Asia and Australia

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

China

Government to Implement New Blockchain Laws to Monitor Content: The Cyberspace Administration of China has outlined new guidelines for Blockchain content regulation in the country. The new set of regulations called the Blockchain Information Management Regulations will be enforced from 15 February of this year.

The basic idea of the new regulations is to give the Chinese government a driving seat when it comes to regulating blockchain-related content. Non-compliance with the new regulations may result in fines up to USD 4,420.

Japan

Regulator Denies ETF Rumours: Top Japanese Financial Regulator Financial Services Authority (FSA) has denied rumors that it was considering Bitcoin Exchange Traded Funds (ETFs). The statement contradicts earlier reports by Bloomberg that claimed that the top financial authority was considering accepting Bitcoin ETFs.

While Japan is one of the most progressive countries when it comes to cryptocurrencies and blockchain development, ETFs are currently banned in the country and numerous entities are working to influence the government to allow it.

In other news, the FSA is looking to crack down on unregistered cryptocurrency exchanges in the country. The move will eventually bring everyone under the Financial Instruments and Exchange Act.

South Korea

7 Cryptocurrency Exchanges Pass Security Clearance: According to the South Korean Ministry of Science and ICT, only seven cryptocurrency exchanges have passed their detailed security inspection checklist. 

The extensive security survey was undertaken from September to December 2018 and covered key areas including administrative security, operational environment security, network and account security, database & backup security, and wallet security. Out of a total of 21 exchanges up for the security compliance, only seven could clear the test. The seven cleared exchanges include  Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea.

It remains to be seen how the uncleared cryptocurrency exchanges will be held accountable for their lack of robust security apparatus.

Pakistan/Malaysia

Pakistan Telecom Company Announces Development of a Blockchain-based Remittance System Between Pakistan and Malaysia: The first blockchain-based remittance system has been introduced by the Telenor group and is set to operate between Malaysia and Pakistan.

The new technology will be supported by AliPay’s blockchain technology and will serve the sizeable number of overseas Pakistani remittances based in Malaysia to send money back to their country.

India

Government May Legalize Cryptocurrencies with Strict Conditions: The Indian government may legalize cryptocurrencies in the country but with strict conditions according to the proceedings of a government committee formed to look into the matter.

The government committee is meeting twice per week to discuss the issue. A comprehensive financial report will be filed with The Ministry of Finance by February 2019. While it is clear that some members of the committee understand the need for allowing cryptocurrencies, yet, no final decision on the matter has been made.

In other news, India is seeking a skilled labor force for speeding up the pace of adoption of emerging technologies including Distributed Ledger and Artificial Intelligence.

New Zealand

Fake News Website Connects ex-PM with Cryptocurrencies: A fake news website was promoting Bitcoin-related investments using the image of ex-Prime Minister of the country.

The website Crypto Vault was already flagged before for its content including ads to promote fake services. The ex-PM in question John Keys has denied these rumors and also claimed that he has no investments in Bitcoin or any other cryptocurrency.

Kiwi scammers seem to have taken a liking to using the image of politicians to promote shady projects. The current prime minister of the country was also on the wrong end of a similar situation in October 2018.

 

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