Visit us at https://is.gd/zYVG3w
Tag: laws
Research results suggest that there is a need to reorganize related laws and systems to prevent the central bank digital currency (CBDC) from being included in virtual assets and to punish forgery and alteration.
The Bank of Korea announced on the 8th that this was the result of an external research service under the theme of’CBDC-related legal issues and directions for enactment and amendment’ from July to December of last year. Seoul National University Professor Jeong Soon-seop, Seoul National University Professor Jeong Jun-hyuk, and Lee Jong-hyuk Professor of Hanyang University participated in this research service.
These professors said in the report, “CBDC is clearly distinguished from virtual assets, but since the specific financial information law defines’virtual asset’ broadly regardless of the issuer’s existence, the’Specific Financial Information Act’ is adopted to prevent CBDC from being included in virtual assets. It is necessary to revise,” he pointed out that “the currency issued by the Bank of Korea refers to the banknotes and coins of Korea, but it is difficult to interpret that CBDC is included in this, so it is necessary to prepare separate rules for issuing CBDC.”
As for the relevant legal issues, ΔThe issuance of CBDC by the Bank of Korea is based on the exclusive issuance of the CBDC and is not subject to the’Electronic Financial Transactions Act’ as it is not for profit purposes ΔPrinciples on various judicial issues such as acquisition and seizure of CBDC It was mentioned that there is a need to prepare a separate civil law, such as the need for enactment and amendment of the criminal law, etc. to punish forgery or alteration of ΔCBDC.
These professors also advised that anti-money laundering regulations for cash may be applied to CBDC, and that the Bank of Korea needs to comply with the’Personal Information Protection Act’ when conducting CBDC-related business.
In this regard, the Bank of Korea said, “This year, we plan to preemptively review plans for reorganization of related laws and systems while conducting pilot system construction and testing in a virtual environment in relation to central bank digital currency as planned.”
News1 It is written with content provided through <�News Connect>.
Francis Suarez, who has served as the mayor of Miami since 2017, wants to make the city the most attractive in the United States for those in the crypto and blockchain industry.
In an interview with Forbes published Sunday, Suarez said lawmakers in Miami were looking into the policies of crypto-friendly areas like Wyoming and New York in an effort to promote regulatory incentives for crypto and blockchain in Florida.
“[Miami is] making sure that we have the most progressive crypto laws,” said Suarez. “We want to make sure that we believe that if all things are equal, we win. So, we just want to equalize the playing field. We want to make sure that nobody has an advantage over us based on laws that are easily changeable.”
Mayor Suarez did not describe the race to be the regulatory winner as a fight between lawmakers in other jurisdictions. Rather, he gave Wyoming “kudos for being smart” in attracting crypto firms, but added that “every city in America and in the world should be trying to grow its technology ecosystem.”
“We’re working on making sure that our incentives are in place and that our legislation promotes crypto and blockchain and is forward-thinking.”
The mayor has already made several bullish statements on Bitcoin (BTC) and crypto in recent weeks, including having Miami consider letting city employees to get paid in BTC rather than U.S. dollars. He also proposed allowing Miami residents to pay for local fees and taxes using crypto as well as investing some of the city’s treasury into Bitcoin, a task he called “the hardest” of the three ideas.
He has already spoken with a few high-profile figures in the crypto community including a meeting with Gemini co-founders Tyler and Cameron Winklevoss. Earlier this month, Tyler said that the mayor is “leading the way for governments and Bitcoin.”
Mayor Suarez did not provide a timeline as to when these actions may take effect for Miami’s 450,000 residents, but some in the crypto community have seemingly taken notice. Last week, Bitcoin 2021 announced it would be moving from Los Angeles to Miami for its June crypto conference.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Turner Wright
- FinCEN recently published a new AML proposal that concerns US-based crypto companies.
- The rule requires US crypto firms to record the identities of users who are not even their customers.
- Twitter CEO criticized the rule, noting that it will push customers towards unregulated offshore services.
Recently, FinCEN proposed new regulations that would force crypto firms to collect information regarding the identities of non-customer counter parties. The new regulation, however, could severely backfire — at least according to Twitter CEO, Jack Dorsey.
Jack Dorsey says that the new AML rules are unnecessary
According to Dorsey’s letter, published yesterday, January 4th, 2021, his other company, Square, is among those who will have to abide by the new regulation, if it passes. Dorsey claims that the proposal imposes a reporting obligation that goes beyond what is required for cash transactions.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
More than that, he points out that Square — and other firms dealing with crypto — would be expected to collect data about people who never opted into their services. These would not be Square customers, but 3rd parties that technically do not have any ties to the company.
Such data would also be unreliable, at best, and Dorsey continues to stress that it is unnecessary. An even bigger problem, however, is that Square predicted that the law, if passed, would have a very negative impact on the crypto users, and also — the companies. The company believes that such users would start seeking unregulated and non-custodial crypto services offshore.
FinCEN faces major criticism for the proposal
This is a problem, as Dorsey and Square have noted, as it would impact the country’s competitiveness on a global level. Furthermore, it would put users in danger, and even create new and unnecessary challenges for regulators.
Dorsey further stresses that FinCEN will have even less visibility into crypto transactions than right now.
Dorsey and Square are also not the only ones to criticize FinCEN and the new proposal. Particularly after the regulator only offered 15 days for public comment, rather than 60, which is the norm. But, despite the holiday season and the short period that the crypto community had to react — over 6,000 comments were submitted on the matter.
Some, like the crypto exchange Kraken, even slammed FinCEN for not bothering to provide estimates of how much implementing the new rule would cost. Kraken also said that this is a “politically-motivated piece of midnight rulemaking,” and that the move will diminish the trust in FinCEN.
Even Coinbase responded to the rule, calling it “impermissibly vague,” suggesting that it will mean invading the privacy of the public, while failing to offer any public benefit.
Chief Technology Officer at Ripple and XRP Ledger architect David Schwartz said in a recent interview that US regulatory laws with regard to crypto-assets are “vague.” These comments were made, in wake of the Securities and Exchange Commission’s new lawsuit against Ripple which alleges that the company and two of its executives raised over $1.3 billion through an unregistered “securities offering.” Schwartz, however, denied that Ripple conducted any illegal activity. Instead, he said that the firm was only seeking ‘what the parameters were.’
Speaking to David Gokhshtein in a recent interview, the CTO said:
It’s not that the laws are bad, it’s that they’re vague. And as I’ve said before, the United States seems to be one of the few countries where regulators will turn around to tell you, ‘Oh you should’ve realized what you were doing was illegal.
Additionally, the CTO said that he was not a maximalist and believed that technology behind many crypto projects was still “very immature,” He added:
One of the things that worries me, particularly about maximalists, is that they’re kind of trying to get Bitcoin through and slam the door behind them or get Ethereum through and slam the door behind them.
He further revealed that he did not entirely believe in crypto minimalism and that a single project could dominate the ecosystem. However, Schwartz was of the opinion that the crypto-economy could have better projects that may improve upon XRP.
Besides XRP, Schwartz revealed his take on Ethereum and Bitcoin, earlier on 4 December. According to him, Ethereum has an “incredibly strong developer community and the best DeFi ecosystem.” On the other hand, he said Bitcoin’s technology needed improvement to avoid becoming obsolete.
Image Credit: Refer to Source
Author: Refer to Source Alisha Roy
Rhythm BlockBeats news, according to the Wall Street Journal report on December 21, the US SEC will file a lawsuit against the cryptocurrency company Ripple Inc. because the cryptocurrency XRP launched by it violates the investor protection law. Ripple Inc. said it will defend against a lawsuit filed by the Securities and Exchange Commission (sec).
The lawsuit has not been formally filed, and the current SEC chairman will leave after the Trump administration’s term ends. In the past few years, the SEC has accused several startup companies of violating securities laws when raising funds through the sale of cryptocurrencies, filed civil lawsuits, and most of them have won. However, these companies are not as large as Ripple Inc.’s. In the latest round of financing in 2019, Ripple was valued at 10 billion U.S. dollars, and XRP was the third largest cryptocurrency by market value.
Ripple said that the company received a notice from the SEC committee on Monday that the regulator plans to sue the company, CEO Brad Garlinghouse and co-founder Chris Larsen in federal civil court soon. But the company and executives said they plan to refute this claim.
“From the perspective of law and facts, they are wrong,” Garlinghous said.
The lawsuit revolved around whether the company’s digital asset XRP launched in 2012 should be registered with the SEC. Registration involves disclosing a company’s business model, risks, and financial status to the SEC and the public. The US Securities and Exchange Commission reviews information disclosures and provides feedback to investors to improve information disclosures.
It is not clear what the SEC is seeking in litigation, but usually in similar cases, the SEC will require the sued company to pay a fine and require the digital asset sponsor to continuously disclose information to investors—just like a listed company regularly discloses The information is the same.
According to a report from the Wall Street Journal on December 21, the U.S. SEC will file a lawsuit against the cryptocurrency company Ripple Inc. because the cryptocurrency XRP it launched violates the investor protection law. Ripple Inc. said it will defend against a lawsuit brought by the Securities and Exchange Commission (Securities and Exchange Commission, referred to as sec).
The lawsuit has not been formally filed, and the current SEC chairman will leave after the Trump administration ends. In the past few years, the SEC has accused several startups of violating securities laws when raising funds through the sale of cryptocurrencies, filed civil lawsuits, and most of them have won. However, these companies are not as large as Ripple Inc.’s scale. In the latest round of financing in 2019, Ripple is valued at $10 billion, and XRP is the third largest cryptocurrency by market capitalization.
Ripple said the company received a notice from the SEC committee on Monday that the regulator plans to sue the company, CEO Brad Garlinghouse and co-founder Chris Larsen in federal civil court soon. But the company and executives said they plan to refute this claim.
“Judging from the law and the facts, they are wrong,” Garlinghous said.
The lawsuit revolved around whether the company’s digital asset XRP launched in 2012 should be registered with the SEC. Registration involves disclosing a company’s business model, risks and financial status to the SEC and the public. The US Securities and Exchange Commission reviews information disclosures and provides feedback to investors to improve information disclosures.
It is not clear what the SEC is seeking in litigation, but usually in similar cases, the SEC will require the sued company to pay a fine and require the digital asset sponsor to continuously disclose information to investors—just like a listed company regularly discloses The information is the same.
I turned this page of history and saw the secret of periodic fluctuations, as if holding the pulse of time, the lifeblood of wealth.
This article can be used as a simple summary of past history and an estimate of future trends. This article will explain the periodicity of Bitcoin and the highs of this bull market.
Unwinding cycle: three years and three years
At the end of 2013, there was a post. It was too old and can’t be found now. It was said that a friend did not buy a house in his hometown, but bought Bitcoin with 200,000 yuan in his hand. The price of Bitcoin at that time was $1,000. I was stuck on the top of the mountain and blew the wind for three years. I heard that at the end of 2016, I finally got rid of it, and finally paid back. Later, it took a year for Bitcoin to rise from $1,000 to around $19,500. That is more than 19 times.
I don’t know if this friend has persisted for six months and one year after three years and finally got the benefits. What I know is that there are friends who have sold more than $17,000 at the end of 2017-early 2018.
Then, three years of wind blowing on the top of the mountain, by the end of 2020 (November-December), Bitcoin once again returned to more than 18,000. It’s been cold after three years of blowing, and what’s even colder is the loss caused by continuous operation after failing to hold it. There used to be a name in the currency circle as “ten thousand yuan Hou”. Now a hundred coins can be sealed, 120,000-130,000 RMB. The price of 100BTC is 12 million+, which is not a small amount for most people.
Here is an interesting thing: Bitcoin’s halving cycle is 4 years, and the unwinding cycle after hanging on the top of the last bull market is three years. From the end of 2013 to the end of 2016, from the end of 2017 to the end of 2020 (now), three years and three years, Bitcoin is like an undercover in the financial market, and it will kill every three years.
However, it is true that BTC has not become a currency. It has indeed been ten years since. The price of the currency is worthy of you, and the vision will be released later. This is already the biggest benefit of Bitcoin. The currency price and vision can be reversed in other currencies.
So, why do we always remember in our minds that Bitcoin’s halving cycle is four years, and the time to hang on the top of the mountain is three years? Because every time the mountain top is unblocked, there will be a year for BTC to have a gorgeous show. The last time was 2017, which is after the end of 2016, and this time is 2021, which is 2022, which is next year. .
The last time for the halving was July 2016, and this time it was May 2020. Will there be a time difference of two or three months before and after? Time has passed, chasing the minutiae in a seemingly sophisticated (in fact, general) model. Not desirable.
Let me just talk about a time period. The high point of this bull market will appear in 2021, probably in the second half of the year, but not at the end of the year. That is to say, June to October next year is the month of focus. Of course, if many people think so, the market is likely to be over in the first half of the bull market, because when most retail investors hold a unified view, the direction of the market will give you a different color. There will always be both long and short in the market, otherwise the transaction will not be completed and there will be no market.
The bull market high speculation
The specific time will change for a few months, so where is the high point of the currency price in this bull market?
The most well-known views are expressed by some institutions implying or writing articles. For example, 400,000 and 500,000 U.S. dollars, a lot of content was demonstrated in the middle, but it seems that a small model reasoning knows, that is, the last time on January 1, 2017 (the last caveman settlement day), Bitcoin 1000 U.S. dollars, and then the highest point is close to 20,000 U.S. dollars, which is 20 times. This time the settlement day will be December 1, 2020 (around), and then it will increase by 20 times to 400,000 U.S. dollars. This is too forehead.
There is no inevitable connection between how many times it has risen last time and how many times it has risen this time. The bigger the market value, the harder it is to pull. The reason is simple. Big cars accelerate slowly, but small cars accelerate faster.
On January 1, 2017, the market value of Bitcoin was 16 billion US dollars, and on December 1, 2020, the market value of Bitcoin was more than 360 billion US dollars. The market value difference is 22 times, even if large funds enter the market, it is difficult to increase to 20 times.
Therefore, there is an estimation model like this, what situation will make Bitcoin completely out of the circle crazy. First of all, every time Bitcoin rises to more than 10,000, the media will go crazy. For example, Bitcoin breaks through 30,000 U.S. dollars, and then 40,000 or 50,000 U.S. dollars. Each time this node will excite various mainstream and non-mainstream media. Found the topic. The vocabulary of scams, revolutions, etc. will be rampant again.
Then, there is a mark, what mark? Bitcoin’s market value exceeds one trillion US dollars and two trillion US dollars. This is where the craze is.
Recall that many people have estimated that the first company in human history to exceed a trillion dollars, Apple, Saudi Aramco, etc. have broken through, (Saudi Aramco has broken through a trillion when it went public), and the world’s largest listed company with market capitalization in 2020 has broken through 2 trillion.
Therefore, the first step of Bitcoin’s hurdle is in trillions of dollars, that is, 1 trillion divided by 360 billion, which is 2.8 times. The current currency price is 19,000 dollars, 19,000*2.8 times is about 53,000 dollars, and then the next Kaner has a market value of 2 trillion US dollars, which is doubled on this basis. Bitcoin breaks through 100,000 US dollars, which is not only the market value threshold, but also the currency price threshold of 100,000 US dollars denominated in dollars.
It is not easy for the bull market to reach the first threshold of 50,000 U.S. dollars. The second threshold can come slowly in the future, and then Bitcoin really becomes an economy, equivalent to a super large company. Of course, Bitcoin is not a stock, but not many people use the M0, M1, and M2 models of currency to talk about this investment target. The word “market value” itself is the market value of listed companies. Therefore, most people’s ideas and emotions will affect the market. This is also my opinion that the market value of Bitcoin is the first one, and the market value of 2 trillion is the second one.
And I don’t believe it, this time it directly reached the market value of 2 trillion, and even only touched the first hurdle (market value of trillions of dollars), so the high point of the bitcoin price in this bull market is 40,000 to 60,000 US dollars.
Bitcoin and the overall crypto-market welcomed 2020 with increased regulatory clarity which has in turn helped its overall adoption narrative. However, with the ongoing presidential election taking place, many in the crypto space have speculated as to what the effects of a new government and new regulations might imply for the likes of Bitcoin and the crypto market at large. Meltem Demirors, Chief Strategy Officer at CoinShares, in a recent Unchained podcast noted that,
“I’m only looking at one thing and it’s the laws associated with privacy. Right now, encryption is under attack in the United States and in most Western nations, most developed countries.”
Referring to the bill, sponsored by Republicans, she highlighted that it would limit and severely curtail the use of end to end encryption in consumer-focused applications.
The Department of Justice (DOJ) has also recently issued a statement calling for more crypto regulation. In fact, the Travel Rule is attempting to go from a $3000 transaction limit to a $250 transaction limit around the world.
This would imply that banks and non-bank financial institutions need to verify their customer identity, original parties, and beneficiaries of transfers over this amount and transmit this information to relevant counterparties.
Much of the research published globally suggests that the privacy aspect of crypto is something that regulators will pay close attention to going forward.
A report published by Europol stated that,
“With respect to cryptocurrency on the Darkweb, privacy-enhanced wallet services using coinjoin concepts (for example Wasabi and Samurai wallets) have emerged as a top threat in addition to well established centralized mixers.”
Demirors believes that privacy is under attack, and thereby so is Bitcoin. According to her, governments want to tax Bitcoin and they want to know who holds Bitcoin.
While governments cannot technically ‘ban’ Bitcoin, they can enforce regulation in other ways that make things difficult for the industry, such as unfavorable taxation, and laws with respect to digital asset custody.
Noting that the top question on 2021 tax forms is whether an individual holds/owns any cryptocurrency, Demirors went on to state,
“The IRS has gone on numerous expeditions… what’s not documented is that they go on fishing expeditions on a daily, weekly basis. They know if you live in the United States and even if you don’t, they know who holds cryptocurrency and who doesn’t. And that information will be used at some point, is my belief.”
Image Credit: Refer to Source
Author: Refer to Source Samyuktha Sriram
A Peruvian regulator authority said on October 26 that studies currently performed on local crypto exchanges will keep on going despite the COVID-19 pandemic, as the country is looking to find ways to regulate the national crypto industry.
According to local news outlet Gestion, Superintendent of the Financial Intelligence Unit of Peru (UIF) Sergio Espinosa pointed out the need to work out the policy behind cryptocurrencies in the country. Espinosa called it a “priority”:
“One of the topics that we have not stopped is a diagnosis — which is being done — of the presence and scope in Peru of so-called virtual assets, including Bitcoin and other virtual assets that are not currencies, but that exist, trade and circulate, so there is a need to put out regulation on the matter.”
During his participation in the IV International Congress on Compliance and the Fight Against Corruption organized by the Word Compliance Association and the Lima Chamber of Commerce, Espinosa remarked on Peru’s lack of knowledge of the crypto sector, calling it uncharted territory.
Espinosa further said that studies into local crypto exchanges began in August as part of the UIF activities to collect enough information to figure out future laws for the crypto sphere in Peru.
Although the supervisor didn’t provide more details as to which exchanges were on the financial watchdog’s radar, he commented that additional studies were added during September and most of research will last between 19 and 22 business days “from the preparation of the notification documents to the issuance of the final report on the results of the same.”
Peruvian authorities have not established a clear position on cryptocurrencies, although the COVID-19 pandemic, as in many other countries, has fueled the development of blockchain technology in the nation.
A recent glimpse into Peruvian crypto regulation came from the Congress of the Republic of Peru, who promulgated a law on October 22 that establishes an electronic means of payment as a public necessity.
Image Credit: Refer to Source
Author: Refer to Source Cointelegraph By Felipe Erazo
WWW.BLOCKCAST.CC 