State controlled mining
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.
(gtzf [2000] No.76)
departments of land and resources of provinces, autonomous regions and municipalities directly under the central government (Department of land, environment and resources, bureau of land resources and housing, bureau of housing and land resources, bureau of planning and land resources):
according to the Ministry of land and resources According to the spirit of the notice on printing and distributing the measures for recing and exempting the royalty of exploration and mining rights (gtzf [2000] No. 174) jointly issued by the Ministry of finance, the application scope of the national scarce mineral resources and other dectible mineral resources is hereby notified as follows:
I. exploration of six minerals (categories) with TFE > 50%, copper, high-quality manganese, chromite, potash and platinum group metals, And nine kinds of mineral resources (including oil, natural gas and coalbed methane) can apply for the exemption of exploration right royalty
(2) those who exploit magnesite, potash and copper can apply for rection or exemption of mining royalty (3) in order to solve the problem of drinking water for human and livestock, we can apply for exemption of exploration right fees in the areas of serious water shortage in Western China Fourthly, those who exploit low permeability and heavy oil, carry out tertiary oil recovery, and those who are engaged in CBM exploration and exploitation can apply for exemption by referring to the measures for exemption and rection of exploration right and mining right royalty 5. Coal mining enterprises with a mining area of more than 100 square kilometers and metal mining enterprises with a mining area of more than 30 square kilometers can apply for the rection or exemption of mining royalty if they have difficultiesthe application for fee rection and exemption of exploration right and mining right shall be formulated by the Ministry of land and resources
Annex: application for fee rection and exemption of exploration right and mining right (omitted)General Office of the Ministry of land and resources
September 21, 2000