S. Korea to Support 'Normal Transactions' of Crypto

Head of the Financial Supervision Service (FSS) said the government will support the cryptocurrency industry
20 February 2018   215

South Korea's financial regulator confirmed information that the government intends to support trade in crypto-currencies and call banks to servicing stock exchanges, crypto-currency, once again refuting information about a possible ban on this type of activity. This is reported by Yonhap News.

Choe Heung-sik, head of the Financial Supervision Service (FSS), said the government will support the cryptocurrency industry. In particular, he noted that the government will facilitate the conduct of "normal transactions" using crypto currency, after the rules prohibiting anonymous trade in crypto-currencies entered into force three weeks ago.

Chow held a meeting with representatives of the crypto exchanges, where he said that the government "will support (cryptocurrency trading) if normal transactions are made."

The new system of regulation of the crypto-currency trade in South Korea began to operate on January 30. It requires the use of bank accounts tied to the real names of market participants. Anonymous traders can still participate in trades using assets that are already on the stock exchange crypto currency, but they can not work with the fiat.

Although several large exchanges are already serviced by the country's leading banks, smaller sites often do not have access to new accounts and are forced to provide services in a limited amount.

Chow, in turn, assured that the government will "facilitate" the establishment of links between the exchange of crypto-currencies and banks.

Cryptocurrency to be Regulated in France

French Ministry of the Economy and Finances creates working group to regulate cryptocurrency
22 March 2018   120

Bruno Le Maire, the French Minister of the Economy, announced the government initiative to constitute the instructions and regulations towards cryptocurrency. The group is also aimed to decrease the influence of Bitcoin and altcoins to the formal system of economy with the help of required concept. These measures would help French government to prevent tax avoidance and some other criminal activities (such as money laundering).

In an op-ed that was published in French media this week the Minister of the Economy Bruno Le Maire made a promise not to miss the blockchain revolution. He refined the reasons of the French authorities`decision to regulate the technology. According to his point of view, it is impossible for any consumer or entrepreneur to carry out a transaction, invest, develop in business being in a regulatory vacuum. The Minister also put this position on the top among the rest questions to be discussed at G20 Summit in Buenos Aires. Bruno Le Maire is sure that the role of France is to be a driving force in “building the world of tomorrow”.

The Minister is going to present his case at the G20 Summit in 2018 in Argentina. He hopes that the framework can help in decreasing illegal activity in cryptocurrencies. Le Maire also explained that the sphere of digital funds is extremely attractive for criminals.

The leader of the working group is Deputy Governor of the Central Bank of France Jean-Pierre Landau. The French Central Bank supports the Government and hopes there would be no negative impact and consequences for the traditional economy system.

The key object of cryptocurrency regulation is to limit various negative factors in the financial sphere caused by digital money, such as the price volatility. Le Maire claims that at the same time the regulation of the cryptocurrency can support the development of the technology and can even lead to the economic growth. As blockchain can destroy not only traditional daily practices in banking and financial markets, but also patents and certified acts, the French Minister of Economy urges that the working group should foresee all these changes and become “actors of this revolution”, instead of simple viewers.