US Treasury Unveils Stifling Crypto Wallet Regulation — Experts Break Down th...
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, has unveiled its proposed rules on transactions involving cryptocurrency wallets. Experts in the crypto community have weighed in on what the new proposed regulation means, what crypto owners should do, and which wallets are affected. FinCEN’s New Rules for Crypto Wallets The U.S. Department of the Treasury announced Friday that the Financial Crimes Enforcement Network (FinCEN) has proposed new rules “aimed at closing anti-money laundering regulatory gaps for certain convertible virtual....
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Treasury Secretary Yellen says the regulatory frameworks for crypto assets in the U.S. should “support responsible innovation while managing risks.” She emphasized, “Regulation should be based on risks and activities, not specific technologies.”
Treasury Secretary Yellen on Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about crypto regulation Thursday at American University’s Kogod School of Business Center for Innovation.
“Digital assets may be relatively new, but they are part of a larger trend – the....
The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury Proposes Measures to Crack Down on Tax Evasion via Cryptocurrency The U.S. Department of the Treasury published a report on Thusday entitled “The American Families Plan Tax Compliance Agenda.” The report outlines President Joe....
Officials at HM Treasury are reportedly studying how to tax bitcoin trades, it is being reported. The kick in the rear comes from Karl McCartney, member of parliament, who asked what the country is doing in terms of financial regulation of the emerging would of digital currency. McCartney feels officials are being too slow to address regulatory concerns. David Guake, Treasury Minister, confirmed that discussions regarding the taxation of bitcoin trades are ongoing with "stakeholders", with the possibility that a VAT will be applicable on all bitcoin trades. Such a tax could be in the....
A group of nine business owners and legal experts pitched a panel of New Jersey legislators this week on why they should make the Garden State a hub for bitcoin development. To get there, the panel urged, would require creating an environment in which digital currency developers, startups and ideas could flourish without the risk of onerous financial rules stifling innovation. The 5th February hearing was hosted by the New Jersey Legislature's Assembly Financial Institutions and Insurance Committee. Among the topics discussed were the multi-signature wallet technology, the nature of....
The Treasury Department of Puerto Rico has published a working document that amends the current “Sales and Usage Tax” to include NFT sales. While this proposal has yet to be approved, experts believe the inclusion of NFTs in this reform brings validation to the asset class, but also that the application of this regulation presents challenges.
Puerto Rico May Soon Tax NFT Sales
The Department of Treasury of Puerto Rico has its eyes on NFT sales. The organization released a newly proposed reform to the Sales and Usage Tax law last month that includes the concept of....