It’s only a couple of days shy before we bid farewell to July. For crypto enthusiasts, this month has witnessed the happiest news in terms of cryptocurrency growth and blockchain adoption so far this year. But none of them, including even Bitcoin’s rally from $6,400 on July 1 to $8,200 today, could outshine the recent legislative revamps in different countries —which occurred almost all at the same time.
Let’s take another glimpse at the recent legislative revamps.
The Republic of Korea takes the spotlight this month as the country that exerted the most effort in revamping its law just to accommodate the needs of crypto and blockchain firms in the country.
On July 13, the country’s legislators met for an extraordinary session of the National Assembly to discuss the country’s stance regarding cryptocurrencies, initial coin offerings (ICOs), and blockchain technology. Not only that, but the legislators also committed to revamping the country’s laws underpinning the same.
True enough, the legislation announced on July 18 to revamp its law regarding the taxes imposed for firms and startups using “new growth technologies,” which include blockchain.
This will directly benefit about 157 technologies in 11 areas. Once the law gets implemented, many more key players could enter into the scene and toughen up the competition, thereby making sure that only the best will triumph and that the weaker ones would merge with one another to thrive.
Also, South Korea’s Financial Services Commission (FSC) announced that it will be creating the Financial Innovation Bureau to develop policy-making initiatives for blockchain and fintech industries.
The session is expected to end tomorrow, July 26.
The UK Law Commission published a working paper on July 19, expressing its ongoing study of the current legislation in light of its compatibility with the rapidly changing world, courtesy of blockchain technology. It will be focusing on its systems, and will be looking into using “smart contracts to execute legal contracts” to improve efficiency in its business transactions and to “increase trust and certainty.”
On July 23, the Bank of England also announced that the revamping of its Real Time Gross Settlement (RTGS) system is already in the pipeline.
The British territory in the American continent is also making waves, as David Burt, Bermuda’s Premier and Minister of Finance, appeared before the House of Assembly on July 13 to communicate the new proposed regulations on Initial Coin Offerings (ICOs).
Bermuda also passed the Digital Asset Business Act this year which was “put in place to regulate companies carrying on digital asset business and to protect the interests of clients or potential clients of these digital asset businesses,” according to Burt’s speech.
The world’s #BlockchainIsland passed the Virtual Financial Assets Act (VFAA) to regulate distributed ledger technology (DLT). Consequently, Malta became the first country in the entire world to grant legal certainty for blockchain companies.
The world picked up the news very quickly and began to express their intent to flood the island with their blockchain innovations. However, the Malta Financial Services Authority (MFSA) told the public to wait for further notice.
Europe’s second largest country is apparently supporting a new concept on cryptocurrency regulations, according to Timur Khromaev, head of Ukraine’s National Securities and Stock Exchange Market Commission (SSMCS).
Khromaev took the announcement to Facebook, explaining through a post that the concept involves recognizing cryptocurrency as financial instruments. Furthermore, the concept establishes the roles that government agencies “will play in regulating these instruments aside from licensing transaction participants and defining information disclosure conditions, among others,” another Ibinex News article read.
Other countries and organizations like the US and G20 seem to be stalling in spite of request for revamps of agencies under their umbrella.
The US Chamber of Commerce expressed its interest in ICOs and is waiting for the Securities and Exchange Commission (SEC) to make its final verdict on the matter. The Group of Twenty (G20), composed of 20 of the most powerful and developing economies in the world, admitted in the recent meeting in Argentina of the significant benefits of crypto assets to financial systems and to the overall economy.
However, the group is expected to clarify its stance in October. By that time, many more countries would have revamped their crypto and blockchain legislation in acknowledgment of the emerging “new economy and new world,” as Bank of England’s Governor Mark Carney phrased.
It’s only a couple of days shy before we bid farewell to July. This month has witnessed the happiest news in terms of cryptocurrency growth and blockchain adoption so far this year. Hopefully, August will not disappoint.
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