It’s the most wonderful time of the year. But as well as roasting chestnuts and rockin’ around the tree, don’t forget to keep an eye on those all-important financial regulations! There’s plenty going on in the months ahead and at Contentworks, we’ve unwrapped the big stuff for you in our regulations roundup: December 2018.
So without further ado, here’s what to expect over the coming weeks:
#1 The Indian Government Will Present A Draft Crypto Regulation Bill
According to reports, the Indian finance ministry panel are currently drafting a crypto regulation bill which will be presented to members of the inter-ministerial committee (IMC) in December. Documents obtained by digital news website India Quartz state how:
“Currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in the financial system and framework for digital currency in India.” Two crypto-specific meetings have also been scheduled for January 2019.
This comes after the Reserve Bank of India (RBI) refused to provide services to persons or legal entities involved in cryptocurrencies. Since then, 11 cases have been filed in the Supreme Court against the RBI.
Actionable tip: Keep up with global regulatory news as this could influence the outlook of decision makers across the world. Read reputable crypto news outlets and follow RBI on social platforms like Twitter for instant updates.
#2 Fintech Firms Establish Association for Digital Asset Markets (ADAM)
Crypto regulations have long been in the spotlight. And now ten blockchain and fintech firms have come together in a bid to establish a “code of conduct” for the crypto sector. A press release published at the end of November explained how the newly established Association for Digital Asset Markets (ADAM) will work with global regulators. This is to achieve “comprehensive standards” for those entering the digital asset marketplace focusing on both “ethical conduct” and “professionalism.” There will also be specific guidance provided for “market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation, data protection, and research.”
Actionable tip: ADAM has been newly established so keeping a close eye on how regulations are shaped in the coming months will be interesting. Look out for updates and be prepared to adapt according to new rules and regulations spurred on by the association.
#3 Bear Market Sees UK Crypto Regulators Take Foot Off The Gas
The UK’s Financial Conduct Authority (FCA) has been under pressure of late to regulate the digital asset sector in order to safeguard investors and set specific industry standards. But since the market is now in a bearish state, the crypto crash has given officials more time to make crucial decisions. Indeed, the government and FCA representatives have indicated that they want to focus on how to implement industry regulations without prohibiting innovation. Particularly within the blockchain space.
Actionable tip: The FCA is working hard to address the many ‘grey areas’ of regulation. Some 2000 crypto assets will be analysed to see if they can be regulated under existing rules, so it’s essential to stay up-to-date here. The FCA will reportedly clarify which assets fall under the existing regulatory perimeter by the end of the year. And just because that market is a bit bearish, doesn’t mean you stop promoting your crypto offering. In fact, quite the opposite.
#4 Nasdaq Remains Set For Own Bitcoin Futures Launch
US stock exchange operator Nasdaq is set to continue with plans to launch Bitcoin futures contracts in Q1 2019, despite the weakened crypto market. Regulation issues are currently being discussed with the Commodity Futures Trading Commission (CFTC). Talks of Nasdaq offering Bitcoin futures products have been in the pipeline since November 2017 but will soon become a reality.
Actionable tip: Stay tuned for potential updates throughout December and into the New Year. Follow Nasdaq on Twitter as well as related hashtags including #nasdaq and #bitcoin – see below.
Blockchain Events December 2018
As blockchain continues to impact industries across the globe, expect to see many more high-profile events, with December playing host to numerous summits including:
- Blockchain Opportunity Summit, New York, 4-5 December 2018
- World Blockchain Summit, Saudi Arabia, 5-6 December 2018
- CryptoBlockCon, Las Vegas, 11-12 December 2018
- Next Block Conference, Tel Aviv, 12 December 2018
- Hyperledger Global Forum, Switzerland, 12-15 December 2018
- TokenomX – Battle of the Blockchains, Bangkok Thailand, 13-14 December 2018
If you enjoyed our regulations roundup, don’t forget to share it online to keep your friends and colleagues in-the-know. And, if you’re looking for a content marketing agency that’s on the ball when it comes to regulations and compliance, get in touch with the Contentworks crew today.