Regulatory-ECHO KW 44: words of Warning from Germany, bullish signals from Thailand

it was While in South Korea the green light for the cooperation between banks and Bitcoin exchanges, to discuss currencies, the authorities in India about a General ban of Crypto. Both from Thailand as well as by BaFin, one hears words of warning in relation to ICOs. In Britain, experts fear, however, an Exodus of crypto-company, if the rigorous regulatory efforts of some parliamentarians to be cast in the form of legislation. The regulatory-ECHO of the calendar week 44.

India

In India, it could be for Bitcoin & co. slowly, closely. While the government is actively involved in the promotion of the Blockchain and Distributed Ledger technologies; crypto-currencies compared to the sound has intensified increasingly. Recently aufsprießende Bitcoin ATMs have been nipped in the Bud.

Now a General prohibition threatens the digital currencies. This calls for an Advisory Committee, according to a press release from the Indian Ministry of Finance from 30. October. It means, among other things, that one of the currencies is a "suitable legal framework for the prohibition of the use of private Crypto" and for the "promotion of the use of Distributed Ledger technology" needed to create. Gloomy Outlook for Bitcoin and its epigones.

Japan

In Japan, the crypto must regulate the market in the future. In terms of Stable Coins with the head of the Japanese financial regulation has on 29. October to Bitcoin.com stresses that these are not defined as virtual currencies.

"Basically Stable Coins, which are tied to legal currencies are not within the category of 'virtual currencies' in accordance with the payment services act",

the FSA to Bitcoin.com. Furthermore, the publisher of stablecoins be forced to register with the financial Supervisory authority:

"In General, need to register a company as an Issuer of Prepaid means of payment 'or' money transfer service provider 'on the basis of the payment services act, if the [trading as] virtual foreign exchange broker traders, "Stable" Coins."

unlike the supposedly unstable competition stablecoins are not exempt under current law from the consumption tax.

China

Even with a wide range of harsh and sometimes ambivalent attitude of the Chinese regulators may loosen up. At least an arbitration court judgment of 25. October realize that Bitcoin & co. are already granted to the property attributes. In order for crypto currencies to fall under the existing property and contract law – at least if one follows the reasoning of the arbitral Tribunal. Whether the regulators in this judgment-oriented, remains open.

South Korea

South Korea continues to work on his reputation of being a crypto-friendly Nation. The most recent example of the tolerant attitude of the Korean financial regulators Recently approved the cooperation between Bitcoin exchanges and banks. A prerequisite for the strict compliance with Know-Your-Customer and Anti-money laundering policies, says Choi Jong-Ku, the Chairman of the South Korean financial supervision:

"There are no problems with banks, virtual Bank accounts for the exchange of crypto-currencies offer. If the Digital Asset Trading platforms on KYC - and AML-systems, the output of virtual Bank accounts to exchanges no Problem.“

Thailand

The Thai securities and markets authority, SEC has issued a warning against ICOs. Specifically, nine projects, which the Commission cheater has intentions. The Bangkok Post reported on may 27. In October, the authority, among other things, OneCoin, TUC Coin and Every Coin in the form of projects announced, which is similar to a pyramid scheme.

"There are opportunists, individuals to convince them to invest in digital assets by ensuring investment income from digital tokens, which are structured like pyramid schemes,"

the SEC compared to the Bangkok Post.

the head of the German Federal financial Supervisory authority BaFin has referred this week to the subject of the ICO position. As was to be expected, warned the chief regulator Felix Hufeld before financing a vehicle. In the Handelsblatt, he advised investors to "stay away from such things."

Hufeld said that the Supervisory authorities will discuss the market and the "possibility of an adequate development of financial regulation," examined. In view of the Recent judgment of the Berlin court of appeal, that the BaFin accused the Bitcoin-classification Exceeded its powers, said Hufeld:

"of Course, we take the judgment with respect to the note. A different question is whether the classification of Bitcoin as units of account within the meaning of the KWG, financial, regulatory, i.e., administrative legal requirement. To this requirement we keep.“

The BaFin will take the judgment to the occasion, the process of an internationally coordinated regulation of crypto-currencies.

the United Kingdom

British FinTech experts were also warnings. This relation, however, is not about to ICOs. Instead, the head of the British Business Federation Authority-BBFA warned in the Telegraph prior to strict regulatory measures. This could lead to Bitcoin exchanges leave the country and so the UK's positioning as a FinTech-damage location.

the reason for the words was the claim by some parliamentarians that the regulator was to act authorities tightened against illegal activities in the area of Bitcoin & co.