New Regulatory Framework for Digital Asset Token Offering Introduced in Philippines

The new regulations released by the country’s Cagayan Economic Zone Authority (CEZA) are reportedly designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of crypto assets, including utility and security tokens. The CEZA thus becomes the main regulator, while the ABACA has been designated as a self-regulatory organization (SRO) to enforce the new framework.The rules are divided into tiers, wherein tier one involves investments and assets not exceeding $5 million made in digital tokens; tier two covers the $6–$10 million range, and tier three pertains to investments and assets exceeding $10 million.The PSEC initially issued a set of draft rules for regulating ICOs for public review in August, 2018. The agency then stipulated that any company registered in the Philippines looking to run an ICO, or any ICO selling tokens to Filipinos, must submit an “initial assessment request” to the Commission to determine whether or not their token is a security.However, in the beginning of 2019, the PSEC claimed it is not ready to issue final ICO regulation, attributing the delay of the release to a request by different stakeholders for further time to look at the draft ICO rules.

UK Steppping Towards Cryptocurrency Tax Legislation

The private cryptocurrency Holders in united Kingdom will have now have to pay Tax in coming future. united states Tax Collection Service Published a Detailed Tax legislation advice for Private investors who buy and sell cryptocurrency. its new Policy paper, “Crypto assets for Individuals,” has set some tax Obligations for people who buy/sell or even get paid in cryptocurrency.
The citizens will have to give either Capital gain Tax or Income tax, this taxes will be decided on the basis on there Transactions. According to report, “Those who pay for and receive crypto assets, may be able to make a negligible value claim to HMRC if they turn out to be worthless.”
In case if any employer pays in crypto assets to his employees, employees would also have to Pay Social Security Contributions Known as National Insurance(NI).

Japanese Regulators Publish New Draft for Domestic Cryptocurrency Framework

Late last week, the Financial Services Agency (FSA), the top financial regulator in Japan, published a draft report which outlined the new framework for addressing cryptocurrencies and Initial Con Offerings (ICOs) in the country.

As a regulator, the FSA has to submit bills and stay accountable to the Japanese parliament, however, the agency is also responsible for supervising financial activities in the country.

Concerning deemed dealers, the report proposed some regulatory measures. First, it established that they should not be able to expand their portfolio of coins until they get proper registration. Earlier in August, new FSA Commissioner Toshihide Endo had told Reuters in an interview that the agency had no plans to shut down the cryptocurrency sector.

Hong Kong Regulators Set to Tighten Cryptocurrency Laws

Asia is currently one of the most regulated continents on the planet in terms of cryptocurrency laws. Hong Kong is the latest Asian nation that is set to tighten crypto laws on traders and exchanges.

Hong Kong’s current stance on cryptocurrency is one of the least stringent in the region, which is a stark contrast to the more hardline approach taken by mainland China. As Hong Kong is one of the world’s leading financial epicenters, the SFC is set to reevaluate cryptocurrency laws, especially in terms of regulating the Initial Coin Offering (ICO) sector.

The cost of regulations will be high. The requirements of the SFC initiative may prove too burdensome for some operators.

Chilean Government Making Progress on Crypto Regulation, Says Finance Minister

Chile’s Minister of Finance Felipe Larrain claims that a group of state institutions “is making progress” in developing crypto regulation.

According to Larrain, the Ministry of Finance is working with Chile’s central bank and Financial Stability Board to provide a balanced legal framework for the crypto industry. In March, following the closure of crypto-business accounts in major Chilean banks, Larrain promised to develop a legal framework to normalize the situation.

Larrain’s recent statement comes shortly after a Chilean Supreme Court decision, annulled a previous ruling by an anti-monopoly court to protect local crypto exchange to reopen its banking accounts.which have been involved in a legal battle since March, assure that their banking accounts will not be affected, as the anti-monopoly court’s decision is still in force.

Chilean government’s progress concerning regulation

According to Larrain, the Ministry of Finance is working with Chile’s central bank and Financial Stability Board to provide a balanced legal framework for the crypto industry. He noted that crypto regulations are but one aspect of a wider project to provide legal definitions for the fintech sector. Larrain noted that crypto regulation might take time: “We are aware that it is important to move in this direction. But all countries in the world are facing similar problems [with crypto regulation], and there is no magic wand to solve them. We are exploring the best solutions to see how to regulate this brand new phenomenon.”

South Africa regulating crypto earlier?

the South African Reserve Bank (SARB) and the National Treasury are seeking comments on proposed policy changes that could, among other things, offer cryptocurrencies regulatory certainty. According to the authorities there may be an overhaul of the national payment system (NPS), a set of infrastructures and arrangements which allow the transfer of funds between individuals and entities, is needed as the legislation backing the system, the National Payment System Act 78 of 1998, is outdated. It is only through a review that the continued efficiency and safety of the national payment system will be assured. An authority of the bank  argued that regulating cryptocurrencies could result in adverse effects.

The European union favours blockchain now!

Seven southern European Union member states have publihsed a declaration with the need for help in the promotion of Distributed Ledger Technology’s (DLT) use in the region, the Financial Times (FT) reports Dec. 4. The declaration was reportedly commenced by Malta and signed by six other member states, FranceItalyCyprusPortugalSpain and Greece, at the meeting of EU transport ministers in Brussels on Tuesday. The participating governments said that DLT –– one kind of which is blockchain –– could be a “game changer” for southern EU economies.

Crypto exchange plunged in repentance after losing an ongoing battle with supreme court

The Chilean Supreme Court has amde a statement against crypto exchange Orionx, permitting a state-owned bank to close its account, local news outlet Emol reported on Dec. 4. The third chamber of the high court has established the decision which was taken in July that had made sure the profuse of protection to Orionx and made local state-owned bank Banco del Estado to reopen its account. The new judgement made by Emol states that the bank conducted its procedures without flaw and did not violate any of the rules of the Chilean constitution. In the decision, the judge also alleged that cryptocurrencies “have no physical manifestation and no intrinsic value.” The document states that they are controlled neither by the government nor by a corporation, stating the characteristics as reasons for letting banks refuse services to the exchange.

G20’s summit made the people witness the summit of impact cryptocurrency has created in this economy

On Dec. 1, the G-20 declaration titled “Building Consensus for Fair and Sustainable Development” was made public by publishing on the official website of the Council of the European Union and the European Council. The document talked about the 13th gathering of G-20 nations that took place on Nov. 30 and Dec. 1 at Buenos Aires, Argentina. The declaration addressed crypto regulation, albeit briefly: Cryptocurrencies are mentioned for only once there, in the broader context of an “open and resilient financial system” that “is crucial to support sustainable growth.” While recognizing the significance of the cryptocurrency industry for the global economy, the G-20 also noted that it will also introduce Anti-Money Laundering (AML).