regulations NEWS

Bitfinex_&_Tether-min`

Bitfinex and Tether lawyers appeal for case dismissal over NYSC’ lack of jurisdiction

As per news, Bitfinex and Tether lawyers are purportedly moving to dismiss their ongoing case against the New York Attorney General [NYAG] for the alleged $850 million cover-up. As per reports, the law firms representing the companies have argued saying the New York Supreme Court [NYSC] holds neither personal nor subject matter jurisdiction. While providing validation the law firms add, Bitfinex and Tether neither operates out of New York nor has harmed investors in that state, reported Cointelegraph.

SEC_shutting_down_-min

SEC halts Argyle Coin which duped funds worth $30 million into ‘Diamond-Backed’ cryptocurrency

As per news, the United States Securities and Exchange Commission [SEC] has reportedly halted the confirmed cryptocurrency Ponzi Scheme Argyle Coin, after it took funds worth $30 million. As per reports, Jose Angel Aman, the principal behind Argyle Coin is subject to legal action for running a Ponzi scheme with the money gained from investors in his purportedly alleged diamond resale outfit. Moreover, the coin backed by various precious stones involved participation from 300 investors in the U.S. and Canada, while further investigations lead to allegations like selling unlicensed securities, reported Cointelegraph.

ZSE_blockchain_adoption-min`

Zimbabwe Stock Exchange [ZSE] is interested in adopting the Blockchain, says Justin Bgoni

As per local news, the Chief Executive of the Zimbabwe Stock Exchange, Justin Bgoni has announced his interest in adopting the blockchain tech while seeking regulatory clarity. As per reports, the exchange is reportedly considering the use of blockchain-based services and products in real estate investment trust securities, mineral commodities exchange and exchange-traded funds [ETF]. Bgoni purportedly adds, “in terms of regulation,” the exchange does not wish to proceed, however, concluding with, “But the technology side is very good.”

NYSE_appeal_to_SEC-min

NYSE Arca requests rule change to list EFT backed by Bitcoin [BTC] and T-Bills

As per news, NYSE Arca has reportedly made a formal appeal to the Securities Exchange Commission [SEC] for a change in the rule that would enable listing of shares in a proposed Bitcoin investment trust. As per reports, the filing cited that the U.S. Bitcoin and Treasury Investment Trust would exclusively invest in Bitcoin and Short-term U.S.Treasury securities. The filing adds furthermore, Coinbase’s custody arm would act as the custodian for the investment trust’s Bitcoins, reported CoinDesk.

crypto_tax_IRS-min

U.S. tax authority the Internal Revenue Service [IRS] prioritizes issuing crypto-tax guidance

As per news, on 16th May the United States authority of taxation, the IRS published a letter citing prioritization of tax guidance issuance for cryptocurrencies. The letter was in response to requests from 21 representatives in Congress including Rep. Tom Emmer, purportedly for providing clarity on taxes related to crypto holdings. As per reports, the instruction will reportedly cover issues such as acceptable methods for calculating cost basis, cost basis assignment and tax treatment of forks.

Kik's_expenditure-min

Canada-based messaging startup Kik spent over $5 million on negotiating with SEC

As per CoinDesk, Ted Livingston, the CEO of Canada-based messaging startup Kik reported to have spent over $5 million on the ongoing negotiations with the United States Securities Exchange Commission [SEC]. As per reports, the negotiations are related to SEC purportedly flagging Kik’s ‘Token Distribution Event” which raised about $97 million as a violation of securities law. Livingston adds furthermore at the Token Summit in New York, “We’ve spent a lot of time on this, we’ve spent the last 18 months travelling to Washington,” reported Cointelegraph.

blockchained_India

RBI urged to rethink on banning cryptos from regulatory sandbox

As per local news, the Reserve Bank of India [RBI] is reportedly being urged by lobbying groups to allow crypto-related products for testing in its regulatory sandbox. As per RBI’s proposed framework, testing of blockchain technology would reportedly be allowed on a small number of consumers, however, the central bank has clarified on excluding cryptocurrencies, exchanges and initial coin offerings. Furthermore, the Payments Council of India [PCI] has flagged this saying, innovation will be difficult to achieve if the sandbox’s framework has such large exclusions, as reported by Cointelegraph.

Colombia_regulating_crypto-min

Colombian Congress pass a bill for regulating crypto traders and businesses

As per local news, the Congress of the Republic of Colombia has reportedly proposed a bill for regulating cryptocurrency transactions as means to safeguard crypto users amidst growing frauds. As per reports, the Colombian regulatory watchdog Superintendecia de Sociedades purportedly branded all digital currencies in January 2017, leaving the Peso as the only legal tender of exchange. However, two years later, Congress Representative Maurico Toro proposed a bill to purportedly regulate companies functioning in the crypto space, reportedly a huge paradigm shift in the country’s opinion about cryptocurrencies, reported BTCManager.

TTA_exempt-min

Token Taxonomy Act [TTA] will include de minimis tax exemption for crypto transactions

As per the news, the reintroduced TTA is said to reportedly create a de minimis tax exemption for cryptocurrency transactions under $600. The de minimis tax exemption purportedly implies that a crypto owner experiencing a capital gain of up to $600 via cryptos, is not required to report gains to the Internal Revenue Service [IRS], the tax authority of the U.S. The Executive Director of Coin Center Jerry Brito adds, the situation parallels the introduction of a de minimis proviso in 1990s by Congress for small gains on foreign currencies, reported Cointelegraph.

Coinome_halts-min

Indian crypto scenario: Coinome halts crypto exchange services citing regulatory pressure

Coinome, an Indian crypto exchange has reportedly announced to halt its operations as of 15th May due to regulatory difficulties. As per reports, crypto exchanges in India have faced difficulties at various levels since the Reserve Bank of India [RBI], the country’s central bank purportedly implemented a ban on dealing with crypto-related businesses. Furthermore, the exchange has not disclosed details regarding its Twitter post, whether the suspension in effect is a total shuttering of its services, reported Cointelegraph.

Bitfinex_&_Tether-min`

Bitfinex and Tether lawyers appeal for case dismissal over NYSC’ lack of jurisdiction

As per news, Bitfinex and Tether lawyers are purportedly moving to dismiss their ongoing case against the New York Attorney General [NYAG] for the alleged $850 million cover-up. As per reports, the law firms representing the companies have argued saying the New York Supreme Court [NYSC] holds neither personal nor subject matter jurisdiction. While providing validation the law firms add, Bitfinex and Tether neither operates out of New York nor has harmed investors in that state, reported Cointelegraph.

SEC_shutting_down_-min

SEC halts Argyle Coin which duped funds worth $30 million into ‘Diamond-Backed’ cryptocurrency

As per news, the United States Securities and Exchange Commission [SEC] has reportedly halted the confirmed cryptocurrency Ponzi Scheme Argyle Coin, after it took funds worth $30 million. As per reports, Jose Angel Aman, the principal behind Argyle Coin is subject to legal action for running a Ponzi scheme with the money gained from investors in his purportedly alleged diamond resale outfit. Moreover, the coin backed by various precious stones involved participation from 300 investors in the U.S. and Canada, while further investigations lead to allegations like selling unlicensed securities, reported Cointelegraph.

ZSE_blockchain_adoption-min`

Zimbabwe Stock Exchange [ZSE] is interested in adopting the Blockchain, says Justin Bgoni

As per local news, the Chief Executive of the Zimbabwe Stock Exchange, Justin Bgoni has announced his interest in adopting the blockchain tech while seeking regulatory clarity. As per reports, the exchange is reportedly considering the use of blockchain-based services and products in real estate investment trust securities, mineral commodities exchange and exchange-traded funds [ETF]. Bgoni purportedly adds, “in terms of regulation,” the exchange does not wish to proceed, however, concluding with, “But the technology side is very good.”

NYSE_appeal_to_SEC-min

NYSE Arca requests rule change to list EFT backed by Bitcoin [BTC] and T-Bills

As per news, NYSE Arca has reportedly made a formal appeal to the Securities Exchange Commission [SEC] for a change in the rule that would enable listing of shares in a proposed Bitcoin investment trust. As per reports, the filing cited that the U.S. Bitcoin and Treasury Investment Trust would exclusively invest in Bitcoin and Short-term U.S.Treasury securities. The filing adds furthermore, Coinbase’s custody arm would act as the custodian for the investment trust’s Bitcoins, reported CoinDesk.

crypto_tax_IRS-min

U.S. tax authority the Internal Revenue Service [IRS] prioritizes issuing crypto-tax guidance

As per news, on 16th May the United States authority of taxation, the IRS published a letter citing prioritization of tax guidance issuance for cryptocurrencies. The letter was in response to requests from 21 representatives in Congress including Rep. Tom Emmer, purportedly for providing clarity on taxes related to crypto holdings. As per reports, the instruction will reportedly cover issues such as acceptable methods for calculating cost basis, cost basis assignment and tax treatment of forks.

Kik's_expenditure-min

Canada-based messaging startup Kik spent over $5 million on negotiating with SEC

As per CoinDesk, Ted Livingston, the CEO of Canada-based messaging startup Kik reported to have spent over $5 million on the ongoing negotiations with the United States Securities Exchange Commission [SEC]. As per reports, the negotiations are related to SEC purportedly flagging Kik’s ‘Token Distribution Event” which raised about $97 million as a violation of securities law. Livingston adds furthermore at the Token Summit in New York, “We’ve spent a lot of time on this, we’ve spent the last 18 months travelling to Washington,” reported Cointelegraph.

blockchained_India

RBI urged to rethink on banning cryptos from regulatory sandbox

As per local news, the Reserve Bank of India [RBI] is reportedly being urged by lobbying groups to allow crypto-related products for testing in its regulatory sandbox. As per RBI’s proposed framework, testing of blockchain technology would reportedly be allowed on a small number of consumers, however, the central bank has clarified on excluding cryptocurrencies, exchanges and initial coin offerings. Furthermore, the Payments Council of India [PCI] has flagged this saying, innovation will be difficult to achieve if the sandbox’s framework has such large exclusions, as reported by Cointelegraph.

Colombia_regulating_crypto-min

Colombian Congress pass a bill for regulating crypto traders and businesses

As per local news, the Congress of the Republic of Colombia has reportedly proposed a bill for regulating cryptocurrency transactions as means to safeguard crypto users amidst growing frauds. As per reports, the Colombian regulatory watchdog Superintendecia de Sociedades purportedly branded all digital currencies in January 2017, leaving the Peso as the only legal tender of exchange. However, two years later, Congress Representative Maurico Toro proposed a bill to purportedly regulate companies functioning in the crypto space, reportedly a huge paradigm shift in the country’s opinion about cryptocurrencies, reported BTCManager.

TTA_exempt-min

Token Taxonomy Act [TTA] will include de minimis tax exemption for crypto transactions

As per the news, the reintroduced TTA is said to reportedly create a de minimis tax exemption for cryptocurrency transactions under $600. The de minimis tax exemption purportedly implies that a crypto owner experiencing a capital gain of up to $600 via cryptos, is not required to report gains to the Internal Revenue Service [IRS], the tax authority of the U.S. The Executive Director of Coin Center Jerry Brito adds, the situation parallels the introduction of a de minimis proviso in 1990s by Congress for small gains on foreign currencies, reported Cointelegraph.

Coinome_halts-min

Indian crypto scenario: Coinome halts crypto exchange services citing regulatory pressure

Coinome, an Indian crypto exchange has reportedly announced to halt its operations as of 15th May due to regulatory difficulties. As per reports, crypto exchanges in India have faced difficulties at various levels since the Reserve Bank of India [RBI], the country’s central bank purportedly implemented a ban on dealing with crypto-related businesses. Furthermore, the exchange has not disclosed details regarding its Twitter post, whether the suspension in effect is a total shuttering of its services, reported Cointelegraph.

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