January 11

Weekly Legal digest 11.01.2019

January 11

Для тех, кто пропустил главные новости в сфере регуляции криптовалют, Ксения Стафеева подготовила недельный дайджест.


The European Securities and Markets Authority (ESMA) publishes its Adviceto the European Union (EU) Institutions on ICO and crypto-assets.

Authority proposes to divide crypto-assets into two categories. The first group is for crypto-assets that qualify as financial instruments under MiFID.

The second one is for crypto-assets that are not qualify as financial instruments. This category should, at a minimum, fall under the Anti Money Laundering (AML) requirements.


The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies.

“The Venezuelan people are currently facing a fierce war waged by internal and external factors that pursue the deterioration of the economy, which is why it is necessary to adopt sufficient measures to ensure the strengthening of the current fiscal regime”.

The Ministry of Popular Power of Economy and Finance is in charge of the execution of the decree.


New York State became the first state in the nation to create a cryptocurrency task force to study how to properly regulate, define and use cryptocurrency.

The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers”,Clyde Vanel, NYS Assemblyman, Chair of Subcommittee on Internet and New Technologies.


Two lawmakers from the U.S. state of Colorado have introduced legislation seeking to exempt cryptocurrencies and certain digital tokens from securities laws.

A bill dubbed the “Colorado Digital Token Act,” proposing that digital tokens with a “primarily consumptive” purpose should be exempted from securities laws provided they are not marketed for “speculative or investment” purposes.


China’s internet regulator, the Cyberspace Administration of China(CAC) in a detailed document outlined a final draft of regulations concerning cryptocurrency and blockchain companies.

Blockchain companies will now be required to register users with their actual names and national identity or mobile number while eliminating content that Beijing deems unfavorable. Companies are expected to “immediately release” stored data that the state regards as a threat to or contravening existing national laws.

Entities found to be in violation of the rules could be subject to fines or prosecution.

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