MiCA Published, Don’t Avoid Russian Crypto Taxes and More

Global Regulations, 25th September – Coinfirm has a brief look on the week’s global compliance and regulatory news affecting our stakeholders.

SEC and OCC Issue First Regulatory Clarifications for Stablecoins

The Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC) published stablecoin guidance Monday, providing the first detailed national guidance on how cryptocurrencies backed by fiat currencies should be treated under law. In the press release, federally regulated banks were welcomed to do business with stablecoin issuers. – READ MORE

EU Officially Publishes MiCA

Following a leak of the bill last week, the European Union has officially proposed legislation yesterday dubbed “Regulation on Markets in Crypto Assets”, or MiCa, which seeks to turn cryptocurrencies into a regulated financial instrument.

The legislation is a serious and comprehensive act that will provide rules on digital asset custody and capital requirements, stipulating what the relationship between the token issuer and the token holder will be, laying out a procedure for investors to file complaints, passporting rights and more. – READ MORE

ECB Crypto-Assets Task Force Releases Stablecoin Report

On Tuesday the European Central Bank Crypto-Assets Task Force has issued a comprehensive report on stablecoins in which the central bank thinks “Stablecoins Should Not Be Named Stablecoins”, amongst other ideas on the assets. – READ MORE

Mining Activities Now Regulated by Venezuela

Venezuela’s National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, has issued the first decree to officially regulate all crypto mining activities (with the fine print of joining the state mining pool).

But it might be difficult for those miners to take their gains out of the country. The news comes after Maduro’s government has clamped down on cryptocurrency exchanges to prevent remittances out of the national economy. – READ MORE

Russian Crypto Tax Avoidance Punishable By Up To 3 Years In Prison

Russia’s Finance Ministry is proposing that individuals who fail to report an amount of over 1 million Russian rubles ($13,000) in annual crypto operations should serve a three-year prison term or hard labor.

However, earlier this month, the ministry proposed a blanket ban on any crypto transactions except for obtaining it through three methods: inheritance, bankruptcy and enforcement proceedings. – READ MORE

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