The U.S. Congress is moving towards repealing the SEC's SAB 121 directive, which mandates that financial institutions hold 100% reserves for crypto assets they custody. This rule had effectively barred U.S. banks from acting as custodians for their clients' digital assets.
Key Points:
- Senate Approval: The U.S. Senate has passed a bill to repeal this rule.
- Presidential Veto Threat: President Biden has promised to veto the bill to protect investors and the financial system.
- Next Steps: If vetoed, Congress will need a two-thirds majority to override.
Impact:
- Market Dynamics: Repealing SAB 121 could significantly alter the crypto custody landscape, making it easier for banks to manage digital assets.
- Investor Confidence: This move might boost confidence in institutional crypto investments.
Stay tuned for more updates on this evolving story! 🌐💼
#CryptoNewsUSA #RegulationUpdate #cryptoadoption

🚨 BREAKING: 🇮🇳 India's Supreme Court REJECTS #Crypto Regulation Plea 😳🇮🇳 What does this mean for the future of #Bitcoin    and #Crypto in the world's largest democracy? 🔥1️⃣ Background:👉 India's Supreme Court dismissed a petition urging the government to establish #crypto regulations.👉 The petitioner, Manu Prashant Wig, is in custody, accused of involvement in a scheme to induce investments.2️⃣ Petition Details:👉 Wig's PIL sought guidelines for #crypto trading and mining, plus direction for prosecuting digital asset cases.👉 The court, however, observed the real motive seemed to be seeking bail in Wig's ongoing case.3️⃣ Supreme Court's Decision:👉 The court, led by Chief Justice D.Y. Chandrachud, declined the plea, stating the petition's primary aim was securing bail.👉 The order suggested seeking relief through legislative direction is beyond the court's scope.4️⃣ Legal Context:👉 While the court granted liberty for Wig to seek regular bail, it emphasized that courts can't instruct the legislature to frame laws.👉 Legislative powers are constitutionally separate.5️⃣ Historical Context:👉 In 2020, the Supreme Court overturned a banking ban on #crypto transactions.👉 However, in 2022, India introduced stringent crypto taxes, creating challenges for the industry.6️⃣ Industry Challenges:👉 The #crypto sector faced disruptions as payment processors cut off exchanges, and the government took enforcement actions against ten exchanges, causing them to fight for survival.7️⃣ Government's Position:👉 India's government previously stated that only Parliament has the authority to frame #crypto-related laws, emphasizing the separation of powers.8️⃣ Global Influence:👉 India's stance on #crypto gained attention after pushing for global guidelines at the G20 in 2023.👉 The country has kept a crypto bill on hold since 2021, with a decision expected in the coming months.9️⃣ Rise in Crypto Scams:👉 Recent #crypto scams in India prompted increased regulatory actions, reflecting authorities' concerns about investor protection.🔟 Summary:👉 The Supreme Court's refusal underscores the separation of powers, emphasizing that legislative matters are beyond the court's purview.👉 Meanwhile, India's evolving #crypto landscape awaits further regulatory clarity.#RegulationUpdate

Puerto Rico, a stunning island in the Caribbean, is home to a vibrant community of around 3.2 million people. The capital city, San Juan, reflects the rich culture of the island. Despite being more developed than other Caribbean islands, Puerto Rico still faces economic challenges, with many residents living below the poverty line. The economy is diverse, with a strong manufacturing sector and a growing service industry.
Recently, Puerto Rico has become a hotspot for cryptocurrency enthusiasts due to its crypto-friendly tax laws. Act 60, in particular, has been a game-changer, offering attractive tax incentives and reshaping the crypto landscape on the island. But how do these regulations compare to those in the U.S.? Let's dive in and explore.
Cryptocurrency has been a hot topic in Puerto Rico since 2017, with the sector growing steadily as more enthusiasts relocate to the island. Act 60, a key driver of this growth, offers significant tax incentives to residents and aims to attract investment. The local administration is supportive of these initiatives, although there have been concerns raised about gentrification.
Act 60 is a strategic move to bring investment to Puerto Rico by offering attractive tax incentives to residents. This law provides benefits such as zero tax on passive income like capital gains and dividends, as well as low corporate and income tax rates. To qualify, individuals must reside on the island for at least three years. This act has been particularly appealing to U.S. crypto enthusiasts, allowing them to enjoy significant tax savings while maintaining their U.S. citizenship.
In recent developments, the San Juan Mercantile Bank & Trust International has begun operations, offering custody and settlement services for both fiat and digital assets. Additionally, Robinhood has expanded its cryptocurrency services to include Puerto Rico and the U.S. Virgin Islands, enhancing options for crypto traders on the island.
Puerto Rico is a tax haven for crypto earnings, especially under Act 60, which provides a 0% tax rate on crypto earnings from trading, staking, or mining. Corporations also benefit from a low 4% tax rate on their income. However, only crypto acquired and sold while residing in Puerto Rico is tax-exempt. This tax-friendly environment has made Puerto Rico a highly attractive destination for crypto entrepreneurs.
With minimal tax on blockchain activities like mining, Puerto Rico has become a prime location for crypto mining businesses. The favorable tax regime and export service incentives make the island a preferred spot for crypto miners, offering significantly lower taxes compared to the U.S. mainland.
The future looks bright for Puerto Rico as it continues to attract crypto investors and businesses with its liberal regulations. Act 60 has been instrumental in fostering a growing crypto community on the island, showcasing the positive impact that progressive regulations can have on both the economy and the local community.
#puertorico #Regulation #regulations #RegulationUpdate

The Capital Markets Board (CMB) of Turkey has recently announced a set of comprehensive regulations for cryptocurrency exchanges operating within the country. These new rules aim to bolster industry standards and enhance security measures in the rapidly evolving crypto landscape. Let's dive into the key aspects of these regulations:
Substantial Capital Requirements
One of the most significant changes is the introduction of a hefty capital requirement. Aspiring crypto exchange operators must now demonstrate a financial backing of 50 million Turkish Lira. This substantial sum serves as a barrier to entry, ensuring that only well-funded and serious players can enter the market.
Moreover, the CMB mandates that company shares be registered, adding an extra layer of transparency and accountability. This move allows for better tracking of ownership and places restrictions on share transfers.
Operational Status: A Key Criterion
The regulations draw a clear line between established players and newcomers. Companies that already have customers or hold customer assets at the time of application will be classified as "operational." This status could potentially give them an edge in the approval process.
On the flip side, firms without an existing customer base or related balances will face additional scrutiny. This distinction underscores the CMB's preference for experienced operators in the crypto space.
Flexibility in Documentation
Recognizing the complexities of the application process, the CMB has built in some flexibility. Applicants with incomplete documentation will be granted a 15-day grace period to address any deficiencies. This provision allows companies to rectify minor oversights without derailing their entire application.
Even if an application is initially rejected, companies have the opportunity to reapply after addressing the identified shortcomings. This approach strikes a balance between maintaining high standards and providing reasonable opportunities for compliance.
Structural and Governance Requirements
The new regulations also set forth specific requirements for the organizational structure of crypto exchanges:
Legal Status: Exchanges must be established as joint-stock companies.Board Composition: A minimum of three members must sit on the board of directors.Share Issuance: All shares must be registered and issued against cash consideration.
These stipulations aim to ensure proper governance and financial stability within the crypto exchange ecosystem.
Impact and Outlook
While these regulations represent a significant step towards formalizing the crypto industry in Turkey, some industry observers have noted that earlier disclosure of these criteria could have benefited potential applicants. A longer lead time might have allowed companies to better prepare and align their operations with the new requirements.
Nevertheless, these new rules signal Turkey's commitment to creating a more robust and trustworthy cryptocurrency market. As the industry continues to evolve, we can expect further refinements to the regulatory landscape.
For crypto enthusiasts and investors in Turkey, these changes promise enhanced security and reliability. However, they may also lead to a consolidation of the market, potentially reducing the number of available exchanges but increasing the overall quality of service.
As always, it's crucial for participants in the crypto space to stay informed about regulatory changes and their potential impacts on the market. Keep an eye on further developments from the CMB and how these new regulations shape Turkey's cryptocurrency ecosystem in the coming months.

#Turkey #türkiye #SPK #CMB #RegulationUpdate