Authority

The authority responsible for the regulation of the blockchain and cryptocurrency industry, known as the National Superintendence of Cryptos Related Activities of Venezuela, SUNACRIP, recently released regulations dealing with the sending and receiving of remittances in digital currency friendly nations within the South American continent. The authoritative instrument was publicly published in the Official Gazette 41,581 on Feb 7 this year, DiarioBitcoin reports.

Member of the European Parliament Eva Kaili endorsed blockchain technology, cryptocurrency adoption, and their regulations. Heartily, Kaili sees blockchain technology is a technology with significant potential and ability.

The Cagayan Economic Zone Authority (CEZA), Philippines’ “fintech city”, has drafted new rules for the acquisition and trading of digital currencies such as Bitcoin, Ripple, and Ethereum in the Philippines meant to efficiently regulate and shield investors from the risks and danger associated with cryptos, MediaOutReach reports.

The Financial Conduct Authority (FCA), an autonomous financial watchdog in the U.K, has started consulting on guidance related to virtual currencies, as per a Wednesday, January 23, official release.

The Netherlands Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB), the country’s central bank, are industriously thrusting ahead for a national licensing scheme for digital currencies.

The cryptocurrency industry is growing at terrible speed across the world and this has forced investors, the public and executives to yearn for stronger and clearer regulations. In 2017 we saw the “Bitcoin (BTC) Bubble” with soaring prices and much care, focus, and attention directed towards digital currencies.

The U.K disclosed that it has rolled out a total of 67 different inquiries into cryptoasset firms, out of which 49 were successfully closed and 18 are still ongoing. To boot, the U.K government has ratified that it is poised for action to offer more aid to the Financial Conduct Authority (FCA) to assist regulate the cryptocurrency sector.

The United Arab Emirates (UAE) Securities & Commodities Authority (SCA), a regulatory body, has officially approved Initial Coin Offerings (ICOs) tokens as securities and a full framework is expected to be revealed in mid-2019, Arabian Business and TheNational.ae, a local news outlet, reported.

The tax agency of the U.K published an exhaustive explanation of how it looks at digital assets plus how users will be taxed on their holdings, on Wednesday, December 19, 2018. Now, individuals who get crypto as a gift won’t pay the same taxes as those anticipating to accumulate money with them.