The Republic of Lithuania has shared its intention in introducing new rules for cryptocurrency business in the country in the coming months. The Director of Lithuania’s Finance Ministry Financial Market Policy, Sigitas Mitkus have explained, “We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators.”
Hong Kong has recently shared its intention in sending illegal cryptocurrency miners to prison as an effort in protecting the public. A list of answers was published to the questions of government of Hong Kong submitted by the Legislation Council in the country referring to the action took by the Secretary for Financial Services and the Treasure on cryptocurrency investment activities in the country.
A G20 meeting to be held in Japan will be discussing the cryptocurrency and AML regulations on June 8th and 9th. The meeting aims to create a regulatory framework which will help to reduce the money laundering cases in cryptocurrency activities and will be encouraging the cryptocurrency companies to adopt stringent know-your-customer (KYC) policies.
The Brothers (Vivek and Amit Bhardwaj) who have been charged for running a ponzi scheme on Bitcoin have been granted interim bail by Supreme Court of India. Their lawyer Deepak Prakash clarified “While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case.”
A Cryptocurrency tax software CryptoTrader.Tax has integrated with leading American tax software Intuit TurboTax. David Kemmerer, co-founder of CryptoTrader.Tax said, “You simply import your cryptocurrency trades into the platform using the technology we have built. The software will automatically crunch your capital gains and losses numbers and generate the necessary tax documents,”
A local press has reported that the South Korean officials are considering to revise the existing cryptocurrency regulation in the country. The co-president of the 4th Industry Forum of the National Assembly, Song-Hee-Kyong explained, “The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”
The Financial Services and Markets Authority (FSMA) of Belgium has included 120 crypto related websites in its updated warning list. In its statement “They offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them,”
A Court in Toronto, Canada has ordered an online drug dealer to forfeit his Bitcoin worth of $1.9 million stored in his computer. Justice Jane Kelly stated: “It is a reasonable inference to draw that payment for such illegal narcotics sales was made using Bitcoin that was found in the digital wallet on Mr. Phan’s computer”
Federal Minister for Digital and Economic Affairs Austria, Margarete Schramböck shared her point on view and explained, “We do not need regulation for Blockchain as We also do not regulate technologies such as machine learning or C ++”. Although she agrees cryptocurrencies needs to be regulated to avoid crimes such as fraud, tax evasion, & money laundering.
The Malta Financial Services Authority (MFSA) has given license to 14 crypto assets agents and will now be assisting these to adopt business to the new Virtual Financial Assets Act (VFA). Silvio Schembri, Parliamentary Secretary for Financial Services told that the banks were waiting for them to obtain approval before offering them services.