Crypto regulation: Best countries where ICOs will (not) cash in big

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Previously we were writing how crypto regulation can protect investors from scams and wipe out those bad apples. Today, we will focus on ICOs and where they can get a better environment for smoother operations.

Let’s take a look at one of the controversial topics that divide the community- REGULATION. Below are some of the updates on the crypto regulation of governments around the globe.

Crypto regulation is one of the hot topics today. While most of the community saludes decentralized and by government “untouchable” crypto market real enterpreneurs seek the regulation.

Taiwan, April 10, 2018

The government of Taiwan confirmed it will create cryptocurrency regulation based on extant anti-money laundering (AML) practices already applied to traditional financial instruments. Moving forward, the finance ministry says, it will enter a consultation phase with “relevant agencies, law enforcement, and researchers” in order to gain a comprehensive overview of the local landscape.


Serious players are moving to regulated environments. Tron is an example of a 2+ billion USD market cap coin. They moved to Taiwan. 

Estonia, April 4, 2016

The Estonian Supreme Court ruled that the exchange of cryptocurrency is a lawful business activity regulated by the Anti-Money Laundering Act and Terrorism Finance Act. In order to operate in cryptocurrency exchange, an applicant shall obtain an authorization (known as a Provider of Alternatives Means of Payments) from the Financial Intelligence Unit (in Estonian: Rahapesu Andmebüroo). On November 27, 2017, a new version of the regulation was released.


France, March 22, 2018

France plans to create a crypto regulation legal framework for raising funds via cryptocurrencies and aims to become a leading center for offerings in bitcoin-style digital currencies as announced by Economy minister Bruno Le Maire.


Germany, June 13, 2018

Felix Hufeld, the President of the Federal Financial Supervisory Authority in Germany (BaFin), said that BaFin’s goal for crypto regulation is to protect financial stability, not individuals. Hufeld wants BaFin to work with other regulators around the world to create “global standards and internationally agreed supervisory standards” regarding cryptocurrencies and blockchain.


Gibraltar, Dec 14, 2017

The Legislature of Gibraltar has approved a bill designed to update the territory’s Financial Services regulations. The new DLT, the “Financial Services (Distributed Ledger Technology Providers) Regulations 2017”, will see Gibraltar issue a “DLT provider’s license” to successful applicants. DLT providers will be required to adhere to the regulatory requirements of the country’s Financial Services (Investment and Fiduciary Services) Act, in addition to the “regulatory principles” laid out in the new legislation. Gibraltar’s regulators have stated that “Subject to sub-regulation, these Regulations come into operation on 1 January 2018.”


India, July 28, 2018

The Law Commission of India released a report titled ‘Legal Framework: Gambling and Sports Betting Including In Cricket In India’. The 140-page report attempts to recognize cryptocurrency as a means of electronic payment. This is the first installment of the positive limelight from an Indian government source, possibly ever, in relation to cryptocurrencies. Union Minister of Law and Justice, Ravi Shankar Prasad has favored the use of Bitcoin and other cryptocurrencies for gambling transactions.


Italy, Feb 2, 2018

The Italian Ministry of Economy and Finance (MEF) published a draft of a ministerial decree on the regulation of virtual currency-related service providers. The new set of rules, which details registration and reporting requirements for Italian virtual currency firms, will reportedly be implemented within three months of the decree’s adoption. The draft decree also mentions the cooperative relationship between the MEF and police forces to address non-compliant virtual currency firms.


Japan, April 5, 2018

Japan unveiled proposed guidelines for the legalization of ICOs. Proposed guidelines include identifying investors to prevent money laundering, protecting existing shareholders and debt holders, restricting unfair trade practices like insider trading and ramping up cybersecurity efforts.


Malta, July 4, 2018

Maltese Parliament has officially passed 3 bills into law, establishing the first regulatory framework for blockchain, cryptocurrency and DLT (Distributed Ledger Technology). This makes Malta the first country in the world to provide an official set of regulations for operators in the blockchain, cryptocurrency and DLT space. The laws were designed to make Malta one of the most desirable locations to set up shop in the blockchain space.


The Philippines, April 25, 2018

Raul Lambino, chief of the Cagayan Economic Zone Authority (CEZA) announced that the Philippines will allow 10 blockchain and virtual currency companies whether in crypto mining, initial coin offerings or exchange to operate in the country.


Russia, Feb 28, 2018

Russia’s president Vladimir Putin has signaled cryptocurrency regulation to become law by July 1” this year, according to the official government publication Parlamentskaya Gazeta Feb. 28. Putin has set in stone the release date for a regulatory package, now called the Digital Assets Regulation Bill, which first appeared last year. At the same time, lawmakers in Moscow are currently preparing ICO and crowdfunding laws, some key details of which continue to cause friction between the central bank and government ministers.


Singapore, May 24, 2018

The Monetary Authority of Singapore released their new consultation paper which discusses a three-tiered system of regulation. Different market operators pose different risks and have different requirements to adhere to. Making this regulatory ecosystem more competitive and attractive will bring more companies to Singapore.


South Africa, April 4, 2018

The South African Reserve Bank (SARB) is establishing a self-regulatory organization to control cryptocurrency and fintech developments in the country. The SARB does not currently supervise or regulate cryptocurrencies, but in the interests of ensuring investor protections and preventing risk, it has opted to establish an investigative unit called Project Khoka aimed at overseeing developments in the industry.


South Korea, July 3 2018

Representative Park Yong-jin of the ruling Democratic Party of Korea revealed that the South Korean government is ready to regulate the Bitcoin market. According to Rep. Park, he submitted three revisions to build a set of regulatory frameworks for Bitcoin users and businesses to further facilitate the growth of the South Korean bitcoin market and industry. The South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers, and trades.


Switzerland, July 5 2018

Crypto companies based in Switzerland may receive access to regular banking services as early as this year. Political will and economic wisdom seem to be in place as some government officials and bankers are already working to resolve a serious issue. Swiss banks have been refusing accounts to firms from the growing crypto industry.


Thailand, May 13, 2018

Crypto regulation has come into effect by royal decree in Thailand to prevent money laundering, tax avoidance, and crime.  The 100-section law, published defines cryptocurrencies as “digital assets and digital tokens,” and brings them under the regulatory jurisdiction of the Thai Security Exchange Commission (SEC). The Bangkok Post quotes Thai Finance Minister Apisak Tantivorawong as saying that the new measures are not intended to prohibit cryptocurrencies or Initial Coin Offerings (ICOs). The Finance Minister’s position reiterates that of the country’s SEC, which has been broadly supportive of ICOs, as long as they are regulated.


United Kingdom, April 9, 2018

The Financial Conduct Authority (FCA) announced that they’d be collaborating with the UK Treasury Committee, as well as the Bank of England in drafting a discussion paper on various aspects, risks, and opportunities presented by cryptocurrencies. The UK is expected to reveal their own cryptocurrency regulations later in 2018


United States, Feb-March 2018

Regulations vary from state to state which is mainly for tax purposes and protection of financial system