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Crypto Regulations To Be The Focus Of G20

By Luke Flowers – Crypto Specialist

The cryptocurrency industry has avoided much regulation for most of its appearance. Many ecosystems have been created and developed which suggests its use as a political strategy. Government authorities including the G20 are in agreement with a joint declaration committing themselves to study the possibility of joint regulations for cryptocurrencies.

The focus of the declaration was to address legal loopholes that have allowed the development of illicit activities and to regulate buying and selling crypto. In some instances, the summit will help determine taxes on these events.

The Financial Action Task Force (FATF) attended the summit and received support they should take a risk-based approach to the regulation of cryptocurrencies and that virtual assets should not take the route of self-regulation. Japan has taken the approach of self-regulation however; uncertainty still occurs when selling Bitcoin or other virtual assets.

Presidential candidate for the 2020 elections, Andrew Yang, has voiced his interest in the regulation of cryptocurrencies. Through Yang’s website he states that America requires a secure ecosystem in a legal environment that welcomes cryptocurrencies. Yang has proposed a general framework to buy and sell cryptocurrency that could help lead the way for mass adoption.

Some of Yang’s focuses for his candidacy include:

  • Defining what a token is and when it’s classed a security
  • Define which federal agencies have regulatory power over the crypto/virtual assets space
  • Provide for consumer protections
  • Clarify the tax implications of owning as well as crypto selling and buying 
  • Promote the nationwide adoption and recognition of protections afforded by a series LLC.
  • Pre-empt state regulations when possible to create one national framework
  • Work with the sponsors of the Token Taxonomy Act and Wyoming legislators to promote the above

If Yang can reform the regulation of the space by adhering to the above promises, we could hope to see greater adoption of cryptocurrencies in the US.

Don’t forget to head over to our site to sell Bitcoin UK or cash out crypto to fiat. You can also keep up with inspiring developments of the space.

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