The Indonesian Bappebti, the country’s Commodity Futures Trading Regulatory Agency, has announced the establishment of a new regulatory framework to govern digital assets futures markets, according to Finance Magnates. The framework will require cryptocurrency exchanges operating in the country to register and obtain approval first.
A leading Japanese business association has asked the country’s Financial Services Agency (FSA) to lower the rate at which taxes are assessed for cryptocurrency trading. The request from the Japan Association of New Economy (JANE) asked the regulator to use progressive rather than general taxation, according to a February 14 report from Cointelegraph Japan.
The U.S. Securities and Exchange Commission highlighted its “guide to initial coin offerings” in a Twitter post Sunday. The post linked to a page on the SEC’s website that highlights digital assets’ “increased risk of fraud and manipulation” due to their lack of regulation. Many twitter users were quick to point out the one thing that the “guide” doesn’t do: namely, offer any real regulatory clarity for ICO issuers or others in the industry.
Securities and Exchange Commission member Hester Peirce recently said that regulators need to be careful about how they approach cryptocurrency regulation, noting that it’s not their job to determine the merit of any given investment opportunity. The commissioner’s remarks came during a wide-ranging speech on regulation at the University of Missouri School of Law on Friday, February 8.
The Ontario Securities Commission confirmed in a statement to Reuters on Friday that regulators are looking into the issues surrounding QuadrigaCX, the besieged Canadian cryptocurrency company whose founder passed away in December. The OSC cited concerns about potential harm for investors as a reason for its interest, though commission spokesperson Kristen Rose refused to confirm that there is an official investigation.
Estonia’s policy of welcoming cryptocurrency and blockchain firms into its nascent digital society could be nearing an end, as regulators, lawmakers, and the Bank of Estonia have been increasingly critical of the country’s e-resident program. Many officials are now calling for increased scrutiny and rule-changes that could see many of those once-welcomed digital firms stripped of their e-resident status, Reuters reported on Friday.
The Third District Court of Appeal has overruled a Miami Judge’s decision dismissing felony charges against Miami Beach resident Michell Espinoza, clearing the way for prosecutors to reinstate the illegal money transmission and laundering charges. According to a report from the Miami Herald, the court order found that the defendant’s “bitcoins-for-cash business requires him to register as a payment instrument seller and money transmitter.”
In a 28-1 vote on Thursday, Wyoming’s Senate approved a bill designed to bring new clarity to cryptocurrency’s legal status in the state. That bill, SF0125, would formally recognize the property rights of cryptocurrency holders and create an opt-in framework to enable Wyoming banks to provide digital asset custodial services.
South Korea’s Financial Services Commission (FSC) has decided to maintain its current ban on initial coin offerings (ICOs), based on the results of a recent survey and concerns that crypto firms have been bypassing the existing restrictions.
While the Republic of the Marshall Islands has not yet launched its Sovereign digital currency (SOV), officials have selected the Swiss crypto wallet maker Tangem to issue physical banknotes for the project. Tangem announced the news in a press release on Monday:
Indiana legislators may soon consider a new bill that would allow taxpayers to pay their taxes with certain approved digital currencies. The proposed law, House Bill No. 1683, was introduced last week and submitted to the Committee on Ways and Means on January 24.
The Malta Financial Services Authority (MFSA) issued a warning on Friday, advising the public about a potential scam entity called “Bitcoin Revolution.” According to the advisory, Bitcoin Revolution is likely an international scam, and the public is advised to “refrain from undertaking any business or transactions” with the entity.
California-based digital currency exchange Coinbase has taken steps to simplify the crypto tax-filing process for its customers in the United States. In a January 24 blog post, the company announced the addition of resources to aid taxpayers who have engaged in any sale, use, or conversion of cryptocurrency assets that may trigger U.S. tax obligations.
The Pennsylvania Department of Banking and Securities (DoBS) issued guidance this week declaring that cryptocurrency service providers and exchanges do not qualify as money transmitters. As a result, they are not subject to the licensing provisions of the state’s Money Transmitter Act (MTA).
Two executives from the one-year-old South Korean cryptocurrency exchange Komid have been jailed on charges that they inflated trading volume and falsified volume reports, according to recent reports from News Asia. The scheme reportedly included 5 million fabricated transactions designed to deceive investors, which enabled the duo to fraudulently earn about $45 million.
Minnesota Republican Congressman Tom Emmer this week announced that he was reintroducing the Blockchain Regulatory Certainty Act, according to his congressional website. The bill was previously introduced in the House of Representatives last September and is co-sponsored by Democrat Congressman Darren Soto.
South African officials this week announced the release of a consultation paper on crypto assets, in a joint statement from the South African Revenue Service (SARS), the Financial Intelligence Centre (FIC), the South African Reserve Bank (SARB) the National Treasury (NT) and the Financial Sector Conduct Authority (FSCA).
Denmark’s Tax Council recently authorized the country’s Tax Authority to acquire user data and transaction details from three cryptocurrency trading exchanges, according to a January 14 announcement on the agency’s official website.
After being down for unscheduled maintenance for more than 24 hours, New Zealand exchange Cryptopia has confirmed via twitter that the exchange suffered ‘significant losses’ in a Jan. 14 (local time) security breach.
The Malaysian government confirmed on Monday that its new cryptocurrency law will go into effect on January 15, according to reports from Reuters and local Malaysian news outlets. Finance Minister Lim Guan Eng is reported to have confirmed the news, mere days after Federal Territories Minister Khalid Abdul Samad told reporters that the government had not yet decided cryptocurrency’s legal status in the country.