Editor’s Note:
Daily insights on global ICO, crypto funds, exchanges, and banking regulations, in collaboration with Singapore’s New Asia Law Firm.
Asia
India’s Crypto Regulations Likely by December 2018
Per BTC Manager, India’s long-awaited cryptocurrency regulations may finalize by late 2018. While the government embraces blockchain technology, a Finance Ministry panel evaluates separating blockchain and crypto frameworks for clearer policies.
👉 Explore how global crypto hubs are shaping regulations
Saudi Arabia Declares Bitcoin Transactions Illegal
A joint committee including Saudi Arabia’s Capital Market Authority and Monetary Agency reaffirmed the ban on cryptocurrency transactions, citing regulatory and financial stability concerns.
South Korea’s Jeju Island Seeks Blockchain Special Zone Status
Jeju Governor Won Hee-ryong proposed designating the island as a blockchain/crypto hub during a high-level government meeting. The plan includes forming an expert alliance to position Jeju as Korea’s crypto innovation center, mirroring Switzerland’s Crypto Valley.
Americas
Venezuela Drafts Bill for Crypto Central Bank
Legislator Hermann Escarrá revealed constitutional reforms to establish a cryptocurrency-focused central bank, aiming to stabilize the economy amid hyperinflation.
Market Developments
Caribbean Central Bank Partners with Fintech Firm for Digital Currency
Barbados-based Bitt signed an MoU with the Central Bank of Curaçao and Sint Maarten to develop a central bank digital currency (CBDC). The project targets reducing cash usage and enhancing inter-island AML-compliant transactions.
👉 Discover how CBDCs are revolutionizing finance
Japan’s Alt Plus Launches Employee Crypto Token
Alt Plus will introduce Communitio, an internal token using SoftBank’s payment system. Employees earn tokens for contributions, redeemable at company facilities or traded peer-to-peer.
FAQs
1. Why is India delaying crypto regulations?
India seeks balanced adoption—promoting blockchain while mitigating crypto risks like fraud and tax evasion. The Finance Ministry’s panel aims for a nuanced framework.
2. Is Bitcoin legal in Saudi Arabia?
No. Saudi authorities prohibit all cryptocurrency transactions, citing lack of oversight and potential misuse.
3. What’s the goal of Jeju Island’s blockchain zone?
To attract crypto businesses, foster innovation, and position Korea as a blockchain leader without relaxed regulations.
4. How will Venezuela’s crypto bank function?
Details remain unclear, but the proposed bank may manage state-backed crypto assets to circumvent sanctions and inflation.
5. Are employee crypto tokens like Communitio taxable?
Yes. In Japan, such tokens are considered taxable income if exchanged for goods/services or traded externally.
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