Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.
Crypto Regulations Proposed by Revenue and Customs Department: A comprehensive set of regulations have been proposed by Her Majesty’s Revenue and Customs (HRMC) in the UK. The new regulations have been published on its website and addresses many facets of the cryptocurrency scene in the country.
The new regulations details for taxes, hard forks, losses and more in the industry. The move comes after it was reportedly decided by the government to gradually integrate into the national monetary fabric.
Regulator to Tighten Controls on Unauthorized Crypto Firms: Four cryptocurrency related websites have been banned in the country after the action was taken against them by Autorité des Marchés Financiers (AMF), a body responsible for regulation of markets in the European country.
Since September this year, more than 20 new investment websites have been blocked by the AMF. The AMF also came out and said that high returns always pose significant risks despite what advertisers show you.
Many new cryptocurrency projects have also been outlined by the French government as pending approval and the authorities have asked the public to be careful about the overall sector.
But, the French parliament has rejected the idea of a new cryptocurrency taxation policy in the country for the fourth time in a row this year. A compromise may be needed in the French parliament to make cryptocurrencies easy to blend in with the economy.
Regulator Suspends Suspicious Cryptocurrency-related Setups: An Italian regulator has closed the lid on two cryptocurrency related platforms by publishing cease and desist letters on its journal. The Commissione Nazionale per le Società e la Borsa (CONSOB) is the chief regulator of the Italian Securities Market and has suspended the activities of Bitsurge Token and Green Energy Certificates by 90 days.
According to the Italian regulator, both of these setups were offering unregistered securities and unrealistic benefits for investors via an online presence. Two resolutions Resolution no. 20741 and Resolution no. 20740 were passed for this purpose.
Russian-occupied part of Georgia Abkhazia Limits to Mining Companies Due to Electricity Shortage: Abkhazia, a Russian-annexed part of Georgia is considering limiting power quota for the burgeoning cryptocurrency mining industry in the region after a shortfall for the winter was expected this year.
Cryptocurrency miners made way to Abkhazia due to its cheap hydel energy output from a nearby dam in the Republic of Georgia. Infrastructure was also a non-issue because of the presence of a large number of abandoned Soviet-era manufacturing units. However, due to the arrival of so many miners and particularly harsh winters ahead, the government is looking to limit the quota of power for the mining companies.
Report Recommends Flexible Revisions to Blockchain Regulations: A new report by a government-sponsored study group has stated that flexible changes are needed in the cryptocurrency regulation act to increase oversight in the sector. The report cites Anti Money Laundering (AML) moves and under the AML act to safeguard the investors and their money.
However, the report didn’t recommend a new law for governing cryptocurrencies and blockchain startups in the country and argued that existing regulations can be amended for that purpose. The whole point is to create a flexible approach to regulating cryptocurrencies and blockchain startups without regulating the whole industry.
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