In recent regulatory news, a court in China’s Futian District has ruled that cryptocurrency investments are not protected by law, Albania’s government has indicated that it intends to develop a regulatory framework for crypto, and the United States Securities and Exchange Commission has published a memorandum from a recent meeting pertaining to the proposed Vaneck Solidx Bitcoin Trust exchange-traded fund (ETF).
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Futian District Court in China: Crypto Investments Not Protected by Law
According to China’s Xinhua News Agency, the Futian District People’s Court of Shenzhen has ruled that cryptocurrency investments and transactions are not protected by Chinese law.
The decision arose following a hearing pertaining to a dispute between the plaintiff, Zhou – who claimed that the defendant, Zheng, had failed to fulfill his fiduciary duty to Zhou in exchange for depositing funds in Zheng’s “Tickcoin” and “DK Mining Machine” cryptocurrency investment schemes.
The court found that the plaintiff had failed to submit evidence proving the registration and legitimacy of Zheng’s virtual currency platforms, concluding that as the legality of the virtual currencies was not apparent, the investment transactions would not be protected by Chinese law.
Albania Looks to Begin Drafting Crypto Regulations
Albania’s prime minister, Edi Rama, recently articulated his government’s desire to take advantage of the economic benefits that could be realized through developing a permissive regulatory apparatus to virtual currencies and seeking to become a hub for pertinent emerging technologies.
Whilst speaking at a ceremony celebrating the launch of the Albania-Italy offshore section of the major Trans Adriatic Pipeline, Rama told media: “As part of our effort to open up new markets and create new opportunities for well-paid jobs and qualified people… we are
