Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Deputy Prime Minister of Singapore: we have no reason to ban encryption currency trading

Singapore’s central bank has conducted the research to the crypto currency and trade mode, the country’s Deputy Prime Minister stressed that there is no reason to ban public encryption currency trading.

Singapore Deputy Prime Minister and central bank chief TharmanShanmugaratnam delivered a speech at the Council meeting yesterday. At that time there were three members question whether the prohibition of encryption currency transactions may.

These few members mentioned China banned domestic exchanges and South Korea on the local market harsh policies, then they asked whether the central bank may take measures to ban bitcoin currency trading or encryption.

Deputy Prime Minister pointed out that “crypto currency is an experiment” – the users scattered around the world, is still in the early stages of development. He said that now the definition of encryption currency success too early. The central bank official also pointed out that once the encryption monetary success, its impact is also widely need time to know.

For whether Singapore may be taken with Chinese similar policy, Shanmugaratnam is given a more direct response:

The monetary authority of Singapore (MAS) is closely related to the research progress and potential risk of. As of now, we have no good reason to ban encryption currency trading. But we will comply with the requirements of anti money laundering provisions of our relevant agency.

Shanmugaratnam published last year with the view of President MAS RaviMenon’s view is similar. He said bitcoin itself does not pose a risk, also do not need supervision, but exchange operators such intermediaries need to be regulated, such enterprises must abide by the existing anti money laundering and terrorism financing laws and regulations.

Shanmugaratnam also mentioned in his speech yesterday:

At present, there are two cases of encryption currency. The first is the payment; second is becoming more and more important, is the encryption currency itself is an asset. The transaction is to obtain the crypto currency income from.

In addition, he also revealed that the crypto currency exchange regulation will make other encryption currency bitcoin is included in the retail payment services by the scope of supervision, and the public should also be aware of crypto currency investment risk.

Fell sharply in recent weeks the price of bitcoin which proved there is a risk.

However, the official stressed that the Singapore authorities will adopt an open and prudent manner to the development of encryption currency.

He said:

We will continue to encourage the blockchain test field, these tests can be related to money, because this kind of innovation may have an effect on the economic or social aspects. But at the same time we will focus on the new risk.

The South Korean government bitcoin transactions take new restrictions

The South Korean government bitcoin transactions take new restrictions


The South Korean government is considering a series of policy options to limit what it called the “overheated virtual currency speculation, including capital gains tax for traders.

Reuters first reported that the South Korean government policy coordination office (OfficeforGovernmentPolicyCoordination) released the December 13th statement, the Ministry of Justice (MinistryofJustice), the Financial Services Commission (FinancialServicesCommission), Korea Communications Commission (KoreaCommunicationsCommission), (FairTradeCommission), even bargain Committee of the Ministry of information and communication (MinistryofInformationandCommunication) to propose possible policies and measures of domestic encryption currency market, waiting for legislative approval.

This perhaps is not surprising, because of the huge volume of transactions in South Korea, Bithumb is one of the world’s largest single day trading volume of the stock exchange, here last month bitcoin transaction price first exceeded $10000.

Traders’ options include capital gains tax and banned foreign traders. Taxation is still unknown, the statement pointed out the private sector will solicit opinions and reference to other government measures, such as the IRS (InternalRevenueService) bitcoin assets tax levy.

If the measures, South Korea will be encrypted currency exchange network security audit, especially data theft and loss. But the daily trading volume of more than 10 billion won ($9 million 200 thousand) a day, the number of users more than million exchanges need to apply for the Korea Information Security Agency (KoreaInformationSecurityAgency) approved.

Government is also considering whether to ban ICO, which could strengthen the autumn of this year the Financial Services Commission (FinancialServicesCommission) to block chain financing ban. The statement also said the ban may include involving digital currency multilevel marketing.

The other measures discussed include combating illegal industrial land for bitcoin mining, miners get banned exchange account.

The official said, the government does not want the obstacles to block chain development, but restrictions on trading activities.

Class, we will continue to correct the adverse effects of virtual currency speculation, but we will adopt a balanced policy, to ensure that government measures will not hinder the blockchain technology development”.

The Japanese government will regulate bitcoin, admit that money

The Japanese government will regulate bitcoin, admit that money

In February 4th, the Japanese cabinet approved a series of legislation, admit that bitcoin and other virtual currencies as the authorized payment tool. Digital currency will be accepted and controlled as normal as the reserve currency will be used as an asset and pay for international transactions.

Japanese lawmakers and the Japanese cabinet stressed that the confirmation will be virtual currency as a financial tool means that bitcoin startups, including exchange and payment technology suppliers, will have to comply with financial Japan in Japan established laws and policies, is likely to help the local law enforcement departments by keeping customer data and sensitive financial information access records to prevent money laundering.

Japan’s financial services agency (FSA) will serve as the Japanese virtual currency and start-up company managers. As the new legislation passed in the coming months into effect, FSA will continue to publish more information about and digital currency bitcoin startups in the country’s credit. However, some people predicted that due to Mt.Gox in the 2014 robbery, government is likely to restrict and strengthen the digital currency financial policy.

On 2014, the board of directors of Mt.Gox and former CEOMarkKarpeles announced that disappears in its local server security bitcoin shop, a total loss of $460 million. In order to cope with the loss of bitcoin in the Mt.Gox of Japanese citizens and residents more and more complaints, the Japanese government and the Kraken (based on a European and American bitcoin exchange) cooperation, and local law enforcement agencies announced on Mt.Gox and its controversial CEOMarkKarpeles investigation.

The Japanese government and legislators has hinted that it will release a series of laws and policies that limit bitcoin startups, exchanges and wallet platform operation. At the end of 2015, finance minister Taro Aso explained that the government is considering the definition and adjustment of virtual currency bitcoin and startup status.

He said: “we must study, what is the best way to regulate virtual currency.” He further stressed that bitcoin may be used for money laundering and the financing of international terrorist organizations. Therefore, the Japanese finance minister proposed the provisions of digital currency company license type, this will require the company to develop or provide sufficient information to law enforcement, in order to eliminate the illegal use of bitcoin.

Although the short-term plan is very difficult to speculate on the Japanese government regulations to strengthen bitcoin start-ups as the goal and the financial policy, but the government is likely to require a server consolidation, to enable government agencies and law enforcement agencies, to money laundering and terrorist funds as the main reason for further investigation, verification of customer data acquisition.

Bitcoin exchange itBit launched the global OTC trading service

Bitcoin exchange itBit launched the global OTC trading service

ItBit announced the launch of global OTC trading services, this is a new five over-the-counter (OTC) service.

This new trading service launch, has promoted the trading volume of 100 BTC, about $28000, these transactions do not involve the broker and transaction cost. In order to promote the new trading service, itBit launched a limited preferential policies, new users after the completion of the first transaction That will get $50 worth of bitcoin.

ItBit client group director Bobby Cho pointed out that the new products to attract many users want to avoid price fluctuations.

Cho is a bitcoin transaction service provider OTC SecondMarket (now renamed Genesis Trading) former vice president, he said the new itBit services and Genesis Trading services are not in conflict, because the two methods are different in operation.

Cho told CoinDesk:

“They are a broker, but we do not play any role. Our purpose is to drive more transactions, promote more trading volume. Our ultimate goal is to enter the international market price of publicity, so that you as a trader, you can see the trading volume.”

Cho also pointed out that the OTC customers need to go through the “know your customer” (KYC) standards verification, this process is the same with online customers.

The new product launch, frequent period coincided with the New York bitcoin industry activities, the introduction of BitLicense and Winklevoss ahead of the launch of capital to support the exchange of Gemini.

However, Zhao believes that these services are able to coexist, because bitcoin market will gradually expand.

“At present, we have yet to feel the competition. But we know that the bitcoin market has development potential, the future will be more involved in the game player. But the competition is a very good thing, in the competition, we can find their own shortcomings, and improve.”