Crypto Regulation

The Australian government is prepping with plans to extensively reform the crypto industry within the nation’s borders. Licensing Requirements The forthcoming regulations contain new tax measures as well as guidelines for the operations of crypto brokers and exchange platforms. They will also be used to help bolster the safety of investor funds. According to treasurer Josh Frydenberg, imposing strict taxes on crypto transactions within the country is a necessary move. Frydenberg stated that Australia's crypto sector is rapidly expanding; more…

According to a release from Ukraine’s Ministry of Digital Transformation, President Zelenskyy signed off on a law legalizing the country’s crypto sector. Overseeing the New Regulation In view of the crypto donations pouring into the nation late, Ukraine’s “On Virtual Assets” law could not have come at a more opportune time. The nation has received about 100 million USD worth of cryptocurrency since Russia’s invasion in February. The newly signed bill elevates crypto to a legal asset class while endorsing…

Elizabeth Warren – Democratic Senator from Massachusetts – has introduced a new bill titled the ‘‘Digital Asset Sanctions Compliance Enhancement Act of 2022’’ to congress. Co-authored and signed by over 10 other Democrats, the bill proposes far-reaching measures to ensure sanctioned Russian entities don’t use cryptocurrency to bypass trade restrictions. However, a new non-profit crypto policy think tank – Coin Centre – has sounded the alarm on some “unconstitutional” measures within the bill. Targeting “Transaction Facilitators” The bill has been…

President Biden’s long-awaited Executive Order on digital asset policy has been released. The order outlines the main objectives with which to approach the space while organizing research and regulatory responsibilities among different federal bodies. Notably, the White House also advocates “urgency” for R&D of a US CBDC, which over 100 countries are already exploring or piloting. Concerns About Illicit Finance As published by the White House, the order acknowledged the growing digital asset industry for presenting a wide array of…

US Senator Elizabeth Warren’s fight against criminal misuse of cryptocurrency presses on. The Democrat is reportedly drafting a bill to prevent sanctioned Russian entities from possibly pivoting to crypto rails for facilitating international trade. A Choice For Exchanges According to NBC News, the bill will threaten secondary sanctions on foreign crypto exchanges that choose to service sanctioned individuals and groups. Should they not comply, they would be refused access to the United States, where one of the most active bases…

With network hash rate at all-time highs, energy-use concerns still plague Bitcoin’s reputation, including among government officials. According to familiar sources, a US congressional subcommittee is preparing a hearing on the environmental impact of Bitcoin mining. Bitcoin’s Energy Consumption The Oversight and Investigations subcommittee of the House Energy and Commerce Committee is preparing the hearing, reported The Block on Wednesday. They are preparing a witness roster that can account for energy use as it pertains to proof-of-work Bitcoin mining. Proof-of-work…

Though the crypto industry has made unprecedented strides in 2021, various hurdles limit its development. Sam Bankman Fried – CEO of crypto exchange FTX – recently outlined some key issues he thinks the community should address heading into the new year. Ranging from regulation to transaction throughput, he is ready for “slow, hard work” in fleshing out a truly decentralized internet. Where We Are The young billionaire detailed his thoughts in a lengthy Twitter thread on Monday. He said it…

The Russian Central Bank is seeking to ban crypto investments. Reports say that Russian monetary authorities are concerned with a growing number of crypto transactions. Namely, they see these transactions as a risk for economic stability. Moreover, authorities are concerned with the supposed use of crypto in money laundering. For years, Russian authorities spoke out against crypto. The central bank spoke about the risk of its use for money laundering and terrorism. In 2020, Russia gave crypto legal status but banned…

Pat Toomey – a crypto-supportive Republican senator – recently spoke at a congressional hearing discussing stablecoins and their risks. He proposed that stablecoin issuers should operate under three different regulatory models – including under bank charter. This comes following the stablecoin report’s release last month, which recommended that chartered banks only issue them. Three Models For Stablecoin Issuers On Tuesday, the hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” happened. While there,…