Regulatory ECHO: Federal government opposes strict rules for cryptocurrency reporting

The federal government criticizes planned EU regulation of crypto-reporting

Under the name of Regulation on the transfer of funds (TFR) EU bodies are struggling with reporting guidelines to mitigate the risk of money laundering and terrorist financing in the crypto sector. In particular, the obligation to report transactions with or from “unhosted wallets” planned by the European Parliament is a source of controversy. Experts also raise concerns about data protection legislation TFR in the game. According to a written request from the FDP parliamentary group received by BTC-ECHO, the federal government is also critical of the plans for comprehensive reporting.

The Federal Ministry of Finance (BMF) described the European Parliament’s proposal as a “regulatory obstacle” and threatened “an evasive move towards comprehensive anonymity.” Instead, the federal government advocates flexible risk assessments for transactions using blockchain analysis tools. As part of the EU Council, she wants to work for this during the negotiations in the trilogue between the Council, Parliament and the Commission.

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The UK is demanding new rules for stack coins

The spectacular crash of stablecoin Terra kept the cryptocurrency world in suspense last week. While South Korean authorities are investigating the company behind the failed currency, the British custodians of financial stability want to take precautions. The UK Treasury Department has released a consultation paper outlining the adjustment of UK cryptocurrency rules. The authors say they want to bring Britain to the top of the crypto world. Therefore, a flexible regulatory approach is sought that takes into account risks and can respond to market developments. The focus is initially on stack coins. A secure market environment must be created in the UK for publishers and service providers.

At the same time, however, the ministry also emphasizes the importance of consumer protection: “However, the government also considers it necessary that there are appropriate and proportionate measures to alleviate the financial stability problems that can arise when a company of systemic size fails.” issuers should, for example, be able to make use of insolvency provisions – Terra greets.

China brings E-Yuan to the people

If Western politicians quarrel over the proper handling of stablecoins and other decentralized cryptocurrencies, these have largely disappeared from China. However, the Central Kingdom is rapidly approaching the introduction of a digital central bank currency (CBDC). On May 30, the metropolis of Shenzhen announced that it would give away $ 4.5 million worth of e-yuan to its citizens. There is a draw for this on the purchasing platform meituan planned. The campaign is intended to help breathe fresh air into Shenzhen’s pandemic-hit economy. According to media reports, more than 150,000 retailers accept the state’s digital currency.

Singapore takes a look at DeFi

The Monetary Authority of Singapore (MAS) will take a closer look at the DeFi sector in the future. The authority, which brings together the central bank and the Danish Financial Supervisory Authority, cooperates within the framework of the recently launched Project guardian With JPMorgan, DBS and market hub. The focus is on use cases in asset tokenization. The pilot project also aims to investigate regulatory interventions in DeFi ecosystems. Singapore has recently tightened its own cryptocurrency significantly. Therefore, on May 31, Deputy Prime Minister Heng Swee Keat announced that Bitcoin and Co. is not for small investors. However, cryptoecosystems would also provide other services and utilities, Keat said in his opening speech Asia Tech x Singapore Summits.

Crypto-exchange Binance gains a foothold in Italy

The charm offensive on the world’s largest bitcoin exchange binance continues to bear fruit. After the crypto hub in France recently received official approval, Rome has now given the green light. Already on May 27 gave binance known for having received a license as a crypto service provider in Italy. Meanwhile, they want to open offices in Italy, the stock exchange said. binance-CEO Changpeng Zhao thanked the Italian authorities and stressed the importance of a “clear and effective” regulatory strategy.

Tax filing of cryptocurrency made easy

In the BTC-ECHO Guide, we show you the best tools for creating crypto tax reports automatically and easily.

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