Blog
Global Crypto Regulatory News - 1 August 2024
August 02, 2024
Whilst Blockpass monitors and adapts to regulatory changes around the world, we only cover some of the news and developments in articles on the Blockpass blog. However, to showcase more information around what is going on in the blockchain and crypto regulatory scene around the world, we’ve selected some prominent or interesting news and articles that feature relevant crypto regulatory and compliance developments.
- IRS to Gain Oversight of US Users’ Digital Assets
A new regulation, which will come into effect next year, will require crypto brokers in the US to provide the IRS with information on their customers’ digital asset transactions.
- Fitech and Digital Assets Gain Room to Breathe in US
Three new administrative law rulings by the Supreme Court in the US look positive for crypto enthusiasts, particularly reducing the SEC’s stranglehold on labeling digital assets as securities.
https://www.jdsupra.com/legalnews/us-supreme-court-curtails-agency-power-6514415/
https://cointelegraph.com/news/supreme-court-us-crypto-chevron
- UK Integrates DAOs into Existing Legal Frameworks
Decentralized Autonomous Organizations in the UK will be able to use existing financial regulations and tax frameworks following a decision from the UK’s Law Commission.
- Russia Legalizes Bitcoin Mining and Trading in Crypto
Legislation from the Russian State Duma permits bitcoin mining, and using crypto for international trades as Russia seeks to overcome sanctions, making KYC and AML even more vital for companies who want to avoid breaking these sanctions.
- Italy to Implement MiCA Guidelines
Crypto regulations are coming to Italy with the Bank of Italy preparing to publish guidelines on how the MiCA regulations will be implemented whilst also promoting innovation.
https://beincrypto.com/bank-of-italy-mica-crypto-regulation-guideline/
- South Korean Crypto Regulation Framework Goes Live
New laws in South Korea that have now come into effect require safety measures to be put into place, such as crypto exchanges keeping 80% of deposits in cold storage.
https://www.theblock.co/post/306169/south-korea-inaugural-crypto-law-goes-into-full-effect
- Turkey Legalizes Cryptoassets
A new law recently approved by Turkey’s parliament defines cryptoassets as ‘intangible fixed assets’ and introduces strict regulatory requirements to improve transparency and security.
https://coinjournal.net/news/cryptocurrencies-granted-legal-status-in-turkey-under-new-crypto-law/
- Latvia Enhances Crypto Regulatory Framework
The new Crypto Asset Services Law in Latvia aims to offer clear guidelines that boost growth, attract investment, develop the fintech sector and make Latvia a hub for crypto and blockchain.
https://cointelegraph.com/news/latvia-crypto-law-blockchain-economic-transformation
- Taiwan Strengthens Crypto AML Requirements
Taiwan’s Legislative Yuan has amended its AML laws to cover individuals and businesses involved with crypto services, with fines and jail time for those who fail to comply.
https://coinchapter.com/taiwans-new-aml-law-jail-time-for-illegal-crypto-operators/
Matthew Warner is a content producer and researcher at Blockpass, focusing on writing and community engagement while exploring the potential of blockchain, AI, and IoT technologies.