As a seasoned crypto investor with years of navigating the digital frontier under my belt, I find myself both alarmed and amused by the recent developments in the global regulatory landscape.
On October 16, Chainalysis, a company specializing in blockchain analysis, attended a court hearing at the New York Supreme Court following a $650 million defamation lawsuit filed against them.
The case centers around claims made by Exceptional Media, the company behind the YieldNodes blockchain investment project. Chainalysis previously called YieldNodes an “investment scam.” The company argues that the remarks made by the crypto analytics firm caused harm to its reputation and client base.
Exceptional Media claims over $650 million in compensatory damages due to damage to their reputation and customer base. They additionally assert that the actions were intentionally harmful.
Since the original lawsuit was filed, Chainalysis’ legal team has submitted several requests to throw out the case. As per Chainalysis, Exceptional Media and YieldNodes have not managed to prove that the YieldNodes project is not a scam or offer any counterarguments to Chainalysis’ accusations.
Europe’s ESMA calls for amendments to MiCA regulations
As an analyst, I’ve recently observed that the European Securities and Markets Authority (ESMA) has proposed significant adjustments to the Markets in Crypto-Assets (MiCA) legislation. These recommendations underscore the growing necessity for stronger oversight mechanisms, reflecting the dynamic nature of the crypto market.
ESMA urged the European Commission to progress with its plan to revise multiple facets of the current system.
The regulatory body, ESMA, recognizes the legal constraints brought up by the Commission, yet underscores the significance of the original proposal’s objectives.
As a crypto investor, I’ve noticed that regulatory updates are being implemented more stringently, particularly in terms of Anti-Money Laundering (AML) compliance. This includes thorough checks on providers of crypto asset services. These changes are being made as EU regulators adjust to the fast-paced growth and complexities inherent in the ever-evolving crypto sector.
Cyprus and Ireland scramble to align with EU crypto rules
Cyprus and Ireland are swiftly adapting their regulatory systems to meet the upcoming EU standards for cryptocurrencies.
Starting October 17th, Cyprus’ financial regulatory body, the Cyprus Securities and Exchange Commission (CySEC), will no longer accept applications for Crypto Asset Service Providers (CASPs) under Cypriot national laws. However, any successfully registered CASPs before the deadline of December 30th can continue to operate under this jurisdiction until July 1st, 2026. If they receive or are denied authorization under MiCA Article 63 before that date, this timeline may change.
Currently, Ireland is working on emergency laws to meet the European Union’s upcoming anti-money laundering (AML) regulations. These regulations are expected to significantly alter the way Virtual Asset Service Providers (VASPs) conduct their operations.
In simpler terms, both countries are under pressure due to time constraints, as the European regulatory landscape is becoming stricter while the cryptocurrency sector is growing. Compliance with MiCA (Markets in Crypto-Assets) regulations is now crucial for the industry.
UAE sets DAO legal framework in Ras Al Khaimah
In simple terms, the digital-focused free trade zone of Ras Al Khaimah in the UAE plans to establish itself as a central location for Decentralized Autonomous Organizations (DAOs), thanks to the adoption of a fresh legal structure.
As a researcher, I’m excited to share that NeosLegal and RAK DAO have announced a new regulatory regime to be discussed at the upcoming DAO Legal Clinic on October 25th. This development is designed to bring clarity to Decentralized Autonomous Organizations (DAOs) seeking to establish their operations within the free zone, paving the way for a more transparent and structured environment.
The action is contributing to the UAE’s larger initiative aimed at establishing itself as a world pioneer in cryptocurrency and blockchain technology advancements.
Italy to hike Bitcoin capital gains tax from 26% to 42%
Italy has increased the capital gains tax on Bitcoin (BTC) from 26% to 42%, as outlined in their latest budget. This tax increase forms part of the government’s strategy to control the crypto market and boost income derived from digital assets.
The potential increase in the tax rate might lessen investors’ excitement, especially for those who possess substantial quantities of Bitcoin.
In simpler terms, Italian authorities have stated that the upcoming legislation aims to scrap the minimum earnings prerequisite associated with their “web tax” or Digital Services Tax (DST), a levy initially enacted within Italy’s 2019 financial plan.
Read More
- OM PREDICTION. OM cryptocurrency
- CRV PREDICTION. CRV cryptocurrency
- KSM PREDICTION. KSM cryptocurrency
- EUR JPY PREDICTION
- DF PREDICTION. DF cryptocurrency
- Doctor Strange’s Shocking Return in Marvel’s Avengers: Doomsday Revealed!
- USD MXN PREDICTION
- USD VES PREDICTION
- XDC PREDICTION. XDC cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
2024-10-21 22:06