Cryptocurrencies are a young and still developing industry. It's changing dynamically, and in many countries the concept of virtual token and blockchain technology is minimal. Comprehensive legislation that regulates this sphere of life has not been developed yet. The year 2018 was a historical one in the scope of regulation of cryptocurrencies and the blockchain itself. European countries (mainly Malta) have attempted to define this technology and regulate entities operating in the virtual currencies sector. Everyone is waiting for specific laws, which will enable the full functioning of the adopted procedures. However, we know that the crypto industry, wanting to be at the forefront of global financial operations, must convince everyone that it coped with two major problems. The first one concerns money laundering, and the second one - the full anonymity of network users, who feel unpunished. So if you want to know at what stage crypto-regulations currently are, or see which country is the most favourable to the cryptocurrencies at the moment, learn how to make settlements of earned coins, or simply learn how to open your first mine, you're in the right place! Toekeneo News team observes daily media reports from the largest news agencies and top industry magazines. You can be sure that the "cryptocurrency regulation" tab contains only the most recent and reliable information about regulations in cryptocurrencies.
Supposedly, the Russian security services and the central bank have come to an understanding on the topic of cryptocurrencies. The organs' intention is to not allow cryptocurrencies as a means of payment on the territory of Russia.
It seems that the losing streak around Libra is endless as recent weeks have been quite pessimistic for this project. Not only have several members decided to leave the association, but also Facebook will have to face another problem, this time regarding a trademark.
The Dutch central bank has announced that institutions that provide any cryptocurrency services must prepare for new legal regulations from January 2020.Date of changesJanuary 10, 2020 - it is then that the new regulations prepared by De Nederlandsche Bank are to go into effect. Institutions conducting operations related to cryptocurrencies will have to register relevant documents in the bank in order to continue operating them.In the official statement of the central bank we can read:“In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”In July ministers of the Netherlands have attached a condition that cryptocurrencies have to be regulated; the reason is that not so long ago people have been concerned about increasing threat of money laundering, as cryptocurrencies are used for scams pretty frequently.Finance Minister Wopke Hoekstra received a note in January from the Dutch tax office and the central bank. It suggested the implementation of appropriate licenses that should be required from companies providing cryptocurrency services. The Netherlands is a country that does not officially recognize cryptocurrencies as a means of payment, but in 2018 one court ruled that Bitcoin is a "transferable value". In 2018, a survey was conducted on the most popular cryptocurrency exchanges used by the Dutch. Coinbase is the leader here, indicated by 23% of respondents. 12% of respondents said that they do not use any exchanges.
One of the discussions of the last G20 meeting was connected with the legal regulations regarding cryptocurrencies. The leaders of the countries will carefully look at the postulates of the Financial Action Task Force FATF).
Anatoly Aksakov, the chairman of the State Duma Committee on Financial Markets has finally explained the problems with cryptocurrencies, although he did so by accident. After announcing potential penalties for miners, he stated that possession of Bitcoin, despite the ban, is still possible.
Finance ministers and heads of central banks from the G20 group turned to the Financial Stability Board (FSB) and international organizations to monitor the risk related to cryptographic assets. The request was made in a shared communiqué, published on the website of the Japanese Ministry of Finance.
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