The Japan crypto regulation is a hot topic on many best cryptocurrency news sites right now. In the latest cryptocurrency news, we see that Japan has prepared a “manual” of cryptocurrency regulation proposals that will be handed out to G20 leaders and international financial chiefs.
The country will host both the G20 Summit and the G20 Ministerial Meetings on June 28 and 29 in Osaka and will set the agenda for the talks as its host. As it was previously reported, Tokyo is keen to bring the cryptocurrency regulation to the table.
Since Japanese ministers want global leaders to agree on a shared international framework for regulations. Meanwhile, Tokyo interferes to the Japan crypto regulation and opposes the status quo whereby the regulations in some G20 nations are exceptionally tight and non-existent in others.
According to Sankei Biz, the Japanese government has drawn up a “manual” which is described as a handbook of the new Japan crypto regulation efforts as well as cryptocurrency governance proposals and justifications which pertain to cryptocurrency exchanges in particular.
As part of the new regulation, Tokyo is also hoping to illustrate the need to implement systems that protect customer assets, international security protocols as well as systems that provide customers with information – especially in the event of a hack.
Aside from this, the Japan crypto regulation hand book will also outline two damaging hacks that Japanese exchanges suffered last year. Aside from the crippling Coincheck hack in January, the Zaif hack also took a toll of the country’s regulation and sweeped the legislative changes.
As reported on many best cryptocurrency news sites, the Japan crypto regulation has focused on the country’s exchanges with a strict set of regulations. The exchanges are obliged to seek operating permits from the regulatory Financial Services Agency which has the power to conduct extensive and on-site audits or even suspend trades.
The exchanges are also policed by the self-regulating Japanese Virtual Currency Exchange Association (JVCEA). On the other hand, the Japanese exchange platform SBI Virtual Currencies is owned by the financial giant SBI Group, says its recent decision to delist Bitcoin Cash and was made in accordance with the JVCEA guidelines.
Gold-Backed Crypto Will Settle Payments In Russia: RSB
“We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part.”Russia has been going on and off on the subject of cryptocurrencies. The government considered a ban on cryptocurrencies, then only for crypto trading but none of that happened and now the current stage for the legality and regulation of cryptocurrencies is unknown. Due to the lack of regulation in the country one economist fooled many western outlets into believing that Russia is going to procure about $10 billion in cryptocurrency. The country considered the ban on cryptocurrency which the central banks especially likes but is now working on a regulatory framework that stops normal people from acquiring and trading cryptocurrency. The digital regulations are also inconsistent with the mentioned ‘’ digital iron curtain.’’ President Vladimir Putin even ordered experts to work on creating a ‘’CryptoRuble’’ that will help the country to subvert the western sanctions. As reported in the best cryptocurrency news sites, Russia is a part of the Eurasian Economic Union whose members include the former Soviet-bloc countries. The EAEU Minister of Integration Tatyana Valovaya was more keen on using gold-backed crypto to settle payments and stated:
“We have prepared an analytical report and will present it soon, that will analyze what cryptocurrencies are, what is happening in the world, what approaches countries have, what regulation is provided. […] If the trend of cryptocurrencies and blockchain development is picking up pace, we have to realize that.”As mentioned, other countries are already working on gold-backed cryptocurrencies for international settlements such as Iran. Other Middle Eastern nations also transact with each other by using decentralized ledgers.
Central Bank Of Laos Warns Against Using Cryptocurrency
"The Central Bank of Laos and its Transaction System Management Department recently issued the warning after learning that cryptocurrencies such as Bitcoin, Ethereum and Litecoin have been advertised for use on social media despite the fact that the central bank has banned the use of these currencies."Meanwhile, the latest cryptocurrency news also show the public which seems concerned about the anonymity of the sender and receiver in a crypto transaction. This fact worries because of the increased risk of digital assets and cryptocurrencies in the money laundering practices. However, a source familiar with the matter recently spoke and told Vientiane Times that authorities don't have a relevant security system that will protect cryptocurrency holders. Even though countries such as Canada, Malta and Switzerland have embraced the new asset class to different degrees, officials around the globe still express their skepticism towards crypto and hardliners call for outright bans on the use of digital assets. In the US, the situation is not similar to the Central Bank of Laos as the legal status of crypto varies from state to state. The best cryptocurrency news sites recently reported that the California Congressman Brad Sherman called for a full ban on cryptocurrencies. He also claimed that cryptocurrency presents a threat to the power of the US dollar and affects world economic developments. In April this year, we also reported a situation similar to the Bank of Laos in India - where the government was considering a complete ban of cryptocurrencies under the Prevention of Money Laundering Act since it could reportedly be used for money laundering. The Ministry of Corporate Affairs then stated that cryptocurrencies are used in fraudulent schemes to 'defraud gullible investors.'
IRS Crypto Tax Guidance Is Coming Soon: Official News
“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.
SEC Postpones VanEck ETF Application Verdict – Again
“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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