Regulatory-ECHO KW42 – A Cryptocurrency for Hamburg?


In the past week a lot of is around the globe time and again in terms of regulatory events. In our regulatory response we look back at the week end and summarize what was thought about when, where, and by whom said, or decided.

Germany: CDU Hamburg calls for its own crypto-currency

The Hamburg Christian Democrats are playing with the idea of a private crypto-currency for the Hanseatic city. This was reported in the last week, the Hamburger Abendblatt , relying on the CDU parliamentary Deputy and spokesman for the digital economy, Carsten Ovens. Accordingly, the “Hamburg Coin” had a marketing character. From the ruling SPD is heard of this proposal, but so far nothing.

Iran: U.S. crypto wants to slow down-use in Iran

The use of crypto-currencies was to become for companies in Iran in the last time are becoming increasingly popular. The reason for this lies in the trade sanctions of the USA against the country. This should be avoided with the use of crypto-currencies. However, this should now be final. How the American authority against financial crime, the Financial Crimes Enforcement Network (FinCEN), announced that it classifies the use of crypto-currencies in Iran as “illegitimate and vicious” and will therefore bind.

Hong Kong: a New regulatory approach planned

The Hong Kong financial market Supervisory authority Securities and Futures Commission (SFC) would like to regulate crypto-currencies in the jurisdiction of more. As the Chairman, Carlson Tong Ka-shing to local media divulged, the new regulations serve to potential investors to protect. This is not, however, a policy of bans, as it is in mainland China. Rather, one would like to design a well-regulated counter-model to the rest of the people’s Republic.

USA: Former CFTC Chairman for ICO-regulation as securities

The former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Gary Gensler has position to the Initial Coin Offerings. Crypto-currencies, emerging from ICOs, had been seen in the United States, therefore, generally considered to be securities. Basically, he shows positive for the crypto currencies and the Blockchain technology. However, he stressed the need for a regulatory framework for sustainable growth. In the past, had Gensler already Ether and XRP as the securities placed.

Russia: hackers due to mining on government servers before the court

A young Russian Hacker was charged this week in court. Is accused him of currencies in the illegal mines of Crypto. So he should have an unauthorized manner, the computing power of servers used, which are operated by the Russian government. As local media reports, the Russian domestic intelligence service FSB on the inconsistencies on the Russian government servers. The 21-year-old Hacker up to five years in prison because of that.

US: SEC launches a new Department for dialogue with ICOs to life

The American regulatory authority, the Securities and Exchange Commission (SEC) has ordered the formation of a new Department. The aim of this group is to improve coordination with crypto Start-ups. This should be especially made for those who want to start a Initial Coin Offering, easier, the legal framework to comply with. The Strategic Hub for Innovation and Financial Technology (FinHub) from now on, as a point of contact for FinTech companies act.

Japan: tax Committee in crypto wants to make it easier-taxation

The Committee on taxation in Japan, has advice on how to simplify the taxation of crypto currencies in the island state. As local media reports, the current tax system is unnecessarily complex and seem to scare a lot of Japanese citizens. The Committee, which advises the government on tax issues, would like to facilitate for that reason, the consideration of crypto-currencies in the tax return. The manage also a crypto-friendly environment in Japan.



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