This week the US officials pushed new crypto regulations, France issued its first ICO approval, China put diamonds on blockchain. Get fresh crypto news with Break’N Crypto by BTCMEX.
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Muslim Crypto to confront the US
The president of Iran, Hassan Rouhani, made a proposal to create a Muslim cryptocurrency to shake the economic dominance of the US.
At the conference in Malaysia, Rouhani, appealed to the Muslim nations to unite financially in order and confront the economic power of the United States. Rouhani called the US economic sanctions the “main tools of domineering hegemony and bullying” of other nations.
“The Muslim world should be designing measures to save themselves from the domination of the United States dollar and the American financial regime”, said the President. Local reports confirmed that Rouhani also proposed the creation of a Muslim cryptocurrency.
France gives green light to ICO
Autorité des Marchés Financiers, the French financial regulator, gave the contra’s first approval on ICO applications on December 17.
The application came from French-ICO, the investment company, that developed a cryptocurrency funding platform. The official notice was posted on the AMF website. AMF also clarified, that although ICO is legal in France, only whitelisted companies’ ICOs may be marketed directly to the public.
BTCMEX reported earlier, that France has officially announced the launch of its national cryptocurrency.
US Congress wants to clarify Crypto regulations
Eight US Congressmen sent the letter to Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws.
“We wrote in April of this year urging the issuance of guidance for taxpayers who use cryptocurrencies and we are pleased to see that you have issued guidance and addressed many questions we posed. We are, however, concerned that this recent guidance creates many new questions related to the topics it seeks to address, namely forks and airdrops”, stated the letter.
The letter also requested to cast light on forks and airdrops regulations. It also pointed out the lack of clarity in taxation on futures trading and interest earned from digital asset deposits.
The new US Bill redefined Crypto
According to the draft bill proposed by Paul Gosar, an Arizona Congressman, cryptocurrency assets should be divided into three categories: crypto-commodities, crypto-currencies, and crypto-securities.
Crypto-commodities are defined as economic goods or services, stored on a blockchain, with fungibility and which the market treats with no regard as to who produced it.
Crypto-currencies are defined as representations of U.S. currency or synthetic derivatives resting on a blockchain. This covers reserve-backed stablecoins, and currencies determined by decentralized oracles or smart contracts.
Crypto-securities cover all debt, equity and derivative instruments on a blockchain, other than those which are operated and registered as complaint money services businesses.
The Crypto-Currency Act of 2020 sets out which Federal agencies should regulate each type of crypto assets. This means that there would not be a single authority to regulate digital assets, but each type of crypto would fall under the jurisdiction of a different body.
Russia and China put Diamonds on Blockchain
The world’s largest diamond mining firm, Alrosa, partnered with Chinese Tencent to build a new e-commerce project on WeChat. The idea is to launch a blockchain diamond retail program for WeChat users. The blockchain technology is provided by the Everledger.
The three companies claim the project is here to improve transparency and build trust across the diamond supply chain. The program will provide detailed information about the stones’ origin, characteristics and ownership history.
China is known for its interest in precious metals and valuable commodities. Financial analytics suppose that Chinese national crypto will be backed by gold.
Thailand to issue E-visas on Blockchain
Thailand is one of the most visited countries in the winter season. Thai immigration has initiated the electronic visa-ob-arrival project, build on blockchain to improve security measures.
Thailand’s new blockchain-powered eVOA system intends to speed up and protect the digital visa application process and will soon be available for five million visitors from 20 countries.
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