In October this year, the central level proposed that " should use blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction, increase investment, focus on conquering a number of key core technologies, accelerate the promotion of blockchain technology and industrial innovation and development ", and elevate blockchain to a national strategy.
Immediately afterwards, various places introduced policies to promote the blockchain industry. Up to now, 31 provinces including Beijing, Shanghai, Jiangsu, Hunan, and Zhejiang have successively issued policy information involving blockchain to lay out the blockchain industry. What comes with it is supervision.
Overall, the Chinese government encourages the exploration and research of the application of blockchain technology to accelerate the implementation of blockchain, serve the real economy, and build a new digital economy. At present, most of China's blockchain projects are still in the exploration stage, and regulatory policies need to be improved.
From a global perspective, governments of various countries have different attitudes towards blockchain and blockchain assets, but overall they are still in the exploration period.
U.S.
- In 2013, the U.S. Senate and the Homeland Security and Government Affairs Committee held a hearing on Bitcoin, publicly acknowledging the legitimacy of Bitcoin for the first time.
- In 2014, the U.S. State Administration of Taxation (IRS) regarded Bitcoin as a property rather than a currency. In the same year, the New York Financial Services Laws and Regulations began to regulate Bitcoin.
- In 2015, the New York Financial Services Department (NYDFS) released the regulatory framework for cryptocurrency companies BitLicence. In the same year, the US Commodity Futures Commission (CFTC) reasonably defined Bitcoin and other cryptocurrencies as commodities, and has since been regulated by the CFTC.
- In 2016, the U.S. Currency Supervision Agency (OCC) released its "Responsibility Innovation Framework" to regulate startups that are studying blockchain and other financial technologies.
- In 2017, the US Congress announced the establishment of the Congressional Blockchain Decision-making Committee; the Trump administration’s executive department called for the development of the application of blockchain in the public sector.
- In 2018, SEC issued the "Statement on the Issuance and Trading of Digital Asset Securities", and emphasized that the SEC supports technological innovations that are conducive to the development of investors and the capital market, but must comply with the federal legal framework and proceed in an orderly manner under the premise of regulatory compliance. At the same time, entrepreneurs of emerging blockchain technologies are encouraged to hire legal counsel and seek SEC assistance if necessary.
- In 2019, Libra emerged and the US Congress heard more and more frequently on cryptocurrencies. However, the attitude towards blockchain technology has gone from being hostile to gradually becoming legalized, and then entering strict supervision at the operational level and active support for technical applications.
Attitude:
Although the United States recognizes blockchain technology and encourages its development, it has always maintained a rigorous regulatory attitude towards this emerging technology. The United States' supervision of blockchain technology relies on mutual cooperation between institutions, mainly including , the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Commission (CFTC), and the U.S. Financial Intelligence Agency (FinCEN). Sometimes the U.S. State Administration of Taxation (IRS) will also issue relevant guidelines. At present, the United States' regulatory direction for blockchain is to first crack down on illegal activities in the cryptocurrency field, and it is also showing an increasingly positive attitude towards the application of blockchain.
UK
- In 2016, the British government released the white paper "Distributed Ledger Technology: Beyond Blockchain", affirming the value of blockchain.
- In 2018, the UK Ministry of Finance, the Financial Conduct Authority and the Bank of England jointly formed the "Special Working Group on Crypto Assets". In October of the same year, the British government issued a series of regulatory measures on the blockchain industry.
- In 2019, the UK financial regulator FCA (Financial Market Conduct Authority) released a document called the "Guidelines for Crypto Assets". The document states that cryptocurrency assets can be considered "specific investments" under the "financial instruments" regulated by the State Regulatory Activities Order (RAO) or the Financial Instruments Directive II.
Attitude:
The British Prime Minister, the President of the Bank of England, and the Minister of Finance have all expressed the necessity of introducing regulatory policies on different occasions. The UK may be one of the most open countries to blockchain technology and digital currency at present. It has always held a "supervision but not supervision" attitude and has also provided very preferential policies for global blockchain startups. Therefore, many blockchain startups are considering moving their headquarters to London.
German
- In 2013, the German Ministry of Finance officially recognized Bitcoin as a "monetary unit" and "private asset" and was regulated by the state. This also makes Germany the first country in the world to recognize the legal status of Bitcoin.
- In 2016, Deutsche Federal Bank held a conference on blockchain technology opportunities and challenges, and conducted research on the potential use of distributed ledgers, including cross-border payments, cross-bank transfers, and the storage of trade data.
- In 2018, the German Ministry of Finance stated that if Bitcoin users use Bitcoin as a payment method, they will not tax it.
- In 2019, the cabinet of German Chancellor Angela Merkel (Angela Merkel) approved the draft blockchain strategy, which determined the government's priority responsibilities in the blockchain field, including digital identity, securities and corporate financing.
Attitude:
Germany has seen the core technology behind cryptocurrencies and regards blockchain technology as a promising key technology. Regarding stablecoins, Germany has made it clear that private companies are not allowed to issue stablecoins. And we can see that Germany hopes to take advantage of the opportunities brought by blockchain technology to tap its potential to promote digital transformation of the economy and society.
Russian
- In 2014, the Russian government completely banned the circulation and use of Bitcoin in the country.
- In 2015, Russia began to negotiate the circulation and supervision of Bitcoin. The Ministry of Finance proposed a proposal to restrict access to websites that allow the issuance and circulation of virtual currency . Users participating in Bitcoin transactions will face up to 4 years in prison.
- In 2016, Russia was once again rumored to launch its own digital currency. Deputy Minister of Finance Alexei Moiseev said that he would no longer insist on a complete ban on Bitcoin.
- In 2017, Russian President Putin met with Ethereum founder Vitalik Buterin, and gradually opened up policies in the blockchain industry. He also established a parliament on the blockchain expert group in the Russian parliament.
- In 2018, the Russian Central Bank issued a warning to virtual currencies on the grounds that "the risk is high and the time is immature." In the same year, Russia officially announced the closure of its Bitcoin trading website.
- In 2019, the Russian Central Bank expressed its opposition to any "monetary substitute", and the central bank governor Elvira Nabiullina reiterated this regulatory attitude at the National Duma Conference, and the bank also published relevant information publicly on its official Twitter. But the Russian Central Bank is currently studying how digital currencies will work, and is also paying special attention to the research and development of China's digital currencies.
Attitude:
In recent years, the Russian government and relevant departments have remained not friendly to cryptocurrencies such as Bitcoin, but their attitude towards blockchain has become increasingly positive. According to relevant reports, although Russia is lukewarm in treating cryptocurrencies, it is actually always paying attention to this booming industry. The Russian government and the central bank also attach great importance to the development and application of blockchain technology.
Japanese
- In 2014, the world's largest Bitcoin trading institution, Japan's Mt.Gox, was stolen (the "Mentougou" incident), and Japanese regulators once strengthened supervision of blockchain and virtual currencies.
- In 2016, the Japanese cabinet voted to regard both Bitcoin and digital currencies as digital equivalents.
- In 2017, Japan implemented the Payment Services Act, formally recognizing that Bitcoin is a legal payment method and put forward clear regulatory requirements for digital asset exchanges.In the same year, Japan's new version of consumption tax officially came into effect, and Bitcoin transactions no longer require 8% consumption tax.
- In 2018, the Japan Finance Agency (FSA) pointed out that it will strictly register and review and monitor virtual currencies. In the same year, FSA stated that after the token issuance regulation is amended, it will impose a limit on the investment ceiling of ICO.
- In 2019, the Japan Virtual Currency Business Association (JCBA) issued a "Suggestions on New ICO Supervision". In the same year, the amendments to the Fund Settlement Law and the Golden Commercial Law were passed, strengthening measures for virtual currency exchange and trading rules.
Attitude:
In Asian countries, Japan's attitude towards blockchain is relatively open-minded, but it seems quite cautious in terms of supervision. The Japanese government encouraged development in the early days, and later cautiously regulated, and its attitude towards cryptocurrencies and blockchain was also constantly changing to compliance. Currently, the Bank of Japan says it is mainly aimed at digital assets in regulation and is trying some blockchain projects.
Korea
- In 2016, the Bank of Korea proposed to encourage the exploration of blockchain technology in its report. In the same year, the Korea Financial Investment Association led the Korea Financial Investment Association and jointly established the Blockchain Association by 21 financial investment companies and 5 blockchain technology companies, aiming to promote South Korea's layout in the blockchain industry.
- In 2017, the South Korean government legalized the method of remittances of Bitcoin. In the same year, the Korea Financial Services Commission (FSCh) banned domestic companies from participating in ICOs. The FSC said that the token issuance financing model violates capital market law and imposes severe penalties on those involved in the ICO.
- In 2018, the South Korean government used blockchain as the target of tax reduction and exemption, and encouraged enterprises to enter the blockchain field. In May of the same year, the South Korean National Assembly proposed a proposal to lift the ICO ban and officially lifted the ICO in June, but ICO still faces stricter supervision.
- In 2019, the South Korean Ministry of Science and Information and Communication Technology confirmed that the South Korean government will invest approximately US$12.8 million in blockchain projects in 2020. The Fourth Industrial Revolution Committee directly under the South Korean President also urged the government to institutionalize cryptocurrencies and formulate relevant tax plans as soon as possible. It also stated that the government should realize that blockchain is an inevitable trend and determine the legal status of granting blockchain-based cryptocurrencies as soon as possible.
Attitude:
The South Korean government's attitude towards blockchain has always been unclear, but the Korean people are quite obsessed with digital currency. In 2017 alone, Koreans contributed one-third of all Bitcoin transactions. Under such a craze, South Korea has also become an important part of the global blockchain community. Recently, there are also reports that South Korea is expected to start taxing cryptocurrency transactions in 2020.
Singapore
- In August 2017, Singapore Monetary Authority (MAS) issued several statements stating that as long as the content of the issuance of currency with MAS can be conducted after relevant investigation and permission.
- In September 2018, the Monetary Authority of Singapore (MAS) divided the tokens into application tokens, payment tokens and securities tokens.
- On January 14, 2019, the Singapore Parliament reviewed and passed the Payment Service Act, which clarified the supervision of digital currency business. The bill stipulates that digital currency exchanges, OTC platforms, wallets, etc. are payment token service providers and need to meet relevant anti-money laundering regulations and apply for a corresponding license.
Attitude:
Generally speaking, Singapore still has a loose and open attitude towards blockchain technology. Data shows that as early as 2017, in terms of the amount of funds raised, Singapore was already the third largest ICO market in the world.
Conclusion : For the general public, blockchain may still be a bit unfamiliar, and even "can't understand". Blockchain projects have not been widely used in daily life, but when it comes to Bitcoin, everyone is definitely familiar with it. Bitcoin is the first successful application of blockchain technology. As of this year, it has been 11 years since its birth. At present, governments around the world are actively deploying blockchain. We can see that the international blockchain competition of has officially started.
*This article was first published on the WeChat public account "Jiaozi Blockchain" (ID: jzqkl123456).
