Through Official Gazette number 43,032, the government of Venezuela, through the National Service of Customs and Tax Administration (Seniat), established the provisions for digital billing of natural and legal persons, public or private, who make online sales.

The informality of sales through platforms such as Marketplace and all those made through social networks in Venezuelan territory will be regulated.

The initial statement on the measure, disseminated through the media, emphasizes that this is an important advance for the national economy, as it will contribute to tax collection.

People who simultaneously make sales using the digital method must register them separately in the Sales Book.

M.Pino

Source: primicia

(Reference image source: Scott Graham on Unsplash)

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La entrada Seniat approved mandatory digital billing for online sales in Venezuela apareció primero en Bitfinance.

The digital euro could see the light of day in October 2025. In the meantime, authorities are focused on two key issues: privacy and holding limits.

A second report published by the European Central Bank (ECB) details the progress of the “preparatory stage of the issuance of the digital euro.”

Of course, the regulatory body also continues to analyze aspects such as the harmonization of laws. “Following a review of the regulation in development for the digital euro, the Regulation Development Group launched seven lines of work with market participants and central banks that will continue its development.”

This regulation focuses on “harmonising national laws to ensure universal standards”. In parallel, research continues on “a user profile of the digital euro to identify the needs of potential users. This information will include user preferences on holding limits, which will be considered in technical research carried out with national central banks”.

The report highlights the importance of maintaining the euro as the European currency. In addition, the possibility of “payment service providers (PSP)” using the digital euro infrastructure to create new payment services.

M.Pino

Source: cointelegraph

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La entrada Digital euro developments focus on privacy and holding limits apareció primero en Bitfinance.

On August 1, new rules for crypto mining will come into effect in Louisiana, United States, an entity where the use of central bank currencies or CBDCs was prohibited.

The state of Louisiana announced new regulations according to which “the adoption and use of any CBDC is prohibited, even if issued by the FED or any federal agency. It also prohibits residents and businesses from participating in tests with these assets.”

In this sense, residents must comply with the regulations for cryptomining, an activity that is prohibited for foreigners, with a period of one year to close their operations. If they do not comply with the provisions, they will be subject to “legal action by the local prosecutor’s office with penalties of up to USD 1 million or 25% of the value of the operators’ assets.”

The new law that will govern in Louisiana is part of the Blockchain Basic Law at the state level and allows trading in cryptocurrencies. “People and companies are free to use digital assets to pay for legal goods and services, as well as to use specialized hardware or software for their custody.”

“As for crypto mining activities, the law allows residents to conduct these types of activities in their homes as long as they do not violate noise regulations,” but they must be US citizens.

Companies that are in the crypto mining market must stick to industrial zones under local ordinances. Authorization includes operating nodes or participating in staking systems.

M.Pino

Source: diariobitcoin

(Reference image source: Unsplash+, in collaboration with Planet Volumes)

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La entrada State of Louisiana prohibits use of CBDC apareció primero en Bitfinance.

The Central Bank of Brazil indicated recently that the proposed regulation for the use of cryptocurrencies and the operation of service providers will be known by the end of 2024.

Last year, in his appearance before Congress, the bank’s regulatory director, Otavio Damaso, had indicated that the regulation would be completed in June 2024. However, with the recent decision, all the work that had been carried out since 2022 was delayed and which had been consolidated in 2023 with the adoption of the Legal Framework for Cryptoassets.

With this measure, the Central Bank of Brazil adopts a gradual approach to the application of regulations on cryptocurrency trading and service providers, with the possibility of “adapting and responding to the rapidly evolving cryptocurrency market, while ensuring that regulatory measures are solid and comprehensive,” according to the Binance portal.

The regulatory body seeks robust regulations that provide security and confidence to the crypto market in Brazil, in addition to “protecting investors in this type of assets and demanding transparency about the risks associated with investing in cryptocurrencies,” Swissinfo reports.

In the second half of the year, the Central Bank will carry out a new consultation that includes the participation of civil society on the issue of regulation. Likewise, “it will take into account the proposals of international organizations and will have the support of the Brazilian Securities Commission when it comes to specific virtual assets that affect its powers.”

Key market aspects such as anti-money laundering and terrorist financing laws will be evaluated.

M.Pino

Source: swissinfo

(Reference image source: Ewan Kennedy in Unsplash)

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La entrada Crypto regulation proposal in Brazil will be revealed at the end of the year apareció primero en Bitfinance.

The National Traffic Institute held a working group this week with the College of Physicians of the Capital District for the design and launch of a tool that allows regulating the issuance of drivers health certificates.

The objective is to have a website for the processing of this mandatory document for all drivers in the national territory, in accordance with Article 63 of the Land Transportation Law.

The meeting between both organizations was announced through a press release from the INTT about the creation of said website, which will have a “record of the database of doctors specialized in road medicine, authorized by the College of Physicians, so that those who are preparing to issue this document do so with someone competent in this area.”

The current comprehensive medical health certificate is a document that drivers must carry, since it “guarantees that the person who holds it is a person physically fit to drive vehicles corresponding to the level of their license.”

This project is part of “vertex 1 of the Great Mission Quadrants of Peace, where comprehensive prevention of life and peace is promoted.”

M.Pino

Source: ultimasnoticias

(Reference image source: Rolando Garrido in Unsplash)

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La entrada The INTT will launch a tool for issuing drivers medical certificates apareció primero en Bitfinance.

India’s Financial Intelligence Unit (FIU IND) issued compliance notices to nine foreign digital asset service providers, alleging illegal transactions and violations of anti-money laundering regulations. Among those affected are prominent global cryptocurrency exchanges, such as Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.

In a press release issued today, the FIU IND requested the Ministry of Electronics and Information Technology to block the URLs of these companies, presumably to restrict access to their websites on Indian soil.

According to the document, to date, 31 digital asset service providers have been registered with the IND FIU. However, a number of offshore entities, which supply a significant proportion of Indian users, were not registered and did not comply with the Anti-Money Laundering (AML) and Terrorist Financing (CFT) Framework.

The regulation for digital asset providers in India, whether based in India or abroad, imposes specific requirements, such as registration with the Financial Intelligence Unit as a Reporting Entity. Once registered, they must adhere to the regulations set out in the Prevention of Money Laundering Act (PMLA) of 2002, which sets out obligations aimed at preventing money laundering activities, including Know Your Customer (KYC) guidelines for client incorporation.

India, ranked as the top country in the Chainalysis Global Cryptocurrency Adoption Index in 2022, has become the second largest market by transaction volume globally, only surpassed by the United States.

Faced with the growing adoption of cryptocurrencies, Indian regulators are taking action. The country is working on a regulatory framework based on the recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB). This framework, scheduled for launch in 2024, is expected to include advanced KYC standards for cryptocurrency companies, requirements to publish real-time reserve audits, and a uniform tax policy internationally, placing cryptoexchanges on the same status as authorized dealers, according to the guidelines of the Reserve Bank of India.

K. Tovar

Source: Cointelegraph

(Reference image source: Dmytro Demidko, Unsplash)

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La entrada India is blocking access to exchanges like Binance apareció primero en Bitfinance.

In a statement, the international exchange with the largest volume of transactions, Binance, announced the cessation of person-to-person (P2P) transactions involving payments in Russian rubles, as well as the suspension of deposits in that currency on its trading platform.

The Binance team officially announced that it will withdraw support for trading operations with Russian rubles via P2P as of January 31, 2024, as well as the suspension of deposits in this currency. In addition, all trading pairs on the exchange involving the Russian ruble will be suspended, forcing users to use other currencies for trading.

Users have the option to withdraw their rubles from the platform or exchange them for other cryptocurrencies before the set deadline.

The move comes amid growing regulatory pressure on Binance, which recently reached an agreement with the U.S. Department of Justice (DOJ). The agreement involves the payment of fines totalling $4.3 billion to settle irregularities and crimes committed during the administration of former CEO Changpeng Zhao.

The charges include capital flows linked to criminal activities and terrorist organizations, money laundering, and serious violations of U.S. laws in the provision of goods and services. The complaint also states that Binance facilitated the transfer of more than $400 million internationally, funds belonging to Russian banks sanctioned due to Russia’s actions against Ukraine.

The agreement provides for the payment of fines to the Treasury Department and resolves the dispute with the Commodity Futures Trading Commission (CFTC). However, the pending dispute with the Securities and Exchange Commission (SEC) is not affected by this agreement.

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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La entrada Binance will close its operations with Russian rubles apareció primero en Bitfinance.