EU Legislative Season: Law Decoded, October 3-10
In one week, EU institutions voted in favor of a crypto-friendly resolution, taking MiCA to the next stage.
Last week, the European Union seemed pretty busy making decisions that would define the future of the cryptocurrency industry. First, her 566 out of 705 members of the European Parliament voted in favor of a resolution drafted by her Lídia Pereira, Member of the European Parliament (MEP).
The resolution calls for authorities in 27 member states to consider a “simplified tax regime” for cryptocurrency users involved in occasional or low-value transactions, and to use blockchain technology to provide national tax authorities with “efficiency.” and promote effective tax collection.” It also asks the European Commission to assess whether the conversion of virtual currencies into legal tender is taxable, depending on where the transaction takes place.
Meanwhile, representatives of the Commission of the European Council sent the final text of the Crypto Asset Market (MiCA) Framework to parliament for a vote. If a parliamentary committee approves the text, the policy could go into effect from 2024. The committee’s next meeting is he scheduled for October 10th. Member States.
Amid the military offensive in Ukraine, it was no exception to the series of new sanctions the European Union has introduced against Russia. The new sanctions include a complete ban on cross-border cryptocurrency payments between Russia and her EU. The statement includes a ban on “any cryptocurrency wallet, account, or custodial service, regardless of wallet value.” This comes shortly after Russian authorities approved the use of crypto for cross-border payments.
Norwegian Government Proposes Removing Tax Incentives for Bitcoin Miners
Norwegian Finance Minister Trygve Slagsvold Vedum has proposed that the government scrap a scheme that allows crypto data centers to pay discounted rates on electricity bills. The government said the discount rate had to be phased out due to increased demand for electricity in certain areas. “Electricity supplies are being squeezed and prices are rising in many places. At the same time, cryptocurrency mining is increasing in Norway. We need this power for our communities,” said the minister. Told.
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Japan invests in Metaverse and NFTs
Fumio Kishida, who will be Japan’s prime minister from 2021, said the government’s investment in Japan’s digital transformation already includes the issuance of non-fungible tokens (NFTs) to local governments. He also hinted at the digitization of national ID cards. In addition, the prime minister said, “The Cabinet will promote efforts to expand the use of Web 3.0 services that utilize Metaverse and NFT.” Officials said the government will work to promote Web3 services, including those dealing with NFTs and the Metaverse.
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Kim Kardashian pays SEC $1.26 million
American socialite Kim Kardashian will pay a $1.26 million fine for her involvement in promoting a cryptocurrency scheme called EthereumMax. The U.S. Securities and Exchange Commission has released charges against Kardashian for “promoting cryptocurrency security offered and sold by Ethereum Max on social media,” without disclosing the payments received for her promotional involvement. She has settled the charges, agreed to pay $1.26 million in fines, exploitation and interest, and will cooperate with the SEC’s further investigation into the Ethereum Max project.
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EU Legislative Season: Law Decoded, October 3-10
Source link EU Legislative Season: Law Decoded, October 3-10
