International Crypto Rules: US Treasury Releases Fact Sheet
Since US President Joe Biden declared crypto regulation a state task, the policy mills have been running in Washington. Last Thursday, the Ministry of Finance also presented the first work results: A Fact sheet, which contains proposals for cooperation with the regulatory authorities of other states. The Treasury Department under Janet Yellen worked with other US institutions on this. The result is a framework designed to encourage the development of digital assets while still adhering to America’s “core democratic values.” At the same time, consumers, investors and companies should be adequately protected and the risk of money laundering and terrorist financing should be minimized. The USA wants to work with the G7 and the G20 on this. Together, uniform guidelines for cross-border payments and digital payment infrastructures are to be formulated. Cooperation with a number of international institutions such as the Financial Action Task Force, the Financial Stability Board and the Organization for Economic Cooperation and Development are also planned.
Investigators from USA and South Korea share Terra data
Away from the regulatory debate, the USA is expanding international cooperation in crypto matters. Because investigations into the backers of the crashed stablecoin Terra are ongoing both in the USA and in Terra’s homeland of South Korea. Both states now want to work together on the legal processing of the crash and exchange investigative data. The cooperation agreement is result of a meeting South Korean Attorney General Han Dong-Hoon with senior US financial investigators in New York. Representatives of the two countries agreed on June 6 that they want to work together to solve financial crimes. It was also explicitly about the Causa Terra. While South Korea is investigating fraud here, the US Securities and Exchange Commission (SEC) is scrutinizing 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 crypto space. Rome wants to support projects that use 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 management models that are increasingly connected, efficient, safe and rapid,” said Minister for Economic Development Giancarlo Giorgetti. In principle, the subsidies are open to companies of all sizes. You can apply for projects from a wide variety of economic sectors.
Crypto skeptical conference planned in London
With Italy making such a commitment to the technology behind crypto space, a storm is brewing across the Channel. Because the prominent crypto critic Amy Castor invites you to London for September 5th and 6th Crypto Policy Symposium – the first conference to provide a platform for crypto skeptics. Behind the event are the software developer Stephen Diehl and Martin Walker – head of a think tank for management. That Crypto Policy Symposium is intended to enable crypto critics to engage in direct dialogue with politicians. This is intended to counteract the influence of crypto lobby groups, which, according to the organizers, set the tone in the political discussion on the topic. The conference will consist of a series of discussion panels and will also partly take place via the Internet.
India: Massive trade declines since crypto tax
The case of India proves that too much crypto skepticism can have disastrous effects for the industry. Because as a result of the restrictive crypto legislation broke the trading volume of most BTC exchanges in the country. The cause: a 30 percent levy on all crypto profits. A one percent transaction tax was recently added as the second law. One customer survey the major 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 towards trading offers from abroad or those that are beyond the regulatory framework.