Connect with us

bill

Georgia To Unveil New Cryptocurrency Law By This Fall

Published

on

Georgia To Unveil New Cryptocurrency Law By This Fall

Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced.

Central Bank of Georgia Talks Crypto Regulation With Market Players

The National Bank of Georgia (NBG) is fine-tuning a draft law tailored to establish a legal framework for certain operations with cryptocurrencies with the help of interested parties from the sector. Public and business officials are currently holding talks on the new legislation, the bank’s Vice Governor Papuna Lezhava revealed, quoted by Sputnik Georgia. He stated:

We are working on a bill regulating cryptocurrency, and now it is at the stage of consideration with market participants. The final document will be made public either in the summer or in the fall.

The law will regulate several crypto-related areas at once, the central bank official elaborated. These include consumer protection and cryptocurrency trade. Its provisions will introduce rules for trading platforms such as digital assets exchanges. However, they do not concern crypto miners and their activities, Lezhava noted.

Cryptocurrency mining became a popular business and an alternative income source for many Georgians a few years ago. A study by the Cambridge Center for Alternative Finance (CCAF), published in 2018, ranked Georgia second in the world in terms of amount of electricity used to extract digital coins.

In April, NBG Governor Koba Gvenetadze told the Georgian business news portal the Financial that the monetary authority was planning to regulate transactions in the crypto space of the Southern Caucasus country. He revealed that companies in the industry may expect a licensing regime.

At the same time, the regulator intends to ban traditional financial institutions from providing crypto-related services. Gvenetadze also pointed out that the amendments the central bank is working on are in compliance with the requirements of the intergovernmental Financial Action Task Force on Money Laundering (FATF).

Tags in this story

bill, Crypto, crypto exchange, crypto miners, crypto mining, crypto regulations, crypto trade, Cryptocurrencies, Cryptocurrency, draft law, Georgia, Georgian, Georgians, Law, Legislation, Miners, mining, Regulation, Regulations

Do you expect Georgia to adopt bitcoin-friendly regulations and become a crypto hotspot? Tell us in the comments section below.

Advertisement

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

bill

Panama President Mulls Crypto Bill Approval Due To Money Laundering Concerns

Published

on

Panama President Mulls Crypto Bill Approval Due To Money Laundering Concerns

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 parts of the bill while vetoing others.

Panama’s President Considers Crypto Bill Veto

Laurentino Cortizo, the president of Panama, has announced his opinion regarding the recently approved cryptocurrency bill, and how it might be too lax when it comes to dealing with unlawful activities like money laundering in the sector. While speaking at the Bloomberg New Economy Gateway Latin America conference in Panama City, Cortizo stated:

If I’m going to answer you right now with the information that I have, which is not enough, I will not sign that law.

Advertisement

Furthermore, Cortizo explained that he and his government would have to be “very careful” if the crypto bill presented has clauses dealing with money laundering activities, remarking that these are very important to Panama.

Panama allows the president to have veto power over the bills presented by the National Assembly, and Cortizo could use this attribution to repel the bill in its current form. However, Cortizo declared he and his lawyers are still reviewing the law to make a decision.

Panama’s Crypto Law

Panama started its cryptocurrency regulation journey last year, when Gabriel Silva, a national representative, introduced a crypto bill with a proposal that aimed to modernize the country and bring it up to par with other countries in the area. The bill, which faced some changes during its discussion, establishes pivotal concepts about crypto, blockchain, and virtual asset service providers.

In addition to this, the approved version of the bill introduces blockchain as a tool to improve the transparency of state spending, like other projects introduced already in Latam. This would include the progressive migration of public records to the blockchain.

Another important proposal of the bill is the digitalization of the identification process, with issued IDs being published on a public blockchain. Cortizo might take some of the articles passed and make them law, and veto other parts of the bill. To conclude, Cortizo stated:

Advertisement

It is an innovative law from what I have heard, it’s a good law. However, we do have a solid financial system here in Panama and one of the things I’m waiting on is when you have a global regulation of crypto-assets.

What do you think about the opinion of the president of Panama regarding the passed crypto bill? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

bill

Trade Minister Expects Russia To Legalize Cryptocurrency

Published

on

Trade Minister Expects Russia To Legalize Cryptocurrency

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 statement by the country’s Minister of Industry and Trade Denis Manturov, during the “New Horizons” educational marathon organized by the Russian “Knowledge” society. Quoted by the Tass news agency, the government official elaborated:

I think so… The question is when this will happen, how it will happen and be regulated. The central bank and the government are actively engaged in this. Everyone is inclined to understand that this is a trend of the times, and sooner or later, in one format or another, it will be done.

Manturov emphasized this should happen in accordance with the laws and rules that are yet to be adopted and formulated. Russian authorities have been mulling over the future status of cryptocurrencies and related activities such as trading and mining this year, with two opposing views clashing during the deliberations.

While the Central Bank of Russia proposed a blanket ban on crypto operations, citing threats to the country’s financial system, the Ministry of Finance believes they should be regulated rather than prohibited and has submitted a new draft law “On Digital Currency” which is expected to be adopted this year.

The ministry has been also working on the issue of taxation of income and profits from transactions with digital financial assets. This week, the lower house of Russian parliament, the State Duma, approved on first reading draft legislation tailored to regulate the matter.

Most institutions in Moscow have sided with the Minfin’s approach, including the federal government which backed the department’s regulatory concept in February. At the same time, the majority also agree with Bank of Russia’s stance that cryptocurrency should not be recognized as a means of payment.

Another recent report revealed that the authors of the new legislation have incorporated provisions proposed by the Ministry of Internal Affairs, introducing procedures for the seizure of digital currencies with a court order as part of criminal proceedings and the establishment of a special wallet for storing seized crypto assets.

Tags in this story

bill, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, draft law, Law, legalization, minister, parliament, provisions, Regulation, Regulations, rules, Russia, russian, State Duma, Taxation

Advertisement

Do you expect the Russian Federation to eventually legalize cryptocurrency? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

afip

Argentinian Senate Passes Bill That Would Tax Assets Held In Foreign Countries, Including Crypto

Published

on

Argentinian Senate Passes Bill That Would Tax Assets Held In Foreign Countries,  Including Crypto

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 International Monetary Fund (IMF).

Asset Tax Bill Approved by the Argentinian Senate

The Argentinian Senate has approved a new bill that would allow the government to tax assets held by citizens in foreign countries. The approved text determines that the government will tax all kinds of assets that have not been declared to the tax authorities before, including real estate, stocks, cryptocurrency, and any assets with economic value.

The policy establishes these funds collected will be directly managed by the Economy Ministry. Depending on the time period and the goods owned, if approved, Argentinian citizens will have to pay up to 50% on these assets. The fund, which will be denominated in dollars, will be active until Argentina pays its debt to the International Monetary Fund (IMF), of about $45 billion.

The bill will have to be approved now by the Chamber of Deputies, where it has less of a chance of being passed, according to local media.

Argentinians React

The reaction in the country has been mostly negative, with many people criticizing many of the aspects proposed by the legislation. The project mentions cryptocurrency assets as part of its scope, and this is worrying people in the sector. Kim Grauer, Research’s director, thinks there is a good reason for this. According to her:

The country has an overall cryptocurrency market valued at nearly $70 billion, well above Venezuela’s $28.3 billion, only second to Brazil in the region.

This might provide the government with the needed liquidity to fund payments to the IMF loan. Other criticisms of the project have to do with the establishment of foreign banks as retention agents for this money, and how the government will use international treaties to acquire information about crypto holders.

Sebastián M. Domínguez, Of SDC Tax Consultants, stated:

There is an extensive list of countries reporting accounts of Argentinians abroad, known as ‘cooperators’. These are more than 120 nations, including crypto-friendly countries such as Malta, Seychelles, Virgin Islands, Liechtenstein, Gibraltar, and El Salvador.

In this sense, the Argentinian Tax Agency announced last month its support for a global report system that will aid tax watchdogs to avoid cryptocurrency-related evasion at a worldwide level.

Advertisement

What do you think about this new law project passed by the Argentinian Senate? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Continue Reading

Trending