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Cryptocurrency news - The U.S. regulatory storm is coming, and the cryptocurrency world may be shaken! 💥🌪️

Highlights at a glance:
• The U.S. House of Representatives Finance Committee launched a series of moves in September, and the currency circle is surrounded by crises 🏛️⚠️
• DeFi, SEC supervision, and anti-fraud have become the focus, and market shocks are inevitable 📊🔍

Possible impacts:
1. DeFi projects: Be on high alert! The probability of regulatory tightening is 80% 🚨💱
- Compliance costs are rising and innovation may be limited
- Some projects may be forced to withdraw from the US market

2. Exchange: Increased risk, 70% chance of rectification 🏦⚖️
- KYC/AML requirements may be more stringent
- Some tokens may face the risk of being delisted

3. Investors: It is better to be cautious, the probability of market fluctuation is 90% 📈📉
- Panic may lead to selling in the short term
- Long-term or promote the healthy development of the industry

4. Token price: 85% chance of significant fluctuation 💰🎢
- Regulatory news may trigger short-term sharp decline
- Compliance tokens may benefit

5. Industry development: reshuffle is imminent, and the probability of transformation is 75% 🔄🚀
- Non-compliant projects will be eliminated
- Compliance innovation has become a new trend

Suggestions for action:
• Pay close attention to the outcome of the September hearing
• Review investment portfolio and reduce high risk exposures
• Focus on compliance program opportunities
• Maintain sufficient capital to weather market fluctuations

Conclusion:
This regulatory storm is likely to reshape the cryptocurrency industry. A wise person should plan ahead and act with caution. Risks and opportunities coexist, the key is how to deal with them!
#sec #監管 #今日异动版块
Disclaimer: This article is for reference only and does not constitute investment advice. Cryptocurrency investment is risky, so you need to be cautious when entering the market.
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[Cryptocurrency Tax Challenges and Spanish Deadlines]
In order to strengthen cryptocurrency tax management, the Spanish government requires residents to declare overseas platform crypto assets before March 31, 2024. The Spanish Tax Agency has launched Form 721 for reporting foreign virtual assets, with a submission period from January 2024 to the end of March. The rule applies to individuals with more than €50,000 (approximately $55,000) in crypto assets, with self-directed wallet holders required to report on standard wealth tax form 714.

The move reflects the Spanish tax authority’s efforts to increase tax compliance for crypto asset holders. In April 2023, the agency issued 328,000 warnings, a significant increase from the year before. Spain is working on comprehensive cryptocurrency regulations and is expected to implement EU cryptoasset market regulations in December 2025, six months ahead of the official deadline. The National Securities Market Commission has also initiated proceedings against technology providers for violating cryptocurrency promotion rules for the first time.

Globally, cryptocurrencies present unique challenges in integrating tax systems, especially at the implementation level. The semi-anonymous nature of cryptocurrencies makes third-party reporting difficult, and their dual nature as both an investment asset and a means of payment adds to tax complications.
As countries grapple with the details of cryptocurrency taxation, the need for a regulatory framework that is both nuanced and flexible is demonstrated to balance the unique characteristics of cryptocurrencies with the needs of tax and financial regulation.

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[Cryptocurrency advocates slam the cancellation of digital asset proposals in the 2024 US defense bill: "a missed opportunity"]
Two cryptocurrency regulatory proposals that would have aimed to regulate money laundering and scrutinize financial institutions were not included in the latest U.S. defense bill.
Under the National Defense Authorization Act recently unveiled by U.S. lawmakers, encryption provisions that originally sought to establish reporting on the use of privacy coins and create anti-money laundering measures among virtual currency service providers have been excluded.
The U.S. government is obliged to pass this bill, which was jointly developed by the U.S. House of Representatives and the Senate. While the Senate's version of the NDAA included both encryption provisions, they were not included in the final House draft.

The Chamber of Digital Commerce, a trade association dedicated to advancing the blockchain and crypto industry, regretted the decision, calling it a "missed opportunity."
The Senate amendment included a provision requiring the Treasury Secretary to establish a comprehensive review and evaluation system for financial institutions. The system is designed to assess the adequacy of crypto-assets’ reporting obligations under money laundering rules and ensure that companies comply.
After the proposed rule was rejected, it may mean that cryptocurrencies will not receive a clear regulatory model in the US market.

U.S. lawmakers have been calling on President Joe Biden to enact laws to limit the use of virtual currencies in terrorism. Sen. Mitt Romney, R-Utah, Mark R. Warner, D-Virginia, and Jack Reed, D-Rhode Island, recently introduced legislation aimed at imposing penalties on financial institutions that use cryptocurrencies to support terrorist groups. sanctions.
The bill proposes to ban or impose severe penalties on companies and institutions involved in financing terrorism, and requires the president to prohibit financial institutions from transactions using digital assets with entities prohibited under the law.
The bill proposals appear to be based on reports that Hamas has received more than $90 million in cryptocurrency from its supporters. Hamas is considered a terrorist organization by the U.S. government. Although blockchain analytics firm Elliptic has refuted these claims, U.S. lawmakers are actively pushing for the Terrorist Financing Prevention Act of 2023 to combat terrorist financing through sanctions.

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[Turkey President Recep Erdogan appoints cryptocurrency expert to central bank’s monetary policy committee]
Türkiye’s president appointed Fatma Özkul to the central bank’s monetary policy committee. Özkul is a faculty member in the Department of Accounting and Finance at the School of Business Administration at Marmara University and has published several academic publications in the accounting and auditing industry. She is also an advisory board member of the BlockchainIST Center and the author of several books, including Accounting for Cryptoassets, which won the Financial & Economics Book of the Year award.

President Erdogan formed a new economic management team following his election victory in May this year and appointed former Goldman Sachs Group Inc. banker Hafize Gaye Erkan as central bank governor in June. Separately, Turkey's central bank made personnel changes in July and this week raised its policy rate to 42.5%.
Facing the challenge of high inflation, the Turkish government is working hard to regulate domestic cryptocurrency trading and plans to submit a draft bill for crypto market regulation next year. Turkey, the fourth-largest country in the world by crypto trading volume, is actively seeking to exit the Financial Action Task Force (FATF) gray list.

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[China cracks down on cryptocurrency activities, RenrenBit founder sentenced to jail]
In a major crackdown on illegal cryptocurrency activity, China's Supreme People's Procuratorate sentenced Renrendai founder and Bitfinex minority shareholder Zhao Dong to seven years in prison. Zhao Dong faces legal sanctions for suspected illegal business activities and unauthorized foreign exchange transactions, demonstrating China's resolute attitude towards cracking down on illegal activities in the industry.
Zhao Dong is an important figure in the over-the-counter digital asset market. His case involves the joint crackdown on foreign exchange criminal activities between China’s Supreme People’s Procuratorate and the State Administration of Foreign Exchange. His sentencing is part of China's wide-ranging campaign against eight cases, focusing on international activities involving foreign exchange fraud and financial fraud.

China carefully investigated and tracked accounts linked to these criminal activities, and prosecutions relied on bank statements, communications records, confessions and witness statements. These cases reveal a new trend in foreign exchange crime, with criminals adopting more sophisticated methods to evade regulation, including using virtual currencies and social media to conduct illegal financial activities.
China's Supreme People's Procuratorate and the State Administration of Foreign Exchange said they are committed to financial security, and this cooperation aims to create a high-pressure environment, combat cross-border illegal financial activities, and ensure the robustness and integrity of the financial system.

According to reports on December 24, a report circulated on Chinese social platforms about the discovery of illegal banks using cryptocurrencies to bypass foreign exchange controls. Xu Xiao, an official at the Qingdao branch of the State Administration of Foreign Exchange, said the underground bank illegally exchanged RMB and other foreign currencies by purchasing and selling virtual currencies through overseas platforms. The scheme involved the transfer of more than $2.2 billion (approximately 15.8 billion yuan) through more than a thousand bank accounts in 17 regions.

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[UK Cryptocurrency Suspended: Revolut and Others Stop Services]
The UK cryptocurrency industry has received active government attention in 2023, with UK Prime Minister Rishi Sunak highlighting the goal of establishing the UK as a global Web3 hub. The strategy stems from the government’s plan a year ago to establish the UK as a global hub for crypto-asset technology and investment.
The Bank of England recently launched regulatory proposals for stablecoins and related service providers, with the aim of achieving the safe operation of stablecoins in payment systems. However, for some actual cryptocurrency users in the UK, they have faced fewer and fewer choices this year when it comes to interacting with cryptocurrencies on centralized platforms.

Among them, digital bank Revolut will suspend some cryptocurrency services in the UK. This decision comes in response to new regulatory requirements for crypto asset investments from the Financial Conduct Authority (FCA). The FCA’s new rules require all companies promoting crypto assets to be registered with the FCA and strictly require financial promotions to be fair, clear and not misleading.
These developments show that the UK cryptocurrency industry is in a state of uncertainty, especially given that the FCA’s new guidance will take time to adapt and implement. As 2024 approaches, industry players will work to ensure that these changes ultimately lead to a more stable and compliant operating environment.

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[Brazilian President approves 15% tax on overseas cryptocurrency holdings]
Starting January 1, 2024, Brazil will impose a flat tax rate of 15% on cryptocurrency profits, with annual income up to BRL 6,000 (approximately $1,200) exempt from tax.

Brazilian President Luis Inácio Lula da Silva signed a bill to tax overseas crypto assets starting in 2024. The bill not only targets cryptocurrencies, but also covers profits and dividends from overseas assets. The Brazilian government aims to raise approximately 20 billion rials (approximately $4 billion) in 2024 through this tax.
To encourage early compliance, taxpayers starting in 2023 will enjoy a reduced tax rate of 8%, payable in instalments. João Carlos Almada, the controller of Brazilian stablecoin issuer Transfero, believes that some parts of the bill need further clarity.

Crypto taxation is on the rise globally, with Brazil joining the ranks of other countries scrutinizing citizens’ offshore crypto assets. Spain reminds citizens to declare overseas crypto assets, and the United States sets clear crypto tax rules. U.S. crypto investors adopt tax-loss harvesting strategies to reduce their tax burden.

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[In 2023, the US government tries to kill cryptocurrencies]
The strict supervision of the cryptocurrency industry by the U.S. government and regulatory agencies has attracted the attention of conspiracy theorists. Former U.S. Office of the Currency Director Brian Brooks has said central banks and governments will not tolerate the existence of currency rivals.
The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have launched enforcement actions against U.S. crypto entities such as Kraken, Coinbase, and Binance. Kraken founder and former CEO Jesse Powell expressed regret over the SEC’s action.

The Biden administration criticized cryptocurrencies in the "President's Economic Report" and pointed to fraud in the industry. Congresswoman Elizabeth Warren has called for a crackdown on cryptocurrencies and even proposed legislation to ban them from self-regulation.
The closures of Silvergate, Silicon Valley Bank and Signature Bank have raised questions about the crypto industry, seen as a conspiracy against cryptocurrencies. Signature Bank board member Barney Frank believes the bank was forced to liquidate to send an anti-crypto message. New York's Department of Financial Services has denied the allegations.
FDIC Chairman Martin Gruenberg has been accused of being the architect of Operation Choking Point, which has been challenged by lawsuits and hearings. Frank criticized the government for abusing its power, arguing that the cryptocurrency scare led to the closure of Signature Bank.

In 2023, the U.S. judicial department fought back against agencies such as the SEC, but the damage to the encryption industry appears to be irreversible. U.S. attitudes toward the crypto industry may not change much in 2024, with many founders and companies seeking friendlier jurisdictions. This is a sad reality for the so-called “land of the free” and the entire crypto industry.

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♠️Nigerian SEC releases big move! Crypto exchanges and individuals beware!

♥️Latest developments:
• SEC announces that it will take action against non-compliant individuals and exchanges
• SEC Director-General Emomotimi Agama personally announced, emphasizing investor protection
• Busha and Quidax exchanges were approved to operate in the regulatory sandbox two weeks ago

♣️SEC warning:
• Many unapproved crypto platforms are still in operation
• Those who do not comply with regulatory requirements will face enforcement action

♦️Thinking questions:
1. What impact will this action have on the Nigerian crypto market?
2. Will other African countries follow up with similar regulatory measures?
3. How should crypto companies find a balance between compliance and innovation?

Brothers, Nigeria's operation is ruthless enough! Those who comply with the regulations are on board, and those who do not comply are ready to run away? Do you think this will be a new starting point for crypto regulation in Africa? See the answer in the comment section!
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