There are constant updates to the news and regulations revolving around cryptocurrencies. Currently, many new regulations are being put into place as more and more people are finding there are too many loopholes for thieves to get what they want. Regions such as China, Japan, South Korea, Europe and the United States are all updating the regulations for trading and selling cryptocurrency.
United States Regulation Updates
The biggest update to happen in the United States for cryptocurrency trading is that the SEC has now launched a probe. There were not too many details offered about what is involved in this probe. However, the limited information definitely suggests that they are looking very closely to the ICOs or initial coin offerings. They are also taking a close look at what roles advisors and companies have played and are currently playing in raising the funds. The ways in which these funds are being raised may not exactly meet security laws. Many individuals who are getting addicted to cryptocurrencies will do anything to come up with money for their trading and purchasing of the currency. One such way is by getting a Greenville title loan in order to have the funds they need for the purchase of the currency.
One major update in the state of Arizona is that they are now considering taxing Bitcoin trading. The state senate has passed a new bill which would allow their residents to pay for their taxes using Bitcoin or other popular cryptocurrencies in which the state deems okay. The bill is to be reviewed by the House of Representatives in the state.
Employees Of CFTC Can Trade Cryptocurrencies
As originally reported by Bloomberg, the top regulator of commodities in the United States is letting their employees invest in cryptocurrencies such as Bitcoin. Under the CFTC's ethics guidance, the employees will be allowed to trade digital tokens as long as they do not purchase them on margin or used information found at work to make their purchases.
China has had some new updates as well in the world of cryptocurrencies. They are currently working towards blocking their country from being able to trade overseas. They are targeting the trading platforms that allow for investors in their country to trade digital assets with overseas exchanges. The regulators are creating a plan to begin scrutinizing the online payment accounts of individuals and businesses that are suspected of performing these trades within offshore venues of cryptocurrency. The owners of such accounts could have their assets frozen and even risk being blocked from all domestic financial systems.
South Korea Updates
There are currently no major changes in South Korea regarding cryptocurrency regulations. However, they are active in their evaluations of finding potential regulations to impose. The country has given conflicting information about whether or not they plan to regulate the trading at all.
According to a review by the Nikkei Asian Review, there are two industry groups of cryptocurrency in Japan that have made movements to merge together in a major effort to speed up the creation of voluntary regulations. This is being done to help regain some trust from the public after the massive heist of virtual currency that happened recently. This new entity was established this month and is going to link the national Japan Blockchain Association to the Japan Cryptocurrency Business Association.