US to Weaken Regulations for Digital Currencies, Blockchain by 2017
The US government has called for the formation of a “responsible innovation” fintech department to spur the growth of emerging technologies including cryptocurrencies, the Blockchain technology and other financial technologies that could enhance existing financial systems. US regulatory body the Office of the Controller of the Currency (OCC), which previously expressed their optimism towards digital currencies and the Blockchain technology, is planning to launch three offices in Washington, New York and San Francisco led by a chief innovation officer. The 30th Comptroller of the Currency....
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The Central Bank of the United Arab Emirates has moved to clarify recent regulations released on January 1, 2017, that claimed “all virtual currencies are prohibited”. Now, the monetary authority has confirmed that new regulations will not outlaw virtual currencies like Bitcoin. On January 1, the Central Bank of the UAE released a new regulatory framework [PDF] for electronic payment systems. In a marked provision toward virtual currencies specifically, the regulation simply stated: “All virtual currencies (and any transactions thereof) are prohibited.” The sweeping statement that....
The European Central Bank (ECB) has given its long-awaited opinion on proposed regulations on digital currencies, including bitcoin. The bank also suggested there’s room for improvement to the European Council and Parliament’s proposal. The aim, it said, is to prevent use of the financial system for money laundering and terrorism financing. ECB: Tighter....
The divided regulatory policies and frameworks on digital currencies, including Bitcoin, in the United States have created an impractical ecosystem for startups to operate in. The country’s state-by-state regulations for money transmission licensing has led to an unclear regulatory framework for digital currencies, with some states, including North Carolina, New Jersey and California, establishing regulations in favor of digital currency startups and businesses, while others, such as New York and Connecticut, require startups to obtain expensive licenses to operate as legal entities. This....
South Korea has become a hotbed for cryptocurrency and blockchain technology startups. Just recently the Korea Exchange launched its Korea Startup Market (KSM) based on blockchain technology, provided by Korean blockchain startup Blocko. Furthermore, the Korean Financial Services Commission (FSC) plans on regulating virtual currencies like bitcoin in....
More and more nations are facing the realization that Bitcoin and the world of decentralized digital currencies are not going anywhere. The United Arab Emirates (UAE) is facing this new reality with an update on their recent ban on the use of digital currencies. Emirates: Virtual Currencies ‘Prohibited’. Many nations run their economic policy through their national central (private) bank, without even the need to get approval from the national government, and this appears to be the case within the UAE. To start 2017, the Central Bank of The United Arab Emirates released this paper....