The nation’s Securities and Exchange Commission in early August proposed rules governing ICOs that presume all tokens are regulated securities unless proven otherwise by the issuer. The country has also been approving cryptocurrency exchanges.
A draft law to be considered by the Duma in the fall would regulate cryptocurrency holders under existing tax laws. and possible offer tax exemptions on profits.
A government-owned technology provider launched a cross-border blockchain trading network with an emphasis on trade with China and other regional partners in July.
The South African Treasury has proposed exempting cryptocurrency transactions from value-added tax, or VAT.
This nation is arguably the world’s third-largest crypto market, and its lawmakers are pushing to approve comprehensive legislation in the wake of two high-profile exchange security breaches in June. The government also includes blockchain as one of a number of emerging industries that will qualify for tax breaks.
Regulators made good on ICO guidelines unveiled earlier this year by launching an investigation against an ICO issuer in July. At the same time, blockchain companies are pushing regulators to encourage banks to provide financial services to crypto-related businesses following the decision by two major banks to stop doing so.
The nation’s Securities and Exchange Commission implemented ICO licensing regulations in July. Instead of screening individual ICO applications, the SEC will evaluate filings from “portals” representing multiple token issuers.
The U.K. Law Commission is proposing the creation of a legal framework for smart contracts as part of broader efforts to update British law. The U.K.’s finance minister also formed a task force to study cryptocurrencies.
Following earlier efforts to create a national cryptocurrency tied to its oil reserves, the inflation-wracked nation now is planning to create a new fiat bolivar linked to its petro cryptocurrency.
To reinforce the nation’s ban on cryptocurrencies, the central bank and trade ministry agreed in July to suspend the importing of mining equipment.
The African nation is working to develop a blockchain-based land title registry in partnership with a company owned by online retailer Overstock.com.