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For example, crypto regulation remains a topic of global debate. While Bolivia considers legally recognizing Tether as a benchmark to stabilize its economy, Australia seeks to update its regulatory framework for cryptocurrencies, adapting it to the growing complexity of the market.
On the other hand, Japan is exploring the possibility of including Bitcoin in its reserves, while the United Kingdom and the United States are tightening their measures against tax evasion related to cryptocurrencies.
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Bolivia proposes to recognize Tether as a financial index
Through the modification of Law 2434, a group of lawyers in Bolivia has presented a proposal before the Senate to recognize Tether (USDT) as a valid reference index in financial operations within the country. The effort seeks to integrate the Stablecoin into the national financial structure, allowing its use in the indexing of contracts and transactions.
The initiative, promoted by lawyers Iver von Borries and Javier Romero Mendizábal, aims to address the growing economic uncertainty derived from the devaluation of the Bolivian peso. According to the project’s proponents, the adoption of Tether as a legal reference would allow not only to preserve the stability of the contracts, but also to modernize the country’s financial practices.
In this regard, Javier Romero Mendizábal, indicated that if this bill is approved by the Bolivian Legislative Assembly, it will be possible not only to provide legal security to the parties to a contract in Bolivia, but also to ensure greater flexibility and modernization of practices. contractual and financial in the country, especially considering the current economic situation it is going through.
Australia strengthens its regulatory framework for cryptocurrencies
The Australian Securities and Investments Commission (ASIC), failing to address complexity and crypto diversity, has proposed a new regulatory framework that seeks to provide clarity on Cryptocurrency and digital assets legislation in Australia.
Therefore, in the proposed changes, the agency establishes that companies that operate with cryptoassets such as Bitcoin and Ethereum, which already meet the definition of financial products under current legislation, comply with existing regulations. Which includes obtaining an Australian Financial Services License (AFSL) to operate legally in the country.
In addition, it proposes to simplify the established regulatory requirements, with the aim of allowing small businesses to have the opportunity to develop in Australia and to prosper in this market.
Satoshi Yamada: A new chapter for Bitcoin in Japan?
On December 11, in the country’s House of Councilors, Japanese legislator Satoshi Yamada has asked the government to consider adopting Bitcoin as part of its foreign exchange reserves. Yamada argued that such a move could potentially offer Japan “tremendous market power” and protect against economic risks.
Regarding this fact, he expressed: “I think this matter should be considered, and I would like to know the opinions of the government. Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets like Bitcoin?”
Although Yamada’s initiative has opened an important debate about the role of Bitcoin in the Japanese economy, the realization of this proposal faces multiple obstacles.
The creation of a Bitcoin reserve would mean a radical break with traditional financial practices and would therefore spark intense debate among regulators, politicians and economists. Despite growing global interest in cryptocurrencies, the adoption of Bitcoin as a reserve asset by a national government remains uncharted territory and full of uncertainties.
Greater supervision over cryptocurrencies in the United Kingdom
The Bank of England’s Prudential Regulation Authority (PRA) has asked firms to disclose their current and planned exposure to cryptocurrencies by March 2024.
Likewise, it asked companies to describe their use of the Basel framework to manage crypto assets and detail any crypto activity planned until September 2029. All this with the intention of monitoring financial stability and informing the regulator’s approach to shaping the policies related to cryptocurrencies.
The PRA highlighted that the information collected will serve as a basis for monitoring the implications of cryptoassets for financial stability. It also aims to analyze the costs and benefits of various policy options to regulate cryptocurrency exposures.
Convicted of crypto tax fraud
According to the United States Department of Justice (DOJ), Frank Richard Ahlgren III, an early investor in Bitcoin, was sentenced to two years in prison, plus an additional year of supervised release and a $1.1 million fine. for falsifying their tax returns to hide capital gains from the sale of BTC. This case represents the first criminal prosecution for tax evasion focused solely on cryptocurrencies in the United States.
“All taxpayers are required to report any proceeds from the sale and profits or losses from the sale of cryptocurrencies, such as Bitcoin, on a tax return.”
DOJ
In fact, the United States Department of Justice highlighted that this case is a warning to all cryptocurrency investors.
In this regard, Lucy Tan, special agent, indicated: «As the prices of cryptocurrencies are high, the temptation not to pay taxes on their sale is also high. Avoid this temptation and avoid federal prison.
I end with this quote from Joseph Stiglitz: “I firmly believe that in countries like the United States we can and should move toward digital currency and get rid of fiat currency.”
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