cryptocurrency regulation
The earlier proposed hearing by the Committee on Financial Services began with the SEC and tackled several issues regarding cryptocurrency, the SEC’s function, Facebook’s Libra, as well as blockchain technology.
This is an effort from FINMA to bring blockchain-based companies and virtual assets service providers (VASPs) under the regulatory framework to foster a healthy working atmosphere.
A number of new players in the industry are creating an alternative option by drafting specific rules and regulations for cryptocurrency. Malta, Bahrain, and Gibraltar have been among the first to do such, now Belarus and Singapore join the club.
As part of its efforts to ensure compliance, the IRS has commenced sending out letters to erring crypto users. More than 10,000 people will receive one of three letters, advising them to report earnings and pay required taxes.
Just recently the European Central Bank (ECB) has yet again commented on the Facebook Libra project and now they are saying that “it’s too dangerous” and regulators need to improve the way they work.
This edition of Max’s Corner examines the much-discussed technological singularity and the role blockchain technology will play in bringing it about.
Just recently the outcome of the G20 summit in Osaka, Japan, has set in – cryptocurrencies are officially regulated by the G20. The G20 officials have agreed on applying the FATF guidelines to, mostly, cryptocurrency exchanges.
Many financial experts believe that the G20 summit, which recently ended in Osaka, Japan, should bring a multilateral decision on cryptocurrency regulation. The cryptocurrency market is proving that it is here to stay by growing almost +150% only this year.
Following June 9 G20 meeting in Fukuoka, Japan, the G20 finance ministers, and central bank governors filed a request with the Financial Stability Board (FSB) to monitor cryptoassets-associated risks.
This edition of Max’s Corner takes a look at the evolving regulatory parameters of the cryptocurrency industry.
