Digital Currency and Blockchain Weekly Round-Up – June 28th, 2019
Fri, 28 Jun 2019, 11:37 am UTC
FATF to move cryptocurrency operators from "dark shadows” as it calls for stronger regulations
The Financial Action Task Force (FATF) will focus on combating money laundering and terrorism financing by strengthening cryptocurrency regulations for its member nations. U.S. Secretary of the Treasury Steven Mnuchin said the new policy will require crypto-asset service providers to follow the usual procedures of traditional institutions in complying with anti-money laundering (AML) and combating the financing of terrorism (CFT) protocols.
IRS in hot pursuit of cryptocurrency tax evaders
The U.S. Internal Revenue Service (IRS) will start auditing taxpayers who own crypto-assets, according to Bloomberg. As per the report, the IRS has established a list of taxpayers who have failed or underreported their earnings from crypto income. Identified U.S. citizens should expect to receive a notice letter in the near future.
SEC to begin bitcoin ETF public discussions
In a recent announcement, the U.S. Securities and Exchange Commission (SEC) is finally scheduling a public discussion of a possible exchange-traded fund (ETF) using bitcoin. This has been something that many traders and SEC Commissioner Hester Peirce have been pushing for.
Bank of International Settlements calls for coordinated regulation on big tech firms Facebook, Google, Amazon
The Bank of International Settlements (BIS) has cautioned that financial services provided by giant companies like Alibaba, Amazon, Facebook, Google, and Tencent could come with new risks for the banking sector as well as some market failures. The report, which was released after Facebook recently announced its cryptocurrency project Libra, warned that these major companies can “rapidly establish a dominant position because of their large user bases.”
Malta to require all rental contracts to be registered on blockchain
The Malta government’s new rent laws will require all property rental contracts to be registered on the blockchain, Malta Today reported, citing the island nation’s Prime Minister Joseph Muscat. According to the report, the new initiative, which will implement distributed ledger technology (DLT), aims to protect contracts from being tampered with and accessed by unauthorized parties.
Facebook to face House and Senate inquiries over Libra
Facebook is no stranger to being called by the House of Congress and the Senate, with this happening several times in the past due to the social network’s controversial activities. This time, Mark Zuckerberg’s company will be facing scrutiny over its Libra crypto venture. Lawmakers from all sides are basically alarmed at the prospect of the biggest social media company in the world having its own cryptocurrency.
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