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Regulation

US Congressman To Introduce Bills That Support Blockchain And Cryptocurrencies

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There is a lot of steam regarding regulation of cryptocurrencies and blockchain in 2018, mostly because of the involvement of government bodies and agencies that are constantly reviewing the crypto space. In the latest cryptocurrency news in the US, the US Representative Tom Emmer (R-MN) is officially planning to introduce three bills to support blockchain and crypto.

The news are in accordance to a press release that was published on September 21st, where the three upcoming bills are entitled the “Resolution Supporting Digital Currencies and Blockchain Technology”, the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”

This legislation is also focused on the support and development of blockchain technology as well as the establishment of a safe harbor for the taxpayers with “forked” digital assets.

The bills, on the other hand, would prompt the government to provide a “simple legal environment” and restrict any fines for people who report “forked” digital assets – up until the Internal Revenue Service (IRS) presents formal guidance on the appropriate means of reporting.

As Emmer said, “taxpayers can only comply with the law when the law is clear.”

He also announced:

“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”

Earlier this week, many US lawmakers called on the IRS to issue clarified and “comprehensive” crypto taxation guidance. They also argued that while the IRS is proactive in reminding taxpayers of the pentalties for non-compliance with its guidance, they are also failing to introduce a more robust taxation framework that will meet their obligations.

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Regulation

Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses

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Meet Bitcoin Suisse - the pioneer of Switzerland's "Crypto Valley" and a company that went viral in the latest cryptocurrency news for a new initiative. As the news show, the Swiss crypto broker has apparently taken anticipatory steps to comply with a "maturing" regulatory environment. As the firm announced on Tuesday, it has applied for a banking license with the Swiss Financial Markets Supervision Authority (FINMA) as well as the security dealer's license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, the financial authorities at the Swiss Federal Council noted that blockchain and distributed ledger  technologies (DLT) will be governed by the existing regulatory schemes. However, a representative from the Swiss crypto broker noted:
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”
The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
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Regulation

French Authorities Will Approve Crypto Regulations For ICOs & Exchanges

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France seems to be one of the most progressive countries with its plans of introducing cryptocurrency regulations to police several aspects of the industry. The latest cryptocurrency news show that the French authorities have urged the European Union (EU) to establish region-wide standards for virtual currency governance. With the EU preparing to make significant progress in this regard, it appears that the country is deciding to take its own first steps on the matter. Meanwhile, the financial regulatory authorities in France say that they will continue to watch the controversial Facebook Libra cryptocurrency project. As Reuters reports, the French authorities are apparently ready to unveil a regulatory framework for cryptocurrencies. These regulations will apparently cover initial coin offerings (ICOs), exchange platforms, wallet providers as well as custodians and virtual investment fund managers. The initiative has been reported by many best cryptocurrency news sites. Meanwhile, France has always been keen on taxing tech companies and as such, the new regulatory paradigm will also impose tax lows. All in all, the framework which is set to go live appears to provide robust governance for the tax, legal as well as regulatory provisions - all of which are necessary for the effective policing of the country's crypto industry. When it comes to ICOs, the French authorities are apparently in talks with some companies looking to launch their projects in the country. The altcoin news show that ICOs have come under increasing scrutiny across many jurisdictions with concerns mainly revolving around the sale of unlicensed securities. Therefore, ICO fundraising has also suffered a major decline since the highs seen in 2017 and 2018. All of these regulations also put a pin in reports of a potential cryptocurrency ban in France. As several major stakeholders in the government and within the regulatory bodies called for a crypto prohibition, the country is not sure in which direction it will move in the near future. The main concerns, as the coming altcoin news show, are seen over tax evasion, money laundering and the other usual anti-crypto soundbites. Aside from the countries of Japan and South Korea, a lot of large economies have yet to put forth concrete governing structures for crypto commerce in their respective countries.
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Regulation

G7 Approves The Japan Crypto-Based SWIFT Alternative

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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.
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Regulation

India Will Ban Cryptocurrencies But Not The Digital Rupee

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India will ban cryptocurrencies such as Bitcoin or in any other form as the latest cryptocurrency news show us in the newly leaked documents that we are reading about today. After the documents were leaked on Scribd by the local blockchain and tech lawyer Varun Sethi, we can read that the document shows a preliminary text of a new law that is designed to ‘’prohibit the use of cryptocurrency.’’ The event adds fuel to the fire that is ongoing in India after the speculation that cryptocurrencies will be banned since the government in the country and central bank are trying hard to outlaw the use of cryptocurrencies once and for all. If the document is true, this confirms the fears that any kind of activity involving bitcoin and other altcoins will be illegal as one of the statutes reads:
 “No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’
Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long. As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down. In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US  President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.
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