In the past week is about to happen to the world once again much in terms of regulation. In our regulatory response we look back at the week end and summarize what was thought about when, where, and by whom said, or decided.
Germany: Hamburg CDU calls for its own crypto-currency
The Hamburg Christian Democrats are playing with the idea of a private crypto-currency for the Hanseatic city. This is the Hamburger Abendblatt reported last week, citing the CDU parliamentary Deputy and spokesman for the digital economy, Carsten Ovens. Accordingly, the “Hamburg Coin” had a marketing character. From the ruling SPD is heard of this proposal, but so far nothing.
Iran: US wants to crypto-use in Iran and brakes
The use of crypto-currencies was to become for companies in Iran in the last time are becoming increasingly popular. The reason for this lies in the trade sanctions of the USA against the country. This should be avoided with the use of crypto-currencies. However, this should now be final. How the American authority against financial crime, the Financial Crimes Enforcement Network (FinCEN), announced that it classifies the use of crypto-currencies in Iran as “illegitimate and malicious” and wants to bind it accordingly.
Hong Kong: a New regulatory approach planned
The Hong Kong financial market Supervisory authority Securities and Futures Commission (SFC) would like to regulate crypto-currencies in the jurisdiction of more. As the Chairman, Carlson Tong Ka-gave up shing to local media, the new regulation is to protect potential investors. This is not, however, a policy of bans, as it is in mainland China. Rather, one would like to design a well-regulated counter-model to the rest of the people’s Republic.
United States: Former CFTC Chairman for ICO-regulation as securities
the former Chairman of The U.S. Commodity Futures Trading Commission (CFTC) Gary Gensler has taken a position to the Initial Coin Offerings. Crypto-currencies, emerging from ICOs, had been seen in the United States, therefore, generally considered to be securities. Basically, he shows positive for the crypto currencies and the Blockchain technology. However, he stressed the need for a regulatory framework for sustainable growth. In the past, Gensler had already arranged Ether and XRP as the securities.
Russia: hackers due to mining on government servers before the court
A young Russian Hacker was charged this week in court. Is accused him of currencies in the illegal mines of Crypto. So he should have an unauthorized manner, the computing power of servers used, which are operated by the Russian government. As local media reports, had become the Russian domestic secret service FSB on the inconsistencies on the Russian government servers attentive. The 21-year-old Hacker up to five years in prison because of that.
United States: SEC calls for a new Department for dialogue with ICOs to life
The American regulatory authority, the Securities and Exchange Commission (SEC) has ordered the formation of a new Department. The aim of this group is to improve coordination with crypto Start-ups. This should be especially made for those who want to start a Initial Coin Offering, easier, the legal framework to comply with. The Strategic Hub for Innovation and Financial Technology (FinHub) to act as a point of contact for FinTech companies.
Japan: tax Committee wants to crypto-taxation facilitate
The Committee on taxation in Japan, has advice on how to simplify the taxation of crypto currencies in the island state. As local media reports, the current tax system is unnecessarily complex and many of the Japanese state shrink from citizens. The Committee, which advises the government on tax issues, would like to facilitate for that reason, the consideration of crypto-currencies in the tax return. The manage also a crypto-friendly environment in Japan.