Golden Finance Blockchain August 27th reported recently, the regulation of the cryptocurrency industry in various countries has become tighter. In China, the China Insurance Regulatory Commission, Central Network Information Office, Ministry of Public Security, Bank of China and General Administration of Market Supervision jointly issued the “Tips on Preventing Risk Raising with Virtual Currency and Blockchain protection”; Whereas in Singapore, the Singapore Exchange and the Monetary Authority of Singapore have partnered with Anquan, Deloitte and Nasdaq to use clear ledger technology to clear tokenized securities. And also in Hungary, the Hungarian Ministry of Finance has indicated that they will explore into cryptocurrency regulation, but also to emphasize that virtual currency will not be considered legal tender.
Singapore collaborates with Anquan, Deloitte and Nasdaq to clear tokenized securities through distributed ledger technology
The Monetary Authority of Singapore (MAS) and the Singapore Exchange have announced a partnership to allow financial institutions and corporate investors to process exchange transactions and liquidate tokenized digital currencies & securities assets. The two organizations will work closely together to improve the efficiency of business operations and reduce settlement risks.
According to relevant press releases, mainstream financial companies Anquan, Deloitte and Nasdaq have been appointed as technical partners for clearing projects in Singapore. The project is expected to submit a research report which to explore the possibility of a smart contract automated delivery and payment (DvP) settlement process, while also to identify key design factors to ensure flexibile operations and enhancements by November.
Tinku Gupta, technical director and project president of the Singapore Exchange, said:
“The project will deploy blockchain technology to effectively link capital transfers and securities transfers, therefor to eliminate the risks of buyers and sellers in the delivery and payment processes. This is actually a collaborative innovation that involves multiple industries and users to gather and promote the ecosystem.”
Sopnendu Mohanty, chief financial technology officer of the Monetary Authority of Singapore, said:
“Blockchain technology is revolutionizing the way financial transactions are executed today, and seamless trading across blockchain technology will open up a whole new business opportunity. The participation of three well-known technology partners will definitely achieve this goal. Singapore is a country that has strong skilful talents and expertise. I hope to see financial technology industry would develop further, and with development of innovative blockchain applications it would create new opportunities to regain profit.”
Domestic regulators warned illegal encryption crowdfunding activities
Last week, China Insurance Regulatory Commission, Central Network Information Office, Ministry of Public Security, Bank of China and General Administration of Market Supervision jointly issued on the “Tips on Preventing Risk Raising with Virtual Currency and Blockchain protection”, which mentioned the speculation block. The main characteristics of high risk chain concepts are illegal fund-raising, pyramid schemes and fraud, including cross-border, etc.
Hungarian’s Ministry of Finance refuses to recognize cryptocurrency as legal tender
According to local media reports in Hungary, the Ministry of Finance has stated that Bitcoin and other cryptocurrencies will not be treated as legal tender.
In addition, Hungarian’s Ministry of Finance also said they are exploring the regulatory framework for cryptocurrencies and issued a statement saying:
“Hungary is currently studying on the regulatory encryption tools. The central bank, tax authorities, the Ministry of Finance and other regulatory agencies have formed a joint working group to assess the legal, economic, law enforcement, money laundering issues related to cryptocurrencies and newly introduced to more detailed Regulatory initiatives.”
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