Amid the ongoing discussion between the Central Bank of Russia (CBR) and the nation’s Finance Ministry on the future of crypto, a State Duma (the lower chamber of Parliament) working group has voiced their support for regulating rather than banning digital assets. The working group called for the “clear regulation of the digital assets industry” as the most effective approach to lower the risks associated with crypto’s adoption in the country. As reported by local media, some 50 experts took part in the panel session called by the Duma’s working group “On the questions of the regulation of cryptocurrency”. The …

Joe Biden has signed his 82nd executive order since being sworn into office in January 2021, directly addressing a regulatory framework for digital assets in a rare moment for the U.S. President. In a Wednesday announcement, the White House said President Biden's executive order required government agencies to explore the potential rollout of a United States central bank digital currency as well as coordinate and consolidate policy on a national framework for crypto. Many media outlets previously reported the U.S. President had initially planned to sign the executive order in February, an event that was likely postponed following Russia’s military …

Later today, U.S. president Joe Biden will sign a long-anticipated executive order on digital assets. Despite fears that the order may resound a regulatory clampdown on the industry, the language of the document is fairly favorable, the key focus being coordination and consolidation of various agencies’ efforts within a unified national policy. The order designates six key areas of the federal government’s involvement with the digital asset ecosystem — consumer and investor protection, financial stability, financial inclusion, responsible innovation, United States’ global financial leadership, and combatting illicit financial activity — and directs specific agencies to lead in designated policy and …

As part of a series of amendments to South Africa’s financial laws, crypto-asset service providers will become accountable institutions. A report from the South African treasury announced further crypto regulations “to be finalized during 2022.” In brief, the proposed changes will ensure that “any person providing advice or intermediary services related to crypto assets must be recognized as a financial services provider under the act and must comply with the act’s requirements." Marius Reitz, the Luno crypto platform General Manager for South Africa shed light on the changes, commenting that “credible crypto players welcome regulation,” adding “regulation is a vital …

Federal Reserve Chair Pro Tempore Jerome Powell and some members of the U.S. House of Representatives called for congressional action on crypto in response to discussions about Russia potentially evading sanctions. In a Wednesday hearing of the House Financial Services Committee on “Monetary Policy and the State of the Economy”, California Representative Juan Vargas asked Powell if cryptocurrency could be a "way out" for Russia looking for financial transactions in the wake of the U.S. and European Union cutting the country off from the SWIFT payments network. The Fed chair said that the situation with Russia "underscores the need for …

On Feb. 17, United States Deputy Attorney General Lisa Monaco announced at the Munich Cyber Security Conference the formation of the new task force “dedicated to cryptocurrency” within the Federal Bureau of Investigation (FBI). Coming four months after the launch of the Justice Department’s National Cryptocurrency Enforcement Team (NCET), this marks another major step in the U.S. government’s crusade against criminal abuse of cryptocurrencies. What the task force will look like The name of the new task force that Monaco revealed is the Virtual Asset Exploitation Unit (VAXU). It will bring together the personnel from the various units of the …

Crypto is going mainstream, and the world’s younger generation, in particular, is taking note. Cryptocurrency exchange Crypto.com recently predicted that crypto users worldwide could reach 1 billion by the end of 2022. Further findings show that Millennials — those between the ages of 26 and 41 — are turning to digital asset investment to build wealth. For example, a study conducted in 2021 by personal loan company Stilt found that, according to its user data, more than 94% of people who own crypto were between 18 and 40. Keeping children safe While the increased interest in cryptocurrency is notable, some …

The seizure by the U.S. Department of Justice of $3.6 billion worth of Bitcoin (BTC) lost during the 2016 hack of Bitfinex’s cryptocurrency exchange has all the ingredients of a Hollywood film — eye-popping sums, colorful protagonists and crypto cloak-and-dagger — so much so that Netflix has already commissioned a docuseries. But, who are the unsung heroes in this action-packed thriller? Federal investigators from multiple agencies including the new National Cryptocurrency Enforcement Team have painstakingly followed the money trail to assemble the case. The Feds also seized the Colonial Pipeline ransoms paid in crypto, making headlines last year. The Internal …

For a state with a small-town feel, Wyoming moves with big-city alacrity when it comes to things crypto. According to the bipartisan bill introduced into its legislature last week, a Wyoming stablecoin could debut before the end of 2022. The announcement caught even Wyoming banker and cryptocurrency champion Caitlin Long by surprise. “Didn't know it was coming,” tweeted the Avanti Bank CEO. It also raises some questions: Is a stablecoin really needed by Wyoming’s citizens? Is it feasible? Will it upset the state’s commercial banks including its recently chartered special purpose depository institutions (SPDIs) like Avanti which has issued a …

While many marvel at the growth cryptocurrency and Web 3.0 communities are experiencing, they fail to consider the opposing side of the coin (or, dare one say, token). Traditionally, new technologies have continued to follow a cycle in which they rise to the world's attention and its legislators, only to have bad actors abuse their power and consequently have the need for reform arise. Although oversight has proven to offer many benefits, such as instilling confidence in institutional investors, the opposite can be true if the right voices aren't being represented. To ensure that legislation continues to propel Web 3.0 …

The sanctions announced by United States President Joe Biden in response to Russia’s attack on Ukraine did not include cutting the country off from payments on the SWIFT system or cryptocurrency transfers. In a Thursday announcement from the White House, Biden said the U.S. and its allies and partners would be enforcing sanctions aimed at imposing “devastating costs” on Russia due to “Putin’s war of choice against Ukraine.” The U.S. president announced that the country would sever its financial system from Russia's largest bank, Sberbank, as well as impose “full blocking sanctions” on VTB Bank, Bank Otkritie, Sovcombank OJSC, Novikombank, …

Organizing taxes has always proved a difficult process for companies and individuals during the yearly tax season. With crypto, this process becomes even more complicated. Although cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) appear similar to fiat currencies, in the eyes of the taxman, these digital assets need to be treated differently. This means cryptocurrency transactions may need to be reported as capital gains or losses. That is why it’s important to keep track of crypto transactions over time. Software like Cointelli makes it easy for both individuals to file crypto tax returns and for tax professionals to offer crypto-tax …