Governing Banking’s Future: Markets vs. Regulation

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Regulating Cryptocurrency

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Regulating cryptocurrencies: assessing market reactions

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    Asian investors have always been major players in cryptocurrency trading, particularly with bitcoin. Over the past few years, different Asian countries have been the dominant players in the cryptocurrency markets. A few years back it was China. Japan and South Korea took over as the largest drivers of the crypto-markets thanks to favorable regulation. This was of course before many of the new digital tokens — of which there are over 1, now — had come to market.

    The Chinese saw it at the time as an alternative investment to the stock market and housing market that were becoming increasingly risky. But since then, Chinese regulators have come down hard on cryptocurrencies. This meant exchanges could not have accounts with banks. In , China outright banned initial coin offerings ICOs.


    The group of regulators that issued the ban provided a list of 60 major ICO platforms for local financial watchdogs to inspect. At the beginning of , China moved to block foreign trading platforms operating in China. China continued to turn the screw on other parts of the crypto-industry. In January , a task force made up of numerous Chinese government agencies was instructing local authorities to urge miners to end their activities, according to a report in the Financial Times.

    Banking regulation

    The clampdown by Beijing has meant changes to the Chinese cryptocurrency market. For example, Chinese mining company Bitmain moved its regional headquarters to Singapore and also opened up mining operations in Canada and Switzerland to mitigate the regulatory moves.

    How can banks mitigate regulatory compliance risks?

    And exchanges have also moved jurisdiction. South Korea is another major cryptocurrency market and in the past few months, regulators have veered between considering shutting down exchanges to now bringing them into the legal fold. The watchdog then said it was considering shutting down some domestic digital currency exchanges. Since then, South Korea brought in rules clarifying its stance on the crypto-industry. These include only allowing exchanges to have customers that use bank accounts with their real names, requiring exchanges to have separate bank accounts for handling customer money and their own operational expenses, and pushing financial companies to share a list of overseas cryptocurrency exchanges that they are linked to.

    Far from shutting the door on the crypto-industry, South Korea is now looking to bring the new industry into the regulatory fold. As China clamped down on the crypto-industry, Japan saw an opportunity to take a lead by introducing policy that was seen as welcoming for cryptocurrencies. In early , Japan allowed merchants to legally accept bitcoin as a payment. But a number of high-profile exchange hacks took place. The FSA followed up by issuing punishment notices to several exchanges and even forcing some to halt their business. Japan is still looking into the right way to regulate cryptocurrencies and blockchain technology.

    In April , a government-backed research group put forward some proposals to regulate ICOs. While Asia has been a big driver of cryptocurrency interest and mining power, the U. Instead, they have focused on warning investors about the risk of ICOs and cryptocurrency trading. However, this could be about to change with a number of regulators hinting that regulation could be coming this year. The U. A lot of debate in the U. At the moment, the SEC says that bitcoin and ether are not securities. The ruling comes from a U. Supreme Court case that classifies a security as an investment of money in a common enterprise, in which the investor expects profits primarily from others' efforts.

    There has been recent rising interest from professional institutional investors wanting to get involved in the cryptocurrency space. But the lack of regulation and difficulty in buying crypto-assets on exchanges has put them off. Many feel that the regulations do not offer enough protection. So these investors have been looking to traditional financial instruments to help them invest in digital coins.

    One of those products that was launched last year was bitcoin futures. It theoretically allows them to short, or bet against, bitcoin.

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    7. So far, futures have been the extent of professional products in the U. There has also been a drive to introduce a product known as a bitcoin exchange-traded fund ETF onto the market. An ETF is a security that tracks the price of an asset, in this case bitcoin, and is listed on a stock exchange. The biggest proponents of a bitcoin ETF in the U. It highlighted the fact that ICOs are highly unregulated, offer no investor protection, have big price volatility and could be the source of fraud.