Minute Regulation # 4: The regulation of Bitcoin and cryptocurrencies around the world

Minute Regulation # 4: The regulation of Bitcoin and cryptocurrencies around the world

In this monthly article, we will provide an overview of legislative projects or new regulatory trends relating to Bitcoin and cryptocurrencies. In this fourth installment of the Minute Régulation, we will travel to South Korea and then to Israel, before ending in France.

South Korea: Towards regulatory renewal

During the month of November, the government of South Korea decided to modify its regulations cryptocurrencies. More exactly, these are different measures that should come complete this regulation.

Token issuers soon to be strictly regulated

The South Korea Financial Services Commission (FSC) published a report aimed at modify registration procedures issuers of tokens and who plans to new sanctions in the event of non-compliance. First, the report specifies its scope. Thus must be considered as companies issuing tokens: ICO operators, the DeFi companies or even the NFT transmitters.

Then, the FSC report suggests requiring these entities to present a White Book in order to get theaccreditation of a specific assessment body. In addition, they should submit their project to a prior legal review, and be able to disclose regular activity reports to users. Failure to comply with these rules would be fined corresponding to three or five times the amount of “unfair profit”, even a five years imprisonment.

In addition, the FSC considers that stablecoins like Tether (USDT) are cryptocurrencies, unlike central bank digital currencies (MNBC). Finally, these measures are presented by the FSC in theobjective of protecting investors in digital assets. However, they still have to pass the exam of the country’s National Assembly.

Deferral of capital gains tax

According to South Korea’s Ministry of Finance, the country’s National Assembly adopted an amendment aimed at repel the entry into force of capital gains tax made in cryptocurrencies at 2023. In application of this new law, a 20% tax will apply on profits generated by cryptocurrency transactions, when their total amount exceeds the 2,5 millions de won (is around 2 100 $).

Obviously the South Korean government was impatient to see this measure come into force. However, the national cryptocurrency industry and banks were not technically in a position to apply. The president of the Korea Blockchain Association, Gap-Su got satisfied the postponement of this measure:

“We welcome the postponement of the introduction of the tax on cryptocurrencies by the National Assembly. Considering the extension of the deadline, we will do our best to create a stable system, cooperate with tax policy and contribute to national economic development. “

>> Prepare for the next Bitcoin bull run by registering now on the FTX platform <<

Israel: Clarification of the regulation of crypto operations

First, this year the Israeli government has focused on developing effective measures to combat money laundering and all other illegal activity in connection with cryptocurrencies. In mid-November, he promulgated new rules against money laundering and terrorism considered more flexible with regard to cryptocurrency transactions.

Indeed, with these measures the country banks will be able to more easily accept profit deposits made in cryptocurrencies. Measurements come make the identification process more flexible stakeholders in the crypto operation and reporting requirements for the exchanges. In addition, these measures are the result of the joint work of theCapital Markets Authority and you Ministry of Justice country, which drew heavily on the guidelines given by the Financial Action Task Force (FATF). Principal’s CEO exchange from the country Bits Of Gold, Youval Rouach declared himself confident about efficiency of this new banking regulation:

“We hope that these measures will significantly reduce the transfer bottlenecks and bank rejection suffered by cryptocurrency investors, and create a better ecosystem for investors and businesses in this industry.” “

Finally, the Central Bank of Israel stated that she would complete these provisions by publishing directives for the country’s banks and relating to the processing of crypto transactions, by 2022.

France: From MNBC, to PSAN status requested by Binance

The Banque de France focuses on the digital euro

On the occasion of a conference held on the subject of ” New challenges of financial regulation ” on November 19, the first deputy governor of the Banque de France Denis Beau gave a speech focused mainly on the european central bank digital currency : l’digital euro. That is regrettable since the theme of the conference was supposed much wider than this simple aspect.

So starting from explanations on the payment system currently in Europe, Denis Beau is developing unwanted impacts which could be the consequence of the introduction of the digital euro. He then proposes solutions to avoid these impacts and facilitate the adoption of payment solutions adapted to MNBCs.

However, the Deputy Governor of the Banque de France said thatother regulatory changes should be initiated in the first few months. In this regard, he mentioned in particular the decentralized finance sector (DeFi) which must be the subject of special supervision due to its lack of transparency and centralization.

Binance soon to be approved by the Autorité des Marchés Financiers (AMF)?

It was at the beginning of November that the founder of the exchange Binance, Changpeng Zhao (CZ) presented his project « Objective Moon » intended for help France and Europe to become leading players in the field of cryptocurrencies. Thus, Binance allocated 100 million euros to this development project. Suffice to say, that CZ did not engage in a trivial matter …

The first step for Binance will be to prepare for obtaining the status of digital asset service provider (PSAN) issued by the Autorité des Marchés Financiers (AMF). This status is indeed indispensable to the direct promotion of financial services to the French public, via advertisements or influencers. In addition, this status is required for directly offer derivative products to French investors, such as futures or some bitcoin futures (BTC).

AMF advice on investments in digital assets – Source: AMF

The AMF's advice on crypto investing

The AMF makes this status an imperative for any entity wishing to offer services focused on digital assets. Finally, CZ remains clear on the difficulty of obtaining this status, but was optimistic in planning to get the famous sesame within 6 months, or a year.

Have a good week on the Journal Du Coin!

Le Journal du Coin is proud to be able to present complete guides in French on resources allowing everyone to regain a little digital and monetary sovereignty. To support the newspaper in this type of initiative and guarantee its independence, do not hesitate to go through the affiliate links of the media, which you wish. buy your first bitcoins, trade them on an ultra-robust platform, even why not undermine them you-same !

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Firing on vehicle of Federal Minister Shibli Faraz in Dara Adamkhel
Firing on vehicle of Federal Minister Shibli Faraz in Dara Adamkhel

Firing on vehicle of Federal Minister Shibli Faraz in Dara Adamkhel

Federal Minister safe but a policeman and driver in the squad were injured

Unidentified gunmen opened fire on Shibli Faraz, injuring a guard and a driver
Unidentified gunmen opened fire on Shibli Faraz, injuring a guard and a driver

Unidentified gunmen opened fire on Shibli Faraz, injuring a guard and a driver

Unidentified gunmen opened fire on Shibli Faraz, injuring a guard and a driver

You May Also Like