Digital currency regulation in different countries

1. Every country has brought bitcoin and other digital currencies into the regulatory system. Although the regulatory progress and attitude are different, the regulation of digital currencies in different countries is mainly carried out from the following five aspects:
first, classify the legal nature of digital currencies and establish their legal status
the identification of the nature of digital currency has always been the core issue of legal supervision
Second, regulate ICO to protect the rights and interests of investors
thirdly, we should adopt the license system to supervise the legal qualification of digital currency start-ups< Fourth, the digital currency trading platform and private users should be included in the anti money laundering laws and regulations to prevent money laundering activities
fifthly, rece or exempt bitcoin transaction tax or formulate regulatory exemption privileges to relax the regulation of digital currency instry.

3. The CFC classifies bitcoin and other virtual currencies as & quot; Commodities & quot; At the same time, each state has successively introced the digital currency regulatory laws and regulations to determine the regulatory framework of the digital currency instry.

4. ​ In recent years, the speculation related to virtual currency (such as ICO, IFO, IEO, IMO and STO) has been in vogue. The price has gone up and down, and the risk has gathered rapidly. Relevant financing entities raise funds from investors or virtual currencies such as bitcoin and Ethereum through illegal sale and circulation of tokens. In essence, they are illegal public financing without approval. They are suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes, which seriously disrupt the economic and financial order

on September 4, 2017, the people's Bank of China and other seven ministries and commissions issued the "notice on preventing the financing risk of token issuance", which cleaned up the ICO and virtual currency trading venues. The scale of domestic virtual currency transactions decreased significantly, effectively avoiding the impact of virtual currency prices on China's financial market.

5. Hello, there is no recognized exchange in China now. If you need to invest, you can look at those with longer service life, those with more than 6 years, and those with good reputation. At present, there are few. You can look at AEX and hot money. If it is Xiao financial management, you can look at AEX financial supermarket, which is more friendly to new users

6. Germany, Japan, Thailand, if you want to buy, you can go to dabit exchange

7. MFSA is the only financial services regulator in Malta. It was established on July 23, 2002 to take over foreign exchange regulatory powers from the Central Bank of Malta, the Maltese stock exchange and the Maltese financial services centre. MFSA is a self-made and independent institution, reporting to the Council once a year
according to the virtual financial assets Act (hereinafter referred to as VFAA) which came into effect on November 1, 2018 by the Maltese Government, a license is required to operate the virtual financial assets (VFA) business. This kind of license is issued by the Malta Financial Services Authority (MFSA). All applications for licenses must be made through qualified VFA agents

according to the virtual financial assets act, according to different types of business activities, the license is divided into four categories:

category 1: investment consulting

the license allows the holder to provide investment consulting and financing services for customers, but not to hold virtual assets on behalf of customers
scope of application: VFA investment advisory bodies

category 2: except for exchanges and proprietary trading, any other virtual asset services

holders of such licenses have the right to provide any VFA services and can hold or control customers' funds, but they can not operate VFA exchanges through their own accounts or operate exchanges by themselves
scope of application: wallets, encrypted financial asset investment funds

Category 3: any other virtual asset services except exchanges

holders of such licenses have the right to provide any VFA services, hold or control customers' funds, but cannot operate VFA exchanges
scope of application: OTC traders or market makers

category 4: VFA exchanges

are authorized to operate VFA exchanges and hold or control customer funds, virtual financial assets and / or private encryption keys, as well as services of custodians or agents, but only limited to the operation and related activities of the exchanges
scope of application: all kinds of cryptocurrency exchanges, such as coin an and okex, need to apply for such licenses

the application cycle is 1-2 months. It is suitable for the exchange to apply for compliance, and can engage in financial services such as ICO, cryptocurrency, etc. for details, please consult.

8.

At the G20 meeting, different countries held different views on digital currency, some strongly resisted it, and some actively supervised it. Now let's take a look at the attitudes of the G20 countries towards digital currency

In a statement, the Canadian Securities Regulatory Agency (CSA) said that considering the whole process of ICO issuance, many ICO tokens meet the definition of securities and require them to comply with the securities law. In addition, the CSA noted that ICOS may also be derivatives, subject to derivatives laws passed by Canadian securities regulators, including trade reporting rules. Regulators said they welcome companies that are about to conct ICO to enter the "regulatory sandbox" to test new financial procts in a limited environment

India

the securities and Exchange Commission of India is planning guidelines for the regulation of the bitcoin market in India. In addition, the securities and Exchange Commission of India set up a financial regulatory commission and held meetings with Reserve Bank of India (RBI) officials. The SEC also plans to regulate whether bitcoin derivatives and other cryptocurrencies are used to raise funds illegally

9. Commonly used are the United States MSB, Estonia, Canada MSB, Australia austrac, which belong to the second category of high cost performance, Bermuda license is not clear, sorry.

10. Digital currency is written into the draft of the fourteenth five year plan of many places. Experts suggest that the pilot scope of digital RMB should be expanded. The central bank's currency or currency can better prevent money laundering, facilitate better supervision, and be more concive to the circulation of money, so as to improve the effect of wealth flow. Digital currency has become a hot word of local "two sessions", At present, bitcoin is more of a kind of speculation and investment assets, and it has also derived financial investment speculative procts based on bitcoin combined with traditional finance. Only in form, it is more innovative and radical than the traditional way, which is more in line with the characteristics of people's fast pace
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