[Vol.2] Government Policies Worldwide towards Cryptocurrencies and Blockchain assets

The week of 11-17 Mar 2018 has seen countries around the globe gather momentum in formalizing their stance towards Blockchain assets and cryptocurrencies. Huobi Academy Blockchain Application has compiled a list of policy stances around the world. Other than global policy decisions towards crypto assets, Huobi Research Weekly (Vol. 2) also includes in-depth analyses in other subjects pertaining to Blockchain. These include technical market indicators such as market value of cryptocurrencies - down 17.69%, recent price movements (BTC down 12%, Eth dropped 24%), trading volumes(dip of 10.6%), hash rates (maintained within 1% range), mining difficulty, rewards and pool distribution. The report also touches on event-driven news like Blockchain technology developments and ICO activity - 98 new digital asset projects. Find out more today. Huobi Research Weekly (Vol. 2) is available in the attachment below. 

The past week features notable news on policy decisions from 6 countries: France, Ukraine, Netherlands, Singapore, United States of America and Thailand. The article separates the countries into 3 categories based on their stance, accommodating, neutral and tightening.

Accommodating Policy Stance towards Blockchain assets

1. France to introduce legislation on ICO to encourage progress

The Third Republic is preparing to introduce legislation on ICO to encourage development. In a nod to cryptocurrencies, France looks to recognizing ICO as a legitimate means of investment. This recent decision from the French financial markets regulator (AMF) is a u-turn from a previous ban of 15 cryptocurrency and crypto-assets investment websites.

(Source: https://cointelegraph.com/news/french-financial-regulator-to-introduce-framework-legitimizing-icos-in-policy-u-turn)

2. Singapore takes wait-and-see approach in crypto assets regulation

Monetary Authority of Singapore (MAS) managing director indicated that MAS will not regulate crypto tokens directly and take a wait-and-see approach. MAS has stated that they will focus on the activities associated with crypto tokens, as well as evaluating the different risks these activities bring. The key is that Singapore does not want to stifle innovation in Blockchain technology and cryptocurrencies assets.

(Source: http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2018/Crypto-Tokens-The-Good-The-Bad-and-The-Ugly.aspx)

Neutral Policy Stance towards Blockchain assets

3.  US 2018 Joint Economic Report calls attention to cryptocurrencies and Blockchain technology

US 2018 Joint Economic Report has called for lawmakers and the general public to be more familiar with cryptocurrencies and blockchain technologies. The paper refers to the potential "wide range of applications in the future" that can be utilized.

(Source: https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf)

4. Ukraine hospitable towards cryptocurrency

Regulations to include cryptocurrency mining in the state register of economic activities for taxation was called by the Ukrainian Minister of Economic Development. The policy intent was to stem the outflow of qualified IT professionals from Ukraine and also to ease the pressure on the crypto community in the country.

(Source: https://news.bitcoin.com/ukraine-to-legalize-crypto-mining-as-economic-activity/)

5. Thailand aims to regulate cryptocurrencies transactions and impose capital gains taxes on cryptocurrencies

Thailand has approved 2 royal decree drafts in principle aimed at regulating cryptocurrency transactions and imposing capital gains taxes on cryptocurrency investments profits. The Thai Deputy Prime Minister clarified the intent is to safeguard cryptocurrency investors. He clarified that the regulations are not meant to prohibit cryptocurrencies usage or ICOs.

(Source: https://www.bangkokpost.com/business/news/1427642/cabinet-oks-digital-asset-draft-decrees)

Tightening Policy Stance towards Blockchain assets

6. Netherlands to take action in regulating cryptocurrencies

Dutch Finance Minister looks to regulate cryptocurrencies to protect the financial market and retail investors. The minister has noted that half a million Dutch households have invested in cryptocurrencies. The Minister noted that cryptocurrencies due to their nature are cross-border currencies, and called for international measures to be enacted, as national regulations alone would be hard to enforce.

(Source: https://www.ccn.com/dutch-finance-minister-urges-multi-national-regulation-of-cryptocurrencies/)

For more in-depth analyses, read Huobi Research Weekly Vol. 2 in the attachment below. The report is currently free to download. The data in this article is produced by Huobi Academy Blockchain Application.

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Huobi Pro