Asia and Australia: Crypto and Blockchain News Roundup 3rd June to 9th June, 2019

Asia and Australia: Crypto and Blockchain News Roundup 3rd June to 9th June, 2019



Asia and Australia: Crypto and Blockchain News Roundup 3rd June to 9th June, 2019

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Asia and Australia

India

Indian Lawmakers Propose an Extreme 10-Year Prison Sentence for Crypto Acquisition: Indian lawmakers have reportedly drafted a bill that imposes a 10-year prison sentence along with massive fines for people who “mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies, directly or indirectly” in the country.

The proposal is accompanied by a push for India’s official digital currency, ‘Digital Rupee’. These offences will also be deemed “cognizable and non-bailable”, and after the act is implemented, all holders will be required to declare their assets within 90 days.

India Central Bank Denies Knowledge of Crypto Ban Bill: The Reserve Bank of India (RBI) has denied any involvement and knowledge of the controversial cryptocurrency ban bill in India.

This was revealed during the hearing of the Rights to Information (RTI) petition filed by an Indian crypto lawyer, Varun Sethi, to RBI, in which he asked about the central bank’s role. In reply, RBI claimed that there was never “any communication received from Central Government in this matter”. RBI also added that it has neither received any copies of the draft bill and not it has held any meetings or discussions on the matter.

Privacy Coins Could Boom in India: In a defiant statement, Binance CEO Changpeng Zhao claimed that if India goes ahead with the rumoured crypto ban, it would actually improve the adoption of privacy coins.

Recently there have been rumours about Indian authorities passing a bill to punish people involved in the “sale, purchase and issuance of all types” of digital assets including crypto and Bitcoin. Zhao’s claims can be backed by previous instances of people turning to privacy coins like Monero whenever Bitcoins are banned or heavily regulated. He added that such a ban could “really push privacy coin adoption forward to bypass the ban.”

Japan

2020 Olympics Eyes Blockchain to Combat Doping and Verify Authenticity of Records: The International Testing Agency (ITA) is reportedly looking to implement Blockchain as a tool against tampering of anti-doping test records in the 2020 Summer Tokyo Olympics.

ITA has forged a partnership with Blockchain firm BlockFactory to create a framework and explore possibilities of using Blockchain to prevent doping scandals within reasonable cost. In particular, the focus is on the Therapeutic Use Exemption (TUE ), which allows athletes to use banned drugs under justified medical conditions. To avoid any misuse, Blockchain would be used to verify and store the medical records after approval by a panel of experts to prevent any future tampering.

Australia

Australia Targets Crypto Tax Fraud in 5 Nation Cyber Sweep: The Australian government, in collaboration with the international J5 tax authorities, is currently investigating tax avoidance schemes that are based on cryptocurrency.

This follows the announcement by the Australian Taxation Office (ATO) that it is updating its database to ensure a rigorous taxation system in the country. The move will also involve collecting information from the Australian cryptocurrency designated service providers (DSPs) about all crypto transactions. The ATO is currently examining 12 cases, one of them involving a “global financial institution” under allegations of enabling taxpayers to commit possible tax avoidance fraud.

Malaysia

Malaysia Securities Commission Recognizes 3 Crypto Exchanges: The Malaysian Securities Commission (SC) has finally registered three cryptocurrency exchanges namely Luno Malaysia, Sinegy Technologies and Tokenize Technology after passing the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.

This implies that all crypto exchanges operating in the country must register with the SC, which will then have nine months after the registration to meet all compliance requirement by the markets regulators. The authorities also claim that this move will bring clarity and protection for the consumers and will standardize crypto usage across all businesses.

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