During the month of May, the cryptocurrencies market was part of the agenda around the world. In some countries, such as Egypt and Japan, the laws are being evaluated and modified according to local analysis. Whereas in India and in Russia, there are new requests and claims regarding these countries’ legislation drafts related to crypto. Check out the news on the topic that were highlighted this month.
Egypt evaluates new rules for transactions with cryptocurrencies
In Egypt, there is a draft legislation version being processed that determines the creation, promotion or operation of platforms to issue or negotiate cryptocurrencies. Those platforms should be conditioned upon previous licenses and submitted to the local Central Bank. According to the new proposal, the Central Bank also has the right to issue rules governing transactions involving cryptocurrencies in the country.
Japan approves new amendments to the current legislation on cryptocurrencies
On the other hand in Japan, congressmen approved new laws’ amendments regarding the cryptocurrencies transactions in the country. The amendments in two of Japan’s financial laws- The Law of Financial Instruments and Exchange and the Law of Payment Services – aim to strengthen local regulations on cryptocurrencies trading. The changes allegedly extend the regulation by adding standards to the cryptocurrencies margin of trading. The new law also includes a change in the terminology related to crypto, altering the term virtual coins to “crypto assets”.
Group asks Bank of India to reconsider cryptos in regulatory sandbox
In India, a group of lobbyists is requesting to the Reserve Bank of India (RBI) to reconsider the ban on cryptocurrencies in regulatory sandbox. Recently, the RBI revealed that would allow tests of the blockchain technology to a small number of consumers. However, the cryptocurrencies, exchanges and initial currency offering are not included in the project.
Crypto regulation is deferred in Russia
Russia postponed the adoption of a crytocurrencies legislation due to the legal demand by the Financial Action Task Force on Money Laundering (FATF). The group ordered the Russian lawmakers to expand the terminology of the federal bill draft on the regulation of crypto assets, demanding the country to legislate about important terms in the industry, such as crytocurrencies and Bitcoin. The main project of Russia’s encryption has been approved by the Russian Parliament in May 2018, but was sent back to its first- reading after reports on the absence of important concepts such as crypto mining, cryptocurrencies and tokens. Anatoly Aksakov, President of the Financial Market Committee of Duma, revealed that the Russian authorities needed to postpone the second-reading of the bill due to the recent request of the FAFT.