Leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union are expected to outline a global cooperative strategy for digital assets in May.
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SVB’s epic failure occurred “at a bank that happened to deal with crypto customers” but “was not a crypto-induced problem,” said Mick Mulvaney.
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Two U.S. senators cited the collapse of FTX when writing to the PCAOB chair Erica Williams in January, but now suggest improper auditing could have affected three banks as well.
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According to the proposal, individuals caught violating these prohibitions could face a two-year prison sentence and a 30,000 euro fine.
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The American venture capital investor Tim Draper took the stage at Paris Blockchain Week 2023 to talk about the decentralization of the future of money.
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The Lone Star State is already home to many crypto and blockchain firms as well as miners taking advantage of the regulatory-friendly environment.
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The trade association said many banks in the U.K. had begun imposing blanket bans on dealing with crypto firms “instead of taking a risk-based and case-by-case approach.”
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The invitation was mediated by former CFTC Commissioner Mark Wetjen, who joined FTX US as the Head of Policy and Regulatory Strategy in Nov. 2021.
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Finding the right balance between regulations and banking institutions is important for Schiff, considering that Puerto Rico regulators closed down Schiff’s bank due to non-compliance.
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Italy is planning to tighten regulations on digital currencies by expanding its tax laws to include cryptocurrency trading in 2023, according to budget documentation released on Dec. 1.Included in its 2023 budget are plans to impose a 26% levy on profits larger than 2000 euros ( $2,062.3) made on cryptocurrency trading, according to Bloomberg. Prior to this proposal, digital currencies had lower tax rates because they were previously considered “foreign currency.”In the proposed bill, taxpayers will have the option to declare the value of their digital asset holdings as of Jan. 1, and pay a 14% tax. This is set to incentivize Italian digital asset holders to declare their assets in their tax returns. According to Tripe A data, 2.3% of the Italian population, which equates to about roughly 1.3 million people, own crypto assets in Italy. By July 2022, it was estimated that about 57% of crypto users were male, while 43% of users were female, with most of its users belonging to the 28-38-year age group. Related: IRS to summon users who don’t report and pay tax on crypto transactionsItaly appears to be following in Portugal’s footsteps in the proposed taxation of digital currencies. In October, Portugal, the once-known cryptocurrency tax haven, proposed a 28% tax on capital gains from cryptocurrencies held for less than a year.In the 2023 state budget, the Portuguese government addressed the taxation of cryptocurrencies, which had been previously left untouched by the Portuguese tax authorities, since digital assets were not recognized as legal tender.The Portuguese government intends to create a “broad and adequate” tax framework aimed at cryptocurrencies in terms of their taxation and classification. The proposed tax bill covers operations involving cryptocurrency mining, trading, as well as, capital gains.
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Singapore government-owned investment firm Temasek has suffered a lot more than just financial losses due to investing in FTX, according to Deputy Prime Minister Lawrence Wong.Wong, who is also the finance minister, believes that Temasek’s $275 million investment in FTX has caused significant damage to the company’s reputation. The official addressed the growing criticism over Temasek’s FTX exposure at a parliament meeting on Nov. 27, according to a report by the South China Morning Post.The prime minister emphasized that the collapse of FTX was a result of a “very badly managed company” as well as possible fraud and misappropriation of user funds.“What happened with FTX, therefore, has caused not only financial loss to Temasek but also reputational damage,” the official said, adding that Temasek has launched an internal investment review to improve processes and draw lessons for the future.Wong stressed that investments by other major institutional investors like BlackRock and Sequoia Capital do not mitigate that reputational damage.Temasek, which is fully owned by the minister for finance but operates independently, said on Nov. 17 that it wrote down its entire $275 million FTX investment. The amount accounted for just 0.09% of Temasek’s $403 billion portfolio as of March 2022. According to Wong, FTX-related losses would not affect investors’ contribution to the net investment returns contribution, which is the amount of the government revenue coming from interest earned on its reserves.Apart from addressing concerns around FTX and Temasek, Wong also argued that Singapore had no ambitions to become a crypto hub but rather seeks to be a “responsible and innovative digital asset player.”“Some of the earlier optimism about blockchain technologies has been proven to be […] not well-placed. I think there’s a more realistic sense of what these technologies can do,” Wong stated. He also emphasized that crypto investors must be prepared to lose all their investments on crypto, adding: “No amount of regulation can remove this risk.”Related: FTX collapse put the Singapore government in a parliamentary hot seatDespite Temasek writing down its investment in FTX, the state-owned company apparently still holds investments in many other industry platforms. Despite not directly investing in crypto, Temasek is known for participating in multiple investment rounds for big crypto companies, including Binance and Amber Group.In August, Temasek also reportedly led a $110 million strategic funding round for the major metaverse and blockchain gaming company Animoca Brands.Temasek did not immediately respond to Cointelegraph’s request for comment.
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In light of the recent FTX collapse and liquidity scandal, regulators in the European Union have joined other global lawmakers in a push for more clear guidelines and regulations on cryptos.The European Central Bank (ECB) released a blog post titled “Bitcoin’s last stand” on Nov. 30, which summarized the financial career of Bitcoin (BTC) amid current price fluctuations. However, instead of outlining the entire picture, which would include both up and downs of the cryptocurrency’s lifespan thus far, it only portrayed its shortcomings.Written by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB, the piece says the digital currency is on “the road to irrelevance.” It also claimed that BTC is hardly used for legal transactions and that the regulatory attention it is currently receiving from lawmakers around the world can be “misunderstood as approval.” Additionally, it warned banks on interacting with the digital currency as it could taint their reputation. On Twitter the organization tweeted that any price stabilization BTC may incur now will be artificially induced: The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets.Read more https://t.co/Hk1LuYX2de pic.twitter.com/I3Uidks8Xo— European Central Bank (@ecb) November 30, 2022However, where there is crypto slander by traditional, centralized financial institutions, there is also the crypto community ready with responses to debunk and defend its assets.The tweet from the ECB alone received hundreds of responses, with the crypto community fact-checking the claims in the article and highlighting the background of its authors.One commenter tweeted on the background of Bindseil and pointed out a potential conflict of interest, as he has penned various articles on central bank digital currencies (CBDC) and their use cases.Author : Ulrich Bindseil I will just leave that here, so everybody knows about the conflict of interest. #Bitcoin pic.twitter.com/EKz9Mx3ndT— ₿aseload (@Endorsen) November 30, 2022
Another user said, while they tried to read it with an open mind, the paper’s claims of BTC not being used for legal transactions and rather “illicit activity” were outdated. I clicked on this article with an open mind, willing to have my mind changedBut it opens with a provable lieThe vast majority of Bitcoin usage is for legal spending, for-profit speculation, and gambling – not “illegal transactions”It’s not 2012 anymore… This is a joke. pic.twitter.com/037aehMyEN— FatMan (@FatManTerra) November 30, 2022
Others responded with the tried and true meme of “BTC is dead” while still having a rising value of the other. Some even reached back to Dec. 2021 to point out the ECB’s incorrect predictions of inflation decreases in 2022.In a similar vein, the decreased value of the Euro was also drawn as a comparison in many responses from the community. Related: FTX fiasco boosts Bitcoin ownership to new highs: Analysts weigh inMeanwhile, digital currency exchanges continue to spread across the European Union, with Bitpanda recently obtaining a crypto license in Germany and Gemini getting the greenlight in both Italy and Greece.
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