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Approval of stablecoins and cryptocurrency laws in the United Kingdom possible within six months
Minister Bim Afolami stated that the British government is actively working towards adopting new cryptocurrency legislation.
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
United Kingdom on track to regulate stablecoins and crypto bets
The government of the United Kingdom is actively seeking approval for legislation that would regulate stablecoins and cryptocurrency bets, with expectations that new laws will be approved within the next six months.
Bim Afolami, Economic Secretary to the Treasury, at a cryptocurrency conference hosted by Coinbase in London on February 19, stated that the government is aiming to approve new legislation ahead of the upcoming general elections, as reported by Bloomberg.
Afolami was cautious and did not provide detailed information on the expected crypto regulation. "I cannot provide exact information... There is a lot happening, and at this point, I do not want to commit to any specific timeline," he said.
In 2022, British Prime Minister Rishi Sunak pledged that the United Kingdom would become a "global center for cryptocurrencies," emphasizing the opportunity for crypto firms to invest, innovate, and grow in the United Kingdom.
However, little progress has been made in cryptocurrency regulation in the United Kingdom so far, despite repeated calls for clear regulations from cryptocurrency companies operating in the country.
On July 1, the British Law Commission published four main recommendations for reforming domestic laws related to the use and ownership of cryptocurrencies, including creating a new category of personal property for digital assets. Additionally, it was recommended that the government analyze cryptocurrencies under common law and establish a panel of experts to advise courts on cryptocurrency-related matters.
On October 1, 2023, the government announced plans to introduce specific regulation for cryptocurrencies, including regulation of stablecoins under the oversight of the Financial Conduct Authority (FCA) in 2024.
With the upcoming general elections expected in the second half of the year, and the leading position of the Labour Party in public opinion polls, which is traditionally considered less favorable to cryptocurrencies, the situation regarding crypto regulation may continue to evolve.
#stablecoin #cryptocurrency #crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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Did you know that in #ITALIA cryptocurrency holders must declare that they own them?
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
You will think: "It's obvious, if I hold cryptocurrencies that allow me to live it is logical that I have to declare them to pay taxes".
And instead NO, wrong, Italy wants every holder of cryptocurrencies, whether they are hundreds of millions of euros or a few cents, to declare what they have in their wallet, exchange, or any instrument that allows the holding of cryptocurrencies, not because you actually has to pay taxes but only for the simple fact that Italy is a country of curious people and they want to know.
Failure to declare by November 30th of each year is considered for the "OMISSION" status resulting in penalties to be paid, which range from 250 euros upwards for each year of omission and increase if over time your cryptocurrencies have produced capital gains in the event you didn't even declare those.
Obviously, years will pass before the sanction arrives, because it takes some time to carry out the checks and investigations.
But Mario the worker, who bought cryptocurrencies in 2018 worth a few cents, doesn't know this, thinking he doesn't have to declare anything for small sums he is slowly accumulating fines from the state for every year he doesn't declare what he has purchased in 2018 with 15 euros.
Although the Italian budget law is clear regarding the declaration of cryptocurrencies, many cryptocurrency holders are still unclear on how and where they should be declared.
And did you know it?
Do you know where and how to declare them?
#notfinancialadvice #law
#Write2Earn
💰 Kraken sees spike in U.S. #lawenforcement data requests amidst surging demand; emphasizes commitment to customer privacy.
Kraken disclosed that 28.2% of the requests came from US 🇺🇸 #law enforcement agencies, accounting for a large portion of the total number of queries. #Kraken provides services to a vast clientele of over 9 million in 190 countries/regions.
#TrendingTopic
@WISE CRYPTO NEWS
💰 Kraken sees spike in U.S. #lawenforcement data requests amidst surging demand; emphasizes commitment to customer privacy.
Kraken disclosed that 28.2% of the requests came from US 🇺🇸 #law enforcement agencies, accounting for a large portion of the total number of queries. #Kraken provides services to a vast clientele of over 9 million in 190 countries/regions.
#TrendingTopic
@WISE CRYPTO NEWS
See the Difference Between India and UAE crypto tax law.
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
🇮🇳
In India, cryptocurrencies are classified as virtual digital assets and are subject to taxation. The gains made from trading cryptocurrencies are taxed at a rate of 30%(plus 4% cess) according to Section 115BBH.
🇦🇪
The country offering zero income tax gives you the benefit of zero percent taxes on capital gain. Dubai views Crypto as an investment asset rather than a currency and charges zero capital gains tax on UAE residents.
#uae #india #cryptocurrecny #law
New "Do Kwon Law" for Cryptocurrencies in South Korea: Effective from June
The South Korean government has introduced a new law called the "Law on the Protection of Users of Virtual Assets," which will come into effect from July 19. The main objective of this law is to protect #cryptocurrency users from various forms of market manipulation, illegal transactions, and misuse of confidential information.
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Restriction on Market Manipulation and Illegal Transactions
The new law introduces strict measures against market manipulation, illegal trading, and misuse of non-public information about virtual assets. Violations of these rules may result in criminal sanctions, including imprisonment and fines of up to five times the amount of unjust enrichment.
Penalties and Accountability
Enforcement agencies may impose fines after the Financial Services Commission (FSC) files charges with the Attorney General's Office and receives a notification of the investigation results. Fines may be imposed based on the profits from unauthorized activities, and in the case of higher amounts, a lifetime imprisonment and significant fines may be imposed.
Liability Insurance
Operators of virtual assets are required to obtain insurance or have sufficient financial coverage for accidents, such as hacking or computer failures. These measures are aimed at ensuring user protection and minimizing financial risks associated with cryptocurrency operations.
#crypto #law
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
- Legal scholars, venture capitalists, and #blockchain advocates file amicus briefs supporting Coinbase against SEC.
- Briefs challenge SEC's interpretation of "investment contract," warn of consequences for crypto industry.
- US Chamber of Commerce previously filed brief, highlighting economic harm caused to Coinbase and broader #business community.
- SEC sued Coinbase in June for failure to register, experts argue SEC's interpretation is too broad.
- Prominent #law scholars call for examination of tokens on platforms like Coinbase as unregistered securities.
- Senator Cynthia Lummis argues SEC's overreach violates Constitution, hinders Congressional oversight.
- Venture capital firms express concerns about broader implications and #innovation hindrance.
- Blockchain advocates including Crypto Council for Innovation, Blockchain Association, and others emphasize damage to entrepreneurial initiatives.
- Growing amicus briefs reflect pressure on SEC, potential impact on #crypto regulation and innovation.
- Legal battle's outcome will significantly shape future of crypto regulation and industry innovation.
$BTC $ETH $BNB
- Briefs challenge SEC's interpretation of "investment contract," warn of consequences for crypto industry.
- US Chamber of Commerce previously filed brief, highlighting economic harm caused to Coinbase and broader #business community.
- SEC sued Coinbase in June for failure to register, experts argue SEC's interpretation is too broad.
- Prominent #law scholars call for examination of tokens on platforms like Coinbase as unregistered securities.
- Senator Cynthia Lummis argues SEC's overreach violates Constitution, hinders Congressional oversight.
- Venture capital firms express concerns about broader implications and #innovation hindrance.
- Blockchain advocates including Crypto Council for Innovation, Blockchain Association, and others emphasize damage to entrepreneurial initiatives.
- Growing amicus briefs reflect pressure on SEC, potential impact on #crypto regulation and innovation.
- Legal battle's outcome will significantly shape future of crypto regulation and industry innovation.
$BTC $ETH $BNB
Brazil Implements New Cryptocurrency Regulation: Law Takes Effect on June 20th
The Brazilian #government has recently passed a new #law that aims to regulate cryptocurrencies within the country. This legislation is set to come into effect on Tuesday, June 20th. As per the new law, companies offering virtual asset services will be required to operate under the authorization and supervision of the #centralbank . This move is a significant step towards establishing a more structured and secure framework for cryptocurrency activities in Brazil.
The Brazilian #government has recently passed a new #law that aims to regulate cryptocurrencies within the country. This legislation is set to come into effect on Tuesday, June 20th. As per the new law, companies offering virtual asset services will be required to operate under the authorization and supervision of the #centralbank . This move is a significant step towards establishing a more structured and secure framework for cryptocurrency activities in Brazil.