A new official statement is in the daily cryptocurrency news after the topic of regulation spiraled by the Ukrainian government. The government plans to establish regulatory frameworks in order to legalize crypto in the region.
The announcement is also part of an initiative to consider and acknowledge cryptocurrencies like Bitcoin as emerging technologies, released by the Economic Development and Trade Ministry in Ukraine within a new state policy in order to oversee various cryptocurrency-related sectors – put in full effect by the end of 2021.
The plan is to integrate the regulatory frameworks to strictly govern the local cryptocurrency exchange market, and the crypto trading platforms will be required to implement the Know Your Customer (KYC) and Anti-Money Laundering (AML) systems in order to help local authorities monitor the market.
The plans are to delve into the cryptocurrency mining industry as well as smart contract protocols and taxation, all parts of the regulation in the initiative to recognize cryptocurrencies as an asset class and an established industry.
According to one researcher named Denis Zarytsky:
“They aim to determine guidelines for token classification. Additionally, they will be touching upon issues that relate to smart contracts and cryptocurrency mining. Therefore, this work will be ongoing. There will be two separate stages to the implementation of this new state policy. The hope is to have this policy in full effect by 2021. In addition to the new state policy, the government notably has brought in a new taxation bill. This outlines a new 5% tax that is payable by entities and individuals with cryptocurrency holdings.”
Currently, both the opposing and the ruling party of Ukraine are positive on the long-term growth of the cryptocurrency sector and the blockchain technology.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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