#UK: Bank of England, Parliament Consider New Crypto Regulations

[world politics news]

The Bank of England and the Financial Conduct Authority plan on consulting on new rules for stablecoins later this year, Cunliffe said. Last May the bank said it will regulate stablecoins that could have an impact on financial stability. Meantime, the Financial Services and Markets Bill, which will help regulators put in place rules for crypto and bring stablecoins under existing payment legislation, is nearing its final stages in Parliament.

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#UK: Lawmakers Recognize Cryptocurrency As A Financial Instrument

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Bitcoin has soared in value after the UK parliament voted to recognise crypto as a regulated financial instrument.

On Wednesday, the combined cryptocurrency market cap jumped over 5% and regained ground above the $1tn mark.

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#UK: Parliamentarians To Probe Plans To Make UK A Crypto "Hub"

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A group within the British Parliament is planning an inquiry into the country’s crypto and digital assets industry.

The bipartisan parliamentary group known as Crypto and Digital Assets All Party Parliamentary Group (APPG) says the inquiry will, among other things, look into plans by the UK government to turn the country into a “global home of crypto investment.”

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#RUSSIA: Bill Seeks to Regulate Issuance Of Cryptocurrencies

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Russian authorities are accelerating cryptocurrency regulation with the introduction of a new bill seeking to govern the issuance of cryptocurrencies. 

A bill under consideration before the country’s parliament spells out that individuals or companies involved in the illegal issuance of cryptocurrencies will be subject to significant fines. 

According to the bill by Anatoly Aksakov, if adopted into law, individuals will be fined up to 5,000 Russian rubles ( $90) and 30,000 ($550) for officials. Legal entities will part with a fine of between 700,000 and 1,000,000 rubles.

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#RUSSIA: Lower House Considers Ban On Crypto For Domestic Uses

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The lower house of Russia's parliament is considering legislation that would bar crypto platforms from hosting purchases with crypto assets, Bitcoin.com reported.

According to Bitcoin.com, the backers of the legislation specifically want to stop the use of digital assets for real-world transactions within the Russian Federation. Crypto could still be used for international trade.

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#EU: Euro Parliament Passes Crypto Regulations Critics Say Destroy Privacy

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European Union lawmakers have voted in favor of controversial measures to outlaw anonymous crypto transactions, a move the industry said would stifle innovation and invade privacy.

The proposals are intended to extend anti-money laundering requirements that apply to conventional payments over EUR 1,000 ($1,114) to the crypto sector. 

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World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#EU: Euro Parliament Postpones Crypto Bill Vote

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The parliament of the European Union is delaying a vote on a framework aimed at regulating cryptocurrencies amid concerns over proof-of-work mining.

In a Friday Twitter thread, European Parliament economics committee member Stefan Berger said the government body had canceled a vote on the Markets in Crypto Assets, or MiCA, framework scheduled to take place on Monday. 

Berger said parliament needed to clarify “the question of proof-of-work” in discussions with stakeholders to ensure a proper legal framework, adding that some might misinterpret the proposal as a ban on crypto.

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#CANADA: Trudeau Gov't Invokes "Emergencies Act" To Seize Trucker Convoy Funding

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Deputy Prime Minister and Finance Minister Chrystia Freeland announced that measures are being taken to curtail the funding of the ongoing anti-mandate Trucker convoy protests, which includes both crowdfunding platforms as well as digital assets and cryptocurrency.

“In invoking the Emergencies Act, we are announcing the following immediate actions: first, we are broadening the scope of Canada’s anti-money laundering and terrorist financing rules so that they cover crowdfunding platforms and the payment service providers they use,” said Freeland.

“These changes cover all forms of transactions including digital assets such as cryptocurrencies. Illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the Proceeds of Crime and Terrorist Financing Act,” she said.

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#UKRAINE: New Rule Includes Jail Time For Those Who Fail To Disclose Cryptocurrency Holdings On Tax Forms

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The Ukrainian parliament has approved new legislation that takes a tough stance against people who don’t disclose their cryptocurrency holdings on the tax fillings.

The measure comes in the wake of a recent publication that showed alleged mistakes in declarations from public servants.

Offenders Could Spend up to Two Years in Jail for not disclosing their crypto holdings.

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#SOUTHKOREA: Parliament Unanimously Supports Cryptocurrency Law

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The South Korean National Assembly has voted in favor of the country’s first Cryptocurrency law.

The amendment of the Special Financial Transactions Information Act, which was submitted last November, now has crypto-specific laws that creates a framework for Cryptocurrency holders and exchanges in the country.

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#SOUTHKOREA: Gov't Will Tax Cryptocurrency Capital Gains From 2020

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The South Korean government is preparing legal tools to tax capital gains from the sale of crypto assets. Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020.

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World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#RUSSIA: Planned Cryptocurrency Legislation Stalled By Int'l Regulator

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The Russian government has postponed the introduction of its planned cryptocurrency regulations – laying the blame for the delay at the feet of the international Financial Action Task Force (FATF).

The legislation – which had been slated for a second reading in the Russian parliament in the weeks ahead – is now “stuck.” Anatoly Aksakov, the head of parliament's financial committee, confirmed that the terms of the FATF’s anti-money laundering and counter-terrorism guidelines (issued in October last year) have forced Moscow to reconsider its plans.

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World Politics News is dedicated to raising Americans' knowledge of political events, elections, and legislation throughout the world.

#JAPAN: Agency Grants Cryptocurrency Industry Self-Regulatory Status

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Japan’s Financial Services Agency has given the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations. The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts. The FSA approval gives the industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have to police compliance.

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