After France the regulation of the turnover of virtual assets has attended the United Kingdom and the United States of America. On the same day on opposite coasts of the Atlantic ocean appeared two documents from two agencies with very similar arguments. Hard to believe in such a coincidence, especially when the stakes in the geopolitical game for the future markets rise.
In the Special report of the Committee of the UK Treasury called the market of digital coins “industry the Wild West.” Claim to virtual assets are the same as that repeatedly voiced by the authorities: high volatility, poor consumer protection, the possibility of burglary and theft, as well as money laundering and the financing of terrorism.
In the world today is not “working satisfactorily” tokens, the document says. And as an example, officials cite the fact that at the moment there are at least 1,500 digital currencies that are traded in 190 markets. Few of them have real value. Most, probably, it is another tool to deceive the citizens. “Investors have very little protection against many risks — said in the text of the report. In particular, there is no formal mechanism for the return and compensation of lost funds and assets“.
Moreover, the organization refers to the legislators, to those finally accepted the digital coins “assets” and the market would fall under the jurisdiction of the office of financial management and control (FCA). Officials of the Treasury recognized the ICO in the form in which it now exists “an issue for financial supervisors”.
The representative of the Committee Nicky MORGAN in one of his comments said that the indecision of the governments and regulators in relation to the development and adoption of regulatory framework at the time, the suffering consumers — weak position.
The report’s conclusions, oddly enough, agreed the British self-regulatory, independent Association CryptoUK.
“Self-regulation has always been seen as the first step — now up to Parliament and government, — said the Chairman of the Association Iqbal GANDHAM. — Oversight of regulators is necessary for security, fraud protection and transparency in this fast-growing industry. So nice to see that the Committee supported our idea about how this can be done by proposing to introduce this area to the area of responsibility of the FCA”.
In turn, the office of the attorney General of the state of new York published his report outlining the results of the monitoring of the exchanges in which the digital coins. Check was initiated by the former head of Cabinet Eric SCHNEIDERMAN, who a few months later resigned because of a sex scandal. But it’s his decision remained in force.
In the end, the judges came to the conclusion that the new York digital trading platforms high risk of manipulation and use of insider information for personal gain. In addition, the market is a big risk of conflict of interests, violations of consumers ‘ rights and theft.
“The industry has not yet realized all the possibilities of market surveillance, similar to traditional exchanges,” — said in the report. In addition, in the digital economy do not work the conventional measures of the audit that affects the level of confidence of customers and regulators. Among the negative factors, the Prosecutor’s office mentioned the use of some exchanges traders bots.
These two documents are interesting not so much in content, although the information contained on paper, and true, how time and context.
Just last week, the market of digital asset loudly entered France, adopting quite a liberal legislation governing the circulation of virtual assets. From the Fifth Republic, this was not expected, as its legal system, unlike the economy, you’ll be known for conservatism. And shortly before the appearance of a legal document, the French government lowered the tax on transactions with digital coins by half to 19%.
It seems that the President and the government of the French Republic acknowledged the obvious: the vacillating West is losing the struggle for digital markets and digital capital, bold, and aggressive East. Japan, South Korea, Thailand, the Philippines already play a significant role in the circulation of virtual money. The next step: China, which protects its domestic market, but global is not going away; India, which still leans toward the adoption of a new economic reality, and Russia, also standing on the verge of adopting a legislative framework for digital coins. It is a huge power.
“Remember the crisis of 2008, which has not passed unnoticed to us. People lost jobs, economic development stalled. But only India and China continued to grow — said in exclusive comments Bitnewstoday.ru Professor and founder of the DLT-company based on AI-technologies , Amardip SINGH. — And Russia was OK due to the flexibility of its economic policy. Each of these countries focused on the fact that inherent in its economy. And what do we see now? China — the absolute world leader in industrial production of consumer goods, Russia holds first place in the production of weapons, India is a leader in the use of human capital. And I see that these countries want to unite. China, India, Russia enter into new Alliance, whose goal is the development of a new digital world. America and her friends have little chance to resist the triumvirate, which has money and technology, and human resources.”
No wonder the expert referred to the 2008 crisis. New global cataclysm every year emerges all the stronger, and one of its main reason might be the clash of two economic systems on the background of the crisis of confidence in traditional financial instruments.
Of course, you can dream up and suggest that British and American reports came out at the same time because someone had checked the date of publication. Most likely, it is not. But their random appearance can not be called. It is a signal to the political authorities from the economy, what we finally have to hurry to handle this segment of the market not only because they are the consumers of financial services (although that too), but also because, the one who grabs it today, will dominate in the world politics and economy tomorrow.