Regulation

South Korean National Tax Service sent Bithumb a letter claiming they will need to pay additional taxes for the 2019 fiscal year. The agency claims that the tax is legal because the exchange forgot to pay the taxes from withdrawals that the exchange is constantly processing for customers from abroad.Doo Wan Nam, MakerDAO Business Development Associate says that Bithumb had a net loss of $180 million in 2018, considering the data given by Korea Times. This means that regulators are taking the...

Swiss outgoing President and Finance Minister Ueli Maurer said on Friday that Facebook’s Libra project “failed in its current form and needs reworking to be approved.”He said:“I don’t think Libra has a chance in its current form, because central banks will not accept the basket of currencies underpinning it. The project, in this form, has thus failed.”Regulators all over the world have been worried that Libra would possibly increment the risk of money laundering and criminal actions through...

The Russian Central Bank is testing stablecoins, which are backed by real assets. The testing is to occur within a regulatory sandbox that functions based on certain regulations. The Russian Central bank disclosed this recently when the Chairman Elvira Niabullina said:“We test stablecoins in our regulatory “sandbox.” Companies come that want to issue tokens secured by some real assets. We in the “sandbox” look at how they can work, but we do not assume that they will function as a means of...

According to the publication, the Autorité des Marchés Financiers (AMF), made these rules to expand on the PACTE law. The PACTE law, which initially went into effect back in May, went down in history as one of the foremost comprehensive legal frameworks to guide the crypto sector, in all of Europe.Compliance RequirementsThe new AMF laws have a few mandatory points that interested applicants must meet. The DASP must have a two-year business plan, with specific details on how the business will...

The Commonwealth of the Bahamas is the newest country to adopt its own digital currency. Starting today, residents of the Exuma district will have access to a pilot run of the country’s central bank digital currency (CBDC).According to an official press release published on Tuesday, December 24, the pilot run is called the “Project Sand Dollar” as the CBDC is called the “Sand Dollar”. The announcement also states that the Bahamas digital currency furthers the Bahamian Payments System...

CFTC Chairman Heath Tarbert has said that his entity is investigating Ethereum. Tarbert and other scientists carefully studied the inner processes of the Ethereum blockchain. Appears that the network will soon start changing itself to become a PoS-based system. Not only the miners but also the stakers will secure the transactions and blocks. On October 10, 2019, Tarbert concluded that Ethereum 2.0 tokens are likely to become virtual securities. Per Heath:“It is my view as chairman of the CFTC...

The new Thomson Reuters tax tool is set to report cryptocurrency taxes within the crypto space. Sources indicate that Reuters GoSystem Tax RRS Products will also include a “Virtual Currency Organizer”. This will enable users of the system to file form 1040 in the United States effectively. The new tool will also serve as a central hub for all things related to cryptocurrency for the users. They include reviews on payments, hard forks, cryptocurrency exchanges and so on.Reuters in a blog post...

Uzbekistan appears to be changing its stance towards cryptocurrency adoption as the President has made it illegal to purchase any, while citizens can actually sell them. Interestingly enough, this comes only a year after cryptocurrency usage was legalized.Uzbekistan Bans CryptocurrenciesAccording to a local report, the former Soviet republic is set to place a ban on cryptocurrency purchases within the borders of the country. It also states that investors owning digital assets can actually...

The Bitwise digital asset management is still very much interested in creating a Bitcoin exchange-traded fund (ETF). On Wednesday, the firm sent a new letter to the United States Securities and Exchange Commission (SEC), responding to the earlier published 112-page rejection letter it received from the SEC back in October.Published by the SEC on Friday, the new letter addressed the SEC’s manipulation fears. According to the SEC, one of the reasons the Bitcoin ETF could not be approved was the...

Indian banks may start turning down potential customers, because of their religion, as per a recent report. Furthermore, protesters in Hong Kong are boycotting one of the largest banks in the country, HSBC, due to the latest alleged political arrests. Naturally, among economic and financial turmoil of the kind, it’s hard not to bring Bitcoin’s decentralized nature, which solves all of the above issues.Banks To Judge By Religion?According to a recent local report, Indian citizens who want to...