Regulation

IRS Issues Final Crypto Tax Reporting Rules And Offers Penalty Relief

Published

5 months ago

28 June, 2024

Chain Feed Staff

IRS Issues Final Crypto Tax Reporting Rules And Offers Penalty Relief

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The U.S. Department of the Treasury and the IRS have released final regulations on reporting requirements for brokers of digital assets.

This is not a new tax—owners of digital assets have always been subject to tax on the sale or exchange of digital assets. However, under the Infrastructure Investment and Jobs Act (IIJA), reporting requirements similar to those that already apply to traditional financial services are now in place to help taxpayers file accurate returns and pay taxes.

Specifically, the final regulations require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025. Brokers will also be required to report information on the tax basis for certain digital assets starting in 2027 for sales in 2026 (more on that in a moment).

Sales And Reporting

The sale of a digital asset includes disposing of a digital asset in return for cash and other digital assets. A sale of a digital asset also includes disposing of a digital asset in return for certain broker services, securities, and other property otherwise subject to reporting and certain real estate on or after January 1, 2026. Finally, a sale of a digital asset includes a payment by a party of a digital asset to a PDAP in return for the payment of that digital asset, cash, or a different digital asset to a second party, provided that the transaction is not otherwise a sale (PDAP sale).

The final regulations apply to brokers that take possession of the digital assets being sold by their customers, including operators of custodial digital asset trading platforms, certain digital asset-hosted wallet providers, digital asset kiosks, and certain processors of digital asset payments (PDAPs).

A broker is not required to report a sale for a customer that is an exempt recipient. The final regulations added U.S. digital asset brokers (other than certain registered investment advisers) to the list of exempt recipients so long as the broker obtains a certification on a properly completed exemption certificate—usually Form W-9—that the customer is a U.S. digital asset broker.

If more than one broker effects a sale of a digital asset on behalf of a customer, the broker responsible for first crediting the gross proceeds on the sale to the customer’s wallet or account is required to report the sale. The additional broker is not required to report the sale if, before the sale, the broker obtains a certification on a properly completed exemption certificate that the broker first crediting the gross proceeds on the sale is a U.S. digital asset broker (other than a registered investment adviser).

Form 1099-DA

The IRS has created a new tax form to ensure consistent reporting. Earlier this year, the IRS released a draft of Form 1099-DA, Digital Asset Proceeds From Broker Transaction, available on the IRS website. Here’s a look:

Draft Form 1099-DA

Kelly PHILLIPS ERB

(You can check out the full-sized form and the instructions here.)

The form followed the proposed regulations published in 2023. The IRS now says that the final form is “soon-to-be released.”

Key Dates

Reporting will be phased in over time. Here are the key dates:

Brokers must report gross transaction proceeds for sales made on or after January 1, 2025.
Brokers must report the basis of certain transactions made on or after January 1, 2026.
Real estate professionals treated as brokers must report the fair market value of digital assets paid by buyers and received by sellers in real estate transactions with closing dates on or after January 1, 2026.
For certain stablecoins and non-fungible tokens (NFTs) sales, brokers may choose to report the transactions on an aggregate basis to the extent the sales exceed respective de minimis thresholds.
A separate de minimis—meaning of little value—threshold also applies for PDAP sales.

Penalty Relief

The IRS issued Notice 2024-56, providing brokers transitional relief. Specifically, for transactions occurring in calendar year 2025—those reported in 2026—the IRS will not impose penalties for failure to file and to furnish Forms 1099-DA if the broker makes a good faith effort to file the Forms 1099-DA and furnish associated statements correctly and on time. (Good faith efforts do not include any filing of returns or furnishing of payee statements made by the broker after the later of the date that the IRS first contacts the broker concerning an examination of such broker or one year after the original due date for filing such returns.)

The notice also provides relief to brokers from backup withholding obligations and associated penalties for all transactions that occur in 2025.

The IRS says it is aware that brokers subject to section 6045 reporting for digital asset sales may experience challenges in obtaining certified taxpayer identification numbers (TINs) from all existing customers. So, for 2026, the IRS will permit brokers to rely on TINs provided by payees that are not certified if those uncertified TINs were provided by payees that opened accounts with the broker before January 1, 2026, and if the broker, before the transaction is complete, submits the payee’s name and TIN combination to the IRS’s TIN Matching Program and receives a response that the combination matches the IRS records.

The final regulations require brokers to report sales of digital assets, including sales of digital assets that are disposed of in consideration for specified NFTs. The IRS defines a specified NFT
APENFT
as a digital asset that is indivisible—that is, the digital asset cannot be subdivided into smaller units without losing its intrinsic value or function—and unique as determined by the inclusion in the digital asset itself of a unique digital identifier, other than a digital asset address, that distinguishes that digital asset from all other digital assets (unique digital identifier). As part of the relief under the notice, backup withholding under section 3406 will not be required on any digital asset sale effected by a broker where the reportable proceeds is a specified NFT until further guidance is issued.

Temporary Reporting Exceptions

The IRS also issued Notice 2024-57, which identifies transactions for which brokers are not required to file Forms 1099-DA or associated payee statements until there is further guidance. (This reporting exception does not apply to rewards or other compensation earned in these transactions.)

The identified transactions are:

Wrapping and unwrapping transactions,

Liquidity provider transactions,
Staking transactions,
Transactions described by digital asset market participants as the lending of digital assets,
Transactions described by digital asset market participants as short sales of digital assets and
Notional principal contracts.

What’s Missing?

The final regulations do not include reporting requirements for brokers, commonly known as decentralized or non-custodial brokers, who do not take possession of the digital assets being sold or exchanged. The Treasury Department and the IRS intend to provide rules for these brokers in a different set of final regulations.

Tax Treatment

The IRS considers cryptocurrency a capital asset. In 2014, the agency issued guidance making it clear that capital gains rules apply to any gains or losses.

If you buy and sell cryptocurrency as an investment, you’ll calculate gains and losses the same way you buy and sell stock.
If you treat cryptocurrency like cash—spending it directly for goods or services, or using it to buy other digital assets—the individual transactions may result in a gain or a loss.

For tax purposes, you figure your capital gains or losses by determining how much your basis—typically, the cost you pay for assets—has gone up or down from the time that you acquired the asset until there’s a taxable event. A taxable event can include a sale, gift, or other disposition.

If you hold an asset for more than one year before a taxable event, it’s considered a long-term gain or loss. And if you hold an asset for one year or less before a taxable event, it’s considered a short-term gain or loss.

And while cryptocurrency goes up and down, you care the most about the beginning and the end—what happens in the middle doesn’t count. That’s because when cryptocurrency dives for tax purposes, that doesn’t equal a realized loss. Similarly, when it goes back up in value, that doesn’t equal a realized gain. To realize a gain or a loss for tax purposes, you must do something with the asset, like sell or otherwise dispose of it.

At tax time, you’ll report any realized gains and losses on Schedule D. You don’t need to file a Schedule D if you don’t have any realized gains or losses—even if the value changes, if there’s no sale or disposition, there’s nothing to report.

Losses May Be Limited

Like other capital assets, if any realized losses from digital assets exceed any realized gains, you have a capital loss. You can claim up to $3,000 (or $1,500 if you are married filing separately) of capital losses in a tax year—the amount of your loss offsets your taxable income. However, if your losses exceed those limits, you can carry them forward to later years, subject to certain limitations and restrictions.

Here’s how that works. Let’s say you realized $3,500 in net capital losses in 2022. You can deduct $3,000 in capital losses for the 2022 tax year—the return you’re filing now—and carry forward the remaining $500 in losses to use on next year’s tax return.

Something Isn’t Nothing

There’s been speculation about how to treat cryptocurrency that has declined quickly to the point of almost being worthless. It’s been suggested that if your cryptocurrency has substantially dropped in value, you can claim it as a loss under section 165.

Last year, the IRS Office of Chief Counsel issued Memorandum 202302011. The “non-taxpayer specific advice” confirmed two things:

If you lose most of the value of your cryptocurrency, it’s not worthless—it still has value. That means that you don’t have a sustained loss under section 165.
Even if you sustained an actual loss under section 165, the loss would be disallowed because section 67(g) suspends miscellaneous itemized deductions for taxable years 2018 through 2025 (some exceptions apply).

The memorandum references Lakewood Assocs. v. Commissioner, claiming, “The mere diminution in value of property does not create a deductible loss.” In other words, if it’s not wholly worthless, you still own something, and there’s no realized loss.

It’s worth re-emphasizing that the IRS memo is a response to a “request for non-taxpayer specific advice,” meaning it “should not be used or cited as precedent.” It doesn’t carry the same weight as a law or regulation. However, it does offer insight into how the IRS regards an issue, and that’s valuable information.

Comments And Response

“Because of the bipartisan Infrastructure Investment and Jobs Act, investors in digital assets and the IRS will have better access to the documentation they need to easily file and review tax returns,” said Acting Assistant Secretary for Tax Policy Aviva Aron-Dine. “By implementing the law’s reporting requirements, these final regulations will help taxpayers more easily pay taxes owed under current law, while reducing tax evasion by wealthy investors.”

After the news was made public, Coinbase Vice President of Tax Lawrence Zlatkin said, in a statement, “We commend the IRS for developing more reasonable, rational rules that focus on custodial brokers, like Coinbase. The rules lay out a more practical timeline for implementation, and include a provision to prevent reporting duplication. But we remain deeply concerned about the absence of a de minimis rule, and the inclusion of other non-financial transactions. While we appreciate the more limited nature of these regulations, we believe the rules should be implemented on par with reporting for traditional financial brokers. We look forward to working with the IRS on efforts to implement reasonable timelines, systems integration, and appropriate forms.”

Executive Director Chye-Ching Huang of the Tax Law Center at NYU Law also commented, in a statement, “These regulations are welcome because at last they implement the bulk of the digital asset broker information requirements that lawmakers enacted way back in 2021 to shrink the tax gap, bettertarget enforcement activity, and make it easier for honest filers to pay the taxes they owe. It’s important that Treasury and the IRS get it right when crafting still-pending final rules addressing decentralized exchanges to ensure they meet the requirements of the law; otherwise, there will be an easy path for unscrupulous actors to avoid the reporting regime.”

As is the norm, the IRS held a public hearing and accepted public comments on the proposed regulations before they were made final—and boy, did taxpayers have comments. The IRS received more than 44,000 comments in response to proposed regulations. That’s… a lot. And while there’s a lot of information in these rules and notices, the IRS anticipates issuing additional rules later this year, including establishing reporting requirements for non-custodial brokers, consistent with statutory requirements.

It’s also a lot for tax professionals to process quickly. Check back with our Forbes team for further comments and analysis.

(Author’s note: Story updated to add a statement from Coinbase and Tax Law Center at NYU Law.)

ForbesFive Things You Need To Know About Cryptocurrency And TaxesBy Kelly Phillips Erb
ForbesIRS Releases Draft Of New Crypto Tax Form Used To Report TransactionsBy Kelly Phillips Erb

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Regulation

Cryptocurrency Regulation in Slovenia 2024

Published

4 months ago

1 August, 2024

Chain Feed Staff

Cryptocurrency Regulation in Slovenia 2024

Slovenia, a small but highly developed European country with a population of 2.1 million, boasts a rich industrial history that has contributed significantly to its robust economy. As the most economically developed Slavic nation, Slovenia has grown steadily since adopting the euro in 2007. Its openness to innovation has been a key factor in its success in the industrial sector, making it a favorite destination for cryptocurrency enthusiasts. Many believe that Slovenia is poised to become a powerful fintech hub in Europe. But does its current cryptocurrency regulatory framework support such aspirations?

Let’s explore Slovenia’s cryptocurrency regulations and see if they can push the country to the forefront of the cryptocurrency scene. My expectations are positive. What are yours? Before we answer, let’s dig deeper.

1. Cryptocurrency Regulation in Slovenia: An Overview

Slovenia is known for its pro-innovation stance, providing a supportive environment for emerging technologies such as blockchain and cryptocurrencies. Under the Payment Services and Systems Act, cryptocurrencies are classified as virtual assets rather than financial or monetary instruments.

Regulation of the cryptocurrency sector in Slovenia is decentralized. Different authorities manage different aspects of the ecosystem. For example, the Bank of Slovenia and the Securities Market Agency supervise cryptocurrency transactions to ensure compliance with financial laws, including anti-money laundering (AML) and counter-terrorist financing regulations. The Slovenian Act on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2) incorporates the EU’s Fifth Anti-Money Laundering Directive (5MLD) and aligns with the latest FATF recommendations. All virtual currency service providers must register with the Office of the Republic of Slovenia.

2. Cryptocurrency regulation in Slovenia: what’s new?

This year, there have been several noteworthy developments in the cryptocurrency sector in Slovenia:

July 25, 2024: Slovenia has issued a €30 million on-chain sovereign digital bond, the first of its kind in the EU, with a yield of 3.65%, maturing on 25 November 2024.

May 14, 2024: NiceHash has announced the first Slovenian Bitcoin-focused conference, NiceHashX, scheduled for November 8-9 in Maribor.

3. Explanation of the legal framework for cryptocurrency taxation in Slovenia

Slovenia’s cryptocurrency tax framework provides clear guidelines for both individuals and businesses. According to the Slovenian Tax Administration, tax treatment depends on the status of the trader and the nature of the transaction.

Individuals: Income earned from cryptocurrencies through employment or ongoing business activities is subject to personal income tax. However, capital gains from trading or market fluctuations are exempt from taxation.
Society: Capital gains from cryptocurrency activities are subject to a corporate income tax of 19%. Value added tax (VAT) generally applies at a rate of 22%, although cryptocurrency transactions considered as means of payment are exempt from VAT. Companies are not allowed to limit payment methods to cryptocurrencies only. Tokens issued during ICOs must comply with standard accounting rules and the Corporate Tax Act.

4. Cryptocurrency Mining in Slovenia: What You Should Know

Cryptocurrency mining is not restricted in Slovenia, but the income from mining is considered business income and is therefore taxable. This includes rewards from validating transactions and any additional income from mining operations. Both natural persons and legal entities must comply with Slovenian tax regulations.

5. Timeline of the evolution of cryptocurrency regulations in Slovenia

Here is a timeline highlighting the evolution of cryptocurrency regulations in Slovenia:

2013:The Slovenian Tax Administration has issued guidelines according to which income from cryptocurrency transactions should be taxed.
2017:The Slovenian Tax Administration has provided more detailed guidelines on cryptocurrency taxation, based on factors such as the trader’s status and the type of transaction.
2023The EU has adopted the Markets in Cryptocurrencies Regulation (MiCA), which establishes a uniform regulatory framework for cryptocurrencies, their issuers and service providers across the EU.

Final note

Slovenia’s approach to the cryptocurrency industry is commendable, reflecting its optimistic view of the future of cryptocurrency. The country’s balanced regulatory framework supports cryptocurrency innovation while protecting user rights and preventing illegal activities. Recent developments demonstrate Slovenia’s commitment to continuously improving its regulatory environment. Slovenia’s cryptocurrency regulatory framework sets a positive example for other nations navigating the evolving cryptocurrency landscape.

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Regulation

A Blank Slate for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity

Published

4 months ago

1 August, 2024

Chain Feed Staff

A Blank Slate for Cryptocurrencies: Kamala Harris' Regulatory Opportunity

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As the cryptocurrency landscape continues to evolve, the need for clear regulation has never been greater.

Vice President Kamala Harris is now leading the charge on digital asset regulation in the United States, presenting a unique opportunity for a clean slate. This fresh start can foster innovation and protect consumers. It can also pave the way for widespread adoption across industries, including real estate agencies, healthcare providers, and online gambling platforms like these online casinos in the uk. According to experts at SafestCasinoSites, these platforms have advantages such as bonus offers, a wide selection of games, and various payment methods. Ultimately, all this increased adoption could push the cryptocurrency market forward.

With that in mind, let’s take a look at the current state of cryptocurrency regulation in the United States, which is a complex and confusing landscape. Multiple agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN), have overlapping jurisdictions, creating a fragmented regulatory environment. This lack of clarity has hindered innovation, as companies are reluctant to invest in the United States, fearing regulatory repercussions. A cohesive and clear regulatory framework is urgently needed to unlock the full potential of cryptocurrencies in the United States.

While the US struggles to find its footing, other countries, such as Singapore and the UK, are actively embracing the cryptocurrency industry with clear and supportive regulatory frameworks. This has led to a brain drain, with companies opting to set up in more hospitable environments.

Vice President Kamala Harris has a unique opportunity to change this narrative and clean up the future. cryptocurrency regulation. By taking a comprehensive and inclusive approach, it can help create a framework that balances consumer protection with innovation and growth. The time has come for clear and effective regulation of cryptocurrencies in the United States.

Effective regulation of digital assets is essential to fostering a safe and innovative environment. Key principles guiding this regulation include clarity, innovation, global cooperation, consumer protection, and flexibility. Clear definitions and guidelines eliminate ambiguity, while encouraging experimentation and development to ensure progress. Collaboration with international partners establishes consistent standards, preventing regulatory arbitrage. Strong safeguards protect consumers from fraud and market abuse, and adaptability allows for evolution in response to emerging trends and technologies, striking a balance between innovation and protection.

The benefits of effective cryptocurrency regulation are many and far-reaching. By establishing clear guidelines, governments can attract investors and traditional users, spurring growth and adoption. This, in turn, can position countries like the United States as global leaders in financial technology and innovation. Strong protections will also increase consumer confidence in digital assets and related products, boosting economic activity.

A thriving cryptocurrency industry can significantly contribute to GDP and job creation, which has a positive impact on the overall economy. Furthermore, effective regulation has paved the way for the growth of many companies such as tech startups, online casinos, and pharmaceutical companies, proving that clear guidelines can unlock new opportunities without stifling innovation. This is a great example of how regulation can alleviate fears of regressive policies, even if Kamala Harris does not repeal the current progressive approach. By adopting effective regulation, governments can create fertile ground for the cryptocurrency industry to thrive, driving progress and prosperity.

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Regulation

Think You Own Your Crypto? New UK Law Would Ensure It – DL News

Published

4 months ago

1 August, 2024

Chain Feed Staff

Think You Own Your Crypto? New UK Law Would Ensure It – DL News

The UK Law Commission has developed a bill that will address a situation of legal uncertainty.
The commission’s goal is to ensure that cryptocurrencies are legally treated as personal property.

UK law is not entirely clear whether cryptocurrencies can be considered personal property.

This is according to the UK Law Commission, which argues that while most investors assume that when they buy cryptocurrencies, they are “acquiring property rights in the same way as buying, say, a watch or a laptop.”

“As the law currently stands, this is not necessarily the case,” the respected legal body said in a new report on Tuesday.

The report was accompanied by a solution: a new bill to consolidate the legal status of digital assets as personal property.

This could be huge for the estimated 4.7 million Britons valued hold cryptocurrencies.

“This will allow the courts to determine a range of issues,” the report says.

If passed, the law would help clarify how cryptocurrencies are treated in cases of bankruptcy, estate planning or theft.

Flexible law

The commission is an independent body responsible for reviewing UK law. It began investigating whether English and Welsh property laws apply to digital assets in 2020.

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At the time, then-Chancellor of the Exchequer Rishi Sunak expressed ambitions to transform the UK into a cryptocurrency hub as Britons invested more.

In 2023, the commission decided that, in most cases, the legislation of England and Wales is sufficiently flexible to regulate cryptocurrencies.

This means that any asset, from Bitcoin to non-fungible tokens and some types of digital contracts, can be considered personal property, without Parliament having to write extensive new laws.

There was one small area of uncertainty, however: it was unclear whether cryptocurrencies fell within the two categories of personal property recognised under UK law.

These two categories are made up of tangible assets (cars, laptops, bags) and intangible assets (contracts, stocks, and debt).

The bill that will now go to Parliament to be converted into law aims to remedy this situation.

Without that clarification, courts may try to lump cryptocurrencies together with intangible assets, said Adam Sanitt, head of litigation, knowledge, innovation and corporate support EMEA at law firm Norton Rose Fulbright. DL News in March.

This is problematic because intangible assets are creations of the legal system, while cryptocurrencies are not.

“How the law treats digital assets, what rights you have over them, how you own them, how you transfer them to other people—that treatment is different, because digital assets don’t exist by virtue of the legal system, but independently of it,” Sanitt said.

The money in your bank account, for example, is a legal creation. The government could pass a law to cancel it.

However, if the UK passed a law banning Bitcoin, Bitcoin would not cease to exist.

Sanitt said: “That’s why digital assets are so important: neither the government nor the legal system can take them away from you.”

Contact the author at joanna@dlnews.com.

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Regulation

The Solution the Cryptocurrency Industry Needs

Published

4 months ago

1 August, 2024

Chain Feed Staff

The Solution the Cryptocurrency Industry Needs

The cryptocurrency industry has performed remarkably well since its inception, but now faces a critical hurdle that requires careful consideration and regulatory expertise to overcome. Despite the industry’s rapid growth and rate of global adoption, the gap between the industry and global regulation is only widening as new innovations break through into the public domain.

Although efforts are being made on both sides, regulators’ lack of familiarity with cryptocurrencies and the industry’s lack of regulatory expertise are hindering innovation in the sector. To address this issue, traditional financial institutions (TradFi) such as MultiBank Group have started venturing into the cryptocurrency sector.

The regulatory gap

Over the past decade, the cryptocurrency industry has grown dramatically as tech entrepreneurs and forward-thinking thinkers have founded a plethora of crypto platforms and protocols to push the boundaries of the space. The problem faced by these newcomers, who are often unfamiliar with the hurdles posed by financial regulators, can quickly overwhelm and stall operations.

On the other hand, regulators more attuned to TradFi systems may be equally stifled by the complexities of decentralization and blockchain technology. The unfamiliarity experienced by both innovators and regulators creates a stark regulatory divide between both sides, leading to misunderstandings and potential conflicts.

To overcome this lack of communication, a bridge must be built to bridge the gap, ensuring future stability for the cryptocurrency industry and clearer legislation from regulators.

Efforts to bridge the gap between industry

The gap between the cryptocurrency industry and regulators is slowly narrowing as efforts to regulate cryptocurrencies and Web3 space activities are gaining momentum. Specific regulatory actions are taking place in many countries, aimed at providing greater oversight of cryptocurrency transactions, cryptocurrency exchanges, and initial coin offerings (ICOs).

Despite being a positive step in the right direction, these new regulations can differ significantly between jurisdictions around the world. This fragmentation results in a regulatory environment filled with obstacles, bottlenecks, and varying requirements and prohibitions. As cryptocurrency companies and TradFi institutions attempt to navigate the minefield, the regulatory maze becomes increasingly convoluted.

TradFi institutions like MultiBank Group are working to solve this problem, as one of the largest financial derivatives institutions in the world with over 12 licenses across all continents. Founded in 2005, the Group has an impeccable and trustworthy reputation globally, extensive expertise in financial regulation and has now ventured into the cryptocurrency space via MultiBank.io.

MultiBank.io: TradFi Excellence in the Crypto Space

Expanding into the cryptocurrency space via MultiBank.io has enabled MultiBank Group to provide regulatory clarity and trust to the digital asset industry. With a substantial daily trading volume of $12.1 billion, the timely decision to enter the cryptocurrency space has the potential to set regulatory precedents and standards for years to come.

By helping to develop sensible and well-considered regulations, MultiBank.io’s established reputation allows the company to communicate effectively and clearly with regulators. Unlike others in the industry without regulatory expertise, MultiBank.io facilitates the Group’s commitment to rigorous regulatory standards, the scope of oversight and establishes the necessary transparency.

The company’s approach ensures that regulatory licenses are pre-acquired, compliance is met globally without jurisdictional barriers, and transactions remain secure at all times. By helping to create robust regulations that are both clear and innovation-friendly, MultiBank Group looks forward to standardizing the entire cryptocurrency industry for other potential innovators.

One of the biggest challenges in establishing a clearly constructed bridge between regulators and the cryptocurrency industry is effective communication. By leveraging its institutional background TradFi and acting as an intermediary with regulators, MultiBank Group is able to translate the needs of the industry to those who shape it.

This quality of mediation is essential to ensure that regulation helps develop essential technological advances rather than hinders their establishment and growth. Through the lens of TradFi when looking at the complexity of the cryptocurrency industry, MultiBank Group is able to deconstruct unfamiliar crypto arguments for regulation and create a safer and more secure space.

Where TradFi and Crypto Meet

Regulations are crucial for traders, investors, and everyday users of crypto platforms and their safety when participating in crypto markets. While strict regulations are necessary for stable market integrity, innovation should still be considered, something MultiBank Group considers a priority.

Where TradFi and cryptocurrencies converge, the Group is there to provide a balanced approach to ensure promotion for both the cryptocurrency industry and regulators seeking to protect both retail and institutional investors. This balance is critical to maintaining a thriving space where cryptocurrency innovation can thrive without compromising the security of user funds or data.

As more TradFi institutions like MultiBank Group enter the cryptocurrency space with ever-expanding expertise in regulatory understanding, the future of the industry is increasingly encouraged. The financial freedoms of the cryptocurrency space coupled with regulatory oversight for financial security will be the guiding lights for the future success of the entire cryptocurrency industry.

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