International Crypto Rules: US Treasury Releases Fact Sheet
Since US President Joe Biden declared crypto regulation a state task by decree, the policy mills have been running in Washington. Last Thursday, the Ministry of Finance also presented the first results of its work: a fact sheet containing proposals for cooperation with the regulatory authorities of other states. The Ministry of Finance under Janet Yellen collaborated with other US institutions for this purpose. The result is a framework that is intended to promote the development of digital assets, while still adhering to the “core democratic values” of the United States. At the same time, consumers, investors and companies should be adequately protected and the risk of money laundering and terrorist financing minimized. The US wants to work with the G7 and the G20 to achieve this. Together, uniform guidelines for cross-border payments and digital payment infrastructures are to be formulated. It is also planned to cooperate with a number of international institutions such as the Financial Action Task Force, the Financial Stablity Board and the Organization for Economic Cooperation and Development.
Investigators from USA and South Korea share Terra data
Apart from the regulatory debate, the US is also expanding international cooperation in crypto matters. Because investigations against the backers of the crashed stablecoin Terra are underway both in the USA and in the Terra homeland of South Korea. Both states now want to cooperate in the legal processing of the crash and exchange investigation data. The cooperation agreement is the result of a meeting of South Korean Justice Minister Han Dong-Hoon with high-level US financial investigators in New York. Representatives of the two states agreed on June 6 to cooperate in the investigation of financial crimes. It was also explicitly about the cause Terra. While South Korea is investigating fraud here, the US Securities and Exchange Commission (SEC) is taking a close look at Terra marketing before the crash.
Italy pumps millions into the blockchain sector
In Europe, meanwhile, the Italian government has underlined its belief in the blockchain and crypto space. Rome wants to support projects that make use of the blockchain, but also of artificial intelligence and the Internet of Things (IoT) with a total of 45 million euros. ”We support the investments of companies in cutting-edge technologies with the aim of promoting the modernization of production systems through increasingly connected, efficient, safe and fast management models,” said the Minister of Economic Development, Giancarlo Giorgetti. In principle, the subsidies are open to companies of any size. They can be applied for projects from a wide variety of economic sectors.
Crypto-Skeptical Conference Planned in London
While Italy is so committed to the technology behind the crypto space, a storm is brewing on the other side of the English Channel. Because the prominent crypto critic Amy Castor is inviting to London for the Crypto Policy Symposium on September 5 and 6 – the first conference that is supposed to provide a stage for crypto skeptics. Behind the event are the software developer Stephen Diehl and Martin Walker – head of a management think tank. The Crypto Policy Symposium is intended to enable crypto critics to enter into a direct exchange with politics. The aim is to counteract the influence of crypto lobby groups, which, according to the organizers, are leading the political discussion on the topic. The conference will consist of a number of discussion panels and will also take place partly via the Internet.
India: Massive Trade Declines Since Crypto Tax
Meanwhile, the case of India proves that too much crypto skepticism can have disastrous effects for the industry. Because as a result of the restrictive crypto legislation, the trading volume of most Bitcoin exchanges in the country collapsed massively. The reason: a 30 percent levy on all crypto profits. This was recently joined by a one percent transaction tax as the second law. A customer survey by the major exchange WazirX showed that most traders blame the legal situation for the decline in their trading activities. Without adjusting the legal situation, the Indian crypto industry is in such a tight spot. Meanwhile, hodlers are being driven to trading offers from abroad or to those that are beyond the regulatory supervisory framework.
