Asia Pacific: every little helps

Author: Karry Lai | Published: 11 Dec 2018
Asian regulators lend a helping hand

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 manage...