|Asian regulators lend a helping
The Cyberspace Administration of China has released
draft regulations for blockchain firms, mandating that they
have to undergo an annual review by the government. These
companies also need to authenticate the real identity of each
user or may lose their ability to operate.
Japan's Financial Services Agency (JFSA) has given
permission to the Japan Virtual Currency Exchange Association
to self-regulate: it will be able to police and sanction
exchanges for instances of money laundering and protection of
customer assets. The JFSA also published guidelines for
cryptocurrency exchanges and 160 firms have expressed interest
in applying for a licence.
Hong Kong's Securities and Futures Commission (SFC) has set
out a new approach to regulate virtual assets. Licensing
conditions are being placed on firms that manage or intend to