News.Bitcoin.com has initiated a regular roundup of cryptocurrency regulatory developments around the world. For the first edition, we cover six U.S. regulators and India’s decisions on the supreme court hearing and crypto bill. We also cover China’s rekindled cleanup and Singapore’s derivatives trading proposal, along with the tax authority’s clarification of how GST applies to crypto transactions.
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China Rekindles 2017 Order
On Nov. 22, the Shanghai Head Office of the People’s Bank of China (PBOC) issued a notice regarding crypto oversight, sending the media wild with headlines of fresh Chinese crackdown. The notice was prompted by rising crypto activities as companies heavily promoted blockchain technology following bullish statements by President Xi Jinping. This notice is based on a standing order issued on Sept. 4, 2017, by seven regulators, including the PBOC, regarding a cleanup and rectification of cryptocurrency and initial coin offering (ICO) trading platforms. The Shanghai office carried out the requirements in this order and has been monitoring the sector to prevent closed exchanges resurfacing and new ones forming. Its efforts have intensified over the years as some providers set up servers overseas to serve Chinese residents, the central bank explained.
The notice concludes that the PBOC’s Shanghai Head Office will continue to enforce the requirements outlined in the September 2017 notice, including closing down exchanges, and will continuously monitor crypto business activities within its jurisdiction.
On Nov. 20, Sohu publication reported that 39 exchanges had been identified as breaking the rules and were visited by the authorities. The publication then reported on Nov. 22 that a crypto exchange called BISS was shut down and 10 people were arrested.
