UK Dependency Adjusts Laws for Digital Currency
The government of Jersey is pushing ahead with its previously announced plans to regulate digital currency exchange activity. Authorities in the British Crown dependency announced a plan to introduce legislation just under a year ago. At the time, government representatives expressed a desire to avoid a full-on licensure scheme similar to the BitLicense pursued by New York, but with a registration system for certain service providers. According to a government order published on 23rd September by the State Assembly, Jersey's legislature, anyone operating as a digital currency exchanger is....
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The Isle of Man (flag shown) could be a haven for Bitcoin exchanges. Isle of Man, the British dependency, could offer an isolated paradise for cryptocurrencies. The Financial Supervision Commission (FSC) ruled that many of the island's licensing laws do not apply to Bitcoin, CoinDesk reports. This hands-off approach might signal the birth of a friendly relationship between the island government and novel Bitcoin-inspired payment systems. According to Robert Paul Davis, the General Counsel for Canadian-based payment processing service Counting House Group, the FSC acknowledged that a....
The government of Jersey, an autonomous island and a dependent of the British Crown, is set to introduce new regulation for digital currency exchanges. Legislators of the State of Jersey, a British Crown dependency are amending laws to regulate digital currency exchanges in the island that is seen as a tax haven and an attractive destination for Fintech services and companies. Fundamentally, the new law will see bitcoin- and cryptocurrency exchanges feel more stringent regulations when they grow bigger. The new legislation, titled “Proceeds of Crime (Supervisory Bodies) (Virtual Currency....
One could even go as far as saying how Bitcoin is more halal under the laws of Islam than paper currency will ever be. Bitcoin can do a world of good all over the globe, and the technology powering the network offers a ton of potential. But not everyone is looking for a solution in the financial sector or any other industry where blockchain technology might play a significant role. Furthermore, there is the topic of religion, which begs the question whether or not Bitcoin can be in conflict with one’s beliefs. For example, is the involvement in Bitcoin halal under the laws of Islam, and....
The Australian government is looking to update its anti-money laundering laws to include bitcoin and other digital currency exchanges. According to a consultation document published this week by the Australian Attorney-General’s Department, the government wants to begin drafting legislative proposals by the middle of next year. The goal is to begin finalizing that legislation in 2018. To get there, the government is soliciting public comment on the proposal, which comes amid a broader push to revise the country's money laundering laws, between now and the end of 2017. For now, the proposal....
The deputy governor of Indonesia's central bank has said using bitcoin breaks a number of the country's laws, news portal Kontan reported (in Bahasa Indonesia). He urged Indonesians to be cautious when dealing with payments in general. Ronald Waas, the deputy governor, said using bitcoin in Indonesia contravened rules set out by Bank Indonesia, information and electronic transactions laws and currency laws. Kontan's piece also noted that Indonesia's currency laws state only the rupiah is legal tender. "Using bitcoin for payments breaks these laws," Ronald was quoted as saying. The Kontan....