Compilation: Shallot Blockchain
Cryptocurrency regulation is intensifying globally. Although one SEC commissioner has proposed a "safe haven" for cryptocurrency projects and the US Treasury Secretary announced "major" new regulations, five countries have promised to strengthen cryptocurrency regulation.
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Brazil's cryptocurrency space has been hit recently. The South American IRS, which was once "cryptocurrency friendly," implemented stricter cryptocurrency regulations in August 2019. According to the Brazilian cryptocurrency website Porto do Bitcoin , from now on, all exchanges must submit monthly reports of transactions to the IRS, regardless of the amount. They are also required to withstand greater compliance requirements.
The Brazilian cryptocurrency exchange has been struggling to meet the standards, but this month, the exchange Access announced its closure and another exchange, Latoex, is also in trouble. According to Pedro Nunes, former CPO of Access,
"After the IRS regulations were issued, we noticed a significant decline in market trading volume, and we also felt that the market of small exchanges had cooled down."
Russia's attitude towards cryptocurrencies has always been vague. Zhao Changpeng, CEO of Binance, a mainstream cryptocurrency exchange, said, "Russia is our main market." Binance also added Russian rubles last week. However, according to the Russian news website RBC, today the country is strengthening its position on anti-money laundering, which means that Russia will strengthen its regulation of cryptocurrencies. The Russian central bank has highlighted its plans to adjust the role of banks and its ability to define "abnormal operation" standards for anti-money laundering.
In other words, the authorization to freeze bank accounts related to cryptocurrencies was opened.
As Hester Peirce continues to work as the "eye of the cryptocurrency", we may usher in a small victory for the cryptocurrency. But the US government still refuses to accept cryptocurrencies.
When Andrew Young, a candidate in support of Bitcoin, withdrew from the presidential election, Trump stated on Twitter that I am not a crowd of Bitcoin and other cryptocurrencies. Bitcoin is not money. It is volatile and worthless.
U.S. Treasury Secretary Steven Mnuchin echoed the president's views. He told the Senate Finance Committee that the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) is preparing "major new regulations" for cryptocurrencies.
He added that in the future we will have a lot of work to do, and FinCEN and the Ministry of Finance are "spending a lot of time" on it.
"We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies are not used in the same way as old Swiss bank password accounts."
Another new development in cryptocurrency regulation comes from Belgium. The country's Financial Services and Markets Authority (FSMA) has just revealed that it is in discussions with the Belgian government to strengthen regulation of digital currencies used for transactions.
FSMA Chairman Jean-Paul Servais reportedly said that cryptocurrencies are "growing at an alarming rate." He urged lawmakers to establish a "legal framework for buying and using virtual currencies and all related financial products."
China may have doubled its use of blockchain technology and announced its own central bank-backed digital currency plan, but it still strongly opposes cryptocurrencies.
While strengthening cryptocurrency supervision in several countries, there are still some countries that have eased. The Supreme Court of India finally announced last month that Bitcoin and other cryptocurrency assets are not illegal, and a large influx of investors.