A bill that would create a moratorium on proof-of-work crypto mining has been approved by the New York State Senate and is now on its way to Governor Kathy Hochul’s desk to be potentially signed into law. The legislation would enact a two-year pause on mining tokens that utilize proof-of-work systems, including the top crypto […]
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The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a […]
The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite Bank […]
The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate. On this backdrop, the country’s industry ministry believes it’s time to bring the sector out of the shadows and regulate it. Crypto Miners Burn More Electricity Than Russian Farmers Miners extracting digital currencies account for more […]
A new draft law has replaced an earlier bill introducing a one-year tax and customs amnesty for cryptocurrency miners in Russia. The initial proposal has been withdrawn on the grounds that the tax break would have resulted in losses for the state budget. Revised Crypto Mining Legislation Submitted to Russian Parliament Without Amnesty for Miners […]
Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk. Russian Deputies Propose Amendments Legally Defining NFTs Members […]
The president of Panama, Laurentino Cortizo, has declared he will not sign the recently approved cryptocurrency bill passed by the National Assembly of the country in its current form. Cortizo stated that one of his main concerns about the bill is the stance it takes regarding money laundering activities and crypto. Cortizo may approve some […]
Cryptocurrencies will be eventually legalized, a member of the Russian government has opined. The question is when this will happen, Trade Minister Denis Manturov stated as new crypto-related legislation advanced in the State Duma this week. Crypto Legalization Is Current Trend, Russian Minister Acknowledges Cryptocurrency can be legalized in the Russian Federation, according to a […]
The Argentinian Senate has approved a bill that would allow the government to tax non-declared assets held in foreign countries by citizens of the country. This includes stocks, properties, bonds, and even cryptocurrencies. The purpose of the legistlation would be to collect more funds to pay the $45 billion debt that Argentina has with the […]
The effort will include issuing guidance for NFTs and ICOs, expanding infrastructure and supporting CBDC research.
The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in its drive to maintain the country’s stature as a center for innovation as it hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024.
On May 11, South Korean newspaper Kukmin, citing a leaked governmental document, reported that the administration is looking to introduce the “Digital Asset Basic Act” (DABA) in the next year and to follow it up with more legislation by 2024. The bill is part of the 110 policy aims the new President introduced earlier this year.
The bill will be drafted in accordance with international norms and will rely on the experience of the world's largest economies as the local Financial Stability Board (FSB) will cooperate with the Basel-based Bank for International Settlements (BIS) and the U.S. and E.U. regulators.
While there aren’t many details, what is known looks quite optimistic for the industry. The government plans to expand the existing infrastructure for crypto-fiat transactions, allowing more banks to create their own platforms for fiat-crypto exchange. Currently, there are only 4 banks in the country that have this capacity. Also, the South Korean authorities expect to institutionalize nonfungible tokens (NFTs) and introduce a regulator framework for ICOs.
The issuance of a central bank digital currency (CBDC) is also on the table. The Bank of Korea completed the first phase of its mock testing in January 2022.
The Yoon administration already confirmed the validity of the leaked document, noting, though, that this draft is not the final one.
On May 3, Yoon Suk-yeol announced he would push to defer taxation on crypto investment gains until the Digital Asset Basic Act is enacted, which means at least until 2024. Under the new crypto taxation rules, the government will levy a 20% tax on crypto gains above $2,100 per year.
