Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.
Editor's Note: This article comes from
Nakamoto Shallot (ID: xcongapp)
Nakamoto Shallot (ID: xcongapp)
, Odaily is authorized to publish.
Cryptocurrency regulation is tightening around the world, with five countries pledging to strengthen cryptocurrency regulation despite an SEC commissioner proposing a “safe haven” for cryptocurrency projects and the U.S. Treasury Secretary announcing “significant” new regulations.
1. Brazil
The cryptocurrency space in Brazil has taken some beatings recently. The once “crypto-friendly” South American country’s Internal Revenue Service implemented stricter cryptocurrency regulations in August 2019. According to the Brazilian cryptocurrency website Porto do Bitcoin, starting today, all exchanges must submit monthly reports of transactions to the Federal Internal Revenue Service, regardless of the amount. They are also subject to greater compliance requirements.
Brazilian cryptocurrency exchanges have struggled to meet the standards, but this month Access announced it was closing its doors, and another exchange, Latoex, also struggled. Pedro Nunes, former CPO of Access, said, "After the IRS regulations were issued, we noticed a very low market trading volume, and we also felt that the market on the small exchanges cooled."
2. Russia
Russia’s attitude towards cryptocurrencies has always been vague. Changpeng Zhao, CEO of Binance, a mainstream cryptocurrency exchange, said, “Russia is our main market.” Binance also added the Russian ruble last week. However, today the country is tightening its stance on anti-money laundering, which means increased regulation of cryptocurrencies in Russia, Russian news site RBC reported. Russia's central bank highlighted its plans to adjust the role of banks and their ability to define "unusual operations" standards for anti-money laundering.
In other words, the authorization to freeze bank accounts related to cryptocurrencies has been opened.
3. United States
As "Crypto Eyes" Hester Peirce continues his efforts, we may be in for a small victory for cryptocurrencies. But the U.S. government still refuses to accept cryptocurrencies.
When the candidate Andrew Yang, who supported Bitcoin, withdrew from the presidential election, Trump said on Twitter that I am not surrounded by Bitcoin and other cryptocurrencies. Bitcoin is not money, with huge fluctuations and no value basis.
U.S. Treasury Secretary Steven Mnuchin echoed the president's sentiments. He told the Senate Finance Committee that the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is preparing “significant new regulations” for cryptocurrencies.
He added that we will have a lot of work ahead, and that both FinCEN and Treasury are "spending a lot of time" on it.
“We want to make sure that the technology moves forward, but on the other hand, we want to make sure that cryptocurrencies are not used in the same way as password accounts with old Swiss banks.”
4. Belgium
Another new development in cryptocurrency regulation comes from Belgium. The country’s Financial Services and Markets Authority (FSMA) has just revealed that it is in discussions with the Belgian government to strengthen regulation of digital currencies used for transactions.
