digest

January 25

Weekly Legal digest 25.01.2019

January 25

For those who missed the news in the regulation of cryptocurrency, BDO GMT Legal Ksenia Stafeeva revealed key points.

Great Britain

UK’s Financial Conduct Authority (FCA) made a consulting day on a cryptoasset guidance.

One of the points in the FCA’s guidance addresses the high risks of leveraged derivatives such as Contracts for Differences (CFDs). According to the Guidance, their risk is associated with “the volatility of crypotassets and the impact of product fees such as financing costs and spreads.”

Iran

Iran is proposing redenominating its currency. A bill to remove four zeros from the national currency was presented to the government by the central bank.

Mostly people do not believe in denomination efficiency and use bitcoin and non-fiat cryptocurrency to save money.

Website Localbitcoins.com saw record volume in Iran during December 2017, the month when the protests against the government started. Around the time when the U.S. ended the nuclear deal with the Iran, and it was predicted that the country’s economy could fall into a death spiral, bitcoin trading again peaked.

Italy

The Italian Senate committee has approved an amendment on blockchain industry regulation, known as the “Decreto semplificazioni”. It’s the first regulatory move in the blockchain space by the Italian government.

The amendment provides basic industry terms such as distributed ledger technology (DLT)-based technologies and smart contract definitions. The document also states that a blockchain-powered digital data record will enable a legal validation of documents at the time of registration.

Following the green light from the Senate’s, the decree now requires two approvals from the Italian Parliament — one from the Chamber of Deputies, and another from the Senate of the Republic.

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