Global Blockchain, Digital Assets Regulatory Policy and Practice – ASEAN
From a global perspective, the digital currency regulatory policies of ASEAN countries are relatively strict. Some of the ASEAN countries are still in the early stage of blockchain technology development. The regulatory framework for ICO and digital currency transactions is still in a blank stage. Most countries are in the blockchain and Digital currency regulation is still in the exploratory stage.
1. Regulatory Policy The Singapore government has frequently introduced regulatory policies for blockchain and digital assets in recent years, and is open to blockchain and digital asset regulation. The main contents are as follows:
2. Blockchain technology application support On November 22, 2018, the Singapore Information and Communication Media Development Authority (IMDA) publicly announced that it will provide seed funds for blockchain related companies to develop an integrated blockchain platform. The platform will connect all stakeholders inside and outside the industry to promote the development of the blockchain.
In recent years, Thailand's regulation of ICO and cryptocurrency industry transactions has been relatively relaxed, and the development of digital currency projects has been encouraged.
In November 2017, the Philippines Securities and Exchange Commission (PhSEC) committee member Emilio Aquino publicly stated that the Securities and Futures Commission is considering virtual currency as a security and applying the Securities Act to regulate it. Since then, the Philippine regulatory authorities have issued a policy on the stable development of the digital currency, the relevant content is as follows:
On October 30, 2017, the National Bank of Vietnam (SBV) announced that it will ban the use of Bitcoin as a means of payment from January 1, 2018, and clearly state that “issuing, providing and using illegal payment methods (including Bitcoin and other virtual The act of currency may be prosecuted. Persons who provide illegal payment instruments (cryptocurrency) may be fined a minimum of $6,600." In addition, as of now, the Vietnamese government has not disclosed any laws and regulations related to the digital currency industry, and the regulation of the digital currency industry has yet to be clarified.
In addition to the above regulatory policies, the Malaysian Securities Commission (SC) and the Bank of Malaysia (BNM) issued a joint statement in December 2018 that disclosed that the two regulators are developing regulatory rules applicable to ICO and cryptocurrencies.
In Laos, Brunei, Cambodia, Myanmar and other Southeast Asian countries, blockchain technology is still in the early stage of integration, and there is no clear regulatory policy for blockchains and digital assets.
Through the policies of the above-mentioned ASEAN countries, the overall regulatory policies for blockchain and digital assets in the ASEAN region are gradually being optimized, from macro-regulation to specific regulation.
Author: Chen Yunfeng