Report: IRS Wants to Meet with Cryptocurrency Groups at March Summit
The Internal Revenue Service has apparently invited a number of cryptocurrency groups to participate in a summit on March 3, Bloomberg Tax reports. The agency summit is designed to foster a dialogue with industry leaders, companies, and other advocates to help the agency better understand how it can create a balance between regulatory enforcement and effective taxpayer service.
Candidate Bloomberg Proposes Cryptocurrency Policy in New Financial Reform Plan
Billionaire Democrat presidential candidate Michael Bloomberg has unveiled a proposal that calls for more clarification of cryptocurrency rules. The proposal is tucked within a broader financial reform plan that his campaign has published on his official campaign website.
Bahamas Central Bank Expects to Complete Digital Dollar Rollout This Year
The governor of the Central Bank of the Bahamas confirmed this week that the government expects to complete its digital dollar rollout by the end of 2020, the Tribune reports. Project Sand Dollar was launched in Exuma last December, and the next phase of the launch is scheduled to roll out in Abaco before the end of February.
Mnuchin: FinCEN to Roll Out ‘Significant’ New Cryptocurrency Rules
U.S. Treasury Secretary Steven Mnuchin has revealed that his department’s Financial Crimes Enforcement Network (FinCEN) is currently working on new cryptocurrency rules designed to enhance transparency and reduce the risk of money laundering, Bloomberg reports.
During House Hearing, Fed Chief Skeptical of Potential CBDC
Federal Reserve Chairman Jerome Powell expressed skepticism toward a possible Fed central bank digital currency (CBDC) during today’s Financial Services Committee hearing in the U.S. House of Representatives. Powell was there to deliver his latest report on monetary policy, Yahoo Finance reports.
Switzerland’s FINMA Updates Money Laundering Rules, Tightens Crypto Transaction ID Requirements
Switzerland’s Financial Market Supervisory Authority (FINMA) has proposed new rules for cryptocurrency transactions, in response to what it called “heightened money-laundering risks.” The proposed change would lower the client identification threshold for cryptocurrency transactions on digital currency exchanges from 5,000 to 1,000 Swiss francs.
Japan: Need U.S. Help to Counter China’s Digital Yuan
Japanese lawmakers have drafted digital currency proposals as part of an effort to begin preparation for a possible Chinese digital yuan, Bloomberg reported this week. The proposal could lay the groundwork for the creation of Japan’s own central bank digital currency if and when the digital yuan is launched.
SEC’s Hester Proposes Safe Harbor for Decentralized Networks
On Thursday, Securities and Exchange commissioner Hester Peirce revealed a proposal to provide qualifying decentralized network developers a three-year safe harbor from some SEC regulations, CoinCenter reports. The proposal is designed to allow digital token projects time to evolve without running afoul of regulators’ concerns about the registration and trading aspects of existing securities laws.
Cambodia’s Project Bakong to Go Live Within Next Few Months
National Bank of Cambodia director-general Serey Chea has confirmed that the central bank’s blockchain-based peer-to-peer payment system will be launched in the next several months, the Phnom Penh Post reports. Serey described the CBDC effort, which has been called Project Bakong, as Cambodia’s “national payment gateway.”
BOJ Deputy Governor: Bank Must be Prepared to Issue CBDC if Public Demand Rises
Bank of Japan deputy governor Masayoshi Amamiya said today that it was important for the central bank to be prepared to issue its own digital currency to respond to a possible future increase in public demand, Reuters reported on Thursday.
Singapore’s Payment Services Act Now in Effect
The Monetary Authority of Singapore issued a press release today announcing that the Payment Services Act (PS Act) is now in effect. The law, designed to provide a more effective regulatory framework for Singapore’s payment systems, extends the central bank’s regulatory authority to cover emerging payment systems like digital asset services.
WEF Announces Global Consortium for Digital Asset Governance
That World Economic Forum has announced the creation of a global consortium to develop a governance framework for digital assets. In a press release on Friday, the WEF said that the Global Consortium for Digital Currency Governance will work on creating interoperable, inclusive policy solutions to help make the financial system more inclusive.
Hawaii Bill Would Allow State’s Banks to Provide Crypto Custody
Hawaii’s Senate is now considering a new bill that would allow the state’s banks to provide digital asset custody services. The bill was introduced a week ago, received its first reading on January 21, and has now been referred to two committees: Consumer Protection and Health, and Judiciary and Commerce.
H&R Block Reminds Customers to Report Crypto Dealings to IRS
With tax season almost here, tax preparation service H&R Block is advising its customers to accurately report their crypto dealings when they file their returns. As Yahoo Finance reports, those customers should be aware that the IRS is explicitly asking about crypto asset activities for the first time.
UK Contract Seeks Software to Track Cryptocurrency Use
The UK has opened a new contract seeking proposals for a software tool that can track Bitcoin and other major cryptocurrencies that might be used for illicit purposes. According to a report from The Next Web, HM Revenue and Customs plans to prioritize bids from developers who offer tools that can also track the use of Dash, Zcash, and Monero.
Australian Central Bank Reportedly Plans to Continue CBDC Experiments
The Reserve Bank of Australia has confirmed that it has been testing a simulated central bank digital currency to determine its usefulness for intrabank settlement of customer payments. While the central bank continues to question the need for a CBDC in Australia, it apparently plans to continue its experiments, Ledger Insight reports.
SEC Announces Charges in Fraudulent ICO Scheme
The Securities and Exchange Commission (SEC) today announced charges against two individuals and two businesses accused of conducting a fraudulent initial coin offering (ICO). According to the SEC complaint, one of the defendants, convicted felon Boaz Manor, used a disguise and alias to conceal his identity.
Virtual Currency Tax Fairness Act of 2020 Introduced in U.S. House
U.S. Representative Suzan DelBene (D-WA) introduced the Virtual Currency Tax Fairness Act of 2020 in the House of Representatives today, digital asset advocacy group Coin Center reports. The bill is a revised version of a 2017 proposal and would create a de minimis tax exemption for small cryptocurrency transactions.
Japan’s FSA to Place Limits on Leverage in Cryptocurrency Margin Trading
Japan’s Financial Services Agency intends to implement a new rule that would place limits on leverage in digital asset margin trading, The Japan Times reports. The Times’ sources confirmed that the rule will be inserted in the language of a new Cabinet Office order related to changes in the country’s Financial Instruments and Exchange Act.
UK’s FCA Tasked with Supervising AML/CTF Compliance in Digital Asset Industry
The Financial Conduct Authority (FCA) announced Friday that it will be supervising the digital asset industry’s compliance with anti-money-laundering (AML) and counter-terrorist-financing (CTF) requirements.
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