Buidler DAO: Global Blockchain Regulatory Policy Research Report - Asia-Pacific Edition
A review of regulatory policies in five jurisdictions: Mainland China, Hong Kong, Taiwan, Singapore, and Malaysia.Producer: @Buidler DAO @LegalDAO
Proofreader: @云从龙
Layout: @黑羽小斗
Introduction
Buidler DAO, in collaboration with LegalDAO, has launched a global blockchain regulatory policy research project aimed at clarifying regulatory and legal risks across different regions through the study of global blockchain policies and regulations, helping entrepreneurs and investors better seize opportunities. The first phase of the report focusing on the Asia-Pacific region will include an overview of regulatory policies in five jurisdictions: Mainland China, Hong Kong, Taiwan, Singapore, and Malaysia.
Part of a lawyer's working method involves first outlining a legal framework, then using that framework to search for legally binding specific provisions from professional legal databases or other reliable sources. This research report serves as material that lawyers or legal professionals have already searched and processed from official websites, legal databases, and professional literature. Readers can use the summarized common regulatory points in the overview as a guide to find their areas of interest (the "steed") and look up the regulatory stance of a specific region on a particular issue—whether it is permissible, what conditions must be met if it is allowed, and what the legal consequences are for violations (the legal consequences can range from civil liability, administrative liability, to criminal liability, with potential costs including monetary penalties or even loss of freedom for a certain period). Of course, it is best to read the full text carefully if you have more time and energy.
If the common regulatory issues you encounter are not mentioned in the table, or if you cannot find information in the subsequent region-specific sections, or if the region you are concerned about is not covered in our report, please feel free to contact us for assistance. We will also strive to make the research report more comprehensive. Let’s work together to improve the industry and regulatory ecosystem—let’s Build!
Finally, special thanks to the lawyers involved in writing the "Global Blockchain Regulatory Policy Research Report" for Mainland China: Jianli Gan, for Hong Kong: He Xian Pan, for Taiwan: Arthur, for Malaysia: Hong Han Huang, Yingxi Zhang, Lee Kheng Joo, for Singapore: Cicely, for the USA: Will Awang, for Canada: Runxue Zhang, for the UK: Siber Li and his team members: Yi Fang, Yinyin Hu, Zifei Su, Xingyu Liu, Meiheng Zhu, Yihong LIANG, and Zheng Zhong.
Project Leader of the Global Blockchain Regulatory Policy Research Project ------ Yun Conglong
Overview
For practitioners, project parties, and investors in the blockchain industry, understanding the policy access and legal boundaries of their field in China is an important aspect of risk management. The current regulatory stance on the blockchain industry in Mainland China is to prohibit financialization, which is quite strict compared to the global context. Consequently, the question arises: if there are legal obstacles to developing, operating, or expanding your project domestically, which countries worldwide have relatively friendly policies? To address this issue, Buidler DAO, in collaboration with LegalDAO, has initiated the global blockchain regulatory policy research project, hoping to help entrepreneurs and investors better seize opportunities.
The first phase of the Asia-Pacific report released by the research project includes an overview of regulatory policies in five jurisdictions: Mainland China, Hong Kong, Taiwan, Singapore, and Malaysia. To avoid readers feeling lost and bored while reading professional legal content, this preface provides a reading guide. Readers can refer to this method for their reading. This method is to reference the common regulatory issues table and search for relevant content in each jurisdiction. Due to the technical and industry characteristics of blockchain, different jurisdictions around the world generally exhibit the following common regulatory issues:
Common Regulatory Issues Table
Cryptocurrencies can only be used as commodities and cannot be used as currency or freely exchanged.
Strictly prevent money laundering, terrorist financing, and financing for the proliferation of weapons of mass destruction through cryptocurrencies.
Cryptocurrencies are considered highly speculative commodities and must comply with consumer protection regulations.
For virtual currencies with securities attributes, be aware of whether they are permitted locally; even if allowed, they must comply with local securities laws. Initial Coin Offerings (ICO), Initial Exchange Offerings (IEO), Security Token Offerings (STO), and various flexible fundraising methods must be particularly noted.
Obtain a special license for virtual asset service providers to avoid illegal operations. For example, the Virtual Asset Service Provider license in Hong Kong will take effect in June 2023; Malaysia's Digital Financial-related Services (DFS) license, etc.
Prevent other illegal or criminal activities related to cryptocurrencies, such as illegal fundraising, fraud, anti-corruption and anti-bribery, data security and privacy protection, sanctions and asset freezing, insider trading and market manipulation, intellectual property protection, etc.
Pay attention to the regulatory authorities in the cryptocurrency field in the jurisdiction and maintain communication with them.
If the common regulatory issues you are concerned about are not included in the table, it may be that this issue does not have clear regulations in every region. You can first check the article related to the region you are interested in.
Notion Online Reading:
https://www.notion.so/buidlerdao/8b33087e3e28485781a5a3de59c45cb6
PDF Download Link (Download Full PDF):
https://maifile.cn/est/d2366842939292/pdf
Overview
Research on Blockchain Regulatory Policies in Mainland China
Research on Blockchain Regulatory Policies in Hong Kong
Research on Cryptocurrency Regulatory Policies in Taiwan
Research on Blockchain Regulatory Policies in Malaysia
Research on Cryptocurrency Market Regulatory Policies in Singapore
