Albania to Start Taxing Crypto Profits From Next Year (Report)

According to the upcoming legislation, crypto profits from business purposes will be taxed per business rate, while investors will be slammed with 15%.

US State Passes Legislation Allowing Financial Institutions To Offer Crypto Custody Services

The US state of Louisiana is allowing financial institutions and trust companies to provide custody services for cryptos.

Bill Imposing Fines for Illegal Issuance and Exchange of Digital Assets Proposed in Russia

A bill introducing financial penalties for those who illegally issue or exchange digital financial assets has been filed in the Russian parliament.

US lawmaker lays out case for a digital dollar

"It is now time for Congress to begin the process of considering and ultimately passing authorizing legislation for the issuance of a US CBDC," said Representative Jim Himes. Connecticut House of Representatives member Jim Himes has released a proposal aiming to start a dialogue on the United States potentially launching a central bank digital currency, or CBDC.In a white paper released on Wednesday, Himes urged Congress to begin exploring the rollout of a digital dollar issued by the Federal Reserve to prevent the government from falling behind in innovations in financial technology.

Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated.

Stablecoins highlight 'structural fragilities' of crypto — Federal Reserve

“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors," said the Fed report. The Federal Reserve’s board of governors pointed to stablecoins as a potential risk to financial stability amid a volatile crypto market.In its Monetary Policy Report released on Friday, the board of governors of the Federal Reserve System said “the collapse in the value of certain stablecoins” — likely referring to TerraUSD (UST) becoming unpegged from the United States dollar in May — in addition to “recent strains” in the digital asset market suggested “structural fragilities.” The government department pointed to the President’s Working Group on Financial Markets report from November 2021, in which officials said legislation was "urgently needed" to address financial risks.“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors and potentially to the financial system, including susceptibility to potentially destabilizing runs,” said the Fed report.

US House Ways and Means chairman asks the GAO to check out crypto in retirement plans

It will look at the use and oversight of crypto in 401(k) and similar plans, which is controversial in many parts of the government. Chairman of the United Sates House of Representatives Ways and Means Committee Richard Neal sent a letter to the Government Accountability Office (GAO), a legislative branch watchdog, asking the agency to weigh in on the use of cryptocurrency in retirement plans.

SEC Chair Says Lummis-Gillibrand Bill Could ‘Undermine’ Market Protections

The legislation bill provides a framework that develops clear standards and defines appropriate jurisdictional boundaries.

NYC Mayor Eric Adams speaks out against PoW mining ban legislation

The Mayor has been a proponent of the crypto industry and has now pledged support for sustainable Bitcoin miners by asking Governor Hochul to veto a two-year moratorium on mining. New York City’s Mayor Eric Adams spoke out on Monday, June 13, against a bill just one step away from effectively banning Bitcoin mining in the state for the next two years.The bill is designed to place a two-year moratorium on Proof of Work (PoW) crypto miners who do not use 100% renewable energy.

Russian Parliament to Review Bill Prohibiting Crypto Payments

Legislation making it illegal to pay with cryptocurrencies has been filed with the State Duma, the lower house of Russia’s parliament.

EU Nears Agreement on Crypto Regulations, Report Reveals

Authorities in the EU are moving closer to a deal on a legislative package tailored to comprehensively regulate the crypto market and related activities in Europe.

Lithuanian Government Approves Stricter Crypto Regulations

The government in Vilnius has approved amendments introducing more stringent regulations for the country’s growing crypto space.

Gillibrand and Lummis state that most altcoins are securities

“Most cryptocurrencies go to the SEC [...] Bitcoin and Ether would be certainly commodities, and that's agreed upon,” said the US Senator from New York Kirsten Gillibrand. Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand stating:“Most cryptocurrencies go to the SEC [...] Bitcoin and Ether would be certainly commodities, and that's agreed upon.

Bill to ban digital assets as payment introduced in Russian parliament

The legislation would oblige the DFA managers to withhold any deals, implicating the usage of crypto as a monetary surrogate In recent months, Russian legislators have been preparing measures to fully institutionalize crypto as a properly taxable investment asset and a possible tool for foreign trade in Russia.

Lummis-Gillibrand bill establishes SEC-CFTC balance of power over crypto markets

The comprehensive new bill sorts out regulators and addresses taxes, environmental impact, security and other major questions surrounding digital assets. The long-awaited Responsible Financial Innovation Act to create a regulatory framework for digital assets was introduced in the United States Senate on Tuesday.

Highly Anticipated Bill Aimed at Regulatory Clarity for Crypto To Hit Washington: Report

Two US Senators are about to introduce a new bill to Congress aimed at creating a comprehensive regulatory framework for the crypto industry.

Bermuda is now the latest to set up crypto-hub plans

Bermuda is the most recent jurisdiction to express a desire to be at the forefront of cryptocurrency legislation.

Eyes on New York Governor Kathy Hochul After State Lawmakers Pass Moratorium on Proof-of-Work Crypto Mining

A bill that would create a moratorium on proof-of-work crypto mining has been approved by the New York State Senate and is now on its way to Governor Kathy Hochul’s desk to be potentially signed into law.

Japan Adopts Legislation Establishing Legal Framework for Stablecoins

The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors.

Japan passes bill to limit stablecoin issuance to banks and trust companies

The Japanese government is rushing to enforce new stablecoin laws in the aftermath of the Terra collapse. Japan is moving forward with legislation regarding the issuance of stablecoins i.e.

Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks: Report

Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks.

Crypto Miners Account for Over 2% of Electricity Consumption in Russia, Estimate Suggests

The share of crypto miners in Russia’s power consumption structure already exceeds 2%, according to a new government estimate.