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Netherlands Could Block Foreign Crypto Firms Under New Laws

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The European country of Netherlands could block cryptocurrency entities which are based outside of the country. These businesses may get the boot under the new crypto regulations, the latest cryptocurrency news show.

In fact, a report by CoinDesk on the DNB recent registry mandate for crypto companies brought a DNB spokesperson named Tobias Oudejans in the focus. Oudejans said that the current legislation before the Dutch House of Representatives will not only force domestic companies to register with the central bunk – but also that foreign entities will not be allowed to conduct services within the country. This shows that Netherlands could block the foreign crypto firms in total.

In fact, foreign entities here include all firms registered outside of the European Economic Zone, a block which constitutes most of the European countries. When asked if the foreign crypto companies will have to create offices within the Netherlands or Europe in order to gain access to the market, Oudejans gave no specific comment.

The legislation, according to Oudejans, is still under consideration. According to him, the central bank has already asked all Dutch crypto companies to register before the January 10 cut off date mandated by the AMLD 5. For those of you who don’t know, the legislation and central bank registration is based on anti-money laundering concerns. Just like all financial firms, Oudejans noted that crypto firms in the country must register with the Dutch government.

It is true that Netherlands could block the foreign crypto firms – but it is also true that a lack of clear regulation in the country is an issue which many Dutch crypto service providers face, according to one local crypto firm. We are talking about Crypto2Cash and its founder PJ Datema. As he told many best cryptocurrency news sites, the latest DNB standards will help mature the market.

“It’s a really nice step. I’m not saying they are embracing crypto. [But] we are finally moving forward after a long period of silence,” Datema said. “It’s good they are taking action. If we want the market to mature and the participants to evolve… you want anti-money laundering (AML) and proper know your customer (KYC),” he summed up.

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

US SEC Wants To Close The Blockvest Case For Good

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The US SEC wants to finally close the case of Blockvest and its founder Reginald Buddy Ringgold III after they filed a motion for sanctions as reported previously in the blockchain news.The US SEC wants to crack down on other crypto scams that took place in the past few years and one of the most recent examples was the case against Blockvest and its founder. Back in January, the regulators filed a motion for sanctions against the platform and its founder and the United States Securities and Exchange Commission claimed that Ringgold used the company to defraud investors which could earn him a permanent injunction. The regulator wanted to impose civil penalties as well as disgorgement.The regulator also produced evidence against the founder of Blockvest showing that he knew when the submitted false and forged declarations in order to make his defense tighter. The reports of the regulator show that Ringgold attempted to persuade two pre-ICO investors to submit the fake statements that regarded their expectations of receiving profits from the Blockvest tokens. The profit expectations are one of the Howey Test’s key criteria and are the SEC’s main benchmark for determining whether a token sale is unregistered security or it is not.Ringgold also tried to convince another affiliate to lie to the regulators about a $147,000 payment which is supposedly dedicated to the company’s own development. The regulator stated that:
‘’Based on the evidence … there can be no genuine issue of material fact that defendants violated the federal securities laws through their fraudulent unregistered offer and sale of ‘BLV’ tokens.’’
The initial enforcement action from October 2018, showed that Blockvest had managed to raise up to $2.5 million in the pre-ICO sale and it was discovered that Blockvest had advertised the investors about the token sale being registered with the SEC which was of course, false. Not only did Blockvest did that but the founder also deceived the investors claiming that it was under the eyes of the US CFTC and NFA. The project also claimed that it was audited by Deloitte which also was not true.The SEC claims that there was no company listed as a partner to Blockvest and after hearing the accusations, Ringgold admitted that his company made mistakes but he also claimed that none of the misrepresentations involved securities.
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Regulation

Hawaiian Banks Could Start Storing Digital Assets With New Bill

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Hawaiian Banks will be allowed to store digital assets with the help of the new Senate Bill 2594 which was passed in the first reading. In our crypto news, we find out more about what this bill can do for the banks.Storing bitcoin has always been a question of interest and now most users will have the ability to store them in a bank. Representatives in the Senate last week introduced Senate Bill 2594 which will make it legal for Hawaiian banks to store crypto assets including digital securities, open blockchain tokens, and virtual currencies.The bill strongly implies Ethereum, Bitcoin and other decentralized coins that will be able to be stored by the banks if the bill is passed which could mark a strong step forward in the Bitcoin security game for the average user. Just because the bill was approved in the first reading, doesn’t mean that the banks in Hawaii will jump on the Bitcoin team but it can be presumed that the lawmakers are responding to the demands of the people. The banks may not be the only mainstream institution that will start offering crypto-asset custody.Passing new legislation in Germany’s parliament as well will also make it easier for German banks to sell and store digital assets and as per Reuters reports in December, people were familiar with the matter which revealed that large Dutch Bank ING is also working on a crypto custody project. Other centralized institutions holding cryptocurrency will go against the trustless and anti-bank ideas of something such as Ethereum and Bitcoin which are blockchains that both promote decentralization but it could help increase the adoption of digital assets.This is not the only potential legislation that has crypto in the center of attention in the US. The US House Representatives DelBenet, Soto, Emmer, and Schweikert introduced the Virtual Currency Tax Fairness act of 2020. If this bill becomes law, it would solve a huge issue in spending cryptocurrency for daily transactions and smaller transactions from crypto to fiat will not be a subject to potential capital gains taxes that ‘’steal’’ the wealth of Bitcoin holders.The act will make sure that the crypto transactions where the gains are made by individuals will be under $200 and will be exempt from capital gains taxes which will allow Bitcoin buyers to buy almost any everyday items including coffee without having to deal with taxes and the IRS. There are also a lot of people in the US politics that are huge fans of Bitcoin that want to champion the bill if it ever reaches the desks.
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Regulation

Tax Agencies Level Up Efforts To Hone On Crypto Tax Evasion

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Crypto tax evasion is a big thing in 2020 and people don't expect anything to change, the cryptocurrency news show. The previous year raised expectations that stablecoins would bring a mass adoption of cryptocurrencies. But this year, we can definitely see some movements and are seeing that tax agencies are levelling up their efforts to hone on the crypto tax evasion.2020 seems to be dousing the hopes with ever-tightening regulation that is putting pressure on investors and companies alike. The first complication came only 10 days into the year. In early January, the European Union and its landmark Fifth Anti-Money Laundering Directive (5AMLD) was signed into law.Meanwhile, the law is the latest evolution of EU's response to the Panama Papers scandal in which a leak of over 11 million documents uncovered the opaque financial networks used by the world's richest and most prominent individuals.The tax agencies level up their regulation now and lawmakers are constantly striving to tighten the legal loopholes which would allow for the world's richest companies and individuals to avoid paying their dues. There are still many states which willingly provide less legally restrictive environments.From the 5AMLD initiative to the central bank digital currencies, the Bitcoin and altcoin news show that governments and regulators are acting on their belief that the identities of individuals behind anonymous transactions should be made available to authorities upon request.Regulatory changes are coming and tax agencies level up many things. According to the Dash Core Group Chief Marketing Officer Fernando Gutierrez, “This was all bound to happen.” As he summarized in an email sent to one crypto media outlet:
“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.
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Bitcoin News

WEF2020 Announces Global Consortium For Regulating Bitcoin

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At the WEF2020 in Davos, Switzerland, there was a significant mark on the crypto market and the World Economic Forum announced the first global consortium focusing on creating a regulatory framework for the governance digital currencies including bitcoin and stablecoins. In our latest bitcoin news today, we find out more about their ideas.The World Economic Forum for 2020 happened the past week in Davos and cryptocurrencies were the center of attention. Yesterday during the last day of the consortium, the forum announced the creating of the first Global consortium for Digital Currency Governance. It will mainly consist of financial institutions, government representatives, international organizations, leading companies, academics, NGOs, technical experts and other members of the Forum’s communities.The report showed that if digital currencies receive proper financial inclusion, they will have to get paired with good governance. Therefore at the WEF2020, the forum discussed whether it is needed to establish a framework of regulations by implementing innovative approaches. In order to do that, the participants will have to use ‘’efficiency, speed, inter-operability, inclusivity, and transparency.’’ The Consortium will work with both the private and public sectors to explore the presented opportunities.According to the founder and Executive Chairman of the WEF, Klaus Schwab, ‘’ digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum.’’ The Governor of the Bank of England also commented:
 “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.
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