Regulation ECHO – IWF against Bitcoin profit

In the past week, a lot has happened around the globe in terms of regulation. In our regulatory ECHO, we look back at the end of the week and summarize what was said, thought or decided, when, where and by whom.

Mexico: Central Bank announces stricter rules for Bitcoin profit

In Mexico, crypto exchanges and banks offering Bitcoin profit will have to obtain permission from the Banco de Mexico – Banxico for short – in future. The Mexican government has announced that the central bank will be responsible for controlling all crypto transactions in the future. In order to obtain Banxico’s permission, crypto companies must submit a Bitcoin profit business plan showing what services they offer and how they intend to verify the identity of their customers.

USA: Crypto companies set up lobby group
Several US crypto companies have come together in the US capital Washington D.C. to form an interest group. The group of prospective lobbyists includes Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs. The aim of the group is to deepen the legislator’s understanding of the blockchain. They also want to remove barriers between the cryptoscene and politics.

South Korea: Questioning crypto start-ups about ICOs
Government authorities in South Korea are conducting a large-scale investigation into Initial Coin Offerings in the country. Among other things, they also make contact with local crypto exchanges and trading centres. As part of the survey, they are asked to take part in the wide-ranging survey with a total of 52 questions. Caution is required on the part of the stock exchanges – as ICOs are banned in South Korea, misconduct could lead to punishment on the part of the stock exchanges.

China: Government blocks WeChat accounts of Bitcoin profit crypto companies

The government is blocking more and more accounts of Bitcoin profit companies with the messaging app WeChat. Among the blocked channels are at least eight news Bitcoin profit sites about crypto currencies and also a channel of mining giant Bitmain. According to the official agency of Tencent – the parent company of the messaging app – the blocked channels would violate „national interests“ and „public instructions“.

Japan: Financial market supervision expands crypto team
The Japanese Financial Services Agency (FSA) is once again selecting the personnel responsible for monitoring crypto activities. This is to take account of the fact that more and more block-chain companies are applying for the necessary licensing by the supervisory authority. So far, the FSA has been able to investigate 16 cases, while 160 are still waiting to be processed.