February 15

Weekly Legal digest 15.02.2019

February 15

The main news from the sphere of regulation, which we wrote about and which were ignored, is in the weekly review from BDO GMT Legal Xenia Stafeeva.


The state of Wyoming passed a bill that will allow for cryptocurrencies to be recognized as money.

The bill will place crypto assets into three categories: digital consumer assets, digital securities and virtual currencies. Any digital assets that fall into those three categories will be defined as intangible personal property, granting virtual currencies the same treatment as fiat money.


The state corporation CEZA has introduced a new set of rules governing Digital Asset Token Offering (DATO).

The new regulations are designed to regulate the cryptocurrency industry and protect investors, affecting such issues as the acquisition of crypto assets, including utility and security tokens.

“It is our goal to provide a clear set of rules and guidelines that will foster innovation yet ensure proper compliance by actors in the ecosystem. It is our hope that these set of regulatory innovations will take the digital asset sector one step closer to adoption and acceptance by institutions and the traditional financial system”, — Raul Lambino, administrator and CEO CEZA.

The CEZA thus becomes the main regulator, while the ABACA has been designated as a self-regulatory organization (SRO) to enforce the new framework.


Financial Services Commission (FSC) will soon license digital asset custodians.

While the final framework will be published in full on March 1, the announcement indicates that holders of the digital asset licence will be mandated to comply with the anti-money laundering and counter-terrorism funding rules “in line with international best practices.”

Custodians would also have to follow guidelines for storage of digital asset keys and seeds, demonstrate security procedures for onsite cold storage of assets and have in place a system for detection and reporting of suspicious transactions.

“This regulatory framework reiterates the stance taken over the last year to be a forward thinking and innovative nation that can lead appropriate and sensible regulation for the region”, — Loretta Joseph, regulatory consultant to the FSC.


The Italian House of Representatives has approved a bill defining distributed ledger technologies (DLT) such as blockchain. Smart contracts also will have to comply with in order to have legal validity.


Indonesia’s Trade Ministry Futures Exchange Supervisory Board (Bappebti) has issued new regulation on the implementation of physical markets for crypto assets in futures exchanges.

According to the new rules, all tradable crypto assets will be regulated, including mechanisms for crypto trading, starting from the opening of accounts, fund saving, crypto transactions, withdrawing crypto assets and withdrawing funds.

Crypto traders will be required to transfer Rp100 billion ($7.13M USD) to their accounts, of which Rp80 billion ($5.6M USD) must be kept as a deposit. In order to become a licensed crypto trading platform, operators are required to transfer Rp1 trillion ($71.3M USD) in capital and keep Rp800 billion ($107M USD) of which in their accounts.

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