Regulation Week Wrap-up: Regulators are picking up the pace

Over the past week, a lot has happened around the globe in terms of regulation. In the series “Regulation in the Weekly Review” we look back at the end of the week and summarise what was said, intended or decided, when, where and by whom.

Thailand: Legal framework set for crypto currencies

The law, which came into force on Sunday, is intended to comprehensively regulate crypto currencies and digital tokens in order to prevent money laundering, tax evasion and crime. It commissions the Security Exchange Commission (SEC) to control and regulate digital assets. All token sellers must register with the SEC within 90 days of the law coming into force. Unauthorized providers receive a fine of at least 500,000 Baht, in the worst case even a prison sentence of up to two years.

EU: New anti-money laundering guidelines for crypto currencies adopted

The 28 countries of the European Union have agreed to define new directives to prevent money laundering in the cryptosector. The authorities aim in particular at anonymity in the use of crypto currencies and the use of consumer products such as prepaid cards. Once it comes into force, companies such as crypto exchanges must comply with the AML guidelines, which are likely to include a full customer review according to the terms of the plan adopted in April.

South Korea: UPbit holds internal hearing

South Korea’s largest exchange UPbit said it had conducted an internal audit that refuted the suspicion of fraud. The Exchange had been the victim of a police investigation the previous week. Local authorities voiced suspicions that employees had falsified balance sheets. Local media report that the books of UPbit “100%” correspond to their wallets.

Microsoft’s search engine Bing blocks crypto advertising as of July

The Microsoft search engine Bing has joined other Internet giants and announced that it will ban advertising related to crypto currencies in its network in July 2018. According to a blog post, the current unregulated status of crypto currencies, which allegedly increases the risk for Bing users, is the main reason for the company’s decision.

Ukraine: Draft law on the legalization of crypto currencies

Ukraine is preparing a bill to legalize crypto currencies, according to a member of the Ukrainian parliament Alexei Mushak on his Facebook page. Mushak attached a copy of the draft law and invited readers to comment on the provisions of the proposed rules for the cryptographic market. The document states that the legislation wants to create a “free and transparent” market for digital assets in Ukraine. It proposes regulatory measures to prevent the use of crypto currencies for money laundering, terrorist financing and other criminal activities.

Chile: Central Bank considers regulation of crypto currencies

Mario Marcel, President of the Chilean Central Bank, is considering regulating crypto currencies in the country in order to monitor risks. Crypto currencies are currently not considered money or securities in Chile, but there are no laws that prevent citizens from exchanging crypto currencies for goods and services. During a forum of the MPs’ Finance Commission, Marcel said that “regulation will make it possible to register participants in the crypto market and thus have information to monitor the associated risks”.

Russia: Initiative to regulate crypto currencies

Pavel Krasheninnikov of the United Russia Party and head of the Committee for Legislative Work said that the initiative “should minimize the existing risks of using digital assets for the transfer of property to an unregulated digital environment”. The initiative planned for next week does not mean that digital currencies will now become a legitimate means of payment. Instead, a separate law developed by the Central Bank, the Ministry of Finance and the Ministry of Economic Development will establish the conditions under which digital currencies can be used as payment “in controlled quantities”.

Bitfinex requires tax information from users

Crypto-Exchange Bitfinex has recently sent a letter to certain users telling them that they must disclose their tax information. The Exchange could also share this information with the government. The Exchange, registered in the British Virgin Islands (BVI), noted that it is required under the BVI Act to report specific information to the BVI government. According to the letter, Bitfinex can then process the information in compliance with the tax authorities.


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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.

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