Regulation

Earlier this week, British-American entrepreneur John McAfee, who is currently living “in exile” due to tax-related charges filed against him by the United States authorities, launched his own decentralized exchange (DEX).  The expressive crypto advocate’s McAfeedex.com is running on the Ethereum (ETH) blockchain, and, in McAfee’s own words, it is a “Wild Wild West exchange”
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Self-regulation is once again a trending topic in the cryptocurrency landscape as major exchange platforms have announced the creation of self-regulated organizations (SROs) to achieve some standardization in digital currency governance. Government regulators across various jurisdictions continue to exert greater regulatory pressure on their local cryptocurrency industries. Even inter-governmental agencies like the Financial Action Task Force
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The United States’ federal tax service has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. In an announcement on Oct. 9, the U.S. Internal Revenue Service (IRS) announced the issuance of Revenue Ruling 2019-24, which addresses common questions of taxpayers and practitioners regarding crypto hard forks and airdrops.  The guidance also answers
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The European Union’s finance commissioner Valdis Dombrovskis has pledged to propose new rules to regulate cryptocurrencies such as Facebook’s Libra. As Reuters reports, speaking before EU lawmakers on Oct. 8, Dombrovskis stated: “Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this.” Dombrovskis’s role Having served as
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Cryptocurrency exchange Bittrex is incorporating Chainalysis know your transaction (KYT) tool to spot high-risk transactions. Compliance standards In a Sept. 26 press release, Chainalysis Inc. announced the deployment of its real-time transaction monitoring solution to the Seattle-based blockchain trading platform Bittrex. In an attempt to meet “new and existing regulatory and compliance standards,” Bittrex incorporated
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The United Kingdom’s Financial Conduct Authority (FCA) is proposing to ban cryptocurrency Exchange Traded Notes (ETNs), but Coinshares, a U.K.-based regulated public exchange, disagrees with that proposal. Disagreements regarding FCA evidence  In a Sept. 23 letter on its website, Coinshares stated that the FCA has not provided enough evidence to justify the proposed ban on
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The International Financial Reporting Interpretations Committee (IFRIC) has ruled that cryptocurrencies, including Bitcoin (BTC), are neither financial assets nor legal tender. The Korea Times reported the development on Sept. 23, citing the Korea Accounting Institute’s briefing in regard to an IFRIC meeting held in London this June. Cryptocurrencies neither financial assets nor currencies According to
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