How will the United States regulate virtual currency
in the United States, it is legal as long as we do not use virtual currency to carry out illegal activities. Fuyuan coin is registered in the United States, and treasure coin is also registered in the United States. However, according to relevant media reports, the Chinese Americans represented by Liu Longzhu are targeting an enterprise called Regal group. On September 29, the Chinese company in Los Angeles was seized. The company was accused of using a virtual currency called "treasure coin" to cheat investors by pyramid selling, and Jiang Kun's photo became their propaganda material. In mainland China, there are still people peddling "precious coins", but the peddler did not mention Jiang Kun to mainland buyers.
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.
With the popularity of bitcoin and other virtual currencies, the risk of fueling illegal economic activities is increasing. The reporter recently learned that the regulatory authorities will ban the domestic virtual currency trading platform
for ordinary consumers, investing in bitcoin is also risky. Many experts and regulators in China have repeatedly appealed that virtual currency trading platforms such as bitcoin are lack of supervision and have become tools for money laundering in illegal economic activities. At the same time, these trading platforms are vulnerable to manipulation by makers, resulting in huge price fluctuations and easy to make retail investors suffer losses. They have become channels for manipulation and ransacking of retail investors by makers and should be banned as soon as possible
"banning bitcoin trading platform is a channel for banning the massive exchange between bitcoin and legal tender, not bitcoin." A person close to the regulator said that the ban on activities related to bitcoin exchange does not affect the development of blockchain technology
the reporter learned from the China Internet Finance Association that the reminder on preventing the risks of bitcoin and other so-called "virtual currencies" released on September 13 said that in recent years, bitcoin and other so-called "virtual currencies" have carried out centralized transactions on some Internet platforms, the number of stakeholders has graally expanded, and the potential financial and social risks can not be ignored
the Internet Finance Association stressed: "there is no legal basis for the establishment of various so-called" currency "trading platforms in China." Investors participate in speculation through bitcoin and other so-called "virtual currency" trading platforms, and face the risk of price fluctuations and security risks. Recently, a large number of trading platforms have been stopped by the regulatory authorities for supporting the token issuance financing (ICO)
more virtual money will inevitably disturb the social order, and it is an inevitable trend to restrict virtual money< br />
in October 2013, bitcoin Bank of Australia was attacked by hackers, with a loss value of more than US $1 million. This incident has aroused the concern of bitcoin security in Australia. The Reserve Bank of Australia and the Australian tax office have said they want a virtual currency tax like a business transfer tax
Bangladesh
the Central Bank of Bangladesh banned the use of virtual currency in September 2014. Using bitcoin will be punished by law
Brazil
Brazil is one of the few countries in the world that has enacted laws related to electronic currency payment systems. Brazil has not banned bitcoin
Bolivia
for regulatory reasons, the Central Bank of Bolivia (BCB) has banned the use of bitcoin. BCB believes cryptocurrency will help business entities evade taxes
Canada
bitcoin is not considered legal, that is, bitcoin is not recognized by Canadian law. Canada's tax authorities plan to implement the same tax plan as barter trade and speculative trading for the bitcoin
China
China is one of the few countries in the world that ban bitcoin completely and prohibit financial institutions and banks from dealing with bitcoin transactions. In December 2013, the people's Bank of China issued a notice calling bitcoin & quot; Virtual goods;, And prevent it from becoming money
trading has been suspended
Ecuador has banned bitcoin, but it has chosen to set up a new state-owned electronic currency and monetary system, and the currency will be protected by the assets of the Central Bank of Ecuador
EU
at present, the EU still has different views on the classification of bitcoin. In October 2012, the European Central Bank's report on virtual currency concerns the legality of bitcoin under the EU legal framework. The European Banking Regulatory Authority issued a bitcoin risk warning, saying that the use of bitcoin has not been restricted at present
Finland
Finland has relevant regulations for the use of virtual currencies such as bitcoin. The relevant regulations are issued by the Finnish tax authority Vero skatt. Any gains arising from bitcoin transactions will be subject to capital gains tax
Hong Kong
Hong Kong has no regulations for bitcoin or any other virtual currency. However, the government is closely monitoring the use of bitcoin to prohibit money laundering, fraud and other illegal activities
India
India does not explicitly stipulate or prohibit the use of bitcoin. However, the Reserve Bank of India (RBI), equivalent to the Central Bank of India, has been forced to shut down India's largest bitcoin trading platform after it issued a notice that the use of bitcoin could cause money laundering and security problems
Israel
the Israeli tax authority is considering levying income tax on bitcoin transactions. Israeli banks even blackmail bitcoin payments
Kyrgyz
Kyrgyz central bank has banned the use of digital currency and bitcoin for the reasons of lack of centralized management, high currency risk and legal problems
Russia
the Central Bank of Russia believes that bitcoin may be used for money laundering and terrorist financing. Therefore, the Russian government banned the use of bitcoin
Taiwan
Taiwan's financial supervision commission is concerned about the uncertainty and speculation of bitcoin, so Taiwan opposes the installation of bitcoin ATM
UK
at present, there are no relevant regulations for the bitcoin. Profits or losses from bitcoin transactions are subject to capital gains tax, while the purchase of bitcoin is still subject to VAT
the U.S.
the U.S. is probably the most supportive country for virtual currencies such as bitcoin. There are no final rules on bitcoin. However, there are also many new rules for the establishment of bitcoin management framework.
there is a pickaxe in the bag. Press e to the ore, or press the left button to the ore with a pickaxe in hand to get daylight twice
when enchanting and dismantling enchanted weapons / equipment, the enchantment level will also increase. The leather belt made of excavated iron ore and the monster's fallen skin will be used to make daggers, and then the enchantment will sell for money. The most valuable thing is to dispel affixes.
In the past six months, ICO has been in full swing, and its financing speed is even beyond the reach of IPO. On July 25, the US Securities Regulatory Commission (SEC) announced that some ICO projects will be included in the regulatory system. What impact will this bring to ICO projects and even the blockchain instry
ICO (initial coinofering) is the behavior of crowdfunding by issuing encrypted tokens. It is a financing method for blockchain companies or autonomous organizations to issue initial encryption tokens and sell them to qualified participants, so as to indirectly obtain funds for project development
sec confirms that it has regulatory power over ICO, which comes from the investor announcement on ICO risk ecation and the investigation report on the ICO project the, which collapsed e to hacker attacks e to code vulnerabilities
According to the report, the SEC concted an investigation into the Dao, one of the ICO projects, in accordance with section 21 (a) of the securities and exchange act of 1934. It is now defined that the Dao token belongs to the category of marketable securities, and emphasizes that the virtual currency or token defined as marketable securities according to the factual situation will be included in the regulatory system of the Securities Regulatory Commission and be subject to the federal securities laws, Whether or not distributed ledger technology is used for distribution and salesaccording to an ICO report recently released by financial research institution automousnext, this financing mode of ICO has accumulated billions of US dollars, and tezos, the, Bancor and other projects have achieved huge financing of US $232 million, US $152.3 million and US $152 million through ICO. In the first half of 2017, as much as 2.6 billion yuan of ICO financing occurred in China
What does it mean for the SEC to bring the Dao token into the scope of regulation? What impact will it have on investors? What will happen to the whole instrial chain of ICO? In this regard, Tencent technology interviewed Mr. Tim Byun, chief compliance officer of okex, the world's leading digital asset service provider
Mr. Tim said that the SEC's report first made it clear that Dao token is a kind of securities asset. The SEC did not indicate that all tokens are securities, but many tokens can be defined as securities according to the four standards of securities on pages 11 to 15 of the securities and Exchange Commission report. In B.3, it is said that investors who buy Dao tokens invest in a general enterprise and hope to obtain reasonable income from the enterprise. Some non security tokens may not meet this standard. For example, the token buyer may expect the right to use an application rather than the benefits
Mr. Tim pointed out that the SEC's move will have four impacts:impact 1: non qualified investors in the United States may no longer be able to invest in ICO projects
for securities tokens, ICO issuers who issue and sell securities in the United States must register with the securities and Exchange Commission or obtain immunity. It also means that under the SEC's regulatory requirements, ICO projects may only be issued to qualified investors or very rich people
Second, ICO issuers may move out of the United StatesIf a token is a security, an ICO issuer that issues and sells securities in the United States must be registered with the securities and Exchange Commission or be exempt from registration. For securities tokens, if ICO issuers do not want to comply with the SEC's regulatory requirements, they can transfer the issuance activities outside the United States, and do not accept the participation of U.S. investors
Impact three: the time and cost of issuing ICO token will increase significantlyfor security tokens, the issuing time and cost of ICO tokens will increase significantly. ICO platform service providers (such as underwriters) can provide services to ensure that ICO activities comply with SEC regulatory requirements, but the cost will increase significantly and the amount of financing will decrease significantly
Impact four: ICO token trading platform will be forced to move out of the United Statesfor securities tokens, the trading platform must be registered in the United States and become a national securities trading platform, or obtain immunity. In the short run, American token trading platforms must remove securities tokens. In the long run, American token trading platforms can move out of the United States and no longer serve American customers
"calm will return after the storm." Mr. Tim said that although many instry participants and observers may disagree with the SEC's report, the US Securities and exchange law cannot be violated; I hope that the US Securities Regulatory Commission will issue another report on non securities tokens, which will make the instry more clear about how to develop. "
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