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State of Global Crypto Regulation ℹ️ (7.11.2018)

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Published on Nov 6, 2018

China, Hong Kong, Japan, South Korea, the UK, Malta & America's current regulatory environment

China: Supporting blockchain with financial stability

All hope is not lost since the country seems to be supportive of blockchain and was described by President Xi Jinping as being part of a wave of technological revolution that also includes AI, quantum computing, the internet of things, and mobile communication. They are exploring ways to regulate the industry and it is partly the job of the community to educate government officials on its massive potential as China is undeniably becoming a “hotbed for innovation”.

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Japan: Differentiating between virtual currencies

Evaluating different types of coins that have emerged in the industry like stable coins. In their view, “stable coins pegged by legal currencies do not fall into the category of ‘virtual currencies’ based on the Payment Services Act.” However, it remains to be seen how they will approach other types of stablecoins like algo-backed, crypto-backed, or collateral-backed stablecoins.

South Korea: General, yet inviting

South Korea, a booming crypto space, takes a more “black and white” approach as they believe that cryptocurrency funds do not meet the requirements of the country’s Capital Markets Act. It therefore encourages investors to consult with the relevant authorities before investing.

UK: Steady as she goes with formalising regulation

Government Taskforce’s newly-published report proposed “a three-fold framework for cryptoassets, depending on whether they are used as a means of exchange, for investment, or to support capital raising and the development of decentralised networks through ICOs”. This is a promising step forward for the UK which has previously taken a more casual approach to regulation, as they take more progressive measures to move the industry forward.

Malta: Formalised regulation is on the horizon

Malta seems to be the most innovative and action-oriented of the European nations with ongoing discussion at UN forums on the institutionalisation of blockchain on a global scale. This month, Malta will be passing two bills:

The Virtual Financial Assets Act (VFA) – addresses the procedures and requirements that ICOs will have to follow. An important feature of this law is that companies launching ICOs will have to disclose their financial history.
The Innovative Technology Arrangement and Services Act (ITAS) – provides the legislative foundation for the regulation of the cryptocurrency and blockchain industry.

USA: Carefully evaluating valuation and liquidity

The hot ticket item that everyone is waiting on is when there will be approval for a crypto ETF, like the VanEck SolidX Bitcoin ETF which is still pending. Kara Stein, SEC Commissioner, spoke on a recently released letter to staff indicating some of the critical issues they will be looking at, which include valuation, liquidity (especially in a 40 Act fund context), custody, and making sure that firms are thinking through how they are going to deal with all of those issues.

According to the Financial Stability Board (FSB), which makes recommendations about the global financial system, some concerns include “low liquidity” and the “use of leverage” in crypto trading.

Based on panel discussions around the conference circuit, the SEC is planning on implementing a streamlined one-page document that should clarify these issues by the end of the year.

In short, blockchain is going to revolutionise our lives whether we like it or not. The genie can’t be put back in the bottle, but it can be tamed, and harnessed to reach its full potential. While there are still many issues to resolve, the industry will only continue to gain momentum and regulators need to keep pace.

-Stewie Zhu (DCC CEO) originally published on #CoinRivet: https://coinrivet.com/the-status-of-g...

The Status (State) Of Global Crypto Regulation

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