Global CryptoReg Roundup #003

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The Global CryptoReg Roundup is a weekly digest of crypto-focused political, regulatory, and legal news from across the globe.

No frills or needless exposition. Just the facts (ma'am)....

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• Australian consumer protection authority receives nearly 1,300 crypto fraud complaints in 2017, citing over $1 million in alleged losses.

• Self-proclaimed “Bondi bitcoin brother” acknowledges involvement in pyramid scheme, immediately walks back comments.

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Japan

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• Japanese crypto exchanges report 669 cases of suspected money laundering over the last 8 months of 2017.

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South Korea

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• FSA Governor: “the government will encourage banks to make transactions with crypto currency exchanges...if normal transactions are made”.

• SK crypto regulator found dead in home, reportedly from a heart attack.

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Malaysia

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• Malaysian firm HelloGold’s GOLDX token earns world’s first Shariah-compliant certification.

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Thailand

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• OmisGo (OMG) reaches deal with Thai government to develop payment and identification systems.

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Bangladesh

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• In the wake of a national ban on cryptocurrencies, Bangladesh police confirm they are “on the hunt” for bitcoin users.

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India

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• Cabinet announces support of bill to ban unregulated deposit schemes, potentially to include cryptocurrencies.

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Kazakhstan

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• Kazkh association announces intention to develop crypto rules for Eurasian Economic Union.

• Employees from Finance Ministry caught using government servers to mine cryptocoins.

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Russia

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• A subsidiary of the state-owned VEB bank developing a system to guarantee investments in ICOs.

• Local authorities at odds with the Duma over the speed & quality of proposed crypto regulation bill.

• Proposal to “test” and “tame” cryptocurrencies in Crimea introduced in the parliament.

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Turkey

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• Turkish leaders considering the creation of national cryptocurrency: TurkCoin.

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Israel

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• Israeli tax authority confirms cryptocurrency to be classified as asset subject to capital gains tax.

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European Union

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• Crypto exchanges and wallets to be classified as within scope of EU law in the Fifth Money Laundering Directive (“MLD5”).

• European Commission Vice President Valdis Dombrovskis to chair high-level roundtable next week to discuss crypto regulation with industry leaders.

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Poland

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• Polish central bank finances Youtube stars to create videos about a crypto crash and issue warnings about investing in crypto assets.

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Croatia

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• Croatian self-regulatory group UBIK begins work on issues related to crypto taxation, ICO regulation, and mining operations.

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Slovenia

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• Meeting of Slovenian authorities and crypto entrepreneurs indicates cooperative tone and “favorable conditions”.

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Austria

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• Austria plans to develop crypto regulations modeled after existing rules on trading gold and derivatives.

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Malta

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• Government policy document calls for special agency to certify blockchain platforms and verify crypto transactions.

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Italy

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• Italy’s new crypto reporting and registration regulations to go into effect over the next three months.

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Sweden

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• Swedish authorities concerned over the rate at which cashless transactions are growing.

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The Netherlands

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• MP issues questions to the Finance Ministry, raises concerns over Tether’s relationship with Dutch bank ING.

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Belgium

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• Belgian financial regulator publishes list of exchanges alleged to be fraudulent.

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France

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• Regulator AMF declares that crypto derivatives must be regulated and are prohibited from advertising.

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United Kingdom

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• UK Parliament committee to examine impact of cryptocurrencies while regulations are considered.

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Spain

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• Party leaders push blockchain-friendly legislation to encourage investment & innovation.

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Canada

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• Increased energy demand leads Hyrdo-Quebec to consider raising rates for miners.

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United States

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• DOJ & SEC charge BitFunder founder with fraud & operating unregistered securities exchange.

• White House Cybersecurity official on crypo regulation: “I don’t think it’s close”, while Arizona congressman acknowledges crypto is “very hard to regulate”.

• New York lawmakers mulling reforms to state’s BitLicense system.

• The first two of five crypto legislation bills pass the Wyoming House of Representatives with unanimous support.

• Georgia lawmakers introduce bill to accept cryptocurrency for payment of state tax and licenses.

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Mexico

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• Bill to regulate crypto exchanges expected to become law within weeks.

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Venezuela

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• Venezuelan government officially launches oil-backed Petro token in pre-sale.

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• Sixth lawsuit filed against Bitconnect since closing its operation in January.

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• Tesla’s cloud accounts hacked to run crypto mining malware.

• Microsoft Word’s online video feature exploited by hackers to run mining software.

• Software glitch at crypto exchange Zaif briefly allows sale of $20 trillion worth bitcoin for $0.

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Thoughts, comments, and corrections are always appreciated. Cheers!

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|| @bubbleboy ||

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Protect your crypto assets with a Ledger Nano S or Trezor.

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