Taiwan’s Ministry of Economy Define Clear Categories for Crypto Businesses.

Taiwan’s Ministry of Economy (MOEA) has made a clear classification of cryptocurrency firms doing crypto-related activities. Taiwan’s Legislature believes that there should be clear provisions to protect the local investor from cryptocurrency-related risks.

In a Cabinet meeting on Monday, the MOEA concluded that “cryptocurrency businesses will be listed under the category of “finance, insurance, and real estate” as “virtual currency platforms and trading businesses” rather than under the category of “software design services.”

The Financial services commission (FSC) of Taiwan has been designated as the responsible body for regulating the cryptocurrency industry, which will work with tax authorities and law firms to develop regulations that can be followed by cryptocurrency and blockchain firms.

Taiwan strengthens cryptocurrency regulation. The Financial Supervisory Commission (FSC) will serve as the main authority responsible and work with tax and law departments to set up rules to regulate the evolving but volatile cryptocurrency market.https://t.co/AFLH7b8IhS

— Wu Blockchain (@WuBlockchain) November 15, 2021

Taiwan’s FSC began building a regulatory framework for stock token offerings (STOs) back in 2019, and for ICO regulation in 2018.

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Investing Twitter’s cash reserves in cryptocurrencies “doesn’t make sense right now.” Twitter CFO Ned Segal said this in an interview with WSJ.

Mr. Segal repeated a popular concern amongst investment chiefs, many of them call the volatility of digital currencies one of the principal reasons why they don’t practice them for their corporate investments.

According to him, Twitter prefers to hold less volatile instruments like securities.

“We would have had to change our investment policy to opt for more volatile assets,” added Segal.

In September, Twitter had $3.47 billion in cash and cash equivalents and $3.94 billion in short-term investments.

Earlier, Ned Segal reported that Twitter is exploring the possibility of using bitcoin, but this will require additional decisions from the company.

Meanwhile, payments company Square, founded by Twitter CEO Jack Dorsey, continues to hold the first cryptocurrency on its balance sheet.

According to Bitcoin Treasuries, Square owns 8,027 BTC. At the time of writing, the Square BTC assets are valued at more than $ 486 million.

Square CFO Amrita Ahuja told WSJ one month ago:

“We’ve purchased bitcoin for our own balance sheet, which we believe not only shows that we have skin in the game…but also could provide attractive financial benefits over the long term,” 

Recently Twitter formed a dedicated crypto team to become a center of excellence for everything in blockchain and web3. Twitter CEO, Jack Dorsey also announced square is considering building a bitcoin mining system, and Twitter rolled out the tips feature globally and added bitcoin tipping via lightning.

At a meeting of the Political Affairs Committee of South Korea, industry experts spoke out against tightening the KYC procedure and reporting requirements for cryptocurrency transactions.

South Korean regulations require cryptocurrency exchanges to register with regulators and only serve those users who have gone through the KYC procedure.

In October 2021, the South Korean government announced that the volume of illegal international transactions with cryptocurrencies increased 40 times. Many MPs expressed concerns that cryptocurrencies could contribute to tax evasion and money laundering.

The South Korean Political Affairs Committee held a public meeting on November 16, local sources said. The committee heard the arguments of legislators and participants in the cryptocurrency industry against introducing too harsh measures, as well as opinions on various bills related to digital assets.

Lawyer Yoon Jong-soo said that due to the rapid increase of crypto assets, it will be difficult for government organizations to verify large amounts of data and track money laundering risks.

The South Korean Blockchain Association believes that tight restrictions on cryptocurrencies could stifle the development of the industry. Therefore, the Association stated the need to pass laws on cryptocurrencies that must ensure user protection and contribute to the development of the digital currency industry.

Recall that in June, the South Korean Financial Services Commission (FSC) demanded that local banks should stop providing services to traders and exchanges that do not comply with the KYC and AML procedures. Such restrictions have led to the closure of about 35 crypto firms in South Korea.

President Joe Biden signed the Infrastructure Investment and Jobs Act into law on Monday, with controversial crypto tax definitions now in the Treasury Department’s hands.

Biden appeared alongside Congressional leadership on the White House lawn in an event advertised as a bipartisan show of support for the new legislation and “the historic benefits the Bipartisan Infrastructure Deal will deliver for American families.”

Upon signing, Biden thanked “Democrats, Republicans, progressives and moderates” among the Congressional leadership, saying: “Today, we’re finally getting this done. America is moving again.”

Progressives in the House had been stalling a vote on the infrastructure bill, which had bipartisan support, in the hopes of linking its passage to the Build Back Better Act, which faces a shakier future. A rough election day for Democrats in a number of key gubernatorial spots earlier in November unsettled those plans, putting pressure on the administration to pass the bill.

As part of its revenue-raising provisions, the infrastructure included new definitions for “broker” among cryptocurrency network participants. These expanded definitions aimed to increase transparency for the IRS, but ultimately run the risk of requiring network actors like node operators to report identifying information for crypto transactions that they have no way of gathering.

The issue became the center of a high-profile battle in the Senate, where the bill saw an abridged process that left little time for amendments. An amendment looking to soften the definitions ultimately faced a threshold of unanimous consent rather than a majority vote, meaning that a single senator, Richard Shelby, was able to stop it from entering the bill.

While that battle resulted in a massive boost in crypto’s visibility on Capitol Hill, the open-ended language never changed.

Those definitions of broker will, however, face the process of rulemaking within the Treasury. The Treasury at the time approved of the softened language of the amendment and has said that it would not look to make node operators and miners report as brokers, but rules set at this point are subject to change from the regulator itself. However, there is also supposed to be time for public response to future rulemakings. By the Treasury’s own estimate the crypto reporting measures were not expected to be a major money-maker, so it is unlikely to be a top priority.

Alongside the news, Senators Ron Wyden and Cynthia Lummis introduced new legislation that looks to limit those definitions in the statute itself, echoing the original compromised language.

Read More Details On US Infrastructure Bill:

• Senator Ted Cruz: “Crypto Got Screwed Tonight As Dems Objected To ALL Further Amendments In Infrastructure Bill”
• Forget SEC, US Infrastructure Bill Is The Crypto’s Real Worry

The Banque de France presented the results of experiments that focused on settlements of international transfers using the Digital euro.

According to a report published by the Banque de France, nine experiments with the digital euro were carried out, and seven of them were successfully completed by November 8, 2021. The regulator tested the digital currency of the Central Bank using platforms based on public and private blockchains, as well as using distributed ledger technology (DLT).

It turned out that the digital currency of the Central Bank can function effectively using different blockchains and contribute to the safe development of tokenized financial markets while maintaining the key role of the digital currency of central banks.

The Banque de France concluded that the tokenization of securities would provide transparent tracking of transactions and speed up settlements. In addition, it will facilitate structured finance as well as trades in small-cap bonds and OTC products.

DLT and tokenized assets can also reduce associated risks and reduce the number of counterparties. At the same time, the Banque de France argues that the use of crypto assets or stable coins as a settlement asset implies regulatory and financial risks, despite attempts by international regulators to control the cryptocurrency industry.

Nathalie Aufauvre, Director of Financial Stability and Operations at the Bank of France, commented on the initiative:

“Tokenized financial assets, when combined with a central bank’s digital currency, can provide secure settlements and promote the safe development of innovation. Government stablecoins will improve the efficiency of cross-border payments.

Banque de France writes:

“The experiments explored different ways in which central banks could make CeBM available for securities settlement using DLT-based platforms, including by leveraging existing infrastructures such as TARGET services in Europe.

The experiments indicated how a wholesale CBDC could be used to complete crossborder transactions, including cross-currency payments.

The experiments also tested several ways in which central banks could retain control over CeBM on DLT, notably by leveraging blockchains’ ability to implement programmability features. Overall, they showed that these technologies provide several tools for central banks to retain control over CeBM from a technical perspective.

Finally, Banque de France’s experiments involved the use of various technologies, including private and public blockchains, as well as other distributed systems. They highlighted that a W-CBDC can be implemented on various types of DLT and would be an effective means of payment, enriching CeBM with new functionalities and use cases as well as promoting innovation in financial markets.”

The French Central Bank began experimenting with the digital euro last year.