Thailand Begins Legal Process to Regulate and Tax Cryptocurrency
- The cabinet of Thailand has principally approved two royal decree drafts aimed at regulating cryptocurrency transactions and imposing taxes on capital gains from crypto investments.
- According to the Bangkok Post, the effort to push legislation to foster a regulatory framework for cryptocurrencies comes at the behest of Thai deputy prime minister Wissanu Krea-ngam telling the cabinet about the need to ‘comprehensively regulate’ cryptocurrencies and ICOs with a new law.
- Before its approval into law, the royal decree drafts must be reviewed and vetted by Thailand’s Council of State, a number of qualified law councilors with experience in areas including law, economics, social sciences and more.
- The drafts will also be formally reviewed and discussed by the country’s financial authorities including the Finance Ministry, the Bank of Thailand, the Securities and Exchange Commission and the Anti-Money laundering Office – jointly with the Council of State – as early as next week, as assigned by the cabinet.
Japan to Urge G20 Nations to Prevent Cryptocurrency in Money Laundering
- Japan plans to urge its G20 counterparts next week to strengthen efforts to prevent cryptocurrencies from being used for money laundering, according to a government official, Reuters reported.
- One official said the discussion will address consumer protection and anti-money laundering measures, as opposed to cryptocurrency trading’s impact on the banking system.
- Policymakers in Japan are wary that while G20 nations agree action is needed, member nations have different levels of strictness in their regulations, creating loopholes for money laundering, according to one official.
- A European Union official said a short-term strategy could apply rules on anti-money laundering and terrorist financing, and warn consumers about the risk of trading cryptocurrencies and prevent banks from holding them.
- The challenge nations face, according to Japanese officials, is to apply regulations to prevent illicit activity and protect consumers without undermining cryptocurrency and fintech innovation.
‘Fight Fire with Fire’: IMF Chief Lagarde Calls for Blockchain-Powered Bitcoin Regulation
- Christine Lagarde, the IMF’s managing director, wrote in a Tuesday blog post that she believes regulators can use blockchain or other distributed ledger technologies (DLT) to regulate Bitcoin and other cryptocurrencies and prevent them from being used in connection with money laundering and other financial crimes.
- Elsewhere in the post, which bears the ominous title “Addressing the Dark Side of the Crypto World,” Lagarde explained that she believes DLT and other digital technologies can be used by financial regulators across the globe to “communicate seamlessly” and create registries of customer information and digital signatures that would be linked to biometric information.
- On Tuesday, Japan became the latest country to announce that it will formally call for G20 members to discuss international cryptocurrency regulations at the group’s upcoming finance summit.
Thai Law to Regulate [Legalize] Cryptocurrency, ICO Markets Coming in April
- The governor of Thailand’s central bank has confirmed an upcoming law to ‘comprehensively regulate’ cryptocurrency as a former Thai finance minister throws his support behind the idea.
- Bank of Thailand governor Veerathai Santiprabhob has revealed details of a meeting between the country’s deputy prime minister, finance minister and other related agencies last week wherein the regulators reportedly agreed to ‘enact a new law to comprehensively regulate’ cryptocurrencies.
- The central bank chief added that the new law – which will look to grant Thailand’s ICO-friendly Securities and Exchange Commission (SEC) total regulatory powers – is expected to be finalized in a month’s time.
- In an interview last week, the chairman spoke of discussions between the body and Thailand’s Securities and Exchange Commission (SEC), the Bank of Thailand (the central bank) and the Finance Ministry with a focus on regulation for the cryptocurrency sector brought on by the SEC.
UK watchdog wants disclosure rules for political ads on social media
- The UK’s data protection agency will push for increased transparency into how personal data flows between digital platforms to ensure people being targeted for political advertising are able to understand why and how it is happening.
- The commissioner was giving her thoughts on how social media platforms should be regulated in an age of dis(and mis)information during an evidence session in front of a UK parliamentary committee that’s investigating fake news and the changing role of digital advertising.
- She did confirm that a data request by US voter and professor David Carroll, who has been trying to use UK data protection law to access the data held on him for political ad targeting purposes by Cambridge Analytica, is forming one of the areas of the ICO enquiry — saying it’s looking at “how an individual becomes the recipient of a certain message” and “what information is used to categorise him or her, whether psychographic technologies are used, how the categories are fixed and what kind of data has fed into that decision”.
Mexico´s Congress Approves Cryptocurrency, Crowdfunding Regulations
- Mexico’s lower house of Congress recently approved a bill that’s set to regulate the financial technology (fintech) sector in the country.
- The law will give fintech companies greater regulatory certainty surrounding issues such as cryptocurrency-related rules, payment methods, and crowdfunding.
- Financial institutions will, under the law, be able to use client information from large banks through APIs, as long as the users agree.
- Per legal news service JURIST, it will also mean that the country’s central bank, Bank of Mexico, will be allowed to decide which cryptocurrencies the country’s exchanges list.
- Commenting on the bill, Mere stated that it will “allow better services, better costs and more inclusion.” Some of the law’s backers note that financial services will improve in the country, as new players will be able to compete with traditional banks.
BOE's Carney: Time to Hold Cryptocurrencies to Financial System Standards
- Bank of England Governor Mark Carney does not support a ban on cryptocurrencies, favoring instead what sounds a lot like patchwork regulation.
- Carney made his largely sanguine remarks on crypto virtually, seemingly on cue, March 2 before students at the inaugural Scottish Economics Conference, an audience who he pointed out may very well own bitcoin, ether or Scotland’s digital currency Scotcoin.
- Speaking on a topic he entitled “To Isolate, Regulate or Integrate,” Carney decided that isolating society in a jurisdiction from cryptocurrencies could do more harm than good, pointing to China as an example of what not to do.
- Instead, Carney points to a “better path,” one that is comprised of regulation for components of the cryptocurrency market to fight fraud and support market integrity and security for the financial system at large.
Transport safety rules sidelined indefinitely under Trump as part of a sweeping retreat in regulations
- But the rule requiring new trucks to have speed-limiting software would actually have economic benefits, according to a DOT estimate prepared two years ago.
- After the comment period closed, DOT said it would repeal a 2015 rule opposed by freight railroads requiring trains that haul highly flammable crude oil be fitted with advanced braking systems that stop all rail cars simultaneously instead of conventional brakes that stop cars one after the other.
- The advanced brakes can reduce the distance and time needed for a train to stop and keep more tank cars on the track in the event of a derailment, DOT said two years ago when it issued the rule.
- The advanced brakes also have significant safety benefits DOT didn't consider, Risch said, including the ability to prevent runaway trains like the improperly secured oil train that derailed in Lac Megantic, Canada, in 2013, igniting a fire that killed 47 people.