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Digital Currency and Blockchain Weekly Round-Up – November 9th, 2018

PBoC now targets airdrops in its cryptocurrency crackdown efforts

The People’s Bank of China (PBoC) is now targeting airdrops as part of its efforts to crack down on cryptocurrencies and initial coin offerings (ICOs) in the country, CoinDesk reported. The PBoC has released its financial stability report for 2018 in which it has highlighted the growth in disguised ICOs including airdrops – the free distribution of cryptocurrency tokens or coins.

French lawmakers push for lower crypto tax

The Finance Commission of France’s lower house of parliament, the National Assembly, has backed a plan to cut the tax on bitcoin sales, Reuters reported. The finance commission on Wednesday adopted an amendment to the 2019 budget bill that would reduce the tax on the sale of cryptocurrencies such as bitcoin to 30 percent.

South Korean lawyers urge government to establish cryptocurrency laws

South Korean lawyers urging the government to quickly establish a regulatory framework for cryptocurrencies, Reuters reported. The Korean Bar Association (KBA) is pressing for cryptocurrency laws in the country with the objective of fostering the domestic crypto industry and to protect investors.

South Korean customs officials tap blockchain technology to clear e-commerce goods

South Korea’s Ministry of Science and ICT, in collaboration with the Korea Customs Service (KCS), has announced its plans to build a blockchain-based e-commerce goods customs clearance system. The main goal is to automate the existing system to reduce the inefficiencies in clearing goods purchased through direct buying at overseas online stores, according to Aju Business Daily.

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Mauritius Financial Services Commission to issue custodian services licence for digital assets

Mauritius’ Financial Services Commission (FSC) has published a draft on regulatory framework for ‘Custodian Services (Digital Assets) Licence’ and is seeking public feedback on the same. The consultation period will conclude on 30 November 2018.

Switzerland’s FINMA recommends 800 pct risk weighting for bank crypto trading

The Swiss Financial Market Supervisory Authority (FINMA) has issued guidance for banks that engage in cryptocurrency trading, reported. When calculating loss-absorbing capital buffers, banks should risk weight crypto assets at eight times their market value, the regulator said in a recently issued letter to EXPERTsuisse, viewed by the news portal.

Taiwan amends AML/CFT law to crack down on anonymous cryptocurrency transactions

The Legislative Yuan, the Taiwan-based unicameral legislature of the Republic of China, has passed amendments to the country’s existing anti-money laundering and terrorism financing prevention laws that regulate cryptocurrency transactions, Focus Taiwan reported.

Research Studies


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