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All posts in "Regulation"

Central Banks Recommended to Ban Stablecoins

Central banks push for heavy-duty regulation of centralized, privately-issued global stablecoins and consider prohibiting decentralized ones. Fiat-pegged cryptocurrencies are coming under scrutiny, based on recommendations from the Financial Stability Board.Key TakeawaysThe Financial Stability Board (FSB) outlined ten recommendations to central banks for regulating stablecoins, including outright prohibition.The FSB is an international entity that provides suggestions […]


The Cryptocurrency Act of 2020 Is ‘Dead on Arrival,’ Washington Tells Sponsors

An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar (R-Ariz.). It is thought to have little chance of passage at present but, according to lawyers and backers in the industry, it does provide insight into what a top-to-bottom new law governing crypto could look like one […]


US Treasury Secretary Promises ‘Significant New Requirements’ on Cryptocurrency

Though the Democratic presidential race in the United States may have lost its most forward-thinking candidate when it comes to cryptocurrency, that doesn’t mean it’s not still a hot button issue across party lines. The number of patents and companies associated with cryptocurrencies and blockchains continues to rise in the US market, making it both […]


UK Offers $130K For Software That Can Trace Bitcoin, Ethereum, and (hopefully) Monero

The UK has opened a contract worth £100,000 ($130,000) to procure software to identify when cryptocurrency is used to avoid paying taxes.In particular, HMRC is seeking the ability to cluster cryptocurrency transactions, identifying those linked to service providers such as mixing, gambling, and dark market services.The contract, posted on January 17, notes the tool must […]


European Central Bank Announces New DLT Proof-Of-Concept Called EUROchain

On December 17th, the European Central Bank published a new proof-of-concept project called EUROchain. The report published on the ECB’s website states, “That proof of concept boasts several novel features developed by the ESCB’s EUROchain research network (with the support of Accenture and R3) using distributed ledger technology (DLT).” Based on the R3’s Corda platform, […]


Lawmakers Want Answers From IRS, Citing Major Issues With Crypto Tax Guidance

Eight lawmakers have sent a letter to the IRS seeking answers to new questions stemming from the latest crypto tax guidance. They pointed out a number of major issues including unwarranted tax liabilities for crypto users who unwillingly receive forked or airdropped coins.Guidance Comes Years After Major ForksEight members of the U.S. Congress have sent […]


Cryptocurrency Steps Closer To Legalization In South Korea

South Korea is showing that it isn’t overly difficult to create the necessary framework for the cryptocurrency industry. According to the Korea Joongang Daily, government officials are closer to legitimizing Bitcoin, thanks to the passage of a bill that creates the foundation for virtual assets in the country.The South Korean National Assembly, through its national […]


Judge Tells IRS to Narrow Summons on Cryptocurrency Exchange

The IRS will be able to proceed with a summons on the cryptocurrency exchange Bitstamp—despite a taxpayer’s attempt to intervene—if it sufficiently narrows its request, a federal judge said.“The summons requests information that is irrelevant to the IRS’s stated purpose of auditing Petitioner’s 2016 amended return,” Judge John C. Coughenour of the U.S. District Court […]


IRS Dispels Crypto Tax Confusion

The U.S. Internal Revenue Service (IRS) has cleared up some confusion about how cryptocurrency transactions are taxed, particularly regarding like-kind exchanges and promotional airdrops. As the tax agency intensifies its enforcement efforts, more people are seeking the best tax software to help them.Pre-2018 Like-Kind ExchangesThe latest IRS cryptocurrency tax guidance has raised a number of […]

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