Now the blockchain industry can be said to enter the "deep autumn." For example, chain reform, local block industry fund conference, blockchain project investment matchmaking meeting, etc., the scene is not a "cool" atmosphere. Although this aspect is due to the immature development of blockchain technology, the project can not be applied in practice; on the other hand, the regulatory trend of the domestic blockchain industry has tightened, and the lack of living soil for related projects is also an important reason. The East does not shine in the West. Compared with the domestic, what is the foreign blockchain regulatory policy? Is it also lacking living soil like the domestic one? To this end, the interval set combs the relevant regulatory news events including the United States, Japan, Germany, France, the United Kingdom, Canada, Singapore, Russia and so on.

 

From this, we found that most countries are not very "cold" about ICO financing. Now many countries have actively guided the market funds to regulate the admission by improving various ICO financing infrastructure. For example, the US authorities allow stable currency issuance, allowing Bitgo to carry out asset custody business; for example, France is adopting legislation to formulate ICO guidelines to create a friendly environment for enterprises.

 

If you go back a year ago, the sights at that time made it hard to think of the recent regulatory policies. In a year, countries with more developed market economies have begun to realize that digital finance, represented by blockchain technology, is coming, and is improving its infrastructure and striving for the first wave of this digital financial wave.

 

So, does the domestically-regulated blockchain industry mean much behind? I thought that this view was biased. The tightening of the blockchain regulatory situation is largely influenced by the macroeconomic policies of preventing systemic financial risks, and it is difficult for the big country system to turn around. It is expected that with the gradual resolution of systemic financial risks in the next few years, the digital financial industry represented by the blockchain will pick up, and China will catch up.

 

In addition, in terms of talents and technology, we are not bad, and there are certain advantages. What is more important is the market demand. In the era of industrial transformation, almost all of the real industry is not good. If you want to successfully jump out of the mud, you can't do without the support of funds. Digital finance will allow the physical industry to obtain funds through lower cost and more convenient channels.

 

Of course, some people say that P2P was also used in the slogan when it was born. It was a blood transfusion for the real economy. The end result was a chicken feather. In the past few months, the news of the thunder has been constantly updated. The author believes that the blockchain is not P2P and the two cannot be equated. Since the birth of the blockchain, P2P has different genes, P2P is centralized, and blockchain is decentralized. This is the essential difference between the two. This is also the core value of the blockchain, sacrificing efficiency, sacrificing energy consumption, isn't it just to achieve this?

 

Recently, the People's Bank of China held a symposium on private enterprise financial services. Yi Gang stressed that financial institutions should further increase financing support for private enterprises and do a good job in financial services. Major banks should play a leading role, accurately grasp the development characteristics of private enterprises, improve their risk pricing capabilities, innovate financial products and services, build a business sustainable model for private enterprises, and provide better financial services for private enterprises. To achieve this goal, no new financial technology application will not work. The energy released by the new financial technology without blockchain is also limited. The blockchain is not "cool", it is accumulating heat, it is self-evolving, and it is growing with regulation. Wait patiently and the results will be self-sufficient.

 

United States

 

Comments:

 

US regulators have always adopted a relatively neutral attitude toward the development of cryptocurrency, neither strictly restricting its development nor breaking its own bottom line. From the situation in recent months, on the one hand, the regulatory authorities actively promote the establishment of the cryptocurrency infrastructure, so that institutional funds can enter the market safely; on the other hand, the cryptocurrency ETF application has always been cautious. Now, financial derivatives and asset custody are becoming the new blue ocean competing for Wall Street.

 

Related news events:

 

On September 13, blockchain security company Bitgo announced that it has obtained approval from US regulators to provide cryptocurrency hosting services.

 

On September 10, the New York Financial Services Department (NYDFS) approved two stable currencies, both linked to the US dollar and subject to US law.

 

In early August, Bloomberg reported that Goldman Sachs is considering hosting services for cryptocurrencies.

 

Throughout August, the US Securities and Exchange Commission has rejected a total of nine bitcoin ETF applications.

 

At the beginning of July, Blackstone Group, the world's largest asset management company, was setting up a cryptocurrency working group after changing its previous critical attitude. Coinbase is taking the road to compliance exchanges with utmost restraint and is exploring the custody of institutional investors.

 

Canada

 

Comments:

 

Unlike the United States, Canada is slow in cryptocurrency regulation and the relevant regulatory framework is not perfect. However, civil society organizations are actively promoting the implementation of the regulatory framework. Currently, BRI, the Canadian blockchain research institute, has submitted detailed research recommendations to the Federal Ministry of Finance.

 

Related news events:

 

On September 10th, Canada's first regulated bitcoin fund has now acquired the status of a mutual fund trust, enabling high net worth investors to hold bitcoin investments in their registered accounts. The fund also includes a registered retirement savings plan and a tax-free savings account.

 

On August 31, the Canadian government postponed the issuance of regulations on cryptocurrency and blockchain companies, which are reported to be published in the Canadian government gazette at least until the end of 2019.

 

April 8 OSC said that Canada's unauthorized cryptocurrency transactions may face legal risks.

 

In February of this year, Bank of Montreal, Scotiabank and Bank of Toronto, Canada, banned the use of debit cards and credit cards to purchase cryptocurrencies.

 

United Kingdom

 

Comments:

 

The UK does not have too strict control over the development of digital currency, and regulation is relatively mild. The “Regulatory Sandbox” was pioneered by the UK, and as long as it is in the sandbox, innovative companies can be protected from the original legal norms within a certain range. Both cryptocurrencies and tokens in the UK are considered private currencies, and ICO issuers operate on their own interpretation of the law and bear the policy and legal risks.

 

Related news events:

 

On September 11, the US Treasury Secretary of Economics John Glen said that the Chancellor of the Exchequer has not yet had any formal discussions with the Bank of England on the state-backed digital currency.

 

On September 13th, the CEO of the UK's Financial Markets Regulatory Authority (FCA) called for cryptocurrency investors to adopt a balanced approach to reduce risk while gaining revenue. Don't follow up blindly and don't quit blindly.

 

On July 4th, at the UK Ministry of Finance's Digital Currency Hearing, a member of parliament said that the UK's digital currency regulation is lagging behind.

 

In July, the UK Financial Supervisory Authority (FCA) approved 11 blockchain and distributed ledger technology related companies to enter the regulatory sandbox, the latest in the fourth batch of startups to join the regulatory sandbox.

 

France

 

Comments:

 

France is actively embracing cryptocurrencies compared to other countries. A few days ago, France’s plan to develop guidelines for the ICO also undoubtedly illustrates this point. It is reported that this law was promoted by President Mark Long and aims to create a better corporate atmosphere for France. The French government's guidelines for ICO have largely spurred confidence in blockchain financing. From here we also see that the French government attaches great importance to the new financing method of ICO and wants to build the ambition of the world financial center.

 

Related news events:

 

In September, the French Finance Minister announced that French lawmakers passed a law setting guidelines for the ICO.

 

In July, the Deputy Governor of the Bank of France presented a report to the French Minister of Economy and Finance that the digital currency will have a revolutionary impact on the technology and economy. Although its future cannot be foreseen, some development trends deserve close attention.

 

In July, the French financial market regulator recently warned the French public that more cryptocurrency investment websites are not authorized to operate in the country.

 

Germany

 

Comments:

 

Germany is gradually regulating the cryptocurrency market, and through a series of measures to improve the infrastructure of cryptocurrency applications, including legal, financial technology and other aspects.

 

Related news events:

 

In August, Boerse Stuttgart, Germany's second-largest stock exchange, is expanding its cryptocurrency-related investments, announcing that it will establish a “multilateral regulatory exchange” for cryptocurrency storage services. In addition, Boerse Stuttgart also announced that it will develop a token distribution platform.

 

In May, German regulators said they needed a case-by-case review of crypto tokens. Reviewing the first token issue based on the individual case to determine which legal framework to apply may be based on banking law, asset management law, insurance law and payment service law.

 

In April, the German Federal Financial Supervisory Authority authorized Munich-based BITREAL Capital GmbH to conduct marketing and registration operations and operate a digital currency and real estate hybrid fund called Opportunities fund 1 (BREBCO 1).

 

Japan

 

Comments:

 

At present, the domestic voice of ICO is high, and the Japanese financial sector is also trying to prudently standardize token financing. Therefore, in the following period, Japan's ICO will be standardized and institutionalized. This will provide reference for other national regulatory authorities.

 

Related news events:

 

On September 13th, in the 5th Digital Currency Dealer Seminar of the Japan Financial Services Agency, the Official Autonomous Association Japan Digital Currency Trading Association announced the Association's self-governing regulations, which prohibit high-anonymity currency transactions and a description of 4 times margin trading. The association also stated that it will discuss ICO related usage rules.

 

In June, six exchanges, including Japan's largest bitFlyer, received rectification. The bitFlyer was checked for problems in the security system, involving issues related to preventing money laundering, terrorist financing, and unauthorized access.

 

On May 7, the Financial Services Agency (FSA) will further regulate domestic cryptocurrency exchanges. The new regulation requires exchanges: in case of suspicious fluctuations, the customer accounts are monitored multiple times a day; the customer assets are managed separately from the exchange assets; and the cryptocurrency positions are stored only online.

 

Russia

 

Comments:

 

Compared with other developed economies in the West, Russia's digital currency regulation is relatively tight, and the relevant news in recent months has not shown signs that the next policy will be loose.

 

Related news events:

 

On September 16, Russia proposed an alternative to the draft digital currency regulation. In Moscow, Russia, managers of major Russian companies have developed their own version of the Digital Financial Assets Act, which contains the legal term “cryptocurrency” and distinguishes it from tokens.

 

Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, said in an interview with local media on July 18 that there is currently no plan to develop a “single” tax framework for digital currencies.

 

On May 22, the Russian State Duma passed the draft digital financial assets law in the first instance. The Act stipulates that digital financial assets (according to the draft law, which include cryptocurrencies and tokens) can only perform one transaction and currently refer to transactions that convert tokens into rubles or foreign currencies.

 

Singapore

 

Comments:

 

As Asia's largest commodity and futures trading market, and also the most important currency trading center in Asia, Singapore has been actively embracing digital currency in recent years. On the one hand, the local regulatory authorities actively reduce the threshold for entry into the digital currency market, and on the other hand actively manage digital currencies that do not meet regulatory requirements. It is expected that Singapore will also lead in the digital financial era, and the local area will also be one of the regions where digital currency is suitable for development.

 

Related news events:

 

On September 19th, the head of the Singapore Monetary Authority (MAS) said that MAS divides tokens into application-type tokens, payment-type tokens and securities-type tokens. MAS does not intend to regulate application-type tokens, but the Payment Services Bill will be developed by the end of the year to use payment-type tokens. Securities tokens apply to the existing Singapore Securities and Futures Act.

 

On September 19th, the National University of Singapore (NUS) announced the creation of a blockchain research center called “Cryptographic Currency Strategy, Technology and Algorithms” or “CRYSTAL Center” to become the world's most important blockchain research center. One.

 

On May 24th, MAS published “Warnings for Digital Currency Exchanges and Issuers of First Currency Issues”. It is warned that Singapore's eight digital currency trading providers will ban the listing of digital currencies with securities and futures properties without the authorization of the MAS.

 

In May, the Singapore Monetary Authority (MAS), the central bank, proposed to revise existing regulatory rules to ease market entry barriers for blockchain-based and decentralized exchanges.