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Seeds of Wisdom
BLOCKCHAIN LIFE 2024 GATHERED THE LEADERS OF THE CRYPTO COMMUNITY FROM 120 COUNTRIES IN DUBAI
Dubai, UAE, October 26th, 2024, Chainwire
The 13th edition of the Blockchain Life Forum, the premier gathering for cryptocurrency leaders worldwide, recently concluded with an astounding attendance of over 12119 participants.
The forum showcased over 200 esteemed speakers, featuring industry pioneers and executives from top companies, including OKX, CoinMarketCap, Bitmain, Bybit, Binance, Animoca Brands, Circle, BingX, ICP, Kraken, TON, Sandbox, Polygon, Litecoin, Sui, BNB Chain, Cardano, DYDX, VeChain, Osmosis, Chiliz, Algorand, Ether Fi, Manta, Mantle, Delysium, and many more.
The exhibition of crypto companies featured 125 amazingly beautiful booths. Major players such as OKX, Bitmain, BingX, KuCoin, Bitget, Listing.Help, and Uminers offered attendees an exclusive glimpse into the latest technologies and innovations shaping the crypto landscape.
As a spectacular finale to the forum, participants enjoyed the Legendary AfterParty at one of the world’s premier clubs, SKY2.0.
This informal networking event provided a platform for top industry figures to connect, complemented by a dazzling live performance from internationally celebrated artist French Montana, who thrilled over 1,200 attendees with his chart-topping hits.
@ Newshounds News™
Source: Crypto News Flash
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NETHERLANDS PROPOSES CRYPTO TAX COMPLIANCE TO ALIGN WITH EU STANDARDS
Aligning themselves with the tax reporting rule on digital currency enacted by the European Union (EU), the Netherlands revealed its intention to apply tax monitoring rules on crypto.
The Dutch government, an EU member, is obliged to accept and apply the new reporting requirement, a structure meant to assist EU member states in controlling digital currencies.
New Reporting Policy
The Dutch Ministry of Finance announced that the government seeks to pass a new policy that will ensure that activities related to cryptocurrencies will be reported and subjected to tax.
According to tax authorities, under the proposed legislation, the government will require crypto service providers to gather and share their users’ data with the Dutch taxation agency starting January 2026.
The Dutch Taxation and Tax Authorities noted, however, that digital currency owners are already required to submit a tax return on their balance and that the measure would not effect them.
Citing that the suggested step will improve cooperation among EU members by exchanging crypto data and transactions, State Secretary for taxes and Tax Authorities Folkert Idsinga clarified that the bill is viewed as an important initiative made by the Dutch government on crypto taxes.
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“This will combat tax avoidance and evasion, and European governments will no longer miss out on tax revenues,” Idsinga said.
Under the new rule, digital asset service providers should submit the user data of individuals who are residents of EU member nations. They must submit the data to the Dutch tax administrator, which can be shared by the tax agency with other tax authorities across the regional bloc.
Public Feedback
The Dutch government said that it wants to know the opinion of the public on the proposed tax monitoring law. There will be a consultation period that will run until November 21 wherein the people are encouraged to give their concerns and reactions to the new policy.
The feedback gathered during the consultation will be used to draft the final version of the legislation. Tax authorities aim to submit the proposed measure to the country’s House of Representatives next year.
EU Crypto Tax Reporting
In October 2023, the EU introduced DAC8, a crypto taxation rule that requires all crypto service providers across the EU to provide their respective tax authorities with their users’ data.
The Dutch government said that DAC8 allows data exchange between tax authorities within the EU, limiting the administrative burden for crypto service providers because they only need to communicate with the proper authorities in the country they are registered.
“Without this DAC8 directive, providers could be asked for information by any member state,” Dutch tax authorities explained.
@ Newshounds News™
Source: Bitcoinist
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SWIFT & MBRIDGE: THE FUTURE OF CROSS-BORDER PAYMENTS? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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INDO-PACIFIC NATIONS OUTPACING THE US IN CRYPTO REGULATION, SEC COMMISSIONER SAYS
A U.S. Securities and Exchange Commission (SEC) commissioner has urged the U.S. to adopt a more proactive approach to crypto regulation, pointing to the leadership of Indo-Pacific nations like Japan, Singapore, and Hong Kong. He emphasized that these countries have crafted clear frameworks that foster innovation while protecting investors, in contrast to the U.S., where unclear guidelines leave market participants struggling with uncertainty.
SEC Commissioner Urges US to Learn from Indo-Pacific’s Crypto Leadership
U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda compared the U.S. SEC’s regulatory approach to those of other countries, especially in the Indo-Pacific, regarding crypto and fintech, at the AIMA APAC Annual Forum in Hong Kong on Wednesday.
He stressed that while the U.S. continues to grapple with unclear regulatory frameworks for digital assets, countries like Japan, Singapore, Hong Kong, and Australia have taken a leadership role in fostering innovation while protecting investors.
Uyeda praised the regulatory advancements in the Indo-Pacific, stating: “I believe there is much to learn from market regulators in the Indo-Pacific region on how to promote these values and objectives.”
The SEC commissioner highlighted how countries in the region have crafted forward-looking regulations that balance the need for innovation with investor protection.
For instance, Hong Kong has introduced a stablecoin licensing regime, Singapore has committed $150 million to promote fintech, Japan has issued guidelines for crypto exchange supervision, and Australia has its own regulatory sandbox.
Uyeda said:
My impression is that Hong Kong, Singapore, Japan, and Australia, among others, have shown leadership in how to facilitate crypto and fintech capital formation and innovation while promoting investor protection.
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The U.S. regulator emphasized that many companies have been forced to navigate these uncertainties on their own. “My view is that the SEC could do much more in addressing the key gating question of whether a crypto asset is a security.
Market participants have been forced to struggle with this analysis and decipher SEC views from various settled enforcement actions and litigation in the courts,” he detailed.
“One concern expressed by market participants has been that the SEC has not provided sufficient guidance on key issues, such as when does a particular crypto offering need to be regulated as a security offering.”
In comparison, the SEC’s approach has been less clear, leaving market participants uncertain about key regulatory issues, Uyeda pointed out, adding:
By comparison to the Indo-Pacific region, the SEC’s current regulatory approach to crypto and related technology is less advanced.
Uyeda urged the SEC to learn from the Indo-Pacific’s proactive stance and become more transparent and engaged with the crypto industry. He pointed to fintech events and regulatory sandboxes used by regulators in the region as examples of how to support innovation.
In contrast, the U.S. lacks a specific registration form for crypto, making the regulatory process difficult for issuers.
Uyeda warned that the U.S. must not “bury our heads in the sand about the growing benefits and risks of crypto and financial technology,” calling for the SEC to take a more active role in addressing these challenges.
@ Newshounds News™
Source: Bitcoin News
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WILL JAPAN LAUNCH BITCOIN AND ETHEREUM CRYPTO ETFS? KEY INDUSTRY GROUP PUSHES FOR APPROVAL
In a recent move to boost the growth of crypto investment products in Japan, a coalition of Japanese companies has recommended that any upcoming exchange-traded funds (ETFs) in the region should focus on Bitcoin (BTC) and Ethereum (ETH).
This recommendation comes as Japan debates whether to follow the US and other nations that have already approved crypto-backed ETFs.
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The Push For Crypto ETF Approval
It is no more news that the recent introduction of crypto ETFs in the US and other major countries such as Hong Kong is viewed as a milestone for the digital asset industry, following years of regulatory resistance.
Despite the embrace crypto ETFs have received from these countries, Japan, on the other hand, has been so far cautious on this front, with officials from the Financial Services Agency (FSA) previously expressing reservations about the advantages of these ETFs.
However, as of October 25, a certain group, which includes prominent financial institutions appears to be pushing and urging the country’s regulator to prioritize Bitcoin and Ethereum ETFs due to their “market value and long-term performance” which make them “well-suited” for asset-building over medium to long-term horizons.
Particularly, the group’s proposal highlights the perceived reliability of Bitcoin and Ethereum, pointing out their track records, and significant market caps, which are key players in the overall digital currency market.
As Japan explores a potential shift in its stance on crypto ETFs, this coalition seems to ensure that the focus remains on well-established assets such as Bitcoin and Ethereum.
In addition to recommending that Bitcoin and Ethereum be prioritized in potential ETF offerings, the coalition also advised that Japan reconsider its tax policies on crypto income.
Japan’s tax rate on crypto gains can reach as high as 55%, which many argue is a deterrent to individual and institutional investors.
The group suggested that a separation of tax on income earned from cryptocurrencies could help make Japan a more “competitive” destination for digital currency investment.
Notably, members of this coalition include key players in Japan’s financial landscape, such as Mitsubishi UFJ Trust and Banking Corp., Sumitomo Mitsui Trust Bank Ltd., crypto exchange bitFlyer Inc., and brokerage firms like Nomura Securities Co. and SBI Securities Co.
These institutions with vast industry experience have collectively expressed their concerns and recommendations as a consensus rather than individual opinions.
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The coalition’s insights come when Japan’s digital currency regulatory environment is under close examination, and the FSA has confirmed its intent to review its regulatory policies. However, this review is expected to take time and its outcome remains uncertain.
@ Newshounds News™
Source: Bitcoinist
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RUSSIA PUBLISHES NEW CRYPTO LAW EXPANDING STATE CONTROL OVER DIGITAL ASSETS
Russia’s new crypto law amplifies state control, enabling regional restrictions, tighter infrastructure regulations, and enhanced transaction monitoring.
State Authority Over Digital Currency Grows as Russia Publishes New Law
The Russian government released a document on Friday detailing a law signed by President V------------n that broadens the scope of digital currency regulations.
This new law significantly extends government oversight of cryptocurrency mining activities and related infrastructure across the nation.
Taking effect on Nov. 1, the legislation includes several amendments designed to strengthen oversight and impose limitations on crypto mining activities based on regional needs.
The law enables the Russian government to implement mining restrictions by location and define specific procedures and circumstances for banning mining operations.
A notable provision in the law gives the government the power to stop digital currency mining pools from functioning in certain areas.
Additionally, the government now has the authority to regulate infrastructure providers supporting mining operations.
This legislation also grants multiple federal agencies, beyond the Federal Financial Monitoring Service (Rosfinmonitoring), access to digital currency identifier addresses. This expansion includes federal executive agencies and law enforcement, bolstering their capability to track transactions that may be linked to money laundering or t-------t financing activities.
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Moreover, the amendments transfer responsibility for the national mining register from the Ministry of Digital Development to the Federal Tax Service, which will now oversee mining registrations for businesses and remove those with repeated infractions.
While individual miners can continue without registering if they adhere to specific electricity consumption limits, companies and individual entrepreneurs must comply with new registration requirements.
In its approach to digital currencies, Russia is advancing crypto regulations and developing a state-backed digital currency, the digital ruble. The country has legalized crypto mining and permitted cryptocurrency use in international trade, aiming to bypass sanctions and reduce reliance on the U.S. dollar in foreign exchanges.
P---n signed legislation in August allowing experimental frameworks for cryptocurrency use in international transactions.
This law enables legal adjustments for cross-border crypto transactions, placing oversight of pilot projects with the Bank of Russia and requiring approval from the Finance Ministry, Federal Security Service, and Rosfinmonitoring.
@ Newshounds News™
Source: Bitcoin News
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Source: Dinar Recaps
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