In our “Regulation” section, we cover laws, policies, and regulatory decisions affecting cryptocurrencies and blockchain technologies worldwide. Here you will find updates on government actions, compliance requirements, and legal frameworks shaping the crypto market. Read the “Regulation” section on ForkNews to stay informed about how regulation impacts the digital asset industry.
The Federal Reserve Bank of St. Louis has identified several common qualities of bitcoin and fiat currencies. Earlier this year, the US Internal Revenue Service (IRS) reminded that transactions with cryptocurrencies should be taxed like transactions with any other type of property. The service considers cryptocurrency (not just bitcoin) to function in the same way as traditional currencies, but nevertheless considers it property and not currency for tax purposes.
China declared war on cryptocurrency in late 2017, banning initial coin offerings (ICOs) and cryptocurrency transactions in the country. Now the country's authorities are celebrating their victory, declaring that cryptocurrency activities have indeed ceased.
Representatives of the French Central Bank again emphasized the importance and necessity of crypto regulations. Francois Villeroy, the governor of the national bank, called for an “internationally harmonized approach” to addressing issues in the global cryptocurrency market.
The Central Bank of Iran has banned banks under its control from carrying out any transactions with digital currencies. “The use of bitcoin and other types of cryptocurrencies is prohibited in all financial institutions in the country,” the statement said.
Kali Digital Eco-Systems filed a lawsuit against the Central Bank of India. India's complex relationship with virtual currencies and cryptocurrency operators will now be decided in court.
According to media reports, major venture capital firms have asked the Securities and Exchange Commission (SEC) not to regulate digital token transactions. They argued that government regulation could stifle innovation in the development of cryptocurrency and blockchain.
At the moment, there are many dangerous trends associated with blockchain technology. Companies that are not doing well announce plans to get involved in cryptocurrency activities, and their stock prices begin to skyrocket. This is one of the most popular price speculation schemes. However, for Riot Blockchain, this decision took a very unexpected turn.
A lot is changing in the world right now regarding cryptocurrency. Banks are slowly turning 180 degrees towards this new form of money. After years of opposition to Bitcoin, financial giants are now entering the cryptocurrency markets. The oldest British bank, Barclays, also decided to consider this possibility; bank executives began to note that they are quite progressive in their attitude towards digital money.
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