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European Union (EU) lawmakers have agreed to pass a controversial European data law that has previously drawn criticism from the cryptocurrency community. The law, which aims to encourage greater use of data resources for learning algorithms, will update EU regulations on smart contracts to include a kill switch that will allow them to be safely terminated. Obviously, this goes against the fundamental idea of trust in smart contracts.
Meanwhile, the European Commission has proposed a legislative plan for the digital euro, aiming to make it a widely accepted and easily accessible form of payment. The announcement highlights that allowing individuals to receive digital euros through their banks on demand ensures easy access and prevents citizens from being left behind. The offer also includes provisions for free basic digital services in euros, privacy protection and offline payments.
But this is not all hopelessness for cryptocurrencies in the old continent, especially at the local level. For example, the National Council of Slovakia has approved an amendment that will reduce personal income tax on profits received from the sale of cryptocurrencies that the user owns for at least one year. Taxes will be reduced to 7%, which is a significant reduction from the current sliding tax rate of 19% or 25%. Payments received in cryptocurrencies up to €2,400 ($2,600) will not be taxed.
Coinbase Seeks SEC Claim Dismissed, Alleging Excessive Impairment of Process
In an ongoing legal battle between Coinbase and the US Securities and Exchange Commission (SEC), the US-based cryptocurrency exchange has filed a motion to dismiss the SEC complaint. In a legal document filed in the United States District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting that the agency is going beyond its legal authority.
The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff has no legitimate legal claim. Coinbase’s legal team said in a statement: “Even if the SEC was correct that the assets and services it identifies are within the scope of its existing regulator, this [юридическое] the action must be rejected on independent grounds because it violates Coinbase’s due process rights. and constitutes an extreme abuse of process.”
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Kraken ordered the court to disclose user data to the IRS
The U.S. District Court for the Northern District of California has ordered cryptocurrency exchange Kraken to release account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to determine if any of the exchange’s users have understated their taxes. Kraken is required to provide information about users who have participated in transactions of more than $20,000 during a calendar year, including names (real or pseudonyms), dates of birth, tax identification numbers, addresses, phone numbers, email addresses, and various other documents. .
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cryptocurrency “regulatory approach is not needed now” in New Zealand
Ian Woolford, director of money and cash at the Reserve Bank of New Zealand (RBNZ), said “regulatory approach is not needed now” although increased vigilance is needed. Wolford’s statement was accompanied by a summary of 50 stakeholder submissions for an earlier RBNZ paper that discussed cryptocurrencies and decentralized finance. It looks like the RBNZ is waiting to see how other jurisdictions will regulate the cryptocurrency before making moves of their own. Meanwhile, the country ranks 108th out of 146 in the Chainalysis 2022 Global Cryptocurrency Adoption Index.
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Reading 3 min Views 4 Published Updated
European Union (EU) lawmakers have agreed to pass a controversial European data law that has previously drawn criticism from the cryptocurrency community. The law, which aims to encourage greater use of data resources for learning algorithms, will update EU regulations on smart contracts to include a kill switch that will allow them to be safely terminated. Obviously, this goes against the fundamental idea of trust in smart contracts.
Meanwhile, the European Commission has proposed a legislative plan for the digital euro, aiming to make it a widely accepted and easily accessible form of payment. The announcement highlights that allowing individuals to receive digital euros through their banks on demand ensures easy access and prevents citizens from being left behind. The offer also includes provisions for free basic digital services in euros, privacy protection and offline payments.
But this is not all hopelessness for cryptocurrencies in the old continent, especially at the local level. For example, the National Council of Slovakia has approved an amendment that will reduce personal income tax on profits received from the sale of cryptocurrencies that the user owns for at least one year. Taxes will be reduced to 7%, which is a significant reduction from the current sliding tax rate of 19% or 25%. Payments received in cryptocurrencies up to €2,400 ($2,600) will not be taxed.
Coinbase Seeks SEC Claim Dismissed, Alleging Excessive Impairment of Process
In an ongoing legal battle between Coinbase and the US Securities and Exchange Commission (SEC), the US-based cryptocurrency exchange has filed a motion to dismiss the SEC complaint. In a legal document filed in the United States District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting that the agency is going beyond its legal authority.
The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff has no legitimate legal claim. Coinbase’s legal team said in a statement: “Even if the SEC was correct that the assets and services it identifies are within the scope of its existing regulator, this [юридическое] the action must be rejected on independent grounds because it violates Coinbase’s due process rights. and constitutes an extreme abuse of process.”
continue reading
Kraken ordered the court to disclose user data to the IRS
The U.S. District Court for the Northern District of California has ordered cryptocurrency exchange Kraken to release account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to determine if any of the exchange’s users have understated their taxes. Kraken is required to provide information about users who have participated in transactions of more than $20,000 during a calendar year, including names (real or pseudonyms), dates of birth, tax identification numbers, addresses, phone numbers, email addresses, and various other documents. .
continue reading
cryptocurrency “regulatory approach is not needed now” in New Zealand
Ian Woolford, director of money and cash at the Reserve Bank of New Zealand (RBNZ), said “regulatory approach is not needed now” although increased vigilance is needed. Wolford’s statement was accompanied by a summary of 50 stakeholder submissions for an earlier RBNZ paper that discussed cryptocurrencies and decentralized finance. It looks like the RBNZ is waiting to see how other jurisdictions will regulate the cryptocurrency before making moves of their own. Meanwhile, the country ranks 108th out of 146 in the Chainalysis 2022 Global Cryptocurrency Adoption Index.
continue reading