Biden Administration May Set Strict Tax Evasion Regulations for Cryptocurrency Investors

Biden Administration May Set Strict Tax Evasion Regulations for Cryptocurrency Investors

(5.31-6.6) Global Regulatory Developments List

6.6

Miami mayor: crypto regulation issues will be resolved, “buy on the dips”

Yonhap: Legislation to punish crypto market manipulation may be enacted by South Korean parliament

South Korean crypto exchange employees will be fined 100 million won for trading on related exchanges

El Salvador: Bill to legalize bitcoin in the works

6.5

Texas Governor Signs Law Creating Legal Framework for Crypto Investments

G7 Releases CBDC Design Preferences, Reiterates Concerns About Unregulated Stablecoins

Russian Parliament Official: New Russian Crypto Tax Law Expected to Pass This Fall

RBI Governor: Still Major Concerns About Cryptocurrencies Central Bank Digital Currency and Cryptocurrency Are Two Different Things

Biden National Security Anti-Corruption Directive to Focus on Crypto Illicit Financing and Other Financial Crimes

Miami to launch city cryptocurrency MiamiCoin

6.4

MAS executive: Ali, Google and more than 300 companies apply for payment or crypto exchange licenses

India’s central bank governor: we are very concerned about cryptocurrencies

South Korea to start taxing overseas crypto assets from next year

6.3

Biden Administration May Set Strict Tax Evasion Regulations for Global Cryptocurrency Investors

Acting U.S. OCC Administrator: The ultimate goal of the review guidance is to determine the overall strategy for digital assets

Norway’s finance minister: cryptocurrencies may eventually stabilize

Irish MEPs want stricter regulations on stablecoins and cryptocurrencies in Europe

Biden Administration to Investigate Cryptocurrency Use in Ransomware Attacks

Miami Mayor: Musk Was One of the Triggers of BTC Volatility, Has Now Bought BTC and ETH

EU to launch digital wallet next year

ECB: Digital Euro May Be Needed to Fight “Artificial Currencies”

Fed’s Harker: The launch of the U.S. central bank’s digital currency may take a long time

6.2

Irish MEPs want stricter regulations on stablecoins and cryptocurrencies in Europe

ECB: Countries lacking official digital currencies may face threats to their financial systems and monetary autonomy

ECB: Creating a digital euro could make it easier to pay or save

Central Bank of Russia Governor: Central Bank Digital Currency is the Future of the Russian Financial System

Central Bank of Thailand hires German payments giant to design CBDC prototype

Turkey’s central bank is working on cryptocurrency regulations

6.1

Thailand SEC: DeFi to be regulated

5.31

US OCC head: regulatory boundaries should be established for cryptocurrencies

G7 finance ministers say central bank digital currencies can serve as a pillar of secure settlement assets and payment systems

(5.31-6.6) List of global regulatory details

6.6

Miami mayor: crypto regulation issues will be resolved, “buy low”

Miami Mayor Francis Suarez highlighted various efforts to make Miami the capital of bitcoin at the Bitcoin 2021 conference, asking the city commission to allow the city to pay employees in bitcoin, accept bitcoin for fees and taxes, and even explore the possibility of keeping it on the balance sheet, according to bitcoinnews. He said crypto has issues to be resolved in terms of regulation and how government can set policy without controlling the currency. I believe that these issues will resolve themselves. But ultimately, there’s only one thing to do: buy low.

Yonhap: Legislation to Punish Crypto Market Manipulation May Be Made by South Korea’s National Assembly

The Yonhap News Agency published an article today saying that cryptocurrency market manipulation penalties, which are common to all trading entities, are gradually gaining momentum as parliamentary legislation moves forward. However, the financial authority said : “Cryptocurrencies cannot be deemed as financial commodities.” Therefore, it is still unknown whether cryptocurrency manipulation of quotes can be punished like stocks under the Capital Market Act. Recently, the Korea Financial Services Commission has formulated a plan to revise the Enforcement Order of the Specified Financial Transaction Information Act. Among other things, it prohibits crypto asset management companies and employees from trading crypto assets through related management companies. In other words, to eliminate the possibility of share price manipulation by entrepreneurs, trading is to be restricted. Even if the enforcement order of the special law is amended, the problem still exists. This is because it aims to restrict trading to stop the possibility of market manipulation by operators, but does not imply the enactment of market manipulation regulations applicable to all trading entities. Therefore, it is highly likely that Congress will enact regulations on market price manipulation. The government’s position is that it would be difficult to apply price manipulation charges applicable to capital markets directly to cryptocurrencies, so the legislative process is expected to be compromised.

South Korean crypto exchange employees to be fined 100 million won for trading on related exchanges

According to Yonhap News Agency on June 6, the South Korean government is moving forward with a proposal to impose a fine of up to 100 million won if cryptocurrency operators and employees trade virtual assets through relevant exchanges. The Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission recently met with cryptocurrency exchanges to explain the plan to amend the Enforcement Order of the Specified Financial Information Act, saying that “if the obligation is violated, a fine of no more than 100 million won will be imposed, and penalties such as correction orders, suspension of business and declaration of cancellation may be issued to the exchange. ” The FSC plans to complete the revision of the enforcement order by September 24, the deadline for existing operators to file, and immediately impose the obligation on operators who receive the filing. The amendment to the Enforcement Order of the Special Funds Law also includes a ban on direct trading and transactions of crypto assets issued by cryptocurrency operators, etc., and also includes the content of intermediary acts.

El Salvador: Bill to Legalize Bitcoin in the Works

El Salvador is working on a bill to recognize the legal status of bitcoin, and his company is working with the country’s president, Nayib Bukele, on a plan, Jack Mallers, founder of lightning network wallet Zap, said at the Bitcoin 2021 conference in Miami, according to CoinDesk on June 6. The bill must also be vetted by the country’s legislative assembly. But with Bukele’s newcomer party firmly in control of the body, approval on Saturday afternoon is almost a foregone conclusion. If approved, the bill could make El Salvador the first country to adopt the Bitcoin standard.

6.5

Texas Governor Signs Law Creating Legal Framework for Crypto Investments

Texas Governor Greg Abbott (R) signed a measure creating a legal framework for cryptocurrencies and blockchain late Friday, according to Coindesk. The new law amends the state’s Uniform Commercial Code (UCC) to better adapt commercial law to blockchain and digital assets, formally defines virtual currencies and provides a legal environment for individuals and businesses to invest in cryptocurrencies.

G7 Releases CBDC Design Preferences, Reiterates Concerns About Unregulated Stablecoins

Group of Seven (G7) finance ministers and central bank governors met in London this week, according to The Block. According to an official communiqué released, the G7 reiterated past comments on stablecoins and opposed transactions that do not meet “relevant legal, regulatory and supervisory requirements. The communiqué also mentioned the G7’s shared interest in central bank digital currencies (CBDCs), according to which G7 central banks “have been exploring the opportunities, challenges, and implications for monetary and financial stability of central bank digital currencies (cbdc), and we are committed to working together as ministries of finance and central banks on their broader public policy implications, within our respective mandates. cooperation.” This communiqué clearly expresses a range of design preferences for such digital currencies. A more formal statement will be issued later this year, the G7 said. The communiqué said, “CBDCs should be resilient and energy efficient; support innovation, competition, inclusion and can enhance cross-border payments; they should operate within an appropriate privacy framework and minimize spillovers.”

Russian Parliament Official: New Russian Crypto Tax Law Expected to Be Adopted This Fall

The country’s new crypto tax law is expected to be adopted this fall, said Anatoly Aksakov, chairman of the Russian State Duma’s (lower house of parliament) financial markets committee, according to cryptonews on June 5. This follows yesterday’s news that Aksakov said bitcoin should not be offered to unqualified investors due to extreme volatility.

RBI governor: still major concerns about cryptocurrencies Central bank digital currency and cryptocurrencies are two different things

According to AMBcrypto on June 5, RBI Governor Shaktikanta Da said yesterday, “The position of the RBI (on cryptocurrencies) has not changed. Regarding the RBI’s position, we have major concerns about cryptocurrencies and we have communicated that to the government. For investors, each investor should do their own due diligence and make very careful decisions. Central bank digital currencies are one thing. It is another thing to have cryptocurrencies traded in the market. The RBI and the government are committed to financial stability. We have expressed some concerns about these cryptocurrencies that are traded in the market. We have reported some significant issues to the government.” The news comes after the RBI claimed on May 31 that it did not prohibit banking services for accounts dealing in cryptocurrencies.

Biden National Security Anti-Corruption Directive to Focus on Financial Crimes Like Crypto Illicit Financing

President Joe Biden has issued a new directive to federal agencies on Thursday to prioritize efforts to address global anti-corruption efforts, according to News.Bitcoin. He published the “Memorandum on the Fight Against Corruption as a Core U.S. National Security Interest” in a White House release Thursday.

The memo is important because it publicly informs federal agencies to “step up their anti-corruption game,” an administration official reportedly explained. The main part of the directive will focus on financial crimes, including modernizing existing anti-corruption laws to address the illegal financing of cryptocurrencies and cybercrime.

Miami to Launch City Cryptocurrency MiamiCoin

Join Free Hold news that Miami will go live with city cryptocurrency MiamiCoin on June 8. token issuer CityCoin says it hopes to have each city have its own token in the near future. This will provide a new way to create municipal assets for favorite cities and make money at the same time.

6.4

MAS executives: Ali, Google and more than 300 companies apply for payment or crypto exchange licenses

According to Bloomberg news, Sopnendu Mohanty, chief fintech officer of MAS, spoke in an interview about the country’s fintech development, and also about cryptocurrencies and CBDC issues. More than 300 companies have applied to MAS for licenses to operate payment or cryptocurrency exchange businesses in Singapore, including well-known companies such as Alibaba, Coinan and Google. Mohanty said these applications are still being processed and there is no timeline at this time. MAS will ensure that companies that are granted licenses are trustworthy.

RBI Governor: We are concerned about cryptocurrencies

According to Golden 10 news, RBI Governor Shaktikanta Das said that we are very concerned about cryptocurrencies and there is no change in the policy on cryptocurrencies.

South Korea will start taxing overseas crypto assets from next year

According to forkast news, South Korea’s National Tax Service announced that South Korean residents with accounts on foreign cryptocurrency exchanges may have to report their asset holdings for tax purposes starting in 2022. It is reported that new tax rules on overseas virtual assets will apply to citizens holding cryptocurrencies from January 1, 2022, and tax reporting will be required starting in June 2023. Korean citizens will be required to pay tax if their account balances in overseas virtual asset businesses exceed 500 million won or $447,900 at the end of each month. Citizens who violate their encryption tax obligations will be fined 10-20% of the unreported or underreported amount. If the underreported amount exceeds KRW 5 billion or USD 4.47 million, tax evaders may be subject to criminal penalties.

6.3

Biden Administration May Set Strict Tax Evasion Regulations for Global Cryptocurrency Investors

According to Coinnounce on June 3, the Internal Revenue Service is working with top tax agencies in other countries to share information on individuals and businesses that trade with offshore cryptocurrency exchanges. In the latest development, the current U.S. government has proposed to collect data on foreign cryptocurrency investors active on cryptocurrency exchanges and cryptocurrency markets. The U.S. government appears to be mulling a broader initiative to crack down on cryptocurrency tax evaders and seek international cooperation. Last week, the Treasury Department released a “green paper” on revenue proposals that would require cryptocurrency brokers such as cryptocurrency exchanges and other wallet service providers to provide all details of foreign individuals who indirectly hold accounts. In exchange, governments are keen to work with foreign governments to provide information on individuals or entities that evade tax liabilities in their respective countries. Regulators in various countries are actively working on cryptocurrency regulations. The criminal division of the IRS is already known to be working with counterparts in other countries such as Canada, Australia, the United Kingdom and the Netherlands.

Acting U.S. OCC Administrator: The ultimate goal of the review guidance is to determine the overall strategy for digital assets

According to CoinDesk on June 3, Michael Hsu, the current acting administrator of the U.S. Office of the Comptroller of the Currency (OCC), said the agency is conducting a broad review of the interpretive guidance, conditional trust statutes and other issues that were issued last year regarding digital assets. hsu said the review includes conditional state trust licenses issued to some cryptocurrency companies as well as other companies’ applications for such licenses. The ultimate goal, he said, is to determine a “holistic strategy” for digital assets. Hsu said he hopes the different regulators with jurisdiction over digital assets will work together to determine the most favorable regulatory framework, including regulating trading platforms.

Norway’s Finance Minister: Cryptocurrencies May Eventually Stabilize

According to Forbes on June 3, Norwegian Finance Minister Jan Tore Sanner said that cryptocurrencies may eventually stabilize over time, while a slightly longer time frame could bring greater breakthroughs and turmoil. For now, however, Sanner warned, “I do not recommend that consumers enter this market.” In addition, Sanner said he cannot see crypto assets becoming mainstream until they are properly regulated, something European authorities are currently working on. sanner said there is a lot of interest in cryptocurrencies both in Norway and internationally, but so far it is not suitable as a means of payment.

Biden Administration to Investigate Cryptocurrency Use in Ransomware Attacks

President Joe Biden wants the federal government to respond to the recent spate of ransomware incidents by focusing on the use of cryptocurrencies, his spokesman said Tuesday, according to Coindesk. Meat producer JBS confirmed Sunday that the company is suffering from a ransomware incident and is facing demands from a “criminal organization” in response to the White House’s desire to better evaluate ransomware attacks and track crypto payments from threatening actors. A spokesman said, “President Biden has launched a rapid strategic assessment to address the growing ransomware threat, including expanding cryptocurrency analysis to detect and track criminal transactions.”

U.S. Miami Mayor: Musk was one of the triggers for BTC volatility, has now bought BTC and ETH

According to U.Today, in a recent interview with CNBC, Miami Mayor Francis Suarez talked about Bitcoin, Elon Musk, and the volatility exhibited by Bitcoin. francis Suarez mentioned that Elon Musk was one of the triggers that triggered this volatility one of them. Francis Suarez acknowledged that Bitcoin is a young asset that can be easily manipulated. When asked if he owns any cryptocurrencies, Francis Suarez revealed that he has bitcoin and ethereum in his portfolio. He bought Bitcoin at $35,000 to $40,000 and ETH at around $1,500.

EU to Launch Digital Wallet Next Year

According to News bitcoin, the European Union will launch a digital wallet next year that will allow citizens of member states to make payments and access services offered in each country, in addition to serving as an identity vault that will allow users to store the digital equivalent of their physical license, such as a passport or driver’s license, while also integrating services from other countries. The wallet will reportedly use biometric data for authentication, such as fingerprint verification and retina scans using computing power and sensors already available on mobile devices. The wallet may also reportedly be combined with the digital euro project.

ECB: Digital euro may be needed to fight “artificial money”

The European Central Bank has warned that CBDC or digital euros may be needed to defend against “artificial currencies” dominating cross-border payments, Cointelegraph reports. In the ECB’s annual review of the euro, economists Massimo Ferrari and Arnaud Mehl expressed concern about the rise of artificial currencies led by unknown foreign tech giants, saying it could not only threaten the stability of the financial system, but also expose individuals and merchants to a few dominant providers with strong market power. In previous news, the European Central Bank had asked EU lawmakers to give veto power to private stablecoin projects such as Facebook’s Diem coin.

Federal Reserve’s Harker: The launch of the U.S. central bank’s digital currency could take a long time

There is no clear timetable for when the U.S. will launch a central bank digital currency, said Fed’s Harker, according to Golden 10 news. The central bank digital currency system will eventually emerge, but it may take a long time. The current U.S. payment structure is very robust.

6.2

Irish-born MEPs want stricter regulations on stablecoins and cryptocurrencies in Europe

According to Cointelegraph, Chris MacManus, a member of the European Parliament (MEP) representing northwest Midland, Ireland, has called for strict crypto regulations in Europe. macManus has submitted 45 amendments to the European Union aimed at strengthening crypto laws in the region. He elaborated, “Under my proposal, all new and existing crypto assets would require authorization from a ‘competent authority’ like a central bank. Currently, cryptocurrency founders are only required to submit a white paper outlining the uses and technology of cryptocurrencies without any review. Under my amendment, these white papers would also require more detail and transparency.” MacManus, who is also focusing on mining, said authorities must examine the potential environmental impact of cryptocurrency activity before granting authorization for any project. macManus’ proposal also includes regulation of stablecoin issuers and virtual asset service providers (VASPs). In the case of stablecoins, MacManus called on issuers to hold sufficient capital to support the value of their tokens in circulation. MacManus said his proposals would help improve transparency and security in the crypto market, while combating the use of virtual currencies for criminal activities.

ECB: Countries lacking official digital currencies may face threats to their financial systems and monetary autonomy

The European Central Bank (ECB) warned that countries that decide not to introduce digital currencies could face threats to their financial systems and monetary autonomy, according to Bloomberg news. In regions without their own digital currencies, consumers and businesses could end up relying on a few dominant payment service providers, including foreign tech giants, the ECB said in a report released on Wednesday. This could affect the ECB’s ability to fulfill its mission and act as a lender of last resort. ECB President Christine Lagarde has said that the digital euro could be launched within the next four years if officials give the green light to the digital euro project. The ECB reported that the initiative may also improve the international reach of the euro if the design focuses on security, low transaction costs and compatibility with other services. The ECB researchers said: “Enhancing the international status of the euro is not the main motivation for issuing a digital euro. However, if the digital euro is allowed to be used in cross-border payments this will also have an impact on the international role of the euro.”

ECB: Creating a digital euro could make it easier to pay or save

According to Golden 10 news, the European Central Bank: creating a digital euro could make it easier to make payments or save, thus improving the international status of this single currency.

Governor of the Bank of Russia: Central bank digital currency is the future of the Russian financial system

According to CNBC news, Elvira Nabiullina, governor of Russia’s central bank, said that with the rise of the online economy, the central bank’s digital currency will be the future of the financial system. Nabiullina said, “I think central bank digital currency is the future of our financial system because it is tied to the development of the digital economy.” She also said that digital currency is a “very difficult” project.

Central Bank of Thailand Hires German Payments Giant to Design CBDC Prototype

The Bank of Thailand (BoT) has hired German tech firm Giesecke+Devrient (G+D) to develop a prototype for a central bank digital currency (CBDC), CoinDesk reported. BoT selected G+D for the proof-of-concept retail CBDC project, according to a procurement announcement on Sunday. The bank has allocated 10 million baht ($320,000) for the project, which includes taxes, transportation, registration fees and other costs. G+D reportedly has revenues of more than US$2.3 billion in 2020. The hiring of an international technology provider indicates that the bank is on track with its three- to five-year goal of launching CBDC. The bank announced in early April that it had begun accepting public feedback on its retail CBDC until June 15.

Turkey’s Central Bank Working on Cryptocurrency Regulations

Turkey’s central bank, which is currently working with other government agencies on cryptocurrency regulations, has submitted a report to the Turkish parliament detailing its views on cryptocurrencies, according to Decrypt. The central bank’s report delves into the history and nature of cryptocurrencies and lists several common risks associated with bitcoin and other cryptocurrencies. In addition, the report highlights the environmental problems associated with cryptocurrencies, reporting that crypto mining leads to high energy consumption and global warming.

6.1

Thailand SEC: DeFi to be regulated

According to Cointelegraph, Thailand’s Securities and Exchange Commission (SEC) has announced that any activity related to DeFi may require a license from the financial regulator in the near future. The regulator said that the issuance of digital tokens must be authorized and supervised by the SEC, and issuers must disclose information and offer tokens through a token portal licensed by the Digital Assets Decree.

5.31

U.S. OCC head: regulatory boundaries should be established for cryptocurrencies

In a recent interview with the Financial Times, Michael Hsu, the head of the Office of the Comptroller of the Currency (OCC), said that the U.S. should establish “regulatory boundaries” for digital assets and cryptocurrencies, according to financemagnates. Hsu also said that U.S. regulators are looking to take a more active role in enforcing regulations in the cryptocurrency space. Finally, he said that a “small” but “senior” inter-agency “sprint team” was first convened in early May to develop regulations as soon as possible.

G7 Finance Ministers Say Central Bank Digital Currency Can Serve as Secure Settlement Asset and Backbone of Payment System

According to Golden 10 News, the draft document shows that G7 finance ministers will discuss common principles for a central bank digital currency and will issue conclusions later in 2021. The draft document also shows that the G7 finance ministers said central bank digital currencies could serve as a liquid and secure settlement asset and backbone of the payment system.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/biden-administration-may-set-strict-tax-evasion-regulations-for-cryptocurrency-investors/
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