Governments are tasked with bringing fair and efficient services to the public. Unfortunately, providing transparency and accountability often results in a reduction in efficiency and effectiveness or vice versa. Governments are usually forced to choose to improve one at the cost of the other. On rare occasions, technology comes along that enables governments to improve fairness and efficiency. The move from paper-based record keeping to computer databases was one such technology. The internet was another. Blockchain is the next. Like the internet before it, blockchain will not only improve how the public interacts with government services, it will have broad …
According to regional media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyzes an individual's digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process. The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the conversion of crypto assets into fiat currencies. Within these parameters, …
Europe knows it will have to embrace a digital euro soon. To become a global digital leader and avoid dependence on American and Asian technological infrastructures, European policymakers and regulators have to make progressive decisions. A critical stumbling block for Europe’s digital economic thinking is so-called stablecoins. Stablecoins can be privately issued and have the potential to become globally accepted and systemically relevant, disrupting long-established financial systems. Consequently, today’s political discussions surrounding stablecoins are dominated by concerns over financial stability and orderly monetary policy. Related: Stablecoins present new dilemmas for regulators as mass adoption looms Current regulatory plans undercut innovation …
From what started as something of a “technological experiment” with Bitcoin (BTC) over a decade ago, the crypto asset industry has become a significant driver for change in global financial markets. Cryptocurrency exchanges started as a means to enable crypto enthusiasts to trade digital coins outside the traditional financial system on a decentralized and largely autonomous basis. It is likely that combined with regulatory recognition and development of digital market infrastructures, acceptance of essential Anti-Money Laundering practices, investment in security protection systems, and recognition of investor protection measures will see these businesses continue to expand and potentially merge or compete …
The global landscape of crypto-asset regulations is diverse and, even though it is getting more complex, many regulators are still choosing to wait and see how this space develops and what others will do. Right now, all eyes are on the European Union and its bespoke approach to regulating crypto assets. As part of an expansive digital finance package announced in September 2020, the European Commission, or EC, issued a regulatory proposal titled Markets in Crypto-Assets, or MiCA. The proposal is now making its way through the legislative process and is subject to intense debates. This important regulatory step has …