The Japanese government is in the latest cryptocurrency news for attempting to spearhead the creation of a new and global cryptocurrency payment network which could be similar to SWIFT. The news that G7 approves an initiative like this were first reported in Reuters – citing one anonymous source that claimed the country’s push for the network and how it was motivated by a resolve to combat money laundering in a more effective way.
Even though the plans for this are now being kept under wraps, many best cryptocurrency news sites report that G7 approves the network and Tokyo hopes to have it established within the next few years.
Meanwhile, the plans for the network were initially proposed by the Ministry of Finance in Japan and its national regulator which is the Financial Services Agency (FSA) – a G7 initiated intergovernmental organization which promotes legal, regulatory and operational measures for money laundering on a global scale. The news that G7 approves an initiative like these have been a major topic in the altcoin news in the country.
Reuters also reported that the prospective network has loomed large in regulators, central banks and governments scrutiny of Facebook’s plans to launch its own stablecoin dubbed Libra.
The news that G7 approves this move come right ahead of the meeting of the G7 finance ministers in France this week. Japan, on the other hand, has apparently set up a national liaison conference which involves the Bank of Japan, the Ministry of Finance and the FSA – all of which are tasked with investigating the impact of Libra on the country’s monetary policy and its financial stability.
All of this comes right after France has pre-empted Japan in creating a G7 taskforce that will examine how central banks can regulate cryptocurrencies like Libra – something that went viral in the coming altcoin news. In June this year, the FATF revealed its plans to strengthen control over crypto exchanges and preclude digital currencies from being used in money laundering and other related financial crimes.
Aside from the fact that G7 approves such an initiative, the Japanese House of Representatives this spring approved a new bill to amend the national laws that govern crypto regulation.
Tax Agencies Level Up Efforts To Hone On Crypto Tax Evasion
“All these changes will make anonymity more difficult for the average consumer, as more exchanges comply and implement KYC. Those exchanges who don't will be forced to jump from jurisdiction to jurisdiction, which will impose extra costs that only those committed to anonymity will be willing to pay. For criminals, this will change nothing because they are in that group, among many others who are not criminals, who are willing to pay more.”Regulation can affect crypto in many different ways and regulators are already preparing new laws now. It is certain that if this happens, an intense debate will also occur among investors, industry leaders and regulatory bodies.
WEF2020 Announces Global Consortium For Regulating Bitcoin
“Governance is the core pillar of any form of digital currency. It is critical that any framework on digital currencies ensures security, efficiency, and legitimacy of payments while ensuring fair and open competition. We welcome the WEF’s platform to help develop a robust governance framework for inclusion through digital currencies.”As per the recent reports, the efforts of creating a regulatory framework on cryptocurrencies are getting more serious. As of this month, the European Union introduced an updated version of the 5th anti-money laundering directive and had increased regulatory focus. All of the crypto-related businesses are operating from Europe and they have to follow the rules which include a more in-depth know your customer process, filling suspicious activity reports and conduct transaction monitoring with law enforcement. After the WEF2020, the world watchdogs will try to establish a framework of regulations for crypto so it will be extremely interesting to see whether this will be beneficial for the market.
Germany Increases Costs For (Some) Crypto Firms By $250k
"They have to now set up a new legal entity since January 1 has passed," explains Philipp Sandner, who is a professor at the Frankfurt School Blockchain Center. "But this new legal entity would be illegal for custody, trading and issuing."The new laws show that Germany increases costs and that all companies founded after January 1 will need a BaFin license to offer these services. Meanwhile, the companies founded before January 1, 2020 will benefit from 'grandfathering' until November 2020.The cost of acquiring a BaFin license could be prohibitive for new startups, both Sandner and one lawyer explained.
"For companies (be it startups or larger companies such as banks), the license induces costs of approx. USD 250,000," they say. "Not every startup will be able to bear these costs. The small startups might be driven out of the market; the larger ones and the incumbents will probably apply for the license."As Germany increases costs for crypto firms, many wonder why is this the case. The truth is, the government is sought to introduce a law which might end up driving startups "out of the market" as experts noted.Both experts noted that the government had the opposite intention in mind and wants to encourage mainstream adoption of cryptocurrency and blockchain technology, rather than leaving these sectors open for unregulated firms. However, the costs at this point are big for many crypto firms which is why the crypto climate in Germany is not that good.Meanwhile, the latest Bitcoin price news show that the cryptocurrency has fallen by 6% due to the situation in China.
SEC Went Head To Head With Telegram, Reviewing TON Again
- Whether or not an investment contract is being offered in a securities transaction
- Whether an investment contract is a commodity which can be sold in a traditional commercial transaction
“If a developer team retains certain assets and sells it to investors, it falls into the definition of security. I think that the U.S. legislation must be shaped to take into regard emerging technologies and new business models that hadn’t been present not only in the days of SEC creation but also during the judicial battles on security definitions.”The crypto industry has been witnessing an enormous amount of interest around stablecoins, a digital offering which presents users with all of the various advantages of cryptocurrencies all while having their values pegged to a stable fiat asset such as the US dollar, the Euro and others.
IOTA And STMicroelectronics Expand Their Partnership
The Mega Rejection At $9,200 Which Worried BTC Bulls
Financial Institutions Start Using Stablecoins In 2020: Report
Tax Agencies Level Up Efforts To Hone On Crypto Tax Evasion
Crypto And Blockchain Firms Are Trying To Help Coronavirus Victims
US Military Gets Under Threat From Crypto Ransomware Malware
Central Bank Digital Currencies Are Coming In Three Years: Survey
Analyst Who Predicted $6k BTC Crash Says This Is Coming
Elon Musk On Bitcoin: Tesla Founder Reveals His True Opinion On Crypto
Taproot Upgrade For BTC Just Took A Major Step Forward
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
- Altcoin News7 days ago
The Main Industries Which Are Expected To Propel Crypto Growth In 2020
- Blockchain News6 days ago
Wanchain Launches 4.0 Interoperability Blockchain Version
- Altcoin News6 days ago
One BitMEX Trader Sells $10M, Ignites Talks About Further Dumps
- Blockchain News7 days ago
Chinese Blockchain Startups Got $3.5 Billion In 2019
- Ethereum News6 days ago
Strong Technical Pattern Shows ETH Is Gearing For Another Surge
- Blockchain News5 days ago
OKEx Speaks At Davos: Blockchain Is Best Placed For The Unbanked
- Altcoin News7 days ago
South Korea Considers A 20% Income Tax On Cryptocurrencies
- Blockchain News4 days ago
UK Tax Agency Will Invest In A New Blockchain Analysis Software