“In a decade billions of people will be using Bitcoin”, — Dan Morehead, CEO Pantera Capital.
The Financial Services Agency (FSA) plans to acquire full control over how crypto wallet providers conduct their daily activities.
Some of the regulatory measure discussed include management of cryptos of service providers & customers, maintaining funds to repay customers, audits of financial statements, maintenance of internal control systems and publication of various policies when money is stolen through hacks.
“Wallets are like bank accounts that store virtual currencies. While wallet service providers handle large amounts of virtual currencies like exchange companies they are not targeted by laws and regulations.”
From 2019, the government of Poland has suggested levying a steep tax of 19% on income from cryptocurrencies. Crypto-to-crypto transactions will be exempted from income tax.
The transaction tax suspension expires on June 30, 2019. Polish authorities are yet to dismiss the possibility of imposing it, but until that happens, the Polish crypto community will have less to smile about.
Similarly plans to act the government of France.
The question of tax status is not yet settled. The idea would be to consider the amount raised as sales revenue and tax it accordingly. The matter of a value-added tax — which is 20% in France — has not yet been resolved, a finance ministry official said.
The Monetary Authority of Singapore(MAS) will issue a series of new regulations governing payments including cryptocurrency.
New rules would condense all payment services regulation into a single piece of legislation. Within that legislation, there will be two separate frameworks.
One of these will be designed to regulate what the MAS defines as “systemically important payment systems.” The regulator says that rules governing these systems are designed to improve stability and efficiency. The other framework is focused on retail payment service providers(PSPs).
Retail payment service providers will have to get a license to provide services to merchants and customers.
Singapore’s first cryptocurrency trial over questionable trading practices began today as the market maker and liquidity provider B2C2 sues cryptocurrency exchange Quoine. B2C2 maintains that Quoine wrongfully reversed seven trades in April 2017 that lead to proceeds being deducted without B2C2’s authorization.
The Agencia Estatal de Administracion Tributaria (AEAT) and the Spanish Ministry of Finance plan to monitor the fiscal incidence of new technologies, such as blockchain and, especially, cryptocurrencies, to curb tax-related fraud and stamp out money laundering.
By monitoring the 15,000 taxpayers, the ministry aims to put a stop to complex, unregulated and nontransparent (cryptocurrency) activities,” the paper continued. The taxpayers were identified following an investigation earlier this year of more than 60 companies by the National Fraud Investigation Office (Onif). The organization, which is a unit of the national tax agency, requested information on individuals who hold cryptocurrency.
The European Union has allocated a grant of €10 million to the Ministry of Justice of the Republic of Uzbekistan. The funds are meant to be spent on modernizing the country’s public services system, including the implementation of the blockchain technology.
The grant funds will be earmarked for purchasing the equipment necessary for the purpose, as well as training qualified specialists in the field of the blockchain. The project presupposes the creation of a specialized public services portal alongside with an integrated database designed for online information exchange via mobile apps.
Italy’s stock market regulator, CONSOB, has temporarily halted the local services of three cryptocurrency companies — Crypton Ltd, Cryptoforce Ltd, and Eagle Bit Trade — on the grounds of financial law violations. The measures will continue for 90 days.
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