As a seasoned crypto investor with a deep understanding of the regulatory landscape, I’m closely monitoring the latest developments in the world of digital assets. The recent vote in the U.S. House of Representatives to overturn SEC guidance preventing banks from owning crypto is a positive step forward for the industry. However, I remain cautious as President Biden has announced his intention to veto the joint resolution. This could potentially create further uncertainty and volatility in the market.
As a crypto investor, I’m excited to hear that the US House of Representatives has taken a step forward in potentially changing the regulatory landscape for cryptocurrencies. Specifically, they have voted to pass a bill reversing SEC guidance that has prevented banks from owning or dealing with digital assets directly. This could pave the way for increased institutional adoption and investment in crypto, which could lead to further price appreciation and wider recognition of blockchain technology within traditional financial institutions.
The House passed a bipartisan bill, named H.J. Res 109, reversing the Securities and Exchange Commission’s (SEC) SAB 121 bulletin. This regulation exempted banks from including cryptocurrency assets on their balance sheets in the same way they report traditional assets like securities.
As a crypto investor, I can understand the perspective of Representative Mike Flood regarding SAB 121. In my view, this proposed Nebraska legislation is not fair to banks that wish to provide custody services for digital assets. Why, you ask? Well, in banking terms, custodial assets are typically considered “off-balance sheet.” This means that they’re not formally part of a bank’s balance sheet, which can impact their regulatory requirements and capital adequacy ratios. By classifying crypto custody as off-balance sheet, SAB 121 could potentially discourage banks from entering this growing market or force them to reconsider their risk management strategies. It’s essential for policymakers to recognize the unique aspects of digital assets and adapt regulations accordingly to encourage innovation and growth within the industry.
Prior to the vote, the White House announced through a statement that President Joe Biden’s administration intends to reject the joint resolution regarding crypto regulation at the Securities and Exchange Commission (SEC), should it reach his desk.
The White House has expressed firm opposition to members of the House of Representatives attempting to pass a joint resolution, which the White House believes could interfere with the Securities and Exchange Commission’s (SEC) efforts to shield investors in crypto-asset markets and preserve the stability of the larger financial system.
Australian Tax Office seeks data from 1.2 million crypto users
Approximately 1.2 million cryptocurrency exchange users in Australia are requested by the Australian Taxation Office (ATO) to provide their personal information and transaction details. This data collection is intended to aid tax authorities in identifying possible non-compliant traders who may have neglected to report and pay taxes on their crypto transactions.
The Australian Taxation Office (ATO) aims to obtain individuals’ personal information, which includes their date of birth, social media handles, mobile numbers, specifics about their cryptocurrency transactions such as wallet addresses, types of trades, and banking account details.
In Australia, cryptocurrencies are considered taxable assets instead of regular foreign currencies by regulatory bodies. Consequently, individuals engaging in crypto trading are obligated to calculate and pay capital gains tax on any profits derived from selling these digital assets.
South Korea’s ruling party will press for Bitcoin ETF trading
The Democratic Party of Korea plans to ask the Financial Services Commission (FSC) to reevaluate their stance on the regulatory classification of Bitcoin (BTC) spot exchange-traded funds (ETFs).
As a crypto investor following political news in South Korea, I’ve learned that an unnamed Democratic Party official announced their intention to make a request to the media after the National Assembly opens in June. The opposition party, which secured 175 out of 300 seats during the April elections, is now in power.
Prior to the U.S. approval of BTC spot ETFs, the Financial Services Commission (FSC) in South Korea warned local securities firms that they might be breaking the Capital Markets Act by listing such foreign ETFs.
Binance obtains approval to return to the Indian market
Binance, a prominent global cryptocurrency exchange, has secured authorization from India’s Financial Intelligence Unit (FIU) to operate within the country.
Binance has recently obtained approval, making it the second offshore cryptocurrency exchange to receive regulatory acceptance following KuCoin.
As a crypto investor, I’ve noticed that Binance and KuCoin were among several international cryptocurrency exchanges served with noncompliance notices by the Indian Finance Ministry in late December 2023. Within two weeks of receiving this notice, the ministry instructed its IT department to restrict access to these platforms’ URLs and mobile applications within India starting mid-January 2024.
The regulatory notices were issued to Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex as well.
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2024-05-13 22:17