Regulatory ECHO: United States for International Cryptocurrencies

International crypto rules: US Treasury publishes fact sheets

Since US President Joe Biden declared cryptocurrency regulation a state task, the political mills have been running in Washington. Last Thursday, the Ministry of Finance also presented the first results of its work: a fact sheet with proposals for cooperation with other countries’ supervisory authorities. The Treasury Department under Janet Yellen worked with other U.S. institutions on this. The result is a framework designed to promote the development of digital assets while still adhering to the “democratic core values” of the United States. At the same time, consumers, investors and businesses should be adequately protected and the risk of money laundering and terrorist financing should be minimized. The United States wants to work with the G7 and G20 on this. Together, uniform guidelines must be formulated for cross-border payments and digital payment infrastructures. Collaboration with a number of international institutions such as the Financial Action Task Force, the Financial Stability Board and the Organization for Economic Co-operation and Development is also planned.

Investigators from the United States and South Korea share Terra data

Away from the regulatory debate, the United States is expanding international cooperation on crypto issues. Because investigations into the perpetrators of the crashed stablecoin Terra are underway both in the United States and in Terra’s home country of South Korea. Both states now want to work together on the legal treatment of the crash and exchange investigative data. The cooperation agreement is the result of a meeting between South Korean Justice Minister Han Dong-Hoon and senior US financial investigators in New York. Representatives of the two countries agreed on June 6 that they want to work together to solve economic crime. It was also explicitly about Causa Terra. While South Korea is investigating fraud here, the US Securities and Exchange Commission (SEC) is investigating Terra marketing before the crash.

Italy is pumping millions into the blockchain sector

In Europe, meanwhile, the Italian government has reaffirmed its belief in blockchain and cryptocurrency. Rome wants to support projects using blockchain, artificial intelligence and the Internet of Things (IoT) with a total of 45 million euros. “We support companies’ investments in cutting-edge technologies with the aim of promoting the modernization of production systems through increasingly connected, efficient, secure and rapid management models,” said Economic Development Minister Giancarlo Giorgetti. The grants are in principle open to companies of all sizes. You can apply for projects from a wide range of economic sectors.

Crypto-skeptical conference planned in London

With Italy committed to the technology behind cryptocurrencies, a storm is brewing across the Channel. Because prominent cryptocurrency critic Amy Castor invites you to London on September 5th and 6th Symposium on cryptopolitics – the first conference to provide a platform for crypto skeptics. Behind the event are software developer Stephen Diehl and Martin Walker – head of a think tank for management. To Symposium on cryptopolitics aims to enable crypto-critics to enter into direct dialogue with politicians. This should counteract the influence of crypto lobby groups, which according to the organizers are leading the way in the political discussion on the subject. The conference will consist of a number of discussion panels and will also take place in part via the Internet.

India: Massive trade declines since cryptocurrency

The case of India proves that too much crypto-skepticism can have catastrophic consequences for the industry. Because as a result of the restrictive crypto legislation broke trading volume of most bitcoin exchanges in the country. The reason: a tax of 30 percent on all cryptocurrencies. A transaction fee of one percent was recently added as the second law. One customer survey the large stock exchange WazirX was able to show that most traders blame the legal situation for the decline in their trading activities. Without changing the legal situation, the Indian crypto industry will be hit hard. Meanwhile, hodlers are being pushed in the direction of trading offers from abroad or those outside the regulatory framework.

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