Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.
The United Kingdom
Taskforce to come up with updates to crypto regulations: The UK taskforce formed for cryptocurrencies is now under focus again with the group tasked to propose changes in the cryptocurrency regulations.
In addition to revisiting regulation, the group is also charged with categorizing and defining different crypto assets for regulatory purposes. The Taskforce has already published a paper that compares cryptocoins to business-related investments but at the same time states that they carry inappropriate levels of risk. It also praised the ability of ICOs as a new investment option that promotes innovation and improves efficiency.
Business authority assails UK crypto regulation proposals: The latest regulation on cryptocurrency proposed the Financial Conduct Authority (FCA) drew sharp criticism from local business federation the British Business Federation Authority (BBFA).
According to BBFA director Patrick Curry, the move could hurt UK’s standing as a fintech hub in the world.
He said, “It is a very blunt instrument approach and I haven’t seen this in other countries. The use of this technology is still a voyage of discovery and these technologies are being refined for different types of use. My concern is the law of unintended consequences.”
While the cryptocurrency scene is now under regulation, only common sense reform has been welcomed by traders and investors.
Crypto holders to declare assets under new law: Spanish cryptocurrency holders will have to reveal their balances to the government, according to a new law proposed by the Pedro Sanchez regime.
The law will require holders of cryptocurrencies to declare their holdings in tax returns in an effort to clamp down on tax evasion. The move reverses early decisions that were pro-crypto which were formulated by the previous government.
Business school’s tuition can be paid in Bitcoin: A Paris-based business school has announced that students will be able to pay their tuition fees in Bitcoin. The Financial Business School announced this move after its classes on blockchain and fintech were successful.
The programs have a 25% foreign enrollment and now the overseas students can pay in Bitcoin, thus making everything much easier for students. Five students have already paid their fees this way.
Crypto ads down 11% after regulations: Crypto adverts in the country have faced an 11% drop after latest regulations were enforced by the government. Financial watchdog Autorité des Marchés Financiers (AMF) enforced these regulations after French authorities agreed to legalize cryptocurrencies as derivatives and are thus barred from online advertisement.
While cryptocurrency circles were relieved by a tax rate cut from 45% to 19% earlier this year, the advertising sector has been affected due to the latest regulations.
Financial regulator aims to regulate crypto but faces hurdles: Top German financial regulator BaFin is trying to regulate cryptocurrencies in the country but it is facing certain challenges in the process.
While the overall attitude has been welcoming towards cryptocurrencies, regulators are now trying to protect investors after a USD 100 million mining project called Envion failed to deliver. When BaFin introduced new regulations, a Berlin court ruled that cryptocurrencies and ICOs may not be seen as accounting units and canceled them. Still, the regulator is trying to enforce common sense regulations for the decentralized space.
Helix Hufeld, the head of BaFin said, “We don’t want to stifle innovation, but at the same time we have to defend ourselves against risks.”
State policy launched to legalize crypto: The Ukrainian Ministry of Economic Development and Trade has launched a state policy to legalize cryptocurrencies. While the government has so far refrained from getting involved, the new policy is expected to help with further growth of the sector.
Ukraine is also looking to define key legal terms in the virtual assets industry and ICOs overall. Regulations are expected to be built on these definitions.
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