Regulation
Senate Repeals SEC Crypto Rule; Biden’s veto is imminent
The United States Senate has taken a significant step vote pass HJ Res 109, a resolution to overturn the controversial SEC Staff Accounting Bulletin No. 121 (SAB 121).
The Senate’s 60-38 vote follows approval by the House of Representatives. This result reflects bipartisan support against the SEC’s crypto policy.
Bipartisan effort reverses SEC SAB 121
SAB 121, introduced in March 2022, requires financial institutions to list customers’ digital assets on their balance sheets. Critics argue that this mandate creates significant operational and financial burdens for companies that handle cryptocurrencies. The policy has faced opposition for potentially exposing clients’ assets to risk in bankruptcy situations.
Senator Cynthia Lummis, an outspoken cryptocurrency advocate, led the resolution’s passage. During the hearing you highlighted the dangers of SAB 121, explaining that placing client assets on institutional balance sheets could jeopardize those assets in the event of bankruptcy.
“SAB 121 puts consumers at risk by requiring a covered institution to place consumers’ assets on its balance sheet. It gives creditors the ability to claim those assets in the event of bankruptcy. We have seen how this affects consumers. Their assets are frozen for months or even years while bankruptcy occurs. In some cases, they lose their assets completely. Now they have entrusted these assets to the custodian, it is the custodian who is bankrupt, yet their assets are the assets at risk. So, this doesn’t protect consumers at all,” Senator Lummis said.
To know more: Cryptocurrency Regulation: What are the advantages and disadvantages?
In her speech, Senator Lummis also supported self-hosted wallets for digital assets. This position is in line with her recent challenge to the Department of Justice Views on Noncustodial Crypto Services.
After the vote, Lummis expressed satisfaction on social media. She highlights the Senate’s decision as a victory for financial innovation and a rebuke to the current administration’s approach to regulating cryptocurrencies.
“The Senate approves a [Congressional Review Act] The CRA’s overturning of SAB 121 is a victory for financial innovation and a clear rebuke to the way the Biden administration and Gary Gensler have persecuted cryptocurrencies. It is also the first time Congress has passed standalone cryptocurrency legislation. We’re just getting started,” Senator Lummis he wrote on X (formerly Twitter).
The crypto community celebrated the Senate’s decision. Michael Saylor, founder of MicroStrategy and a well-known Bitcoin supporter, expressed his enthusiasm for X. He highlights the broad support for Bitcoin.
“Wall Street wants Bitcoin, the House of Representatives wants Bitcoin, and now the Senate wants Bitcoin,” he She said.
Despite the resolution’s success in Congress, it did not gain enough votes to be veto-proof. President Joe Biden did it he promised to veto the resolution. His administration argues that overturning SAB 121 would weaken the SEC’s ability to protect investors and the financial system from cryptocurrency-related risks.
However, lawmakers like Rep. Mike Flood, who sponsored the resolution, continue to urge the president to reconsider.
“The President should sign my resolution to ensure the SEC turns the tide and puts America on the path to growing our digital financial future,” said Rep. Flood. added.
To know more: How does regulation affect cryptocurrency marketing? A complete guide
The Biden administration has recently stepped up its regulatory stance against the cryptocurrency industry. In response, industry leaders are mobilizing support for pro-cryptocurrency political candidates.
Coinbase has launched a new political action committee (PAC) called “Stay with cryptocurrencies” to financially support crypto-friendly candidates. Prominent figures such as Mark Cuban and Hayden Adams they also warned that Biden’s current position could influence the next election.
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Regulation
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.
Read also: Cryptocurrency Regulation in Hong Kong 2024
Regulation
A Blank Slate for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity
Photo by The Dhage of Shubham ON Disinfect
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.
Regulation
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.
Regulation
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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