1. South Korean Official Proposes Greater Cooperation for Global Crypto Regulation
An official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation. Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday, September 6, and attended by officials from 15 countries. The South Korean official stressed that country’s main aim is to “improve transparency in transactions to prevent illegal activities.” As Asia Economic TV reports, Yoon Suk-Heun urged the need for international coordination, including information sharing among countries, in preparation for the risk of money laundering that could rise as new financial products or services emerge.
2. EU Lawmaker Wants Standard Regulations to Allow ‘Passport’ for ICOs
A European lawmaker believes that new regulations for initial coin offerings (ICOs) are the key to making them more “accessible” within the European Union. Ashley Fox, a Member of the European Parliament (MEP) said that the rules would be voluntary for projects that engage in token sales, though he hopes that companies will want to abide by them if they are adopted. The MEP’s proposal would limit the proceeds for ICOs to 8 million euros, mandate know-your-customer/anti-money laundering rules, and provide token startups with access to the entire EU.
3. Uzbekistan Legitimises Bitcoin
The President of Uzbekistan, Shavkat Mirziyoyev, has now signed a decree that permits the existence of cryptocurrency exchanges and other activity surrounding the industry. The decree gives an account of the policy details pertaining to cryptocurrencies. It has also laid out a host of requirements that exchanges must have to follow in order to operate in the country. As per decree crypto activity won’t be regulated by current legislation surrounding securities and that it will instead be regulated by specific acts put into place for digital assets. The exchange license will be granted to foreign entities only if they meet certain criteria, mentioned in the decree.