Tag Archives: Crypto

POLITICS

Joe Biden cryptocurrency law negatively impacted the crypto industry

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The crypto money bill that Joe Biden signed includes some changes, these changes are as follows.

“Aims to review structuring rules for information reporting requirements and other purposes applied to brokers regarding digital assets. Under current law, those engaged in digital asset mining, staking, digital asset hardware, providing software wallets or developing digital asset protocols may fall under the definition of ‘broker’ and may be subject to certain taxes.
“It will separate miners, stakers, wallet providers, developers and digital asset brokers from investors and allow brokers to report to the IRS.”

Currently, section 80603 of the law says:
“Return Requirement for Certain Transfers of Digital Assets Not Subject to Other Reporting.
Any broker (that is not part of a sale or exchange conducted by that broker) for one year in connection with, or known to, any transfer of security covered as a digital asset from an account held by that broker to an account not held by that broker. or an address unknown to a person who has reason to know is also a broker, in a manner to be determined by the Secretary for the calendar year in question, showing the information otherwise required.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

MARKETS NEWS

Twitter has set up its own Crypto team

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Twitter, which is the most used in social media, is entering the world of Crypto money fast. Blockchain and Crypto platforms have established the “Twitter Crypto” unit to strengthen their own infrastructure in areas such as NFT, as well as to make better use of cryptocurrencies.

Twitter has long opened its doors to the world of cryptocurrencies. It looks like he wants to be more active in the cryptocurrency world with his “Twitter Crypto” unit. Tess Rinearson, head of the Twitter Crypto team, will be a blockchain engineer.

Twitter Crypto

Blockchain engineer Tess Rinearson said of Twitter Crypto: blockchain will serve as a “centre of excellence” for everything related to NFT and web3. How ideas from crypto communities can help us push the boundaries of what is possible with identity, community, ownership and more we will discover

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

POLITICS

The country that calls cryptocurrencies Haram, Sharia and Crypto

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The Indonesian Ulema Council has considered cryptocurrencies haram. They say that the reason why they consider cryptos haram is that cryptos are harmful and contain uncertainties.

The Ulema Council announced at its meeting this week that crypto money is haram because it resembles gambling. They said cryptocurrencies can be bought and sold as commodities if they provide a benefit and comply with Sharia.

More than 200 million Muslims live in Indonesia and it is the largest Muslim country in the world. We are sure that the Ulema Council will definitely change their minds one day.

According to the news from Bloomberg; The statement made by the Ulema Council stated that it does not impose an official restriction on the use of cryptocurrencies. Despite being considered haram, there are an estimated 4.45 million crypto money investors and a crypto currency transaction volume of approximately $ 8.8 billion in the country.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

POLITICS

Cryptocurrency purchase limits for local retail investors in Kazakhstan

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Kazakhstan has limited the amount of money local retail investors can put in crypto, Kazakhstan global news site kapital.kz reported on Wednesday.

Retail investors can invest 10% of their annual income or 5% of their total assets up to $100,000 per year, excluding their main residence, as long as they can prove their finances to the regulator, capital.kz reported.

Investors can invest up to $1,000 per month if they don’t provide any proof of their financing, according to Kapital.kz, which says it has obtained information directly from the Astana Financial Services Agency (AFSA).

AFSA was not available for comment at the time of publication.

Limits have been introduced to protect retail investors from crypto-related “high risks,” which could include a complete loss of capital, AFSA told kapital.kz.

AFSA has also created a roadmap to develop the crypto market in the country. According to the plan, crypto exchanges will operate as pilots for a year from the end of 2021.

According to the report, the rules set by AFSA went into effect on October 26.

According to capital.kz, the agreed rules are more stringent than those previously proposed by the Astana International Financial Center (AIFC). An AIFC committee suggested a monthly limit of $2,000 for retail investors.

Kazakhstan has seen a massive influx of crypto miners since China began a crackdown on the crypto mining industry in May. The country faces severe power outages, partly due to the influx of miners, and plans to limit the electricity consumption of new mines.

source: www.kapital.kz

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

POLITICS

Australia looks positively on crypto ETFs

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The new guidance provided by the Australian Securities and Investment Commission (ASIC) approves the creation of ETFs that invest directly in cryptocurrencies, as well as indirectly, such as mining pools and crypto exchanges.

The guidelines provided by ASIC came after the successful opening of two Bitcoin (BTC) ETFs from ProShares and Grayscale in the US last week.

Until recently, crypto regulation in Australia was behind the curve. Last week, Liberal Senator Andrew Bragg released a report saying “If Australia can create a forward-looking environment, the potential economic opportunities are huge” for new and emerging digital asset products.

“It is clear that Australia needs a robust policy and regulatory framework for digital assets to protect consumers, encourage investment in Australia and enable enhanced market competition,” he said.

The crypto industry is already booming in Australia. According to a recent survey, 17% of the population has already invested in cryptocurrencies, while another 13% said they plan to buy crypto within a year. With ASICs ETF guidelines, this number is likely to increase even more.

source: yahoo (Elliot Shirnia)

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.

POLITICS

FDIC chief investigates US regulators policy on banks handling of crypto

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Jelena McWilliams, head of the Federal Deposit Insurance Corporation (FDIC), said the agency is working with other regulators in the United States to investigate “under what circumstances banks may engage in activities involving crypto-assets.”

Speaking at the Money20/20 Fintech Conference on Monday, McWilliams said that in coordination with the Federal Reserve and the Office of Currency Control, the FDIC is seeking to provide regulatory clarity for banks to process crypto assets, including stablecoins. The chairman said the FDIC plans to issue “a series of policy statements” on guidance for banks in the coming months.

According to McWilliams, stablecoins have many potential benefits, such as faster, cheaper and more efficient payments to consumers. However, he argued that if “one or more of them become a dominant mode of payment in the United States or globally,” it could have significant impacts on that country’s financial stability as funds are no longer held in insured banks.

“To realize the potential benefits stablecoins have to offer, while taking into account potential risks, stablecoins must be subject to well-designed government oversight,” said the FDIC chairman. “This oversight should be based on the basis that stablecoins mined outside the banking industry are backed by truly secure, highly liquid assets at a 1:1 ratio.”

McWilliams’ remarks came the same day as Bloomberg reported that many US regulators had agreed on the Securities and Exchange Commission, which is spearheading the country’s efforts to regulate stablecoins. The Treasury Department stated in July that it is exploring the creation of some form of banking charter for stablecoin issuers.

www.fdic.gov/

The apparent lack of regulatory clarity regarding their digital assets has been an issue for many firms in the US, who fear legal action or other forms of government response. Some lawmakers have introduced legislation for US regulators to work with participants in the crypto space to better define what is expected of them.

Source: Bloomberg

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.