Regulatory Bans Suspensions and Amendments to Cryptocurrency Bill Across the GlobeJune 8, 2019
Indian cryptocurrency users should be expected to be imprisoned for a 10-year term if they use cryptocurrency directly or indirectly. Per the new law in India, anyone who is found to use cryptocurrency will be imprisoned.
Japan has proposed revised laws which will provide regulatory clarity concerning control over cryptocurrencies. The current amendment is concerning The Funds Settlement Act and The Financial Instruments and Exchange Act, both of these govern cryptocurrency regulation. The lower house of The National Diet of Japan has passed a bill to amend the two existing financial laws.
“Cabinet office orders determine how laws will be enforced in reality and something the Japanese crypto industry pays careful attention to after the amendment of the two laws on May 31st.”
The contents of the bill have now been passed by the majority of the Councilors in the upper house of Diet. There was a recent update in the FSA website which talked of the legislation to come in to effect on April 2020.
The term “virtual currency” according to the new law has been replaced with the term “cryptographic assets.”
Companies which store cryptocurrencies will be considered as “cryptographic asset exchanges” and therefore will be required to register and maintain a license.
Stricter regulations are kept in place for cryptocurrency margin trading. The leverage is limited to two to four times the initial deposit.
A project that would create a cryptocurrency for endogenous people was recently suspended. The suspension was endorsed by Jair Bolsonaro, The President of Brazil.
The minister acted appropriately by suspending the crypto, which was focused on teaching the Indians to use the cryptocurrency.
Bolsonaro stated, “I do not know what Bitcoin is.” But further rectified, that it was a “Virtual Currency.” The Minister, during the course of his career, has made several comments which were controversial against the “Indigenous people in Brazil.”
When talking about why the indigenous crypto project was suspended, it was stated that the contracts were not issued appropriately. Several descriptions were not added to the contract. The contract was signed between UFF and FUNAI directly, rather than going through a legal bidding process. The government also stated that the contract had been approved fairly quickly.
Rodrigo Maia, President of the Chamber of Deputies of Brazil, ordered that a commission will be established to consider cryptocurrency regulation in the country. The commission will be consisting of 34 members per the House of Rules procedure. About 34 members will be commissioned for this process per the House of Rules procedure.