Crypto Regulation: Weekly Roundup #27

Bermuda

Several smalls states have successfully established themselves as crypto friendly. As Malta, Lithuania and Panama could boost their local economy, the government of Bermuda now follows their example. With its latest amendment, the island state creates a new legal status for banks providing financial services for blockchain companies. Although Bermuda already has a decent legal framework around crypto, it is trying to do justice to the fact that access to legal financial services is the backbone of a crypto friendly economy.

Thailand

The Thai Securities and Exchange Commission (SEC) has made public the new rules and regulations for initial coin offerings (ICOs) in the country. These rules clarify the roles of ICO portals, issuers, and investors. Furthermore, the SEC will have a major role to play before and during the ICO launch in the Southeast Asian country.

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Switzerland

The country in the Alps has few natural resources and an infrastructure that is hard to maintain. Yet its citizens have one of the highest living standards in the world.

The Swiss stock exchange, SIX, announced that it is going to open its own cryptocurrency exchange. The new crypto exchange will be supervised by the Swiss Financial Market Supervisory Authority. In an official statement, the exchange representative said that the exchange will deal both digital and traditional assets. Therefore, SIX claims to start the first “all-in-one” exchange in the world. The country is known to be cryptofriendly and is already home to more than ten different crypto exchanges.

 

Kenya

As requested by the parliament, Kenya’s Treasury Secretary Henry Rotich is going to investigate the current use of cryptocurrencies in the country. Despite the lack of regulation, the use of crypto has been growing in the East African country. The secretary will table a report in parliament in a few weeks and advice the house on the way forward, especially on regulation.

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Global

Five tax enforcement agencies have formed a united alliance, the Joint Chiefs of Global Tax Enforcement, “the J5” to fight tax evasion. Hence, the five states will collaborate in collecting information, sharing intelligence, and carrying out the operations. However, it is unclear if this will result in further collaboration.

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