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.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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