Policy Weekly | The U.S. Department of the Treasury reports that it is necessary to develop a regulatory sandbox; South Korea’s September multinational regulatory meeting will focus on digital currency (7.28-8.3)
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On the foreign front, on the one hand, the U.S. Department of the Treasury has called for a more flexible and favorable regulatory approach to innovation in the financial technology field. The review of brokerage firms; the Korean regulatory agency FSS will hold a multinational regulatory meeting next month is worthy of attention; in addition, the positive news on digital currencies in Romania, Iran, South Africa, Gibraltar, Malta and other countries is obvious.
Currency market
Domestically, the Information and Software Department of the Ministry of Industry and Information Technology stated that it will actively promote the healthy and orderly development of blockchain. At present, blockchain technology has been explored and applied in many fields in Xiongan.
Currency market
Bitcoin BTC was reported at $7368.5, with a change of -7.07% within 7 days;
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Image Source:Invsting.comChinese website
Focus this week
Foreign plate
1. Good news
1. Good news
U.S. Treasury report says need to develop regulatory sandbox
According to Newsbtc, the U.S. Department of the Treasury has submitted the report “The Financial System Creating Economic Opportunity: Nonbank Finance, Fintech and Innovation,” which discusses technologies that could simplify payment systems and, importantly, mentions the development of regulations that allow innovation Sandbox, calling for a more flexible and favorable regulatory approach to innovation in the fintech space.
South Korean government steps up support for blockchain research
The South Korean government's support for blockchain research has more than doubled compared to last year. Current research mainly focuses on security, finance, games, medical care, education and other fields. According to the announcement analysis of the Korean National Science and Technology Knowledge Information Service (NTIS), the blockchain-related topics in the Korean National Research and Development (R&D) Unified Announcement increased from 3 last year to 8 in July this year.
UK Law Commission is codifying the use of smart contracts into UK law
As CCN reported, the UK Law Commission is codifying the use of smart contracts into UK law as part of an effort to update UK law and adapt it to the challenges of modern technology. This was disclosed in the Commission's 52nd Annual Report.
San Marino government department vigorously develops blockchain
According to Bankingtech, the technical group of the Scientific Council of the Republic of San Marino held its first meeting at Palazzo Begni in what the parties concerned described as a “fundamental step” in developing blockchain legislation in the sector. The working group said it is studying all applications of blockchain, its regulatory issues and its possible impact. Its long-term goal is to promote the implementation of blockchain in the country and promote legislation. Various members of San Marino’s government are known to want to turn the country into a “blockchain paradise.”
Dubai to launch first blockchain court
Dubai International Financial Center (DIFC) Courts and Smart Dubai have jointly created a "blockchain court" to explore how it can assist in verifying court judgments on cross-border law enforcement, Arab Business reported. In the future, research will focus on how to handle disputes arising from private and public blockchains, and codify rules and contract terms in "smart" contracts.
Antigua and Barbuda Accepts Cryptocurrency to Buy Citizenship
Antigua and Barbuda has officially amended its citizenship-by-investment laws to now accept payments in fiat, bitcoin, and other cryptocurrencies, Bitcoinist reported. The country’s prime minister said the decision to allow cryptocurrency payments for citizenship purchases was also driven by market demand and that the amendment to the bill was important because “moving money is very important, and if you can’t send it, you can’t receive it.”
Romania Publishes Draft Digital Currency Regulatory Decree
Two, promote
Two, promote
Iran's parliament creates cryptocurrency-related working group, plans to legalize cryptocurrencies
According to local Iranian media citing Fars News, the Iranian parliament has established a cryptocurrency-related working group. Abolhassan Firouzabadi, chairman of the Higher Council for Cyberspace, said that no final decision has yet been made, but a parliamentary working group is already looking at the establishment of an online cryptocurrency exchange, the mining of cryptocurrencies and which cryptocurrencies will be declared legal. It is reported that Firouzabadi participated in a meeting hosted by President Hassan Rouhani on Saturday to discuss "cryptocurrency in the national economy."
South African Treasury Proposes Amendments to How Cryptocurrencies Are Taxed
According to bitcoin reports, the South African Ministry of Finance proposed amendments to the National Taxation Law Amendment Bill (TLAB) and the way cryptocurrencies are taxed. If the amendments are passed, bitcoin transactions will be exempt from value-added tax in South Africa, according to local media reports.
Gibraltar Enters Final Stage of Voting on Digital Token Bill
Venezuela's National Cryptocurrency Will Commence Circulation on August 20
3. Regulatory upgrade
3. Regulatory upgrade
Media: The US SEC is focusing on reviewing the cryptocurrency transactions of brokerages
The U.S. Securities and Exchange Commission (SEC) is stepping up scrutiny of brokerages that trade cryptocurrencies, including their business practices and how they deal with customers, according to two people familiar with the matter. Earlier, SEC Chairman Jay Clayton stated that the ICO market was rife with fraud. The agency has filed lawsuits against companies it says issued tokens in violation of securities laws.
CFTC Chairman: CFTC Will Invest More in Encryption Enforcement and Surveillance
According to Forbes, Chris Giancarlo, chairman of the US Commodity Futures Trading Commission (CFTC), recently stated that they will invest more in technology to execute and monitor digital currency products and other innovations. Chris Giancarlo said that the CFTC and other financial regulators are working together to actively prosecute bad digital currency project parties. During the hearing, Giancarlo introduced a bill that would allow the CFTC to work on projects with fintech developers and act as a regulatory node for blockchains.
South Korea's JoongAng Ilbo reported that South Korea's Financial Supervisory Service (FSS) will hold the Integrated Financial Supervisory Conference (IFSC) in September, and regulators from 16 countries (including Japan, Singapore, Australia, Canada, the United Kingdom, and Germany) will discuss global regulatory issues. The conference will focus on new financing services such as PIN technology, virtual currencies and ICOs.
According to Ethnews, on August 2, the Philippine Securities and Exchange Commission (SEC) issued a new ICO-related draft, which requires any company in the country that wishes to issue an ICO to submit an initial assessment to the SEC 45 days before the start of digital currency sales. ask. In this request for evaluation, the issuer must explain its project in detail and provide evidence that the company complies with the rules outlined in the draft. And, the Philippine Securities and Exchange Commission wants to define all tokens as securities by default. The draft also provides for exemptions for tokens from registering with the Securities and Exchange Commission under certain circumstances.
Domestic sector
Domestic sector
On August 2, the Department of Information Technology and Software Services organized a symposium on blockchain work. During the meeting, some local authorities and support agencies under the ministry were invited to exchange information on the development of blockchain in various regions, and analyze the situation and challenges faced by blockchain development. Challenges, research and discuss ideas for further work advancement. The meeting pointed out that in the next step, the Information Software Division will continue to strengthen the connection and interaction with local industry and information authorities, jointly create a good development environment, and actively promote the healthy and orderly development of the blockchain.
Blockchain technology has been explored and applied in many fields in Xiongan
According to a report released by Xiong’an, in the process of building the Xiong’an New District, China’s Xiong’an Group launched the Xiong’an blockchain fund management platform. In June of this year, the "blockchain-supply chain" subcontractor financing business was successfully implemented in the first phase of the flood interception canal in the Rongdong area of Rongcheng, Xiong'an New District. Xiongan will also cooperate with BIM and CIM in blockchain.
