Iran takes an important step, Canada procrastinates

In the past week there has been a lot of regulation around the globe again. In our regulatory we look back to the end of the week and summarize what was said, thought or decided when, where and by whom.

The Head of the Cyberspace Supreme Council of the Islamic Republic of Iran has officially recognized cryptocurrency mining. For example, Abolhassan Firoozabadi told local media that several Iranian ministries saw mining as a commercial activity, including the Economic, Financial and Energy ministries. However, this regulation was not officially cast in a law yet.

The Financial Services and Markets Authority (FSMA) has expanded its “black list” with fraudulent crypto projects. A total of 28 new cryptocurrencies have now been added to assets accused of violating applicable law. At the same time, the FSMA also warns of what it calls the current “hype” of cryptocurrencies.

People’s Bank of China (PBoC), China’s central bank, continues to expand its cryptocurrency research. In addition to the location in the capital Beijing, another center is opened in the more southerly Nanjing. There will also be the development of blockchain projects for specific applications.

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The Filipino Securities and Exchange Commission (SEC) has issued a bill that would give official status to crypto exchanges operating in the country. Accordingly, the Exchanges would be registered as trading platforms and regulated accordingly. For the people of the Philippines, that would make it easier to acquire cryptocurrencies.

The original intention was for the Canadian government to introduce general regulation for cryptocurrencies and assets by the autumn. However, according to current information, this will be delayed until 2020. Canada cites Canada’s next parliamentary election next year. According to this, cryptoregulation should only come about when the new parliament has been constituted.

Anti-money laundering authority from Thailand is currently working on releasing its own wallet. In the future, the government wants to have its own digital wallet to keep Bitcoin and other cryptocurrencies related to crime safe. This is one step further in the struggle for sustainable, system-promoting regulation.

Minister of Electricity and Water of the Kingdom of Bahrain has identified blockchain technology as a key factor in the future development of his country. At the SmartSec Cybersecurity and Blockchain Conference in Bahrain, Abdulhussain Mirza highlighted the benefits and opportunities of Distributed Ledger technology, while advising citizens to explore the technology in more detail.

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