Global CryptoReg Roundup #005

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The Global CryptoReg Roundup is a weekly digest of crypto-focused political, regulatory, and legal news from across the globe.

No frills or needless exposition. Just the facts (ma'am)....

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Australia

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• Victoria’s consumer affairs regulator receives numerous report of Bitcoin scams, raises concerns.

• ACMA is investigating bitcoin sports betting site JustBet for claiming to be registered in Australia.

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Japan

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• FSA orders two exchanges to temporarily halt operations, five others ordered to improve security measures.

• Coincheck begins reimbursing victims of January hack.

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South Korea

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• Government officials banned from trading and hodling crypto.

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China

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• Member of of the PCC, China’s main political advisory, proposes creation of national crypto exchange.

• Regulators are blocking social media accounts operated by crytpo exchanges.

• Additional exchanges shut down after Binance hack.

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Thailand

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• New regulations expected to define crypto as digital assets, not currency.

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Russia

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• Finance Ministry drafts to criminalize the use of crypto as a money substitute.

• Supreme Court to rule on case impacting the restriction of crypto websites.

• President Putin indicates that crypto regulations to take effect by July 1.

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Kenya

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• While not legally recognized as currency, gains from crypto will trigger income tax liability.

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Sierra Leone

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• First ever Presidential election held using blockchain technology.

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European Union

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• European Banking Authority head pushes back on calls for regulating cryptocurrencies.

• European and American regulators working jointly to fight crypto fraud.

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Finland

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• Prasos Oy exchange in jeopardy of shutting down as banks refuse to do business.

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The Netherlands

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• Finance Minister pushes for ICO regulations to protect investors.

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Belgium

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• FSMA issues warning that 19 crypto exchanges have “established indication of fraud”.

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Canada

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• New Brunswick regulator issues investor warning against Bitcoin-bank.io and its BTCB coin.

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United States

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• Class action lawsuit filed against Coinbase, alleges insider trading in connection with the Bitcoin Cash (BCH) listing.

• Federal judge rules that cryptocurrencies are commodities, and thus may be regulated by the CFTC.

• CFTC commissioner calls for exchanges to self-regulate.

• SEC declares that cryptoassets are securities and exchanges must register with them.

• Illinois becomes latest state to consider accepting bitcoin for tax payments.

• Arizona bill to accept bitcoin for tax payments passes through House committee.

• Wyoming Legislature passes “utility token bill”, exempting some tokens from securities laws.

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Brazil

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• HashBrasil’s mining operation shut down by regulators.

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Venezuela

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• Legislative body at odds with President Maduro, declares Petro coin unconstitutional.

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The following coins have been reported to adopt many Ponzi-style attributes:

• MasterCoin+
• MIGS

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• Twitter facing onslaught of crypto impersonation scams, vows to combat them.

• Security Researcher: 50,000 Wordpress sites likely infected by malware to mine Monero (XMR).

• In wake of missing funds for account holders, Binance denies hack and fingers malicious trading bots. Binance posts a $250,000 bounty for info leading to arrest of the perpetrators.

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• Canadian exchange creating blacklist of wallets to fight Fentanyl epidemic, pushing other exchanges to create global database.

• Fishcoin utility token aims to combat fraud & waste in the seafood industry

• Ethereum founder Vitalik Buterin presented a scaling solution to help exchanges become more resistant to hacks.

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Thoughts, comments, and corrections are always appreciated. Cheers!

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