02/07/2018: Biggest Stories in the Cryptosphere

blockex (37)in #bitcoin • 8 years ago

1. European Parliament Publishes Reports On Virtual Currencies and Central Banks

The European Parliament has released a report discussing virtual currencies (VCs) and the effect they could have on central banks monetary policy. The project was commissioned by the Economic and Monetary Affairs Committee. In the document, it was noted that their nature, along with the blockchain technology, made transactions conducted with VCs “safe, transparent, and fast”. They also have the advantage of not being restricted by national borders. Furthermore, a market demand for this product exists and, therefore, virtual currencies are here to stay. The EU institution is asking for the emerging technology not to be ignored or banned. Instead, it suggests to regulate it. Ideally, countries would collaborate with each other. Due to the international nature of virtual currencies, covering more jurisdictions would make the difference. Lastly, it was noted that major currencies remain undisputed. However, virtual currencies might have a shot in smaller countries where the local currency has a poor track record or convertibility issues.

2. According To SEC Data, Token Filing Is On Steady Growth

SEC data has revealed that the filings for token sales have been steadily growing. It started with four applications back in August 2017, to then amounts to a total of 93 in the past year. The peak was in May, with 15 filings. Many of the applications were for the sale of Simple Agreements for Future Tokens (SAFTs), which is an adapted version of the Simple Agreements for Future Equity (SAFE). Furthermore, more data is available on the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. The US is the largest receiver of fundings. Even in terms of the number of corporations registered at a jurisdiction, the US state Delaware was ranked first. We previously reported on SEC assigning its first senior crypto advisory role to Valerie A. Szczepanik. This kind of positive news coming from SEC could lead to a further increase of filings with the independent agency.

3. Thailand Creates New Crypto Law Rather Than Debate If It’s a Security or Not

One of the major questions debated in the crypto-sphere is if digital currencies and assets fit the description of security or not. However, rather than joining the debate, Thailand has decided to just create a new law, the Digital Asset Business Decree. It was enacted this year with an emergency decree. The piece of legislation differentiates between cryptocurrencies and digital tokens. The former is described as an instrument used to exchange goods, while the latter as tool granting the right to take part in investments or receive specific goods. The tax law was also updated and adapted to the new market, in order to raise revenues for the government. The Thailand Securities and Exchange Commission is trying to balance its efforts, avoiding too strict or too loose regulations.