Asia and Australia: Crypto and Blockchain News Roundup 12-18 October 2018

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Asia and Australia: Crypto and Blockchain News Roundup 12-18 October 2018

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Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest crypto and blockchain news, continent by continent and country by country.

Japan

Taxation Committee to Help Simplify Cryptocurrency Tax Returns: Japanese taxation policy committee is debating on how to simplify cryptocurrency tax returns in the country to facilitate local traders.

Officials from the committee acting in an advisory capacity to the government for regulations said that there was a need to stimulate a thorough approach towards reporting cryptocurrency gains.

Japanese traders are required by law to report annual gains more than 200,000 Yen ($1780).

South Korea

Financial Regulator Maintains Tough Stance on Cryptocurrencies: The top financial regulator of South Korea has maintained its negative stance on cryptocurrencies and ICOs. Financial Service Commission (FSC) has said earlier this week that the power of blockchain is immense but it may not be necessarily coupled with cryptocurrencies.

Choi Jong-koo, the Chairman of the FSC reflected this thinking and said:

But I think we should not equate the cryptocurrency trading business with the blockchain industry.”

ICOs were especially banned in the country a year ago by the FSC and the agency is now looking to reintroduce them with heavy regulations.

Taiwan

Politician Receives First-Ever Cryptocurrency Campaign Donation: A Taiwanese politician has become the first one to receive campaign donations in Bitcoin according to Taiwan News.

Hsiao Hsin-Chen made history after several anonymous sources contributed to his campaign with BTC. More than 10,000 Taiwan Dollars ($325) was donated to his campaign earlier this week which apparently broke the rules as imposed by local Taiwanese rules and regulations. The politician is seeking to promote cryptocurrencies and other blockchain innovations.

Hong Kong

Securities Regulator Working on New Cryptocurrency Rules: A Hong Kong regulator is working on new cryptocurrency regulation in the Chinese special district to protect investors from fraud.

The Securities and Futures Commission (SFC) is expected to introduce new cryptocurrency regulations according to chairman Carlson Tong Ka-Shing. He has also said that a blanket ban on cryptocurrencies like mainland China may not be the right solution. The SFC is also deliberating on Initial Coin Offerings (ICOs) and their regulatory measures.

China

Government Looking to Hire Cryptocurrency Experts: Mainland China is looking to add four cryptocurrency specialists to make a framework for facilitation of transactions.

The latest hirings will be done in the Digital Money Institute of the People’s Bank of China (PBoC). Two of them will be engineers and two experts in economic law and finance.

Cryptocurrencies are banned in Mainland China but this approach could soon see the uplifting of the blanket ban in the most populous country in the world.

Trade Tariffs Could Hit Chinese Mining Hardware: New trade tariffs imposed by the US government will affect chipmakers in China’s mining hardware manufacturing industry as the trade war intensifies between the two biggest economies in the world.

Bitmain, the biggest mining company will be affected the most by the new tariffs as the new Antminer will now be classified as electrical machinery apparatus and be subjected to a 2.6% tariff increase.

Iran

US Financial Authority Condemns Iran for the Use of Cryptocurrencies: US Financial Crimes Enforcement Network (FinCEN) has condemned Iran for using cryptocurrencies to avoid US sanctions. 

The US reimposed sanctions on Iran after the government backtracked on the nuclear deal signed a few years ago but Iran now it seems has found a way to circumnavigate situation through cryptocurrencies, thus inviting the wrath of the government.

Australia

Securities Regulator to Shutting Down Scam ICOs: Australian securities regulator Australian Securities and Investments Commission (ASIC) has reportedly shut down several Initial Coin Offerings (ICOs). Recently, a Product Disclosure Statement (PDS) was also stopped for a cryptocurrency investment scheme.

According to ASIC commissioner John Prince:

“If you raise money from the public, you have important legal obligations. It is the legal substance of your offer — not what it is called —that matters,” 

ASIC is tightening control after ICO scams were revealed in recent times in the country.

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