Asia and Australia Crypto and Blockchain News Roundup 30 November – 6 December 2018

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

China

Chinese Regulator Declares Security Token Offerings Illegal: Chinese authority Beijing Municipal Bureau of Finance has declared Security Token Offerings (STOs) illegal in its jurisdiction. The move came during a wealth management forum organized by the bureau.

Huo Xuewen, chief of the Beijing Municipal Bureau said:

“I will issue a risk warning to those who promote and issue STO tokens in Beijing. My advice is to only engage in such offerings when the government has legalized them,”

ICOs have been declared illegal by the Chinese government but they have so far been silent on STOs. With the latest move, at least within the jurisdiction of the Chinese capital, STOs are now illegal.

Japan

Police Investigating Increasingly Suspicious Cryptocurrency Activities: Japan’s National Police Agency (NPA) has announced that there seems to be a sharp increase in suspicious cryptocurrency transactions in the country between January and October of this year.

According to the police report, 5944 cases on cryptocurrency exchanges were recorded that could be tied to tax evasion or money laundering. The figure is an 8-fold increase from the same period in 2017. It is yet to be seen what the government may decide to do with them.

Government Implementing ICO Regulations to Protect Investors: The top financial watchdog of the country Financial Services Agency (FSA) has announced a new set of regulations for ICOs in the country to help protect the funds of investors according to local news outlet Jiji Press.

The new regulations will force companies and organizations willing to undergo ICOs to register with the Financial Services Agency (FSA). Further regulations on exchanges, payment services, and financial instruments are also being implemented.

The government is also working on cutting down tax evasion figures in the industry. The National Tax Agency of Japan (NTA) is in the process of developing a dedicated tax auditing system for the cryptocurrency sector that will seek data from cryptocurrency exchanges and other financial services platforms involved with cryptocurrencies.

A recent bill tabled in the country’s parliament will authorize the tax agency for this purpose.

South Korea

Government Considering Crypto and ICO Tax Laws: The South Korean government is working to tax cryptocurrencies and Initial Coin Offerings (ICOs) in the country according to the incoming Finance Minister Hong Nam-ki.

According to The Korea Times, the new top financial wizard of the government has submitted a written reply to the Korean National Assembly on this topic during his confirmation hearing. He said:

“A task force consisting of experts from relevant government agencies including the National Tax Service and the private sector will be formed to examine overseas examples and hammer out the taxation plan.”

While the new Minister is in favor of taxation regulations, he is calling for caution as there is no tried and tested way of doing it.

Malaysia

Central Bank Wants to Regulate Cryptocurrencies: The Securities Commission and Central Bank of Malaysia have released a joint statement containing an outline for regulation of digital assets and Initial Coin Offerings (ICOs) in the country.

The statement provided at least some clarification on where the government was headed regarding this matter after the popular Mahatir Mohammad formed government at the center following general elections.

Australia

Western Australia Gets First Crypto Center: Western Australia is looking more and more appealing to the cryptocurrency industry after the first blockchain center was inaugurated in Perth earlier this week.

While the area is well-known for the mining industry that contributes to more than 92% of the entire state’s exports, the cryptocurrency genre may become the goldmine of tomorrow as interest spikes in the sector.

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