From Beijing to Tokyo Asian nations get active in crypto regulation Law Decoded May 2229
1. Asian Nations’ Regulatory Activities in the Crypto Space Recently,nations across Asia have been ramping up their efforts to regulate the cryptocurrency industry. China,which had previously banned Initial Coin Offerings (ICOs) and ordered the shutdown of cryptocurrency exchanges,is now considering a regulatory framework for blockchain and crypto projects. Japan has introduced new regulations for exchanges and cryptocurrency custodians,while South Korea has been tightening its grip over the sector,requiring exchanges to register as legal entities and comply with anti-money laundering (AML) regulations. Additionally,Thailand has announced plans to create a legal framework for ICOs and tokens,while Malaysia has issued a directive mandating cryptocurrency exchanges and custodians to register and comply with strict KYC and AML regulations.
2. China’s Blockchain Revolution While China had previously taken a harsh stance on cryptocurrencies,the country is now leading the way in exploring the potential of blockchain technology,with several initiatives underway. Recently,President Xi Jinping called for increased blockchain adoption,and the country’s official news agency has launched a blockchain-based news authentication platform. Additionally,there are several state-led blockchain projects currently underway including a national blockchain network and a blockchain-based system for managing interbank trading.
3. Japan’s New Crypto Regulations Japan,which had previously suffered a major crypto exchange hack,has introduced new regulations aimed at boosting trust and security in the industry. The regulations include stricter rules for exchanges,including regular audits and mandatory AML and KYC compliance. Additionally,the Japanese government has granted self-regulatory status to the country’s cryptocurrency industry association,which has been tasked with regulating the industry and enforcing compliance with the new rules to prevent future incidents.
source https://titdoi.com/news/From-Beijing-to-Tokyo-Asian-nations-get-active-in-crypto-regulation-Law-Decoded-May-2229
2. China’s Blockchain Revolution While China had previously taken a harsh stance on cryptocurrencies,the country is now leading the way in exploring the potential of blockchain technology,with several initiatives underway. Recently,President Xi Jinping called for increased blockchain adoption,and the country’s official news agency has launched a blockchain-based news authentication platform. Additionally,there are several state-led blockchain projects currently underway including a national blockchain network and a blockchain-based system for managing interbank trading.
3. Japan’s New Crypto Regulations Japan,which had previously suffered a major crypto exchange hack,has introduced new regulations aimed at boosting trust and security in the industry. The regulations include stricter rules for exchanges,including regular audits and mandatory AML and KYC compliance. Additionally,the Japanese government has granted self-regulatory status to the country’s cryptocurrency industry association,which has been tasked with regulating the industry and enforcing compliance with the new rules to prevent future incidents.
source https://titdoi.com/news/From-Beijing-to-Tokyo-Asian-nations-get-active-in-crypto-regulation-Law-Decoded-May-2229
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