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Various Sanctions on Crytocurrency Market Controls

“Since cryptocurrencies are still new to this society, regulators need to reform quickly to fill the gaps. “

The popularity of cryptocurrency markets in 2017 has attracted the attention of governments and financial institutions, and many governments have implemented a series of new rules to regulate their development. Since cryptocurrencies are still new to this society, regulators need to reform quickly to fill the gaps. 

1.ECB President:European Banks Could Soon Hold Bitcoin

The president of the European Central Bank has publicly stated that European banks could hold positions in bitcoin after developments such as Bitcoin futures contracts listings by US exchanges.

Draghi stated:

“However, recent developments, such as the listing of Bitcoin futures contracts by US exchanges, could lead European banks too to hold positions in Bitcoin, and therefore we will certainly look at that.”

2.Thai Government Will Publish Regulatory Framework Expected in a Month

Thailand’s Finance Minister Apisak Tantivorawong said on Thursday that “The government will not ban cryptocurrency trading,” the Bangkok Post reported, adding that “A regulatory framework to govern digital currencies will become clearer within a month.” At the “Thailand Takeoff 2018” seminar, he emphasized:

After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and control them in an appropriate manner.

3. Singapore Deputy PM: ‘No strong case to ban cryptocurrency trading’

Tharman Shanmugaratnam, Singapore’s deputy prime minister and chairman of Monetary Authority of Singapore (MAS), said in a written response to MPs yesterday that cryptocurrency and related trading activity currently do not pose any threat to Singapore’s finance system.

He stated that MAS has been “closely studying these developments and the potential risks they pose. As of now, there is no strong case to ban cryptocurrency trading here.”

4.New York mandates stronger fraud controls for cryto companies

The New York State Department of Financial Services (NYDFS) is pushing for companies that offer cryptocurrency services in the state to beef up their protective measures against fraud and market manipulation.

Superintendent Maria Vullo said in a statement: “DFS is directing virtual currency companies to take the necessary steps to guard against fraud, and to be extra vigilant about manipulation. By these actions, the market can evolve with strong regulatory supervision.”

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