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Crypto Compliance: Janet Yellen for Treasury, South Korea Delays Tax and South Africa Sets Legal Definition

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Image Credit; REUTERS/Joshua Roberts

Janet Yellen Could Be Next U.S. Treasury Secretary

Former Federal Reserve Chairwoman Janet Yellen was rumored this week to have been tapped by Joe Biden to become the next U.S. Treasury Secretary. What are her thoughts on blockchain and bitcoin?

The chairwoman is seen as having positive thoughts on blockchain, saying in the past that “[Blockchain] is a very important, new technology that could have implications for the way in which transactions are handled throughout the financial system.”, but less so on Bitcoin itself – “I will just say outright I am not a fan, and let me tell you why. I know there are hundreds of cryptocurrencies and maybe something is coming down the line that is more appealing but I think first of all, very few transactions [that] are actually handled by bitcoin, and many of those do take place on bitcoin are illegal, illicit transactions.” – READ MORE

South Korean Crypto Tax Rules Delayed to January 2022 

After lobbying from the Korea Blockchain Association, cryptocurrency holders in South Korea have been given an extra quarter before implementing a new crypto taxation rule.

The 20% tax on the sale of crypto-based assets – which had originally been due to be imposed from October 2021 – will now not come into law until Jan. 1, 2022, after the National Assembly planned to delay the ruling. The tax is applicable on any gains over a threshold level of 2.5 million won (KRW), or $2,260, per year. – READ MORE

Russian Prime Minister Weighs in on Crypto 

Russian PM Mikhail Mishustin has seemed to show support for the expansion and development of the national cryptocurrency market. At a recent governmental meet hosted on Nov. 26, Mishustin proposed the introduction of legal protections for crypto holders in the country in order to contribute to the growth of the new industry. 

“Let’s make a number of changes to the Tax Code so digital financial assets can be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court.” – READ MORE 

South African Regulator Defines Cryptocurrencies

The South African Financial Sector Conduct Authority (FSCA) published a draft proposal last weekend that set out to define crypto assets as financial products. The FSCA’s directive aimed at “declaring crypto assets as a financial product under the FAIS Act.”

“The Declaration would have the effect that any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a financial services provider, and must comply with the requirements of the FAIS Act. This will include crypto asset exchanges and platforms, as well as brokers and advisors.” – READ MORE

BIS Paper on Stablecoins Zeros in on Libra 2.0

The Basel-headquartered Bank for International Settlements published the working paper ‘Stablecoins: risks, potential and regulation’ on Tuesday, which delved into the growing footprint of Tether, USDCoin and DAI – which may mean that “regulation and supervision will need to adapt quickly, both to monitor and assess risks from stablecoins, and to address risks to the economy, consumers and the financial system.”

The paper also looked at the risks of; ‘Libra 2.0’ and how the “launch of the single-currency stablecoins could hence have systemic implications, and lead to a substantial part of the money supply being taken out of the control of the central bank and the banking system” and how “stablecoin issuers may face a strong incentive to invest in risky assets, or to lend out assets backing the stablecoin, to achieve higher returns.” – READ MORE



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