Autor Cointelegraph By Derek Andersen

NYDIG study calculates the value of regulation worldwide in terms of BTC price gains

NYDIG study calculates the value of regulation worldwide in terms of BTC price gains

Uverejnil používateľ | jún 29, 2022 |

The need for regulation is a common theme in discussions about cryptocurrency, and the claim is often taken to be self-evident. Now, financial services company New York Digital Investment Group (NYDIG) has done some number crunching to prove the point. In a new study, NYDIG quantifies the effect of regulation on the price of Bitcoin (BTC) worldwide.NYDIG studied Bitcoin prices at regular intervals following regulatory events affecting digital asset taxation, accounting and payments, as well as decisions on the legality of service providers and the digital assets themselves. The research looked at the Americas, Europe, China and Asia except for China, and confined itself to the period between September 30, 2011, and March 31, 2022. The number of regulatory events considered in the study varied between 17 in the Americas and 10 in China. With the exception of China, Bitcoin price rises were seen in absolute terms at all intervals and in all regions after a regulatory event, with the prices jumping over 100% in all cases in 365 days.Data relative to “average Bitcoin return” showed similar trends, although less sharply. In the Americas, Bitcoin prices rose 160.4% in absolute terms 365 days after regulatory events, and 32.3% in relative terms. In Europe, those figures were 180.1% and 52.0%, respectively. In Asia except for China, the figures were 116.9% and -11.2%, however.China was the exception that proved the rule. The authors called regulation in China “existential,” noting that the Chinese government gradually imposed bans on mining and trading of digital assets. Therefore, the negative impact of regulation they found on Bitcoin prices in China was also evidence of the effect of regulation. Related: Deloitte and NYDIG set up alliance to help businesses adopt BitcoinThe authors conclude, “The results of the study are clear. Both on an absolute basis as well as [a] relative basis, increasing regulatory clarity is advantageous for the price of Bitcoin.” Then they moderate their language almost immediately, writing:“The implication is that regulatory clarity, while not always perfect, is appreciated by investors. It is worth noting that it is impossible to directly observe the effect of regulation as there are myriad factors impacting price at any given time.” Nonetheless, the authors express confidence that, due to the scope of their sampling, “the effects of this noise are somewhat cancelled out” in their findings.

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Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

Russian Duma passes bill to remove VAT, lower income tax rates on digital asset sales

Uverejnil používateľ | jún 28, 2022 |

The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti. In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about U$93,000) of the taxable base annually, 15% on amounts above that limit and 15% across the board for foreign exchange operators. The current tax rate for companies is 20%. The taxation of digital assets under the bill is analogous to securities taxes, RIA Novosti reports. The government noted in the bill that a separate tax procedure for digital assets is key to the creation of an effective and competitive digital economy. Related: Bank of Russia backs cross-border crypto payments vs. domestic tradeRussia has tempered its skeptical stance on cryptocurrency as the country has increasingly felt the pressure of Western economic sanctions stemming from its invasion of Ukraine. Major Russian banks have been blocked from the SWIFT system and G7 countries this week banned the purchase of newly mined or refined Russian gold. Those moves, along with a host of other sanctions, led to Russia’s reported default on foreign debt servicing Monday. Russia’s Sber bank is preparing to launch a stablecoin, and Russian Central Bank first deputy chair Olga Skorobogatova stated in an interview dated on Thursday that trials of a digital ruble will be moved up from 2024 to April 2023. A pilot project involving 12 Russian banks is underway. “I think all self-respecting states will have a national digital currency within three years. […] We should be ready as soon as possible. Plus, this will settle the issue of being blocked from SWIFT, because this integration will make SWIFT unnecessary,” Skorobogatova said.

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Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation

Uverejnil používateľ | jún 24, 2022 |

United States Securities and Exchange Commission (SEC) chair Gary Gensler is in talks with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of understanding” on the regulation of digital assets. Together, the agencies can assure market integrity, Gensler told The Financial Times in an interview published Thursday. “I’m talking about one rule book on the exchange that protects all trading regardless of the pair — [be it] a security token versus security token, security token versus commodity token, commodity token versus commodity token,” Gensler told the newspaper. Gensler’s desire to be collaborative comes as a variety of legislative initiatives have been introduced to create a more comprehensive regulatory framework for digital assets. The Digital Commodity Exchange Act, introduced in its latest form in April, and the Responsible Financial Innovation Act, introduced in June, both gave the CFTC greater authority over the market. Debbie Stabenow, chairman of the Senate Agriculture Committee, which has oversight of the CFTC, and the committee’s ranking member John Boozman are reportedly also drafting a crypto regulation bill, which is expected to expand CFTC powers. Gensler, who headed the CFTC from 2009 to 2013, has expressed skepticism about changes in the status quo.The SEC has taken the lead in crypto regulation so far, but frequently to the dissatisfaction of the industry and lawmakers who are critical of its methods of allegedly regulating through enforcement. Crypto industry leaders have explicitly asked for clearer regulation, and SEC commissioner Hester Peirce has pressed for policy changes from within the commission.Related: Bringing crypto market ‘into the light’ doesn’t address enforcement: CFTC chairRegulation is not a question of authority alone. The Financial Times cites blockchain analytics company Elliptic as saying U.S. regulators have collected $3.35 billion through enforcement actions in the crypto industry over the years, with over 70% of that sum going to the SEC.

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US Congressional hearing on digital asset regulation focuses on disclosure

US Congressional hearing on digital asset regulation focuses on disclosure

Uverejnil používateľ | jún 23, 2022 |

Disclosure was an important theme at a United States House of Representatives hearing on digital asset regulation Thursday. Although chair of the House Agriculture Committee Subcommittee on Commodity Exchanges, Energy and Credit Sean Maloney specified that it would focus on gaps in the oversight and regulation of derivatives and underlying spot markets, the discussion ranged widely. The Agriculture Committee oversees the Commodity Futures Trading Commission (CFTC), which regulates financial markets along with the Securities and Exchange Commission (SEC).Chainalysis cofounder and chief strategy officer Jonathan Levin said in his testimony that cryptocurrency’s transparency provides unique insights into the markets, including their risks. The blockchain can unlock information about the entire network behind illicit activities.Georgetown University law professor Christopher Brummer pointed out that disclosure law assumes issuers have access to information consumer do not have, while blockchain is transparent but hard to understand. “Disclosures should be read, not just filed,” Brummer said several times in reference to consumer protection, adding that increasing the complexity of disclosure could create vulnerabilities for consumers.Input Output Global CEO Charles Hoskinson spoke about “mindset” and emphasized the importance of principles and the need to strive for “efficacy over strictness” in the rapidly evolving, global market. He later expressed the opinion that no regulators are doing a good job with Know Your Customer/Anti-Money Laundering safeguards at the moment, however. As the participants moved on to more specific questions, CFTC market oversight division director Vincent McGonagle said his agency has the expertise to oversee the cash market for crypto. That market is now regulated by state money transmission laws, but there are multiple proposals to grant the CFC authority over it. The state laws have a different purpose from the CFTC’s concerns, McGonagle said, and centralized clearing adds a layer of consumer protection. Related: US congress research agency weighs in on UST crash, notes gaps in regulationDigital assets are defined as commodities, McGonagle said, but the SEC can determine when they are securities. Determining the point at which securities are fully decentralized and no longer subject to SEC oversight is a “tangled web,” McGonagle continued, and there is no legal mechanism for transferring those commodities back to CFTC oversight.

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Hester Peirce critiques SEC agenda – more wrong than just crypto policy

Hester Peirce critiques SEC agenda – more wrong than just crypto policy

Uverejnil používateľ | jún 23, 2022 |

United States Securities and Exchange (SEC) commissioner Hester Peirce said the newly released SEC Agency Rule List is full of “hot-button” topics implemented in an unreasonable hurry, while crypto was ignored.Commissioner Peirce, who is sometimes referred to as Crypto Mom for her strong positive views on cryptocurrency, released a statement concerning the SEC Spring 2022 Regulatory Agenda and the SEC Agency Rule List.Though the SEC list had no entries that made explicit reference to crypto, Perice noted that one of the proposed rules, Amendments to Exchange Act Rule 3b-16, “might regulate crypto protocols or platforms through an unmarked backdoor.” She went on to name four areas relating to crypto where regulatory clarity “would be appreciated.” Those included defining securities and issues related to custody, including the agency’s controversial Staff Accounting Bulletin 121.Related: SEC’s Hester Peirce opposes crypto bailouts — SBF didn’t get the memoPeirce also critiqued the agency’s agenda, saying that the SEC set forth “flawed goals and a flawed method for achieving them”, claiming the agency has focused on “hot-button matters outside our remit,” such as diversity, climate change and human capital management. The agenda also reflects a “rush of radical rulemakings”, Peirce said, with short comment periods and market participants forced to implement multiple rules simultaneously.“The agenda, if enacted, risks setting off the regulatory version of a rip current — fast-moving currents flowing away from shore that can be fatal to swimmers. […] The pace and character of the rulemakings on this agenda make for dangerous conditions in our capital markets.”Peirce is often the lone dissenting voice on the SEC board, particularly when it comes to crypto. She has criticized the agency for “leading with enforcement” and failing to provide the industry with regulatory guidance.

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