Regulations Roundup: November 2018

Time flies when you’re having fun with monstrous Halloween marketing opportunities. But now it’s time to put down those broomsticks and check out what lies ahead for November. As fireworks bang and the Christmas countdown begins, the financial markets continue to move, so let’s crack on with the next Regulations Roundup: November 2018.

#1 Malta’s Crypto Regulations Come Into Effect 

Debates over how to regulate the crypto sector have been dominating the headlines of late. But Malta has taken a firm stance not only against digital assets but blockchain technology too. While the Virtual Financial Assets Act (VFA) aims to regulate the issuance of ICOs, the Innovative Technology Arrangement and Services Act (ITAS) will regulate the registration of new blockchain tech. A significant move considering Malta is known as the Blockchain Island. Both regulations have been approved by the country’s Parliament and the Maltese government and will be effective from 1 November onwards.

Actionable top tip: Understand the rules and regulations implemented and how they may affect your interactions with Malta-based blockchain/crypto companies. Be prepared for similar regulations to roll out in the not so distant future.

#2 China Set For First Blockchain Regulations

It’s no secret; the Chinese government and digital currencies like Bitcoin are not best friends, quite the opposite in fact. As mentioned in previous reports, the country’s ban on domestic ICOs, crypto trading and crypto mining date back to 2017, with blockchain regulations now in the spotlight. A draft policy from the Cyberspace Administration of China (CAC) showed that ‘blockchain service providers’ would have to register a wealth of details with the agency from the service types they offer to industry fields. These details would then be made public and the CAC would review all given information once a year. If the rules are enacted, this will be China’s first step to regulate blockchain.

Actionable top tip: Blockchain is moving and developing at a rapid rate. While many countries and sectors view the implications of blockchain tech in a positive light, it’s still essential to watch the industry closely. It is, after all, in its nascent stages where anything is possible.

#3 UK’s Cryptoassets Taskforce Release New Report

The UK’s Cryptoassets Taskforce released a new detailed report at the end of October addressing the risks and potential benefits of crypto assets and the underlying blockchain technology. The ultimate goal is to set a path for UK regulation regarding crypto with a consultation recommended for Q1 2019. This is to explore how the sector can be appropriately regulated. As it stands, the report showed a real appreciation for the innovation behind ICOs and explained how cryptocurrencies can open the door to many investment opportunities. However there’s a real concern for extreme losses and illicit activities regarding crypto trading. The Financial Conduct Authority (FCA) which makes up the Cryptoassets Taskforce alongside the Bank of England (BoE)  proposed the following prohibition.

“Given concerns identified around consumer protection and market integrity in these markets, the FCA will consult on a prohibition of the sale to retail consumers of all derivatives referencing exchange tokens such as Bitcoin (BTC), including CFDs, futures, options and transferable securities.” The proposed prohibition would not cover derivatives referencing cryptoassets that qualify as securities. However CFDs on securities would remain subject to [the European Security and Market Authority’s] temporary restrictions. Also, any future FCA proposals to implement permanent measures in relation to CFDs.

Actionable Top Tip: Read the news and keep up with relevant accounts on social media. See below.

Top Crypto/Blockchain Events in November

Decentralized Athens

Taking place from 14-16 November 2018 in Athens, Greece, Decentralized Athens is the premium blockchain event in Europe attracting over 70 speakers and over 1000 global attendees. As media sponsors for this event, Contentworks is excited to meet industry thought leaders, listen to talks on some of the hottest topics and mingle with like-minded people!

Actionable tips: Sign up or look out for updates from the event. Follow on Twitter. Check out our social channels and blog as we report back from the summit!

Blockchain Summit Dubai

November is crammed full of events this year but the Blockchain Summit Dubai is one of the most eagerly anticipated. Taking place on the 27th November and attracting over 60 visionary speakers, the summit will be sponsored by some of the leading names in tech including Cisco and IBM. The venue will be Dubai’s picturesque marina and with exhibitors galore it’s sure to welcome some of the industry’s best thought leaders.

Actionable tip: Sign up or look out for updates from the event’s social channels.

If you enjoyed our regulations roundup this month, don’t forget to share it with your finance connections. Looking for a content marketing agency that’s fully clued up on all the latest financial developments? Connect with our team right here.

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