France: Supervision of bitcoin bitcoin users too early!
Since 2015, a bitcoin users in New York Financial Services Department of the “digital currency license” lawsuit, claiming the supervision of bitcoin is too strict, so as to prevent many people carry out bitcoin business.
The French TheoChino in bitcoin, he asked the New York court approval he asked the New York Department of financial services to reduce the bitcoin market supervision request, or directly rejected their supervision. This request is mainly because of the two parties in the definition of bitcoin each have different opinions, so we need more research on it, in order to better define bitcoin. The plaintiff Mr Chino said: “if not bitcoin is a” financial product or service “this issue to make further provisions, will never be able to completely solve this problem.”
This case is the focus, New York Financial Services Bureau of the “virtual currency” too strict supervision of the problem, whether it is accused of intentional design and release.
The lawsuit trial continues: “between the plaintiff and the defendant put forward their arguments for the existence of significant facts and irreconcilable differences, these arguments can only be addressed through continuous research and discovery of facts. These basic differences and disputes related to bitcoin is a “financial product or service”, and it will also affect whether the defendant has the right to supervision of bitcoin, and the plaintiff litigation practice is arbitrary and is.”
When a file may be required for litigation or defend the important and necessary documents, the court must approve it.
If bitcoin is not a financial product or service, then NYFDS repeatedly fired requirements should be rejected. In fact, regulators around the world are in effect to continue to examine their supervision of bitcoin generated.
The government has issued the relevant distributed books this year (sometimes referred to as “blockchain) report, which means that the market regulators are based on current and future laws and regulations to the investigation and the related technology.
Announced the European securities market administration called “distributed books technology suitable for the securities market” in the report said: “in view of this technology is still in the development stage, in number and scope are restricted in the practical application, so expect the technology may bring great changes to the implementation and supervision of the Department whether it regulation is too early”.
The United States Financial Supervision Bureau said in a report entitled “blockchain on securities market report, it welcomed the majority of market participants and open dialogue, in order to help them to take the initiative to see and solve any potential risks or barriers, so as to give full play to the potential of DLT, while maintaining the core of self-protection and investors market integrity.
The financial market authority (FCA), the Swiss financial market supervisory authority (FINMA) and the monetary authority of Singapore (MAS) have created the so-called “regulatory sandbox”, in order to better understand the blockchain technology.
Between TheoChino and NYFDS held a hearing scheduled for March 16, 2017 at 9:30 in the morning.