit from the domestic crypto economy in tax terms.
UAE: ICOs to come in 2019
The financial market regulator of the United Arab Emirates has made a positive statement on the subject of initial coin offerings. So far, the issuance of new cryptocurrencies as crowdfunding methods is not permitted in the Arab country. That could change now. As was announced this week, the domestic capital market is to be opened to ICOs in 2019. As Reuters reports, the coins from ICOs are to be regarded as securities.
Singapore: Bringing banks and crypto sector together
The chairman of the Singapore Financial Market Authority wants to strengthen the dialogue between the domestic crypto sectors and the country’s banks. Ravi Menon, Director of the Monetary Authority of Singapore (MAS), said he wanted to create a balanced and regulated environment for crypto companies wishing to establish themselves in the city-state. A bridge between the old and the new financial economy should help.
EU: ESMA highlights ICO regulations
Will the EU soon have a pan-European regulatory basis for initial coin offerings? The European Securities and Markets Authority (ESMA) now intends to make an intensive effort to find such a basis. The aim is to find out more about this financing instrument in the near future. Ideally, one wants to find an already existing regulation that can be applied to ICOs.
South Korea: ICO decision to come in November
Will the ICO ban in South Korea finally be lifted again? The new tones heard from Seoul could indicate this. The local magazine “The Investor” reports that a decision on the topic is to be announced in November. In recent weeks, the debate about the initiative of two members of parliament from the ruling party has been somewhat overcooked.
UK: Regulation could take another two years
In the face of the threat of Brexit, the United Kingdom has no green branch. Jeff Kaufmann, Legal Director of the law firm Reynolds Porter Chamberlain, does not give the government a good report on crypto-regulation either. According to his report, it could take another two years for clarity to prevail on the island. It’s stupid to be leaving the EU – but now the efforts are making faster progress.