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Crypto Regulation News: The USA passes digital asset innovation act to clarify crypto regulations…

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  • U.S. financial regulators will now work together to create modalities for clear-cut crypto regulations in America.
  • Legislation introduced earlier this year in Wyoming to create a legal link between decentralized autonomous organizations (DAOs) and the state government is now the law of the land.
  • Governing body of Louisiana gives Bitcoin its nod of approval.
  • Jackson, Tennessee follows Miami’s lead to adopt Bitcoin operations.
  • Bill aimed at linking up SEC, CFTC for crypto-focused task force passes US House, heads for the Senate.
  • Biden’s proposed capital gains tax rise will hit only richest 0.3%.
  • The SEC is delaying its decision on VanEck and Cboe application to list a bitcoin exchange-traded fund until June 17, 2021.
  • Paxos plans to operate two trusts by the end of next year — one under a national bank charter, one under a BitLicense.
  • Ransomware task force calls for aggressive Bitcoin transaction tracing measures.
  • County in New Jersey makes 250% profit from crypto seized in 2018.
  • Hester Peirce: A Gensler-led SEC could lead to a ‘very productive few years’ for crypto.
  • Brian Brooks plots ambitious path to take Binance.US out of Asian crypto giant’s shadow.
  • ‘The threat right now is not Yellen’: Kristin Smith on crypto rumors and DC policy.
  • Facebook’s blockchain lobbying in DC continues while Diem efforts appear to have stalled.
  • German finance regulator issues warning about Binance’s stock tokens offering.
  • The U.K. tax authority is trying to crack down on wealth hidden in “unsanctioned” currencies.
  • England’s central bank moves ahead with CBDC with 7 job postings.
  • Irish crypto firms must comply with money laundering laws for the first time.
  • A comprehensive regulatory overview of Ireland.
  • Norwegian authorities urge crypto users to declare earnings on upcoming return.
  • Luxembourg PM wants nation to be the ‘digital frontrunner’ in blockchain.
  • A Canadian bitcoin trust is on the cusp of converting to an ETF.
  • Australia’s senate committee on technology and finance wants lawmakers to establish a national blockchain land registry.
  • China is reportedly paying more attention to the crypto mining sector, amid concerns of its growing carbon footprint.
  • Beijing investigates crypto mining farms to improve energy efficiency.
  • Employees of Korea’s financial regulator were ordered to report crypto holdings.
  • Survey shows South Koreans support crypto tax law.
  • Seoul government seizes $22M worth of crypto from tax evaders.
  • Thailand’s government aims to curb new crypto account creation with stringent KYC requirements.
  • Turkey jails 6 in probe into missing Thodex crypto exchange CEO.
  • Indonesian regulators consider tax on cryptocurrency transactions
  • Uzbekistan wants to lift its ban on cryptocurrency purchases after barring residents from buying crypto in 2019.
  • Former gov’t official blames crypto mining for energy crisis in Kyrgyzstan
  • NFTs and US taxes: What you should know.
  • And more!

Hester Peirce: A Gensler-led SEC could lead to a ‘very productive few years’ for crypto: Hester Peirce, a commissioner for the Securities and Exchange Commission (SEC), said she’s looking forward to a Gary Gensler-led commission. In a keynote conversation at an Official Monetary and Financial Institutions Forum conference on last Thursday, Peirce — widely viewed as crypto-friendly by the industry given her past statements and interest in crypto-specific policy moves — said it could be “a very productive few years” with Gensler at the agency’s helm.

Brian Brooks plots ambitious path to take Binance.US out of Asian crypto giant’s shadow: The former head of the OCC spoke with The Block about the major hurdles facing his new firm and how he plans to overcome them.

CFTC commissioner stresses limits on agency’s authority in the crypto space in bitcoin conference speech: Speaking at Texas A&M’s Bitcoin Conference, CFTC Commissioner Dawn Stump also had some thoughts about XRP.

‘The threat right now is not Yellen’: Kristin Smith on crypto rumors and DC policy: The Block’s Frank Chaparro chats with Blockchain Association executive director Kristin Smith.

Europe awaits implementation of regulatory framework for crypto assets: A deep dive into the EU’s Markets in Crypto-Assets regulatory proposal, which could provide a precedent for other countries.

Gary Gensler is now head of the SEC. What comes next? Predicting the SEC’s next few years based on Gensler’s track record with crypto and elsewhere.

Cardano Creator Charles Hoskinson Says US Will Not Leave Crypto Regulation in Limbo: The founder of the Cardano blockchain platform Charles Hoskinson says that further crypto regulation in the United States is virtually an inevitability. In a new video, Hoskinson argues that the massive valuation of the crypto industry makes it necessary for regulators to evaluate the space more closely.

House passes digital asset innovation act to clarify crypto regulations: U.S. financial regulators will now work together to create modalities for clear-cut crypto regulations in America.

The United States House of Representatives passed H.R. 1602 — the Eliminate Barriers to Innovation Act — introduced by Rep. Patrick McHenry (R-NC). H.R. 1602 was among six bipartisan financial services-related bills passed by the House on Tuesday, with the McHenry-sponsored legislation focusing on regulatory clarity for cryptocurrencies. Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the United States. The bill also seeks to answer the ongoing debate of whether crypto tokens are securities or commodities.

Addressing the floor of the House during the passage of the bill, McHenry remarked:

“[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”

Wyoming ‘DAO law’ to go into effect in July after receiving final approval: Legislation introduced earlier this year in Wyoming to create a legal link between decentralized autonomous organizations (DAOs) and the state government is now the law of the land.

Governing body of Louisiana gives Bitcoin its nod of approval: Louisiana recently gave a shout out to Bitcoin’s success in a new resolution.

Jackson, Tennessee follows Miami’s lead to adopt Bitcoin operations: Another city in the United States is looking to add Bitcoin payments and mining activities to the city’s balance sheet.

Bill aimed at linking up SEC, CFTC for crypto-focused task force passes US House, heads for the Senate: The bill aims to put together a cross-commission working group to hash out digital asset policy.

Biden’s proposed capital gains tax rise will hit only richest 0.3%: Only 0.3% of taxpayers in the U.S. would be hit by higher levies on their investments under the new capital tax plan, a senior Biden administration official said.

SEC punts on decision for VanEck’s bitcoin ETF filing until at least June: The SEC is delaying its decision on VanEck and Cboe application to list a bitcoin exchange-traded fund until June 17, 2021.

Paxos becomes latest crypto company to score OCC approval for a bank charter: Paxos plans to operate two trusts by the end of next year — one under a national bank charter, one under a BitLicense.

SEC enforcement chief steps down just days after appointment: The official’s conduct in past litigation was brought into question by a U.S. district court judge.

County in New Jersey makes 250% profit from crypto seized in 2018: County authorities captured the cryptocurrency during a 2018 drug bust in Long Branch.

Ransomware task force calls for aggressive Bitcoin transaction tracing measures: The task force has proposed new rules that would facilitate aggressive cryptocurrency tracing and tighter licensing requirements for businesses handling digital assets.

Biden’s capital gains tax plan to pull crypto down to earth from the moon? More taxes may cause short-term volatility, “but long term, you may see more demand for DeFi applications and other collateralized use cases.”

Europe awaits implementation of regulatory framework for crypto assets: A deep dive into the EU’s Markets in Crypto-Assets regulatory proposal, which could provide a precedent for other countries.

EU regulators reportedly scrutinize Binance over securities law compliance: Shortly after the exchange launched stock token trading, German and British financial regulators are reportedly looking into whether the offering complies with securities laws.

German finance regulator issues warning about Binance’s stock tokens offering: Germany’s Federal Financial Supervisory Authority, or BaFin, said in a translated version of a notice published last Wednesday that it “has reasonable grounds for suspecting” that crypto exchange Binance may be in violation of the country’s securities laws in connection with its recently announced stock tokens service.

UK revenue authority to target cryptocurrency tax evaders: The U.K. tax authority is trying to crack down on wealth hidden in “unsanctioned” currencies.

Bitcoin greenwashing? Lawmakers want clearer definitions of green energy: U.K. legislators want clearer definitions applied to green energy usage to combat the rise of financial “greenwashing.”

England’s central bank moves ahead with CBDC with 7 job postings: The Bank of England’s CBDC-related job listings range from solution architect to senior manager.

Irish crypto firms must comply with money laundering laws for the first time: It is now a criminal offense to operate a crypto firm in Ireland without registering with the Central Bank of Ireland.

A comprehensive regulatory overview of Ireland: The Block Research analyzes the current regulatory frameworks for cryptocurrency businesses and taxation relating to cryptocurrencies in Ireland.

Luxembourg PM wants nation to be the ‘digital frontrunner’ in blockchain: Prime Minister Xavier Bettel said that he was “not a technical person” or a developer but still backed blockchain technology for the future of Luxembourg.

Norwegian authorities urge crypto users to declare earnings on upcoming return: “Our experience is that most people will follow all laws and regulations, and we will help those who invest in crypto to do it right,” said Marius Johansen.

Crypto tax in South Korea is ‘inevitable’ in 2022, says minister: South Korea’s finance minister said that cryptocurrencies like Bitcoin will be taxed as “intangible assets.”

Employees of Korea’s financial regulator ordered to report crypto holdings: Korea is strengthening its crypto regulations, imposing reporting requirements on all employees of its Financial Services Commission.

South Korean Prime Minister nominee to look into controversial crypto tax law: South Korea’s crypto tax law continues to face significant opposition from cryptocurrency proponents in the county.

Seoul government seizes $22M worth of crypto from tax evaders: The City of Seoul becomes the first city in South Korea to confiscate cryptocurrencies owned by tax delinquents.

Survey shows South Koreans support crypto tax law: More than half of the survey respondents favored the controversial crypto tax law in South Korea.

South Korea’s ‘kimchi premium’ rises again as officials weigh crypto tax delay: The premium reappeared in March after a long hiatus but vanished again briefly earlier this month amid the threat of a government crackdown.

Beijing investigates crypto mining farms to improve energy efficiency: Bitcoin’s electricity bill has been attracting the attention of regulators worldwide.

Bitcoin mining in China set for ‘stricter supervision’ due to carbon concerns: China is reportedly paying more attention to the crypto mining sector, amid concerns of its growing carbon footprint.

Rolling up the sleeves: China’s tech giants drive digital yuan adoption: CBDC tests are proceeding toward deployment, as Chinese internet, fintech and e-commerce giants are leading the digital yuan vanguard.

Indonesian regulators consider tax on cryptocurrency transactions: Officials are considering a tax on all cryptocurrency transactions in Indonesia.

Thailand to introduce in-person KYC for crypto exchanges: Thailand’s government aims to curb new crypto account creation with stringent KYC requirements.

A Canadian bitcoin trust is on the cusp of converting to an ETF: A Canadian bitcoin trust is in the final stages of its bid to convert to an exchange-traded fund (ETF).

Australian senate committee calls for national blockchain land registry: Australia’s senate committee on technology and finance wants lawmakers to establish a national blockchain land registry.

Turkey may establish central custodian bank following alleged fraud at two major exchanges: Vebitcoin CEO İlker Baş is reportedly in police custody, with Thodex owner Faruk Fatih Özer suspected to have fled to Albania.

Turkey jails 6 in probe into missing Thodex crypto exchange CEO: The arrested siblings of the missing Thodex CEO reportedly own millions of dollars worth of crypto.

Uzbek presidential agency proposes legalizing domestic crypto trading: Uzbekistan wants to lift its ban on cryptocurrency purchases after barring residents from buying crypto in 2019.

Former gov’t official blames crypto mining for energy crisis in Kyrgyzstan: As the Kyrgyz government discusses raising electricity tariffs again, a former official says that crypto mining is a significant driver of the ongoing energy crisis.

Mercurial on crypto: Will India’s latest stance lead to positive regulation? Indian officials are switching their stance on crypto, but the country’s regulatory environment may have additional bottlenecks in store.

Ethereum ETFs are here, building case for US approval of BTC and ETH funds: While Bitcoin may evolve to become gold 2.0, Ether-based funds could offer investors exposure to a new utility technology.

Facebook’s blockchain lobbying in DC continues while Diem efforts appear to have stalled: In disclosure forms for Q1 of 2021 filed on April 20, Facebook’s massive lobbying program has continued its enigmatic work in the area of blockchain policy. The Diem Association, meanwhile, has seemingly ended its lobbying efforts for the Diem stablecoin.

Decentralization is the final frontier for CBDCs: Decentralized CBDCs will most likely pique the interest of the masses much more than their centralized counterparts.

NFTs and US taxes: What you should know: Are there any pitfalls in NFT taxation according to the current U.S. laws?

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Source: https://medium.com/paradigm-fund/crypto-regulation-news-the-usa-passes-digital-asset-innovation-act-to-clarify-crypto-regulations-ec8377c6039b?source=rss——-8—————–cryptocurrency

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