Cryptocurrency News Today – Top Headline for Cryptocurrencies, October 27

• China Passes its First Crypto Law, Effective from January 2020

According to reports, China has passed its first crypto legislation. This was when the 13th National People’s Congress Standing Committee passed new legislation in a bid to adequately regulate cryptographic activities. The crypto law was passed on October 26. It will be effective from January 1, 2020, the report reads. 

According to the report, the new regulatory framework is designed to set models for crypto application and password management. It will establish the assignment of a central cryptographic platform built to lead the public’s cryptographic work, and create guidelines as well as policies for the digital asset industry. 

The Implications of China’s New Regulatory Framework

The draft of the new crypto law was put in motion on May 7 by one Chinese news outlet. It is largely focused on a centralized password management scheme undertaken by the Government. It does not explicitly mention the term…