Regulation

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said.Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045Erika Nijenhuis, senior counsel at the US Treasury’s Office of the International Tax Counsel, said in a webinar that the government was still preparing rules on...

A new cryptocurrency app known as Bottlepay will be introducing itself to the crypto-going public following months of delays.Bottlepay Is Now UnderwayBottlepay was originally set to be introduced in late 2019, though there were several problems with the product’s launch thanks to newfound regulations set forth by European lawmakers. The app had to redesign its cryptocurrency wallet to meet the standards set forth by AMLD5, which is the European Union’s anti-money laundering initiative. At the...

The Commodity Futures Trading Commission (CFTC) has released its framework for 2020-2024. The framework will support the emergence of cryptocurrencies derivative markets.The Commodity Futures Trading Commission (CFTC) has released its strategic plan that will span through 2024. The strategic plan details a “Holistic Framework” that will see the increased adoption and integration of digital assets. The CFTC regarded crypto assets as 21st-century commodities, thus giving the commission the...

The US Commodity Futures Trading Commission (CFTC) published a new set of regulations for derivatives assets, including cryptocurrencies. The agency is developing comprehensive rules for digital assets to promote innovation in the field.CFTC’s New Legislation For CryptocurrenciesThe CFTC is the US’s derivatives regulator. According to the chairman, Heath P. Tarbert, derivatives, including futures, swaps, and options, “provide critical risk management and price discovery tools that can promote...

[Featured Content]Guarda was officially registered in the European Union back in 2017 and has been focusing on building an ecosystem of blockchain-related products ever since.The company has an FIU license under the registration number FVR000109 for virtual currency against fiat currency exchange, and it’s compliant with the regulations of each jurisdiction where it operates.It has an extensive list of products, and it’s among the well-known companies in the field. Its portfolio...

The well-known lobbyist and ex-convict Jack Abramoff had agreed to plead guilty to a cryptocurrency scam. He was operating an alleged Bitcoin fraud case that was violating existing federal lobbying disclosure regulations.Parallel Charges Against NAC, Rowland Andrade, and AbramoffOn Thursday, the U.S. SEC announced its charges against both the chief executive of NAC Foundation, Rowland Marcus Andrade, and Abramoff. The accusations consist of operating a conspiracy scheme making false and...

A new report informed that the New York State Department of Financial Services (NYDFS) had proposed new licensing rules that could ultimately facilitate companies to engage in any cryptocurrency business in the state.NYDFS to Ease Crypto BusinessThe New York Post reported earlier today that New York’s regulator is asking for the public’s opinion about the proposed legislation, which could ease the regulations on cryptocurrency-related business operations. Locals have until August 10th to...

ING bank has offered the Travel Rule Protocol (TRP), a crypto-friendly regulation, that will help the Financial Action Task Force (FATF) to improve the travel rule requirement for crypto firms.Netherland based retail bank ING that admires blockchain technology has come up with a protocol to help the Financial Action Task Force (FATF) with its travel rule requirement for crypto firms. ING Bank proposed solution dubbed Travel Rule Protocol (TRP), a crypto-friendly regulation that has been...

A local report indicates that South Korea’s Minister of Finance and Economy believes that the country should impose a tax on cryptocurrency trading and investing. He added that South Korea has been discussing with other countries the introduction of a new digital law.South Korea To Impose Tax On Crypto?The Asian country has been rather indecisive regarding whether or not to tax cryptocurrency profits. At the start of the new decade, the Ministry of Economy and Finance said that the existing...

In this article, we will take a look at the role that cryptocurrencies play today and at the changes that may happen for them in the future.More and more things are going online these days and monetary transactions and business are no exception. You have probably heard about cryptocurrency and all the potential it supposedly possesses. Maybe you are thinking of investing in it or perhaps even mining it yourself. Cryptocurrency can be difficult to get a proper grasp on, but essentially...