At present, the digital and monetary policies of different countries in the world are different, and the attitude of the exchange, which is an important link in the digital currency industry chain, is therefore different. In general, in addition to the “one size fits all” attitude of the Chinese government, the major trend in major countries around the world is to strengthen supervision, improve the industry access standards of exchanges, and protect investor rights. In addition to the possibility of bringing a new round of industry reshuffle, the strengthening of supervision will also help the industry to develop in a benign direction.
Below, Bplus exclusively counts exchange policy and attitudes of major blockchain countries around the world.
US: Transaction required to register or obtain a license at the SEC
US states have different attitudes toward digital currency trading. Washington State passed Act No. 5031 in April 2017, which requires digital currency exchanges to apply for a license, and requires an independent third party to review, and requires the purchase of a certain amount of “risk guarantee bonds”, which is the same as the previous year. The transaction amount is related. Other states in the United States are also actively implementing license management for digital currency trading platforms.
In March of this year, the US Securities and Exchange Commission (SEC) issued a “Statement on a potentially illegal digital asset trading platform”, confirming that digital assets belong to the securities category, so the exchange must register or obtain a license at the SEC.
Switzerland: Always open-minded
In July 2017, the Swiss government said it was working on a legal framework for financial technology Fintech. The new regulations were passed on July 5 and came into effect in August. In the newly launched program, the Swiss government has established a “sandbox” of digital currency regulation to create a more relaxed environment for Bitcoin start-ups.
In September last year, the Swiss financial market regulator (FINMA) ordered the closure of three companies that were not authorized to operate and suspected of digital currency fraud. FINMA first issued a regulatory compliance license to a bitcoin company, Moving Media, in October. Obtaining a compliance license means that the company strictly abides by AML and KYC regulations and is regulated by FINMA.
At the beginning of 2018, headed by financial experts from Switzerland, the United Kingdom, Australia, Germany and Turkey, the company created the ALLCCTC with the goal of creating a universal trading standard for digital currencies. It was born with the support of Swiss banks. A digital currency financial exchange.
Singapore: Currently in the grey zone, but there will be two major laws and regulations
Singapore is a country that is friendly to digital currencies in Asia. The Singapore Monetary Authority (MAS) currently says it only regulates securities passes, and the exchange is currently in a gray area in Singapore.
But last month, at the “World Blockchain Summit and the 2nd International Blockchain Game Forum”, Dr. Bai Shizhen, former dean of MAS Academy and dean of Li Bai Financial College, said at the meeting that the Singapore Monetary Authority is considering introducing new Regulatory requirements.
First, the revised “Recognised Market Operator” is being drafted. The regulatory framework will incorporate the securities digital currency trading platform into its regulatory framework to cater to the emergence of the new trading platform business model;
Second, the New Payment Services Bill is being drafted, and other non-securities digital currency trading platforms will be included in its regulatory scope, requiring the platform to take KYC and AML and CFT precautions.
Japan: Open-minded, issuing licenses
In September last year, the Japanese Financial Services Agency officially approved 11 digital currency exchanges. In December last year, another four companies were approved to operate the digital currency exchange. At the end of December, another digital currency exchange, Bitocean, was approved. Currently, a total of 16 companies in Japan have obtained permission to operate digital currency transactions.
However, since the end of January this year, this time the check-in of the exchange. During this period, the Financial Services Agency of Japan has successively issued the suspension and rectification orders of various major platforms and other various punitive measures to further strengthen the supervision of digital currency.
According to projections, the issuance of trading licenses for this year may be announced in September. The 16 platforms that are being queued for application are likely to have only six trading licenses. The remaining 10 have been dismissed or forcibly revoked. Application.
On July 28, according to the Japan News Agency, the Japan Digital Currency Exchange Association recently launched a new autonomous regulatory policy. The policy requires the trading institution to set a maximum amount of customer transactions in order to prevent the loss of customer assets.
The trading institution may choose one of the following two options: 1. Uniformly develop secure trading standards for customers with fewer assets; 2. Set individualized criteria based on age, assets, investment experience and personal income. Based on recent decisions, the Japan Digital Currency Exchange Association will apply to the Financial Services Agency for self-regulatory organization certification based on the revised fund settlement algorithm.
South Korea: Must first obtain a license to supervise the digital currency exchange like a regulated bank
In January 2018, Korean regulators will close all digital currency exchanges, or choose to close some digital currency exchanges that violate the law.
However, after entering February, two regulations were issued, one of which has been determined to require investors to use real-name accounts for digital currency transactions after the end of January 2018;
In addition, South Korea may introduce a BitLicense-like regulatory system for trading platforms. Any company that wants to serve as a regulator or trading platform for digital currency must first obtain a license and must comply with strict fund transfer regulations.
In June this year, according to CNN, the Korean Financial Intelligence Unit (KFIU) and other local financial institutions will supervise digital currency exchanges like regulated banks and implement strict anti-money laundering (AML) policies to ensure that criminals cannot use digital currency transactions. Funding for illegal operations.
Malta: Welcome digital currency exchanges to settle in and develop sound rules and regulations for the industry
As the smallest EU member state, Malta government officials hope to increase the country’s wealth by making the Mediterranean island country one of the world’s most friendly regions for digital currencies.
In April of this year, the Maltese Cabinet approved three bills, one of which is the Digital Financial Assets Act, which provides a regulatory framework for digital currency and Esio. At the same time, the country’s tax policy allows international companies on the island to pay only as low as 5%.
Coin and OKEx, the two largest digital currency transactions in the world, have moved their operations centers to Malta and are expected to attract other exchanges.
Thailand: Registration required for the transaction, with a registered capital of approximately RMB 1 million
On June 8 this year, Thailand announced the regulatory details of the access conditions and exchanges of Echhe. According to regulations, digital currency transactions require registration and the registered capital is 5 million baht (about 1 million yuan).
Philippines: officially issued a license
In early July this year, the Cagayan Economic Zone Authority (CEZA) of the Philippines announced the granting of temporary permits for three digital currency exchanges and plans to issue licenses to 25 exchanges. The applicant company must meet the three requirements of at least two years of investment, an investment of not less than $1 million, and an office in the Philippines.
On July 27th, the Cagayan Export Zone Authority (CEZA) of the Northern Free Economic Zone of the Philippines granted the Philippine third offshore digital currency (FTSOVC) temporary license to Liannet Technology, a Hong Kong-based company. It is reported that the temporary permit is valid for six months.
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