Global dynamics at a glance: Japan's new regulations regulate digital asset trading, IBM's comprehensive layout of blockchain industry

In terms of policy, the Japanese cabinet meeting recently passed amendments to the Financial Commodity Exchange Act and the Capital Closing Algorithm to strengthen restrictions on digital asset trading. The bill puts forward a series of requirements for digital asset trading service providers, including the margin limit of margin trading and the deadline for registration of quasi-exchanges. However, in the face of the proposal to accelerate the development of digital assets and blockchain industry through tax reform, the Deputy Prime Minister and Finance Minister Taro Aso remains cautious, saying that the definition of digital assets or tax reform will not be changed for the time being.

On the financial front, IBM said that it will enter the field of digital asset custody last week, this week signed a letter of intent with six international banks, plans to issue stable currency or pass based on legal tender to provide faster and lower cost cross- Remittance or foreign exchange settlement.

政策

United States

Decentralized digital assets may not be considered securities

In a letter to the House of Representatives, US Securities and Exchange Commission Chairman Jay Clayton said that he agreed with Hinman's explanation of the circumstances under which digital asset trading is not an investment contract. For example, if the buyer no longer expects a person or group to perform the necessary management and hard work, in this case, the digital asset may not belong to the investment contract under the Howey framework. William Henman, head of corporate finance at the US Securities and Exchange Commission, previously believed that digital assets could be sold as securities, but the network behind it could not be considered a security after being "fully" decentralized.

Missoura County plans to regulate mining

Missoula, Montana, USA, has become one of the hotspots for digital asset mining because of its low electricity prices and cool climate. The county will meet in early April to discuss the recent draft of the Encrypted Mining Regulations, which are planned to regulate crypto-mining, including encryption of mining equipment that must be self-contained with renewable energy such as solar, wind or geothermal. The draft pointed out that encrypted mining consumes a lot of energy and will affect the environment. In September 2018, the county held a public hearing on whether to ban the encryption mining business. As a result, it decided not to ban the encryption mining business, but will investigate related environmental issues.

New York introduces the Digital Assets Act

According to a recent report by the Abacus Journal, the number of cryptocurrency operating licenses issued in New York will increase in the next 12-24 months. Currently, the New York State Assembly has introduced several digital asset bills. One of the bills includes the establishment of a Digital Assets Working Group that will provide information on the potential impact of the widespread use of digital assets on the country's financial markets, as well as local related digital asset exchanges and other transactions operating in the state. Information.

Japan

Limit digital currency trading leverage

The Cabinet of Japan has approved a draft amendment to Japan's financial instruments and payment services laws, limiting the leverage of cryptocurrency margin trading to two to four times the initial deposit.

The quasi-exchange office must complete registration before October 2021.

Recently, the Japanese cabinet meeting passed amendments to the Financial Commodity Exchange Act and the Capital Closing Algorithm to strengthen restrictions on digital asset trading. The new Financial Commodity Exchange Act sets a time limit for the application for licenses of digital asset exchanges: from April 2020 (the estimated effective date of the amendment), the quasi-exchanges that have not completed the registration of licenses within 18 months will not continue. Operation. That is, if registration has not been completed by October 2021, the exchange will be forced to stop service. According to the Japanese government regulations, the quasi-exchange (the operator) is the exchange that has submitted a license application to the Financial Services Agency and is operating but has not yet completed the approval. Currently, only Minnano Bitcoin and LastRoots are left.

Do not change the definition of digital assets and related tax systems

Japan’s cabinet deputy prime minister and finance minister Aso said on the 20th’s Senate Finance Committee that although the cabinet meeting passed a resolution on changing the name of the virtual currency to digital assets, the definition of the capitalization algorithm has not changed. Therefore, in the tax system, the digital assets belonging to miscellaneous income have not changed.

Germany

Warning of unauthorized digital asset service providers

The German Federal Financial Supervisory Authority (BaFin) asked Forex CFD service provider Takeda Partners LTD to immediately stop the service because Takeda Partners LTD provided digital asset CFD services to German customers without authorization. At the same time, Bitcoin CFD service provider CFDPremium was also warned by BaFin for adopting a similar business model.

Switzerland

Approved the regulation on digital assets

The federal legislature of the Swiss government has approved a motion to instruct the Federal Council to amend existing regulations on judicial and administrative authorities so that they also apply to digital assets. The bill seeks to determine how to contain the risks associated with digital assets and whether entities operating digital asset trading platforms should be equated with financial intermediaries to accept financial market regulation.

Federal Council initiates blockchain legal consultation

The Swiss Federal Council adjusted the federal law on blockchain development on March 22. By initiating negotiations, the Federal Council intends to increase the legal certainty of blockchain applications in order to lay the groundwork for the regulatory framework of the Swiss blockchain industry, particularly in the financial sector. The Federal Council's consultations will continue until the end of June 2019. The committee has now issued a draft consultation paper proposing a series of adjustments, including the establishment of a digital rights registration in the Swiss obligation law, and how digital assets will be calculated as assets in the event of bankruptcy, creating new ones for DLT trading facilities. Authorization category, etc. In addition to this, the authorities also propose to make further amendments to the “Financial Institutions Law” that has not yet been issued in order to establish a license as a trading facility for securities companies.

Bermuda

Issue the first digital asset exchange license

The Bermuda government has granted Omega One the first digital asset exchange license. The company recently announced the launch of Omega Dark, a product that has become a dark pool dedicated to teaching in the digital asset market.

China

Beijing Mujin Association issued a document suggesting 1E0 risk

Recently, the Beijing Internet Finance Industry Association issued the “Risk Tips on Preventing Illegal Financial Activities in the Name of “Virtual Currency”, “1C0”, “ST0”, “Stable Dollar” and Other Variants. The reminder calls on all relevant institutions and individuals to jointly resist and prevent illegal fund-raising activities and communication activities in the name of “virtual currency”, “blockchain”, “1C0”, “ST0”, “stable currency” and other variants.

Canada

Signing consultation documents to avoid market manipulation

Canadian securities executives and Canadian investment industry regulators have signed a joint advisory document called “Proposed Digital Asset Trading Platform Framework”, one of whose main goals is to avoid market manipulation in the digital asset arena. Canadian digital asset investors and enthusiasts can share their thoughts on digital asset surveillance with local regulators.

金融

2gether bank

VISA prepaid debit card can be paid using digital assets

Banking startup 2gether launches VISA prepaid debit card, which users can use in 19 euro-zone countries, which converts digital assets into legal tender for payment, currently supporting seven digital assets: BTC, ETH , XRP, BCH, EOS, XLM, LTC.

IBM Group

Signed an agreement with six banks to issue stable currency

On March 18, IBM announced that it has signed a letter of intent with six international banks to issue stable currency or pass-through certificates based on fiat currency on the IBM Payment Network World Wire. World Wire is built on the Stellar platform, which promises to allow regulated agencies to conduct cross-border remittances or foreign exchange settlements at a faster, lower cost than traditional proxy banking systems.

Swiss Digitec Galaxus

Accept digital asset payments

Digitec Galaxus, Switzerland's largest online retailer, is now accepting digital asset payments. In addition to BTC, it also accepts payments from BCH, BSV, ETH, XRP, BNB, LTC, TRX, OMG, NEO, etc. The "assets" option, the site will jump to Coinify's payment website, Coinify will charge a 1.5% conversion fee. This service currently only supports Swiss users and may be extended to Germany in the future.

Digital asset ATM

Dubai's first Bitcoin ATM was demolished in 2 days

On March 19th, the first bitcoin ATM in Dubai, the largest population city in the UAE, was opened for local people and tourists to purchase digital assets with a commission of 5%. However, due to the lack of AML/KYC processes, this Bitcoin ATM was demolished in just 2 days after its launch. Amhora, the owner of the ATM, said that they are working closely with the authorities and will work to restore Bitcoin ATM after fulfilling all AML / KYC obligations.

ATM operator Vardex joins BCH access service

Swiss digital asset ATM operator Vardex announced on March 19 that it has introduced support for BCH in its equipment, and currently 26 ATMs in Bern, Zurich, Geneva, Basel, Lucerne and Lausanne in Switzerland can access it.

American Silvergate Bank

Added 59 digital asset customers

Silvergate Bank of the United States submitted the latest IPO prospectus to the US Securities and Exchange Commission. The latest prospectus shows that the bank signed 59 new digital asset customers in the fourth quarter, including two exchanges, 24 investors and 33 other companies, mainly including blockchain agreement developers, miners and Digital asset service provider. But the prospectus also showed that deposits in the fourth quarter fell by $123 million.

Japan SBI Holdings

Established SBI Mining Chip Company

Japan's SBI Holdings (Softbank Investment) announced the establishment of SBI Mining Chip, a business that includes virtual currency mining chip production and mining system development.

LinnThanh Group, KRONN Ventures

Establish a fully licensed digital asset exchange

Linh Thanh Group, Vietnam's largest distribution company, has partnered with KRONN Ventures, a Swiss-based blockchain company, and has obtained a license to establish a digital asset exchange in Vietnam to establish the first fully licensed digital asset exchange in Southeast Asia.