Europe and Africa Are Legalizing Digital Market as Crisis Is Coming
RegulationBit News Today2 min read
During 2018 several European jurisdictions wrote dedicated crypto rules, while Zimbabwe swung between a central bank clampdown and a finance minister urging study of bitcoin amid a cash shortage. The table lists the main steps by date, with France's ICO visa and Malta's three blockchain laws among the first purpose-built regimes.
| Date | Jurisdiction | Step | Detail |
|---|---|---|---|
| January 2018 | Gibraltar | DLT framework takes effect | GFSC licenses firms that use distributed ledgers to store or move value for others, under ten core principles |
| 16 Feb 2018 | Switzerland | FINMA ICO guidelines | Tokens sorted into payment, utility and asset types, with hybrids allowed |
| May 2018 | Zimbabwe | Central bank clampdown | Governor John Mangudya tells banks to stop processing crypto payments; Bitfinance ordered on 15 May to close |
| May 2018 | Zimbabwe | Court suspends ban | High Court judge Alphas Chitakunye halts the order after a Bitfinance application |
| 19 Jun 2018 | European Union | Fifth AML Directive published | Crypto exchanges and custodian wallets must check customers; national deadline 10 Jan 2020 |
| 26 Jun 2018 | Malta | Three laws approved unanimously | Virtual Financial Assets Act, Malta Digital Innovation Authority Act, Innovative Technology Arrangements and Services Act |
| July 2018 | Zimbabwe | Softer tone | Mangudya says the Reserve Bank is ready to embrace blockchain with caution while studies run |
| 7–8 Sep 2018 | European Union | Vienna finance ministers' meeting | No new rules yet; Commission to finish crypto assessment in 2018 |
| 12 Sep 2018 | France | PACTE Article 26 passes committee | Bruno Le Maire announces an ICO framework with AMF visas for projects that protect investors |
| September 2018 | Zimbabwe | New finance minister | Mthuli Ncube urges the central bank to study crypto, citing Swiss engagement with bitcoin |
| 2018 | Zimbabwe | Cash shortage | Central bank imports over 400 million dollars of cash; banks cap withdrawals |
| 11 Apr 2019 | France | PACTE final reading | Optional visa needs a French issuer, an information document, asset safeguarding and AML checks |
| 11 Apr 2019 | France | Funds and marketing | Private equity funds may hold up to 20% in digital assets; ICOs without a visa barred from general solicitation |
Sources: Gibraltar Finance, FINMA, ITWeb, Eucrim, Bitcoin Magazine, Fortune, TokenPost, Verdict, AMF.
