Roundup 06/09/2018 – Crypto-Positive Regulation in Asia

India questions its policy on cryptocurrencies

India forbade trading of cryptocurrencies in 2018. Exchanges and ICO-Startups are not allowed to operate in the country. However, the new technology and the new medium promises many opportunities and investors from all over the world. The biggest financial authority of the South Asian state the Securities and Exchange Board of India (SEBI) has now started to question its own narrative on cryptocurrencies. The SEBI has sent investigative teams to Japan, the U.K., and Switzerland to research their management with cryptocurrencies.

Uzbekistan legalizes crypto exchanges

The Central Asian country has set up positive regulation for trading cryptocurrencies and for exchanges. However, exchanges that want to get official licenses have to meet certain requirements beforehand. Uzbekistan requires exchanges to maintain subsidiaries in the country and the exchanges have to abide by Uzbekistan’s existing financial regulations.

Iran to acknowledge Bitcoin Mining as an Industry

Like all states that Western nations oppose or shun, Iran has a two-sided approach on cryptocurrencies. On the one hand, the country banned its banks to deal with cryptocurrencies. However, on the other hand, the country plans to implement its own cryptocurrency like Venezuela. Now the country has taken another step on crypto-positive regulation. The Middle-Eastern nation will acknowledge Bitcoin Mining as an official industry, according to a high-ranking official in Iran. It is part of a regulation that sets the fundament for Iran’s own cryptocurrency. The country suffers heavily from Western sanctions against its economy and is seeking ways to mitigate and circumvent these sanctions.