Cryptocurrency Regulations and Government Announcements — Timeline by Country: China, Korea, Japan, Singapore, Thailand, India
Everything happens so fast in the Cryptoworld, especially in Asia. We’ve compiled a timeline of the various announcements and commentaries from the government, local municipals, central monetary authorities and the policy makers. This will allow the audience to have a sense of what has happened in the last year in these countries.
This timeline is compiled from a list of Daily Crypto newsletters published by us here at Global Coin Research. To get the latest alerts on China and Asia Cryptocurrency happenings, subscribe to our newsletter below. It’ll be a quick, hassle-free update to your inbox daily.
China
5/4 —Annual reports of China’s banks showed that three state-owned banks and six national JVbanks are all looking to build technology using blockchain, http://bit.ly/2FHhgTH
5/9 — The Ministry of Public Security develops blockchain system to ensure data storage security
5/17 — China’s Ministry of Industry and Information Technology (MIIT) has produced a ranking for blockchain projects. Ethereum ranks top of the 28 protocols evaluated, Bitcoin ranked13th.
5/18 —National Committee on Internet Financial Security: we’ve found 421 kinds of fake virtual currencies, of which 60% are overseas.
— The first “Agricultural Product Commitment Chain” project was held in Guizhou Province, China n May 17, using Fengshan Village as a pilot to apply blockchain technology to agricultural roducts from planting, processing, selling, financial and ancillary services.
5/21 — MIIT White Paper: China’s Blockchain Industry Has Formed
As of the end of March 2018, the number of blockchain companies with blockchain operations in China was 456.
— A Training Course for “Blockchain Technology for Higher Level Talent” will be held at the Ministry of Industry and Information Technology Talent Center
Recently, to better promote the development of the blockchain industry.
5/23– The National Internet Financial Risk Technology Platform have been able to monitor off -exchange bitcoin transactions and trace them to user accounts. They’ve claimed that 1/3 of off-exchange Bitcoin transaction were through Alipay transactions. http://bit.ly/2IEvY00
5/24 — China’s State Council, the country’s central administrative branch of government, has sent a highest-level order demanding that local authorities speed up blockchain technology development. http://bit.ly/2LokbVc
5/28- Blockchain Industrial Park (BIP) in Hangzhou, China, is offering millions of dollars worth of subsidies to blockchain startups to set up shop there. Here is the translated WeChat announcement. http://bit.ly/2ku8yQj
5/29 - Chinese authorities continue to standardize the blockchain sector, aiming to form National Blockchain Standardization Committee by the end of 2018. http://bit.ly/2ITDJ6t
5/30 — China is taking on a blockchain, not bitcoin approach. As per President Xi Jinping’s speech yesterday, blockchain is among the technologies that have brought economic reforms in the country. http://bit.ly/2LFgbzI
5/31 — Hong Kong Monetary Authority official: There is currently no plan to issue central bank digital currency. http://bit.ly/2LGEvS1
Korea
5/10 — The new head of Korea’s Financial Supervisory Authority (FSS) claims that Cryptocurrency is a financial asset. http://bit.ly/2G1ZsCP
5/11 — Korea’s Upbit is under investigation: insufficient reserves
5/14 — South Korean prosecutors issued arrest warrants against three senior executives and employees of HTS Coin, the South Korean cryptocurrency exchange, for allegedly withdrawing funds from their accounts by transferring customer funds from their bank accounts to other accounts.
5/16 — Upbit investigation continues; computer was confiscated
5/24 — South Korean cryptocurrency exchange Korbit has announced its decision to withdraw support for five cryptocurrencies, Dash, Monero, 3 more altcoins, following a similar decision in recent days from Japan’s Coincheck exchange. http://bit.ly/2LsbBVl
5/28- Citing money laundering concerns, South Korean cryptocurrency exchange Bithumb has banned trading in 11 countries including North Korea, Iran, Iraq. http://bit.ly/2sjE6w1
5/29 — Nearly eight months after a blanket ban on initial coin offerings (ICOs), South Korea’s National Assembly has reportedly made an official recommendation to allow domestic ICOs in the country http://bit.ly/2IRroiR
5/30 — South Korean Grand Court today recognized Bitcoin as a valuable asset and confiscated Bitcoin resulting from illegal activities. This is the first time that Korean courts have decided to confiscate digital currency property. http://bit.ly/2LKhWvI
Japan
5/25 — Japan’s Miyazaki Prefecture began to use the blockchain technology to conduct traceability tests of organic vegetables
5/22 — Bank of Japan Governor: Bank of Japan does not have plans to issue digital currency
5/28- Japan has planned to embrace 6 new crypto-exchanges.These crypto-platforms are launched by the listed public companies on the Tokyo Stock Exchange. Japan has 16 completely licensed crypto-exchanges, with another 8 applications of exchanges being reviewed by FSA, Japan’s Financial Service Agency. http://bit.ly/2kx3OJW
6/1 — Japan Financial Services Agency (FSA) has carried out anti-money laundering supervision and rectification on a number of digital currency companies and is looking to have further discussions mid-June around ways to improve the businesses. The FSA believes that most companies now pay too much attention to customer development and neglect management. Among the 16 registered exchanges, FSA has issued rectification orders to 10 of them and 2 companies need technical improvements. Translated Sina page — http://bit.ly/2LMLbxU
Singapore
5/23 — Singapore Proposes Regulatory Boost for Decentralized Exchanges http://bit.ly/2KMHaYV
5/24 — MAS (Monetary Authority of Singapore) halts ICOs. http://bit.ly/2x5NhFT Warns 8 Cryptocurrency exchanges as scrutiny increases. https://bloom.bg/2IK3npX
7/4- Singapore-based startup Cryptology is among the few that combines crypto and fiat transactions on mobile, with support for Visa and MasterCard for fiat. http://bit.ly/2tUcT4F
7/22 — A Singapore government service provider has launched a blockchain platform focused on cross-border trade between ASEAN nations and China. The platform will be open for outside developers to build new layers and services for specific use-cases in the trade flow. http://bit.ly/2zUA9oi
7/25- Singapore Airlines has launched a digital blockchain wallet that lets members of KrisFlyer toconvert their air miles into digital currency with KPMG and Microsoft. http://bit.ly/2LQ1TfC
7/28- Korean team introduces “Uber” on the blockchain in Singapore- TADA is a service that uses blockchain and digital tokens and charges its drivers zero commission.
http://bit.ly/2uVhioq
Singapore Airlines has launched a digital blockchain wallet that lets members of KrisFlyer toconvert their air miles into digital currency with KPMG and Microsoft. http://bit.ly/2LQ1TfC
Thailand
5/17 — Thailand waives 7% value-added tax on personal cryptocurrency investors
5/23— Thai Financial Technology Association (TFA) and the cryptocurrency companies hope to discuss with the Ministry of Finance the fact that the new regulations “are not conducive to the development of Thailand’s cryptocurrency sector and blockchain technology.
5/24 — Thailand’s Bank of Ayudhya PCL successfully conducted a cross-border transaction with a bank in Singapore using a blockchain. http://bit.ly/2x8IYtd
6/6- Thailand gov’t has legalized 7 cryptocurrencies and permits crypto exchanges to establish business. http://bit.ly/2sNwvH0
7/9- Thailand’s regulations on digital token issuers will take effect on July 16. Amount of tokens offered is unlimited for institutions but limited to $9000 for retailers. Thailand’s securities firms are exploring the possibility of establishing a joint cryptocurrency exchange and ICO portals.
Cryptocurrency Exchanges DragonEx launches global operation center in Thailand. https://prn.to/2KkFABI
7/16- Formerly hacked exchange from Korea, Bithumb, has announced that it plans to open operations in Japan and Thailand after receiving the required regulatory approval from local governments. http://bit.ly/2zEGUut
The SEC of Thailand has allowed the Gov’t-backed Bond Association to create a “BondCoin”, a custom token on a private blockchain between permissioned participants including issuers and investors alongside regulators and registered firms. http://bit.ly/2zHKzYB
7/25- “Thailand’s SEC is [now] open for application approval for operating a digital asset business”. http://bit.ly/2uO7cp1
7/28- To clearly differentiate token categories, the Thailand SEC has divided ICOs into three types: investment tokens, utility tokens and cryptocurrency. http://bit.ly/2NU3sK7
IBM and Krungsri, one of Thailand’s largest financial institutions with 8.6mn credit cards, sales finance, and personal loan accounts, announced a five-year US$140M engagement, to build out digital banking including blockchain technology. https://on.mktw.net/2LX1LLf
8/1- Thailand’s largest movie theater chain will accept cryptocurrency Rapidzpay. http://bit.ly/2O0KDEV
India
5/24 — India considers 18% tax on Cryptocurrency trading as blockchain startups leave. http://bit.ly/2IFrzxD
6/1- Indian Foreign Minister Sushma Swaraj stated that the country had no intention of using the Petro, launched by Venezuela, to buy the nation’s crude oil. She cited an order issued by India’s Central Bank, which prohibits trade involving cryptocurrency transactions. http://bit.ly/2LRPAj5
