Tag: regulations

European Commission Proposes the Creation of a Bitcoin User Database

The European Commission, a branch of the European Union, has proposed the creation of a centralized database of Bitcoin users, their identities, wallets and financial operations.  The directive seeks  to prevent the use of the cryptocurrency to finance terrorist movements and their operations. According to the proposal, financial intelligence units (FIUs) will have access to this centralized database. If the proposal gains enough traction members of the European Union will have to …
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Monetary Authority of Singapore Proposes a Regulatory Sandbox for FinTech

The Monetary Authority of Singapore (MAS) released a consultation paper discussing several FinTech regulatory guidelines that will enable financial institutions (FIs) as well as non-financial players to experiment with financial technology (FinTech). Singapore is a key player and a hub for financial technology developments and startups, the country has a vibrant blockchain industry too, Ethereum-based solutions such as Digix and Otonomos are located in Singapore, and recently, it was visited by Ethereum’s …
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Australian Government Releases Response on Digital Currency & FinTech Regulations

The Australian Government has released a 5-page report detailing its response to the recommendations made by the Australian Senate Economics References Committee last year, which called for all digital currency exchanges within the country to be brought under existing anti-money laundering (AML) and counter-terrorist finance (CTF) regulations. The Senate Committee’s report also recommended that digital currencies should be treated as traditional fiat currencies for the purpose of eliminating double-taxation under …
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Japanese Regulators Seek to Classify Digital Currencies as Legal Tender

Financial authorities in Japan are considering amendments to existing legislation that will classify digital currencies as a legal medium of exchange in the country. According to a report by the Nikkei Asian Review, the Financial Services Authority (FSA) in Japan will submit a revised version of the bill to Japan’s legislative body, which will vote on it in the current Diet session (January 4th – June 1st). As it stands …
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