China’s first online order by Digital Currency Electronic Payment (DECP) was made by a Suzhou online shopper at JD.com on December 11, right after Suzhou’s government kicked off the Double 12 shopping festival and issued RMB 20 million DCEP in partnership with The People’s Bank of China, the central bank of China. Suzhou is the first city to test online consumption scenarios by DCEP, with JD Digits (JDD) providing support in technology and services, helping connect financial institutions with online purchasing applications. JDD is the first technology company to test the DCEP in China with state-owned banks, connected with online
Under the new policy, digital currency exchangers will be categorised as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
In the case that the digital currency is structured like a security, the ICO issuing company needs to fulfill the requirements of the Securities and Futures Act, as this precautionary step would better protect investors.
Earlier this week, Cryptocoinsnews reported that the Malaysian government and its financial regulators are set to regulate the Malaysian bitcoin industry and legalize the usage of the digital currency within the country.
Digital currency bitcoin on Friday averted a split into two currencies after its network supported an upgrade to its software that would enhance its ability to process an increasing number of transactions.