This week in crypto regulation: calendar week #25

June 16th

USA

The State of Michigan could secure the immutability of the blockchain by law. The congressman Curt VanderWall introduced the law. It intends up to 14 years prison sentences for violations. As of now, there is little regulation regarding cryptocurrencies in the USA. Now, Michigan could secure the immutability of the Blockchain by law. Something that is close to impossible anyway with relevant cryptocurrencies.

June 18th

Russia

Russia’s two largest banks Sberbank and Alfa Bank will offer their clients Crypto Portfolios. Their customers will not be able to buy cryptocurrencies directly via these banks. Instead, they can buy shares of a fund that trades the biggest cryptocurrencies. Surprisingly, the manager of Alfa Bank said that they want “to speed-up the recognition of the digital assets as legitimate financial assets as soon as possible”. Russia is known to be a very crypto-friendly country. As even Russia’s president approves cryptocurrencies.

Global

The Bank of International Settlements stated in its annual report that cryptocurrencies will never replace money. The report contained two major arguments. According to the report, cryptocurrencies are not scalable. The more people would use them, the worse they would perform. The second argument of the report is that cryptocurrencies cannot address the demand of an economy and cannot be adjusted to necessary financial policies.

South Korea

South Korea struggles with the implementation of AML (anti money laundering) and KYC (know your customer) regulations. After sanctions from the United States the Korean government wants to improve its collaboration with the United States. As of now Korea seems to struggle with the implementation of the new law. The problem seems to be that banks and exchanges do not

have enough personal to conduct AML/KYC processes.

Korea

June 22nd

South Korea

The government of South Korea has launched investigations into the increased cases of Crypto hacks in the country. The country’s Crypto Exchanges have become victims of the recent hacks leading to the loss of virtual currencies worth millions of dollars. The government will also carry out security checks on the individual Crypto exchanges’ system.

Read more.

Europe

War against the use of Cryptocurrencies for money laundering in Europe has gained momentum after the region’s law enforcement agency joined with major exchanges, payment processors, and even digital wallet providers. The two groups took part in the three-day seminar on Cryptocurrencies and cybercrime that started on Tuesday in the Hague.

Read more.

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