Laws

China Is Drafting Laws for the Circulation of National Digital Currency

</header> <strong>Amid the coronavirus pandemic, China’s central bank has reportedly completed the basic development of the nation’s central bank digital currency. The central bank is now drafting legislation for its circulation, according to local media. A number of patents have revealed what the digital yuan will be like.</strong> Also read: 2x Bitcoin — Wanna Double …

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India Unveils National Blockchain Strategy, Calling on RBI to Issue Digital Currency

</header> <strong>India’s National Strategy on Blockchain has been published. It recommends, among other things, for the Reserve Bank of India (RBI) to issue a central bank digital currency. The Ministry of Electronics and Information Technology tasked the National Institute for Smart Government with drafting this national policy.</strong> Also read: Regulatory Roundup — New US Crypto …

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Ukraine to Oversee Crypto Transactions Above $1,200, Sees Opportunities in Legalization Not Risks

</header> <strong>Cryptocurrency transactions in Ukraine will be strictly monitored by the state, although the country’s finance minister admits that it’s not digital coins but fiat cash that criminals and corrupt officials are more likely to use. The legalization of cryptocurrencies remains a priority in Kiev as the government has indicated its clear understanding that the …

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With New Regulations, Europe’s Crypto Companies May Be Running Out of Options

</header> <strong>European crypto companies are finding themselves in a changing regulatory environment. The new realities they have to deal with stem from the fifth edition of the European Union’s anti-money laundering directive. AMLD5 introduces stricter customer due diligence requirements and some in the industry have realized their business models, based on key principles of the …

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Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, India’s National Blockchain Seminar

</header> <strong>In this roundup, we cover several crypto-related actions by the U.S. Securities and Exchange Commission (SEC) and the New York regulator’s crypto job posting. We also cover new Chinese laws, South Korea’s tax clarification, India’s blockchain education, the IMF working with the Philippines’ central bank, as well as crypto regulatory developments in Turkey and …

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Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

</header> <strong>As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to …

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Russia’s Supreme Court Recognizes Tokens as Assets Like Money and Property

</header> <strong>A phenomenon like bitcoin can gain recognition, including regulatory, in many different and often unexpected ways. Governments that hesitate to accept cryptocurrencies as legal tender, sometimes validate their existence indirectly and even acknowledge they can be used for payments. Taxing crypto incomes and profits is one such example. Russia has just provided another one …

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France Approves First ICO

</header> <strong>The French financial markets regulator, the Autorité des Marchés Financiers (AMF), has made its first initial coin offering (ICO) approval. While token sales remain legal as a fundraising option in France, only those that have been approved by the AMF may be marketed directly to the public.</strong> Also read: France Adopts New Crypto Regulation …

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Australia Probes Big Four Bank Accused of 23 Million Money Laundering Breaches

</header> <strong>With stricter new regulations on the horizon for the crypto space around the world, Australians have found that it’s actually their traditional financial institutions that have been breaching well-established anti-money laundering rules and other industry standards this year. Westpac, one of the country’s largest banks, is now under investigation for millions of purported violations …

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Crypto Startups to Get up to $75,000 From the Government of Ukraine

</header> <strong>Ukrainian crypto companies can now receive up to $75,000 each in the form of government sponsored grants. A special fund set up by the authorities in Kiev is already accepting applications from startups in various high tech sectors including the blockchain industry. Over $1.5 million will be distributed by the end of the year. …

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