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Israel Bitcoin Association Wants Local Banks To Disclose Crypto Policies

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The latest cryptocurrency news show that Bitcoiners in Israel are prepared to change a lot of things in their country. According to the Israel Bitcoin Association which is a nonprofit promoting the use of Bitcoin (BTC) and crypto, a freedom of information petition was filed with a Jerusalem court – seeking to require local banks to disclose their policies on money originating from cryptocurrencies.

The news first appeared in the local news daily outlet Globes on August 19. As many best cryptocurrency news sites then showed, state banks are required to report reasons for refusing transactions to the central bank of the country, the Bank of Israel. This is why the association previously reached out to the bank, asking for clarification on cryptocurrency policies of commercial banks – but was refused.

The association chairman Meni Rosenfeld then told Globes that the Bank of Israel refused the request on the grounds that these were “industry secrets.” This is why the Israel Bitcoin Association moved forward with a legal petition to make the disclosure mandatory. As the legal adviser Jonathan Klinger said:

“Under the Banking (Licensing) Law, it is the duty of a bank to state to the Bank of Israel the policy under which it refuses to conduct transactions. We therefore contacted the Bank of Israel and asked for this information, but the Bank of Israel did not agree to disclose this policy to us. We therefore decided to petition the court to force the Bank of Israel to provide us with a copy of the policy submitted to it by the banks.”

Israeli banks have been denying the Israel Bitcoin Association the ability to open accounts in the country, even though the association does not buy or sell cryptocurrency. This, as the report shows, is likely due to the association’s name which includes the word Bitcoin.

So far, many other traders and crypto related businesses have struggled with difficulties making deposits and remaining tax compliant because of the crypto-averse banking policies in Israel. According to some reports in the altcoin news, cryptocurrency traders in Israel cannot pay taxes and are unable to make deposits of funds obtained through cryptocurrencies.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Regulation

New Cryptocurrency Regulation Could Save The Industry: Opinion

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New cryptocurrency regulation could be the savior of the entire crypto industry especially since there are now many who can’t wait what the new anti-money laundering directives will bring as we are reading now in the cryptocurrency regulation news. Over the past couple of weeks, there have been rising anxiety amongst cryptocurrency investors of an approaching crackdown on Bitcoin (BTC) service providers. This worry does not come without any ground, at the start of 2020, European Union countries activated an anti-money laundering directive, that had an article that indicated that services providers which are working in the crypto sector will be required to amass more information about the customers that use cryptocurrencies. The move of the European Union to implement this directive has already made certain damage in the cryptocurrency sector, with industry firms like Simplecoin and Bottle Pay having to close down their platforms. Many industry people were hugely dissatisfied by the closure of Bottle Pay because it gave the opportunity to customers for easy transactions of Bitcoin (BTC) through Twitter. And more recently, the Secretary of the U.S. Treasury, Steven Mnuchin, said in a hearing held by the Senate Finance Committee that the Financial Crimes Enforcement Network (FinCEN) branch of the Treasury will soon give “significant new requirements” for entities that work with crypto. Mnuchin said in the wake of the reveal of Libra by Facebook that cryptos are a national security threat, so this move was a long time anticipated. It is interesting to note that a top industry investor has made the suggestion that the integration of the “requirements” Mnuchin is asking for can actually be of help for Bitcoin’s growth in the long run. How Speaking with CNBC on Friday in regards to Bitcoin (BTC) and the broader crypto sphere, the incumbent CEO of Galaxy Digital and a former partner at Goldman Sachs, Mike Novogratz, said:
  “We’re going to see something from Treasury in the next few months that kind of puts some guardrails around Bitcoin. I think that’s a positive.”
It is not only Novogratz who made a suggestion that the implementation of more clear and stringent cryptocurrency regulation rules against cryptos can, in turn, help Bitcoin (BTC). The Democratic presidential candidate, Andrew Yang, that just recently dropped out of the race because of a poor showing in two primaries, stated in an interview in January with Bloomberg that the implementation of clear rules in the United States can, in turn, fuel innovation.
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Regulation

Crypto Regulation UK: The Bitcoin Climate Is Changing

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The major financial regulator in the United Kingdom, the Financial Conduct Authority (FCA), is right now looking to hire a specialist with a cryptocurrency background. As we can see from the crypto regulation UK, things are changing and the FCA is seeking an intelligence associate with crypto expertise who will address digital assets under the European Union's 5th Anti-Money Laundering Directive, as the regulator said in a recent LinkedIn job posting on February 6th. Additionally known as 5AMLD, the new law came into effect on January 10 and represents a major effort to tackle money laundering and terrorism financing across Europe as previous reports in the regulation news showed. While many people are still unclear and searching keywords such as "crypto regulation UK" on Google, the new situation shows that the UK finally exited the European Union on January 31 which is why the government must pay particular attention to the EU's recently enforced cryptocurrency law. As such, the FCA is now seeking to hire an expert for its core function team who will lead the crypto regulation UK team - the intelligence team - which has become responsible for 5AMLD regulation of the crypto asset sector since January 2020. The job posting also shows that the key responsibilities of the position include intelligence support for supervision as well as enforcement, as well as processing applications for firms in the UK financial services industry. All of this leads us to believe that the Financial Conduct Authority (FCA) has been very active in the cryptocurrency space as the regulator approved the operations of major crypto firms and carefully investigated the industry. The FCA was vocal in July 2019 as well, when it announced that it will not regulate the two top cryptocurrencies which are Bitcoin (BTC) and Ether (ETH). The latest action by the FCA regarding the 5AMLD and the setup of a new crypto regulation UK team comes after the agency announced on January 10 that it will start supervising the Anti-Money Laundering compliance of cryptocurrency related firms in the country. The crypto news at the time showed that the FCA is planning to enforce a much more stringent set of rules for cryptocurrency firms.
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Regulation

Brazilian Cryptocurrency Regulation Tightens, Exchanges Are Hit Hard

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The cryptocurrency exchanges in Brazil are suffering from increased pressure by legislators, the latest cryptocurrencies news show. The Brazilian cryptocurrency regulation was not known as strict so far but legislators have gotten support to regulate the crypto market following allegations of fraud at Atlas Quantum, Zero10, and Trader Group last year. February saw some of the results of those actions. Meanwhile, Bitcoin.com has reported that two major cryptocurrency exchanges based in the South American nation have been shut down following the threats of heavy fines and the immediate effects of the regulations. Acesso Bitcoin was one of the exchanges suffering from the new Brazilian cryptocurrency regulation - and had to voluntarily close their doors. The co-founder Pedro Nunes was quoted by the crypto news outlet Portal do Bitcoin as saying:
“After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.”
Another Brazil based crypto exchange named Latoex faces similar problems. Right now, the company is looking at a 100,000 Brazilian real (BRD) fine if it does not comply with the suspension order which was issued by the Brazilian cryptocurrency regulation body - the Securities and Exchange Commission. Both houses of the National Congress of Brazil are looking at proposals to regulate the country and its cryptocurrency industry. A special commission is analyzing and making revisions to such a motion, Bill 2303/2015. Meanwhile, the Senate is reviewing two other bills which are the PL 3825/2019 and PL 3949/2019. The Brazilian cryptocurrency regulation shows that no specific legislation has been enacted to establish regulations for the crypto market in the country. Brazil is one of the countries which are stepping up when it comes to cryptocurrencies. The regulatory landscape in the country is changing and it appears that the increased interest towards crypto by the community is shaping up the regulatory climate. Meanwhile, today's Bitcoin and altcoin news show that BTC is suffering today and is now below $9,800. Ethereum, on the other hand, has lost 7% overnight and is at $249 while Bitcoin Cash (BCH) and Bitcoin SV (BSV) are the worst performers in the top 10, losing 13% and 15% respectively.
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Regulation

Japan’s Plans Include A Digital Yen In ‘2 To 3’ Years

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While China continues to pull ahead and lead the Asian region in terms of cryptocurrency regulation, Japan is apparently inspired by the country and wants to get in the race, too. New reports show that Japan's plans for a new national cryptocurrency are more and more obvious and over the past weeks, many lawmakers expressed their preference for a CBDC controlled by the Bank of Japan. The general idea now, as the cryptocurrency news show, is to counter the digital yuan from neighbouring China which is set to be released soon - and prevent it from disrupting the global economy. A senior ruling party lawmaker confirmed Japan's plans and said that the development of a Japanese CBDC might take "two to three years." The big question many are asking now is - will this come too late as a challenge to Beijing? Anyways, what is important is that the Bank of Japan's relationship with CBDCs can be traced back to April 2018 when the agency's deputy Governor Masayoshi Amamiya first addressed the topic to the public. Japan's plans were then outlined and even though the tone of his comment was predominantly negative, the official did not rule out the possibility of a native cryptocurrency to the bank. Amamiya then argued that issuing a CBDC for general use would undermine the existing financial system. Such cryptocurrency regulation, according to him, would also allow customers to open accounts directly at the central bank and abandon private banks altogether, putting them at a major disadvantage:
“The issuance of central bank digital currencies for general use could be analogous to allowing households and firms to directly have accounts in the central bank. This may have a large impact on the aforementioned two-tiered currency system and private banks' financial intermediation.”
Japan's plans may change in the near future and although the bank was not considering issuing its own digital currency, it certainly realized that the application of emerging technologies was a possibility. Half a year later (October 2018) Amamiya panned the idea of CBDCs and said that Japan's plans may change once interest rates fall to zero - which is when central banks may use these. Then, in February 2019, the Bank of Japan published a report covering CBDCs. And now (January 30 2020) Amamiya continued the discussion, confirming Japan's plans and stating that the central bank must be ready to issue a CBDC if public demand spikes due to rapid technical developments.
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