Last week, a little less regulation took place around the world than last week. In this Weekly Review we look back at the end of the week and summarise what was said, thought or decided, when, where and by whom.
Blockchain Bundesverband: Extended position paper on token regulation
The Federal Bloc, the lobby of the German blockchain scene in Berlin, has published a German version of its position paper on token regulation. The new version has been extended by some points and thus goes beyond the original version. The new paper now also contains recommendations for action for German policy and regulatory authorities.
Blockchain conference in China closed by police
Keynote speeches, panel discussions and an exhibition are said to have been the contents of the Global Fintech & Blockchain China Summit 2018. Rumour has it that there was an ICO project in which investors lost a lot of money. They allegedly informed the police, who then terminated the event. According to the organizer, however, the event was in compliance with the law.
Pakistan: ICOs and crypto currencies allowed
Contrary to recent rumours, the Central Bank of Pakistan does not prohibit its own banks from trading in ICOs or crypto currencies. However, there is a detailed warning against the resulting risks. However, the financial institutions were advised not to carry out any transactions for their clients. The situation in India is somewhat more critical: although the government has not imposed a ban, the Reserve Bank of India (RBI) will stop cooperating with all financial institutions that continue to trade coins on behalf of their customers. In the medium to long term, this segment is therefore unlikely to become established for Indian banks.
Bermuda supports blockchain companies with regulatory framework
The Bermuda Monetary Authority (BMA) has published a discussion paper on the regulation of virtual currencies. The BMA attaches great importance to the fact that the focus here is not on banning crypto currencies, but rather on creating a legal framework for blockchain companies in order to create a secure and stable business environment.
Russia: Surveillance of the crypto-Fiat bridge
According to local media, transfers of more than 600,000 rubles (about $10,000) from crypto to Fiat are now covered by money laundering laws. The banks responsible must monitor these transactions. Crypto exchanges must also follow this.