Asia and Australia
Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
New draft rules for blockchain companies unveiled: The Cyberspace Administration of China (CAC) has announced new draft rules for regulating the blockchain projects mushrooming in the country. The rules are still under discussion but will shape the future of the blockchain economy in the country.
The draft, titled ‘the Regulation for managing blockchain information services’, will be up for public discussion until 2 November before it will be sent to the next level of approval by the regulating body. Once approved, the new rules will be applicable to both individual and institutional providers of DLT services.
There are 23 proposals overall in the draft with basic rules including having blockchain projects registered with the CAC within ten days. Experts in China, however, believe that some blockchain projects could be affected by this move.
Cryptocurrencies and ICOs are currently banned in Mainland China but it has a relatively favorable attitude towards non-cryptocurrency related application of DLT.
In other news, the capital arm of the ruling Chinese Communist Party State newspaper has signed a partnership with Chinese DLT company for the establishment of a technology innovation hub at the Blockchain Research Institute.
The State Daily is the propaganda arm of the party and is looking to introduce DLT as a state policy.
Central bank declares state-issued crypto not effective economic tools: Bank of Japan’s top executive has declared that Central Bank Digital Currencies (CBDCs) are not effective economic tools.
In a meeting in the city of Nagoya in Japan, Masayoshi Amamiya, the deputy governor of the bank, voiced his doubts about the CBDCs and their role in the fiat economy. He was of the opinion that fiat note system and CBDCs cannot work together and if interest rate is brought to zero because of CBDCs, then the two-part system will collapse.
Taxation committee working to simplify crypto taxation: The Japanese Government Taxation Investigation Committee (GTIC) is considering proposals to simplify cryptocurrency tax payment in the country.
The move comes after the earlier regulation was proved to be extremely cumbersome for traders. New recommendations will be made in the near future. Currently, investors with earning over JPY 200,000 are subject to income tax in the country.
Crypto association granted self-regulatory status: The Japanese Virtual Currency Exchange Association (JVCEA) has been granted a self-regulatory status by the top regulating body Financial Services Agency (FSA).
The JVCEA applied for recognition after establishing a 16-member strong team of licensed cryptocurrency exchanges operating in the country. Following recent hacks in cryptocurrency exchanges, JVCEA has intensified efforts for self-regulation and has now been awarded a self-regulatory status.
National ICO regulation standard expected mid-2019: In Taiwan, a standard for Initial Coin Offerings (ICOs) is being drafted by the local Financial Services Committee (FSC).
According to FSC chairman Wellington Koo, the standards will be pro-crypto and will allow easy investments into ICOs and make them legal as conventional stocks. ICOs are currently not regulated exclusively in the Asian country and government has avoided taking a hardline approach on them.
Police raid sole Bitcoin ATM, arrest operator: In a sweeping move, the Indian police has raided the only operational Bitcoin ATM in the country and arrested its operator.
The Reserve Bank of India has recently maintained a blanket ban on cryptocurrencies in the country for some time and the Bitcoin ATM operator had apparently been warned by authorities before setting up the machine.
In total, two laptops, three credit cards, five debit cards and a passport were seized by the police in the raid and co-founder Harish BV was arrested.
The Indian government’s hardline attitude towards cryptocurrencies is hurting the sector and forcing exchanges and traders to move abroad.
Woman arrested for stealing $65,000 worth of XRP: A 23-year-old woman was arrested by the Sidney police for stealing USD 65,000 worth of Ripple (XRP) tokens from a 56-year-old man.
According to local daily Brisbane Times, the woman hacked the man’s phone and used the 2FA to change the password and steal his funds. The XRP were then converted into Bitcoin but eventually, the authorities got to her.
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