Draft | Digital Money Times

EU Takes Aim At Bitcoin Mining Industry With Upcoming Draft Law: Report

October 18, 2022 By Mark Lyford Leave a Comment

The EU is set to release draft legislation which would hinder the bitcoin mining industry while encouraging the use of proof-of-stake based cryptocurrencies.

The European Union is set to release an energy efficiency label from Bitcoin and proof-of-work cryptocurrencies in an effort to deter energy consumption, per a report from Bloomberg.

The European Commission is reportedly working with international partners to create a grading measure meant to “encourage more environmentally friendly crypto systems such as proof-of-stake,” per a draft proposal seen by Bloomberg News. Read more...

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U.S. Lawmakers Draft Bill To Allow Bitcoin, Crypto In 401(k) Plans

September 30, 2022 By Mark Lyford Leave a Comment

The bill amends ERISA of 1974 to include digital assets under “covered investments,” thereby shielding investment managers from liability.

Republican lawmakers drafted a bill enabling investment managers to offer bitcoin in 401(k) plans.
The bill seeks to remove liability for a breach of fiduciary duty for offering access to bitcoin and cryptocurrencies.
The bill is likely to be presented following the midterm elections in November 2022.

Three republican members of Congress presented a bill, named the Retirement Savings Modernization Act, designed to enable investment managers to offer bitcoin and cryptocurrencies in their 401(k) plans, per a Congressional filing. Read more...

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Indian Government Unveils Draft Crypto Bill Ahead of Supreme Court Hearing

July 23, 2019 By Mark Lyford Leave a Comment

The Indian government has officially released the report by the interministerial committee tasked with proposing crypto measures. The announcement came one day before the country’s supreme court was scheduled to hear the writ petitions against the crypto banking restriction. The report contains the draft bill which proposes a ban on cryptocurrency.

Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments

Draft Bill Now Public, Supreme Court Hearing Delayed

The Indian supreme court was scheduled to hear the crypto case on July 23. It was expected to address the banking restriction by the central bank, the Reserve Bank of India (RBI). However, the case was not heard by the court on Tuesday. Read more...

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How US ‘Keep Big Tech Out of Finance’ Draft Bill Targets Facebook’s Libra

July 14, 2019 By Mark Lyford Leave a Comment

Facebook’s digital currency plans have caused concern among bureaucrats worldwide and members of the U.S. government seem fearful of a giant tech establishing itself as a financial institution. Prior to the U.S. congressional hearings and the upcoming G7 finance meeting, a U.S. discussion draft bill, the Keep Big Tech Out of Finance Act, hopes to stop large tech corporations from “maintaining, or operating a digital asset.”

Also read: How 10 Countries Respond to Facebook’s Libra Cryptocurrency Read more...

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Bermuda Issues Draft Crypto Custodial Services Regulation

December 22, 2018 By Mark Lyford Leave a Comment

The Bermuda Monetary Authority (BMA), the island’s foremost financial services regulator, has published a draft regulation for cryptocurrency custodial services. The regulation – Code of Practice for Digital Asset Custody – outlines prescriptions to ensure the secure handling of customers’ crypto assets.

Also read: Brazilian Supermarket Chain Now Accepts Payment in Bitcoin

‘Safe Space for Investment’

The authority, which is also tasked with prevention of financial crime, drafted the code to expand a safe space for investment that will not only protect local investors but also attract foreign businesses, it said in a statement on Dec. 18. Read more...

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Japan Publishes Draft Report of New Cryptocurrency Regulations

December 17, 2018 By Mark Lyford Leave a Comment

Japan’s Financial Services Agency has published its draft report outlining new cryptocurrency regulations. The report contains measures in areas that are not currently addressed in existing laws such as hacking incidents, self-regulation, deemed dealers, privacy coins, and margin trading.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

New Crypto Regulatory Framework

Japan’s top financial regulator, the Financial Services Agency (FSA), published a draft report outlining the country’s new regulatory framework for cryptocurrencies and initial coin offerings (ICOs) on Friday. The report, which was discussed at the agency’s 11th study group meeting, contains recommendations from the previous 10 study group meetings. According to local media, there was no major objection to the proposed measures in the report so the FSA is expected to draft regulations based on its content. Read more...

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Bahrain Central Bank Publishes Draft Cryptocurrency Regulations

December 15, 2018 By Mark Lyford Leave a Comment

The central bank of Bahrain has kicked off a consultative process on cryptocurrency platforms in the kingdom by publishing the relevant draft regulations. According to the Bahrain News Agency, the draft rules — which target the operations of crypto-asset platforms — aim to provide a regulatory framework for the supervision and licensing of these services.

The post Bahrain Central Bank Publishes Draft Cryptocurrency Regulations appeared first on CCN

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China Seeks Public Feedback on Draft DLT Regulations

October 30, 2018 By Mark Lyford Leave a Comment

The Cyberspace Administration of China (CAC) has announced that it will accept public feedback through Nov. 2 on draft rules it recently published to regulate blockchain projects, but the proposed legislation has already drawn a mixed response from distributed ledger technology (DLT) analysts.

Also Read: Bitstamp Confirms Acquisition by South Korean Company

Strict Rules for DLT Users

The CAC said it has designed the proposed rules to uphold national security and protect the interests of companies and the general public, while facilitating the development of the blockchain industry. The guidelines require real-name registration for all DLT users and obligate all blockchain companies in China to store user data for government inspection for periods of up to six months. Read more...

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UK: Cryptocurrency Regulations May Take 2 Years for Lawmakers to Draft

October 15, 2018 By Mark Lyford Leave a Comment

Cryptocurrency regulations in the UK could take up to 24 months to be introduced according to a legal expert at a UK based law firm. James Kaufmann, Legal Director at Reynolds Porter Chamberlain (RPC) UK, while commenting on the subject in a statement published by his company, said it could take two years to introduce such

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South African Releases Draft Cryptocurrency Tax Law

August 9, 2018 By Mark Lyford Leave a Comment

The South Africa Revenue Service (SARS) recently released a draft cryptocurrency tax legislation. The draft defines the framework of virtual currency taxation in the country.

Details of the Draft Cryptocurrency Tax Legislation

The draft cryptocurrency tax legislation follows on from the press release issued by SARS in April 2018. At that time, the tax agency categorically laid out plans to tax income earned via virtual currency transactions. As part of the April 2018 press release, SARS said: Read more...

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Philippine SEC Approves Draft Rules for ICOs and Crypto

August 2, 2018 By Mark Lyford Leave a Comment

The Philippine SEC (Security and Exchange Commission) approved draft rules for initial coin offerings (ICOs), ABS CBN News reported. This official approval will pave the way for the legal sale of cryptocurrencies in the Philippines. The Securities and Exchange Commission has released, for public comment, the proposed rules to govern the registration of initial coin offerings, which will be considered when the actual rules will be implemented, SEC Chairman Emilio Aquino said.

Also read: Philippine SEC to Develop Cryptocurrency Regulations Read more...

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The Genesis Files: If Bitcoin Had a First Draft, Wei Dai’s B-Money Was It

June 17, 2018 By Mark Lyford Leave a Comment

All Cypherpunks value privacy; it’s basically the founding principle of the collective of cryptographers, academics, developers and activists grouped around the 1990s mailing list by the same name. But few put it in practice like Wei Dai does. Once described as an “intensely private computer engineer” by the New York Times, not many personal details are known about the man who, two decades ago, dreamed up an electronic cash system intriguingly similar to Bitcoin. Read more...

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Bermuda Reveals Draft Crypto Regulations, Plans to Embrace ICOs

April 16, 2018 By Mark Lyford Leave a Comment

The Bermuda Monetary Authority has issued a consultation paper on draft regulations pertaining to “virtual currency businesses” and initial coin offerings (ICOs). The proposed bill seeks to create a framework that encourages and fosters the development of Bermuda’s nascent cryptocurrency industry.

Also Read: 16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan

Bermuda Reveals Regulatory Proposals for Crypto Industry

The minister of national security, Wayne Caines, described the proposed regulations a “landmark legislation for Bermuda,” adding that “The emergence of new financial products and services created through the use of technology has opened new and exciting opportunities for entrepreneurs and businesses.” Read more...

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Thailand Approves Draft Decree on Crypto

March 30, 2018 By Mark Lyford Leave a Comment

The Thai cabinet has approved a draft decree to regulate cryptocurrencies and initial coin offerings. The definition of digital assets has been modified from the previous draft but the tax structure remains. All crypto businesses must obtain licenses and report information to the anti-money laundering office.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Royal Decree to Regulate Crypto Approved

The Thai cabinet has approved a draft of a royal decree to regulate cryptocurrencies and initial coin offerings (ICOs), according to local media. Read more...

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