Her Majesty’s Revenue and Customs, the tax agency for the United Kingdom, has released a set of guidelines that are to guide crypto investors on how to make tax payments and how they should see their digital assets. The updated guidelines were drafted to help token holders to meet their taxation obligations by bringing clarity
The Monetary Authority of Singapore (MAS) has updated its guide for businesses that want to raise capital via initial coin offerings (ICOs). The modified draft follows up to the announcement of introducing a “New Payments Framework” made in the original draft. It elaborates the Singapore central bank’s stance on how certain intermediaries should observe its instructions
The post Singapore Central Bank Publishes Updated ICO Guidelines appeared first on CCN
Citing “informed sources,” Japanese press outlet JIJI Press reports that the Japanese Financial Services Agency is soon to regulate Initial Coin Offerings. The regulation will involve investment limits “for better protecting them.” Similar to how securities tokens are required to register with the American SEC in the United States, companies which intend to issue virtual
The post Japan’s Financial Regulator to Issue ICO Guidelines: Report appeared first on CCN
More than a dozen members of Congress have signed a letter asking Securities and Exchange Commission (SEC) Chairman Jay Clayton to clarify the guidelines the agency uses to determine whether cryptocurrency assets are securities under federal law. The letter, which according co-signer Rep. Ted Budd (R-NC) has already been signed by 15 lawmakers across the
The post 15 Congress Members Ask SEC to Clarify Cryptocurrency and ICO Guidelines appeared first on CCN
A group of U.S. legislators has asked the Internal Revenue Service (IRS) to provide updated guidelines on how taxpayers should report profits associated with investing in bitcoin and other cryptocurrency assets. Republicans Criticize IRS for Enforcing Tax Law without Clear Guidance In a letter dated Sept. 19 and published on the House Ways and Means
The post 5 Members of Congress ‘Strongly Urge’ IRS to Update Bitcoin Tax Guidelines appeared first on CCN
KYC and AML procedures play an increasingly important role in the world of cryptocurrency. This is especially true when dealing with initial coin offerings. IdentityMind has already processed 150 client requests in the past few months. It’s a very positive trend that will bring more legitimacy to the ICO industry moving forward.
IdentityMind is on a Roll
While the number of initial coin offerings has not decreased by any means, the same old concerns remain in place. More specifically, a lot of projects can still be considered securities, and not all of these fundraising initiatives take the necessary KYC and AML procedures into account. This is quite worrisome, as such procedures are a mandatory requirement in most parts of the world.
The Australian Securities and Investments Commission (ASIC) will update their guidelines to better reflect the evolving cryptocurrency industry, John Price, one of their commissioners, revealed in his speech at a fintech conference in Sydney on April 26. Price further cautioned any company planning to conduct an ICO against thinking of it as a way to avoid government regulation, while also expressing the commission’s commitment to fostering innovation in the fintech sector without sacrificing consumer protections.
Prohibition Of Deceptive Conduct
Having released Information Sheet 225 last year, the commission felt the need to update it to better reflect the current market and to include more details on cryptocurrencies. The commission is very keen to clamp down on deceptive marketing tactics that have become worryingly popular.