In our “Regulation” section, we cover laws, policies, and regulatory decisions affecting cryptocurrencies and blockchain technologies worldwide. Here you will find updates on government actions, compliance requirements, and legal frameworks shaping the crypto market. Read the “Regulation” section on ForkNews to stay informed about how regulation impacts the digital asset industry.
According to data from the South Korean central bank (BOK), the outstanding balance of virtual currency accounts at national commercial banks stood at $1.79 billion at the end of December 2017.
Under pressure from the G20, South Korea is forced to soften its strict policy regarding the cryptocurrency market in general and ICOs in particular.
On Monday, the Internal Revenue Service-Criminal Investigations (IRS-CI) announced the formation of a tax law group called the Joint Chiefs of International Tax Laws (or J5). The group includes representatives from the tax authorities of the UK, USA, Canada, Australia and the Netherlands.
According to local publication Sankei, Japan's financial services agency is considering revising the law regulating crypto exchanges. According to the report, the agency decided to amend the Financial Instruments and Exchange Act (FIEA) because current legislation does not effectively protect investors' money in the event of a business failure.
The Securities and Exchange Commission of Thailand (SEC), the country's financial regulator, has published a regulatory framework for ICOs, which will come into effect on July 16.
Uzbekistan has legalized blockchain technologies, mining and cryptocurrency. The country's strategic course towards the development of the digital economy is now enshrined at the legislative level.
The largest cryptocurrency exchange, Binance, resumed trading on July 4 and confirmed that it was attacked by hackers who manipulated the price of Syscoin (SYS). Binance has taken security measures and created a new fund to protect users in the future.
Fiscal authorities around the world continue to put pressure on cryptocurrency companies to gain access to more transaction information. One of the Israeli crypto exchangers, whose services are used by more than 50,000 people, was forced to provide the tax service with information about large traders on the platform.
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