Report warns against ‘bad’ government cryptocurrency regulations

A joint report which has emerged from the desks of the British Business Federation authority, the Venture Capital Fund Novum Insights and the cryptocurrency exchange has hit the government regulations on cryptocurrencies and its related technologies with a backlash, quoting how bad regulations can prove to be worse than no regulations and that the government is simply not doing enough. Read more about Report warns against ‘bad’ government cryptocurrency regulations

Cryptocurrency tax divulging to be simplified by Japanese tax committee

On Oct 17, Japanese tax committee conducted a debate on simplifying the cryptocurrency tax reporting stating that the current system is complex and doesn’t help in thorough realization of the cryptocurrency gains. The officials of the committee advised that the government should seek ways to adjust accordingly to facilitate simpler methods for reporting cryptocurrency tax. It has to be noted that the Japan government’s move to modify regulations without compromising on security has been welcomed by the start-ups and has increased the market surge. Read more about Cryptocurrency tax divulging to be simplified by Japanese tax committee

SEC launches portal To Engage With next-gen technology start-ups

The U.S. Securities and Exchange Commission has launched a hub called Fintech hub or FinHub that will engage with start-ups working on upcoming technologies such as Artificial Intelligence, Blockchain and others. The FinHub will act as a single access point that will handle all the SEC’s services providing an easier option for companies to collaborate with the customers. The portal will also help start-ups with a streamlined process to develop a platform that complies with SEC. Read more about SEC launches portal To Engage With next-gen technology start-ups

Indian blockchain start-ups face a new challenge

The Indian blockchain start-ups, already fighting against odds to establish themselves in the market face a harsh reality up against them. Going forward these companies need to have a product ready before raising money through ICOs. This comes as a result of the ICO market slowing down drastically and several instances where the money provided by the ICO was not used in developing product or service. Read more about Indian blockchain start-ups face a new challenge

Cross country partnership for blockchain pilot to facilitate international trade

In a move to facilitate trading between countries, one of the subsidiary of Abu Dhabi ports has entered into a partnership with the Belgium port of Antwerp. The Maqta Gateway that uses it’s very own blockchain platform Silsal will be trialing the Proof-of-concept. The trial will help companies handle documents between Abu Dhabi and Dubai and also streamline trading and supply chain by providing complete transparency. Read more about Cross country partnership for blockchain pilot to facilitate international trade

Hong Kong’s securities regulator brainstorming new cryptocurrency regulations

Hong Kong’s Securities and Futures Commission (SFC) is brainstorming various options to regulate crypto exchanges with utmost importance to tighten investor protection. Carlson Tong Ka-shing, SFC’s outgoing chairman also mentioned imposing outright ban on upcoming technology in the internet era will not be the right approach and will only make exchanges continue to operate in overseas markets. He added that SFC has been continuously monitoring the crypto operations and as the trading increases, it is imperative that proper regulations are stitched together. Read more about Hong Kong’s securities regulator brainstorming new cryptocurrency regulations

Russia to use oil backed cryptocurrency as an alternate to USD

The hefty trade sanctions levied by the US against Russia has forced the latter country to consider alternatives and there are talks that Russia is planning to consider oil backed cryptocurrency to replace USD. The country is planning to use the digital currency for trading oil with oil exporters. The government is calling out the global political instability and unpredictability a major reason why national currency will not be a reliable  option idea going forward. Read more about Russia to use oil backed cryptocurrency as an alternate to USD

ICO legalization, South Korea to decide in November

The South Korean government is looking to take a decision regarding legalization of ICOs in November as per the statement of Hong Nam-Ki, the chief of the Office for Government Policy Coordination during the Wednesday’s national assembly audit. Responding to a question on government stance,  Nam-ki responded adding that there are discussions happening and the government is planning to decide once the survey results of the study commenced by FSS are published. Read more about ICO legalization, South Korea to decide in November