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Regulation

Central Bank Of Russia Wants To Limit The Sale Of Cryptocurrencies For ‘Unqualified’ Investors

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The Central Bank of Russia is part of the Bitcoin news today because of a new meeting which discussed setting an annual limit for so-called “unqualified investors” that want to purchase cryptocurrencies like Bitcoin, according to local business media giant RBC and its reports on Tuesday, March 12.

The documents obtained by RBC show that the bank wants to amend the current draft crypto bill which is known as “On Digital Financial Assets” and one that recently passed a second of three readings in the Russian parliament – the State Duma.

On another note, the central bank’s paper recommends equating investor limits to the entities set in a draft bill on crowdfunding which is another popular method for raking in cryptocurrencies – currently reviewed by the Russian Parliament.

According to the head of the State Duma’s committee on financial markets named Anatoly Aksakov and his statement to RBC, the threshold will likely be established at 600,000 rubles (which is around $9,000) per year – a level that is same as the yearly investment limit in crowdfunding projects.

What’s interesting is the situation that we may see. If the parliament passes this bill, unqualified investors will still be able to purchase digital assets that were issued within the country, according to the report. On top of that, investors will still be allowed to sell or purchase such tokens without their intermediaries.

As per the Central Bank of Russia, an “unqualified” investor is everyone who has less than a one year minimum of investment experience. If one wants to be considered as a “qualified” investor, they need to obtain a qualification certificate which shows that they meet the minimum individual investment time requirements – or have at least two years of work experience in a field that is considered appropriate by the state.

The RBC reports also show that the Russian government wants to establish requirements for financial intermediaries that are involved in crypto asset trading – where banks, depositories and stock exchanges will be obliged to track all crypto transactions and reveal the exact amounts that are traded by all “unqualified” investors to other counter-parties.

The bill has raised a major discussion within the Russian legal circles.

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Regulation

IRS Crypto Tax Guidance Is Coming Soon: Official News

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The US Internal Revenue Service (IRS) is in the latest cryptocurrency news for a new document which shows that it is working on its first tax guidance for cryptocurrency since 2014. The IRS crypto tax guidance came from an agency's commissioner who told a lawmaker about the news on Monday. In a reply to Representative Tom Emmer's request for further guidance on reporting cryptocurrencies, the IRS Commissioner Charles P. Rettig outlined a plan for an in-depth IRS crypto tax guidance which will come in the near future.
“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote in a statement which went viral in the altcoin news.
According to his statement, the organization is working on the concept of IRS crypto tax guidance for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks” according to the letter. The guidance and other issues will be published "soon" as Rettig wrote - a statement which was shared on many best cryptocurrency news sites.
“I am glad to hear of the IRS’ plans to issue guidance on this important issue,” the Representative Emmer said in a statement after receiving Rettig’s reply on the IRS crypto tax guidance plans. “Taxpayers deserve clarity on several basic questions regarding federal taxation of these emerging exchanges of value. I look forward to seeing their forthcoming proposal, and working together to serve the American taxpayers.”
His original request and letter-written statement, however, called for the IRS to “issue more robust guidance clarifying taxpayers’ obligations when using virtual currencies” with a deadline of May 15, 2019. He also emphasised that the IRS crypto tax guidance needs to see virtual currency and "treat it as property so that existing tax principles are applied to it just like they are applicable to property transactions." He accented digital currencies as a medium of exchange and a subject to which investments increase and "continue to develop." In the end, Rep. Emmer said that he hopes the information is helpful, inviting the readers to contact him if they have any additional questions or requests.
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Regulation

SEC Postpones VanEck ETF Application Verdict – Again

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The United States Securities and Exchange Commission (SEC) is in the latest cryptocurrency news for delaying the decision on the VanEck Bitcoin exchange-traded fund (ETF) proposal. The fact that SEC postpones VanEck and its application again has raised many eyebrows in the industry - especially after it was officially published in a filing on May 20. In addition to this, the SEC has added a 35 day period to gather more information and opinions on this proposal which was first filed by the Chicago Board Options Exchange. The news that SEC postpones VanEck has been picked up by many best cryptocurrency news sites. As a reminder, in January CBOE withdrew its request to change the rules when the US government shutdown decreased the operational abilities of SEC - but then reapplied on January 31 after the government shutdown was resolved. Today's filing shows that SEC postpones VanEck and lists 14 questions open to the public about the proposal - with a main intent of using the answers and arguments that were provided to help them reach a verdict. These questions specifically pertained to protecting investors and public interest from fraud and several similar exploitations. The report showing how SEC postpones VanEck noted:
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
Previously, he VanEck application was delayed by the SEC, preventing Bitcoin ETFs to be traded on CBOE. The exchange initially filed for the proposed SEC rule change on February 15 with a 45 day period that was assigned for approval or disapproval. Since the first filing and this news that SEC postpones VanEck's application again, the decision has been postponed twice. For those of you unfamiliar with ETF, exchange-traded funds are securities that are valued as a percentage of the associated asset which makes them very similar to traditional stocks. As such, they are the topic of many Bitcoin and altcoin news sites and are seen as a step towards mass adoption of cryptocurrencies and a sign for crypto maturation.
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Crypto Regulators To Add New Strict Rules For Crypto Exchanges

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Crypto regulators are eyeing to adopt tougher rules for crypto exchanges regarding the sharing and storing of information about where and to whom users are sending money. In our altcoin news today we are about to find out more. The new rules will go beyond the ‘’know-your-customer’’ rules. The exchanges will need to verify and keep records on the users’ identities and will also have to pass information to other exchanges when transferring funds. Many in the blockchain industry agree that though this is a practice similar to the one banks use, it is not the worst one for crypto. Representatives from the industry urged the Financial Action Task Force to reconsider the delay of the proposed policy. However, crypto regulators especially those who have the FATF’s rotating one-year presidency, were not really into adopting the new set of rules according to some of the attendees at the Vienna meeting. The U.S Treasury’s Under Secretary for Terrorism and Financial Intelligence Sigal Mandelker pointed out:
 “During its presidency of the FATF, the United States has worked with other countries to clarify how all countries should regulate and supervise activities and providers in the digital currency space. We anticipate that in June the FATF will adopt a final version of its Interpretative Note, along with updated guidance to further assist countries and industry with their obligations.”
Even if the FATF accepts the proposed policies, they will not be enforced overnight. The member countries first have to pass the legislation or recommend making changes to the guidelines. The Assistant professor in the Department of Political Science at the University of California, Santa Barbara Julia Morse pointed out:
 “The FATF recommendations are not legally-binding international law; however, because the FATF’s members – 36 economies and two regional bodies – include the largest and most important financial systems in the world, its rules have teeth.’’
As mentioned in the latest cryptocurrency news, industry members are waiting to see the final guidance and hope that the governments will provide enough time for a solution on sharing information among other crypto exchanges.  The industry leaders should also be ‘’recommending an extended adoption timeframe to ensure proper implementation and coordination across the industry.’’
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Regulation

Crypto Regulation In Japan: The Measures G20 Wants To Impose

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in tRegulation is always a hot topic in our latest cryptocurrency news. In the latest updates, we are focusing on the crypto regulation in Japan which is a viral topic because of the serious attitude taken by the country. If recent reports are to be believed, the G20 has established a solid agenda. The international organization's busy calendar of activities will first kick off with a general summit on June 1 in Osaka, Japan. As it looks, Tokyo is determined to convince the international counterparts to commit to cryptocurrency regulations right from the outset. In this manner, the crypto regulation in Japan may impose a couple of regulations. First of the list would be the issue of how new exchanges obtain operating licenses from the regulatory Financial Services Agency (FSA) post the Coincheck hack. According to a popular blockchain/crypto consultant named Akio Kikuchi:
“The government appears to have decided that it does not want a China-style shutdown of the industry, or a partial shutdown, like the one the South Korean government has imposed. But what is really wants to do is ensure all exchanges toe the line. And it really wants to end all forms of unregulated trading.”
The FSA has indeed done this. They imposed a strict set of rules for existing exchanges to abide by (as part of the new crypto regulation efforts) and the application process has become a lot more stringent too. However, this is only the tip of the iceberg called crypto regulation in Japan. It is very likely that world leaders will want to spend their time on matters that they feel are more pressing - such as resolving the United States-China trade rift. As many best cryptocurrency news sites report, the issue of crypto regulations is mainly forced by the former prime minister of Japan, Yoshihiko Noda, who wants the topic of crypto regulation in Japan to be brought into the June 1 summit.
“Reaching an international agreement [on crypto regulation in Japan] on June 1 could block North Korea’s ongoing efforts to escape economic sanctions," Noda stated.
However, the prospect of international regulations is getting bigger and featured in the altcoin news more and more often. As some enthusiasts say, people tend to view regulations as a negative thing - but may start thinking about this differently if they abide by the rules.  
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