New York proves to us that there’s another way. The US state is setting up a task force to advise the government on crypto regulation issues.
Bitcoin news: Governor Andrew Cuomo signed a corresponding law last month
According to Bitcoin news, the Task Force consists of experts in the field and is expected to on regulatory approaches by the end of 2020 at the latest. Among other things, this should provide an answer on how New York should deal with energy-intensive crypto mining and what framework conditions are necessary for the secure trade with crypto currencies.
Clyde Vanel played a leading role in the passing of the law. The democrat and member of the New York parliament wants to do justice to New York’s role at the top of the country’s financial sector with the new law:
„New York is the country’s financial leader. We will also be a leader in the relevant FinTech regulation. The Task Force will help us strike a balance between a robust blockchain industry and the economic environment. At the same time, we need to protect New York investors and consumers.“
Clyde Vanel (center)
Japan Drowned in Crypto Exchanges
As is well known, Japan is also open to crypto currencies. For some time now, Bitcoin has even been the official currency in the Land of the Rising Sun.
The positive mood now seems to be a disaster for the responsible regulatory authority, the Financial Service Agency (FSA). Since the FSA has given the industry as much freedom as possible in shaping the framework conditions, the authority can hardly save itself from licence applications. By the end of 2018, the authority had received 190 applications for the opening of a licensed crypto exchange. This is reported by the news platform The Crypto Updates with reference to an unspecified FSA employee.
The glut is probably related to reports that Japan’s financial regulators had handed over regulatory responsibility to a group of industry representatives, the Japan Virtual Currency Exchange Association (JVCEA). BTC-ECHO reported.
This unusual step may now have led to the fact that enterprising Japanese people are smelling the morning air and have therefore submitted a series of licence applications.