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Cryptocurrency and law: positive and cooperation

06-07-2018

The sphere of the blockchain is undergoing great changes now. Many countries have finally turned their attention to this innovative phenomenon. However, they contact with it in different ways and try to cooperate with the cryptocurrency market differently. Therefore, we decided to publish two articles dealing with two different modes of interaction. First one is directed to constructive work, while the second is showing the prevention of progress and innovation.

1. The US Tax Office together with the agencies of Australia, Canada, the Netherlands and the United Kingdom established the Joint Chiefs of Global Tax Enforcement to fight the tax crimes and money laundering using cryptocurrencies and other financial assets.

2. The Financial Services Agency of Japan is considering the possibility of regulating crypto-instruments in accordance with the Financial Instruments and Exchange Act (FIEA), on the contrary to the Payment Services Act, which is currently applied.

3. A group of European banks, including such banks as: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit, reported on the successful implementation of the first cross-border financial transaction in real terms via the we.trade. blockchain platform.

4. 133 deputies of the Partido Popular, the ruling political party of Spain, have created a bill on the use of blockchain technology in the state administration. The details of the bill and the exact timing of the examination are unknown so far.

5. The South Korean government is ready to cancel the ban on holding the ICO, in order to once again encourage the work of the cryptocurrency market.

6. The Russian fintech-service for start-ups Boomstarter have attracted more than $ 1 million for the development of the Boomstarter.Network. This is the blockchain-platform in Singapore. The platform is already working and will allow start-ups to get financing in cryptocurrencies without restrictions on geography and delays.

7. The Parliament of Malta adopted three laws designed to regulate the sphere of the blockchain. Prime Minister of Malta, Silvio Schembri stressed that the island state was the first to provide a reliable legal basis for the blockchain companies.

8. The People's Bank of China (PBC) is getting closer to the release of the national cryptocurrency. The Digital Currency Research Laboratory under the Office has issued more than 40 patent applications for digital currency technologies. All applications describe technologies that combine elements of the crypto-currency and the state payment system.

These were positive examples of how whole countries are trying to cooperate with the innovative sphere of the blockchain and to implement its achievements in its management system. In the second part you will be able to read about the less far-sighted actions of the representatives of individual states, which are not yet able to assess the potential of the crypto-currency.


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