In its sixth “LATAM Blockchain Report 2025: Ecosystem and Regulatory Updates in Latin America,” Sherlock Communications revealed that cryptocurrency adoption in Peru has surpassed 1 million users and that the South American nation is moving toward establishing a clear regulatory framework.

The agency indicates this increase in crypto adoption is driven by the “search for economic protection and facilitated by interoperability with local digital wallets. It is being accompanied by the government’s first steps to establish a clear regulatory framework.”

According to Sherlock Communications, there are currently more than 1.28 million cryptocurrency users in Peru, equivalent to approximately 3.7 % of the population, clearly indicating that the number of digital currency users has doubled in less than two years.

With these figures, the country is ranked 42nd in Chainalysis’ Global Crypto Adoption Index 2024, a jump from 49th in 2023. Furthermore, Peru has consolidated its position as the seventh-largest crypto market in the region in terms of transaction volume, the publication added.

In the Latin American nation, citizens are turning to cryptocurrencies as a form of investment or as a hedge against economic uncertainty. Stablecoins, known as “crypto dollars,” represent approximately 12 % of user assets on the main platforms.

M.Pino

Source: cointelegraph

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La entrada Cryptocurrency adoption in Peru surpasses 1 million users apareció primero en Bitfinance.

South Korea’s bill for the creation of a stablecoin backed by the won, the country’s currency, could be ready in October.

According to local media outlet MoneyToday on Monday, August 18, “the Financial Services Commission (FSC) will unveil the bill as part of the second phase of the country’s Virtual Asset User Protection Act.”

In this regard, Representative Park Min-kyu of the Democratic Party of Korea (DPK) noted that the FSC issued a report “on the policy direction for stablecoins” and the government bill is expected to be submitted to the National Assembly in October.

This legal instrument should establish “the requirements for issuance, collateral management, and internal control systems for stablecoins.”

The Asian country is also seeking to reduce dependence on dollar-pegged stablecoins by issuing a won-backed stablecoin. The idea has been in the works since 2023. Recently, “several lawmakers have since submitted related proposals, including the Digital Asset Basic Law by Representative Min Byung-deok of the Democratic Party, the Act on the Issuance and Circulation of Stable Value Digital Assets by Representative Ahn Do-gul of the Planning and Finance Committee, and the Payment Innovation Act Using Value-Pegged Digital Assets by Representative Kim Eun-hye of the People’s Power Party.”

M.Pino

Source: cointelegraph

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La entrada South Korea to have cryptocurrency regulatory framework ready in October apareció primero en Bitfinance.

Cryptocurrencies are an asset that continues to gain traction in the global market. By 2025, there will be five countries where these assets will be tax-free: El Salvador, the Cayman Islands, the United Arab Emirates, and Germany.

This situation stems from strong regulatory frameworks and an openness to transactions with Bitcoin and other cryptocurrencies, thanks to their security, speed, and transparency.

Regarding tax exemption, in the case of the Cayman Islands, cryptocurrencies do not pay income, capital gains, or corporate taxes, making them the ideal instrument for crypto traders and funds.

In the United Arab Emirates, zero tax applies to “all cryptocurrency activity,” and transactions also benefit from a strong and clear regulatory framework.

El Salvador, in Central America, declared Bitcoin legal tender with full tax exemption. The market’s leading cryptocurrency continues to gain national adoption.

Germany, on the other hand, allows cryptocurrency holdings for more than 12 months with zero tax.

Finally, in the case of Portugal, “long-term cryptocurrency gains remain tax-free; the NHR program boosts benefits for expats.”

M.Pino

Source: cointelegraph

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La entrada Countries where cryptocurrencies are tax-exempt apareció primero en Bitfinance.

The National Commission of Digital Assets of El Salvador and the National Securities Commission of Argentina signed a strategic agreement for the promotion and development of the cryptocurrency sector in Latin America.

Both nations will share their experiences in this sector, taking into account the important local adoption of digital currencies, among other collaborations ratified with the alliance by the president of the CNDA of El Salvador, Juan Carlos Reyes, and the president of the CNV of Argentina, Roberto Silva.

Reyes stated: “Share our experience with international partners, allowing them to take advantage of the benefits of a well-regulated industry… [And] expand the international presence of our regulated companies by creating strategic partnership agreements with nations around the world.”

The agencies of each country “will share knowledge and experiences, with the aim of having a better understanding of local ecosystems, the needs of users and the possibilities that these assets open, in order to appropriately direct regulatory proposals that support this ecosystem.”

M.Pino

Source: diariobitcoin

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La entrada El Salvador and Argentina boost the crypto industry in Latin America apareció primero en Bitfinance.

The Russian State Duma approved a law that will allow crypto mining in the country from November 1 and will create the relevant regulatory framework for the trading of digital assets.

From then on, cryptocurrency mining will be legal in Russian territory, following “specific regulations that will regulate energy consumption and the registration requirements of miners with the Ministry of Digital Development.”

Different institutions will intervene in the regulation, and the Central Bank will be the entity that concentrates the primary powers.

Miners will have the obligation to report to the government about “the digital currencies they obtain through mining, and the Bank of Russia will have the right to prohibit or restrict cryptocurrency transactions to maintain Russia’s monetary stability.”

M.Pino

Source: cripto247

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La entrada Russia will legalize crypto mining starting in November apareció primero en Bitfinance.

Venezuela is no stranger to the use of cryptocurrencies, but given the problems in carrying out transactions, citizens use these digital assets as a savings resource.

Although the South American nation has experienced a slowdown in inflation, the population sees scarce possibility of saving in bolivars, preferring cryptocurrencies to protect their money, according to Aaron Olmos, a specialist in the area.

The use of digital currencies decreased considerably compared to the period 2018 and 2019, when they were accepted in various businesses as a form of payment.

“In 2023, Venezuela ranked 40th out of 155 countries in Chainalysis’ Global Cryptocurrency Adoption Index, behind other Latin American countries such as Colombia (32), Mexico (16), Argentina (15) and Brazil (9), when in 2021 it ranked seventh on the world list. In 2022 it did not appear in the classification,” according to data from Ecoanalítica.

During that same year, the restructuring of the Superintendency of Cryptoactives and Related Activities (Sunacrip) was carried out, which dealt a blow to the sector, since companies licensed to operate in cryptocurrencies are suspended, indicates Olmos. This restructuring was extended in March of this year for an additional six months.

In parallel, the operators who are dedicated to trading continue to operate, with the country’s limitations regarding power outages.

M.Pino

Source: alnavio

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La entrada Cryptocurrencies are used as a savings reserve in Venezuela apareció primero en Bitfinance.

The Canadian Securities Authority (CSA) announced proposed changes to the regulations governing the management of crypto assets by public investment funds. These amendments, which are currently under consideration, aim to restrict the operations of such funds in the field of cryptocurrencies and to establish specific criteria for their custody.

Under the proposal, only AIFs and non-redeemable funds would be allowed to directly acquire, sell or hold crypto assets. The other mutual funds would be able to invest in crypto assets exclusively through these specialised funds. In addition, assets selected for investment must be listed on a stock exchange recognized by a securities regulator in Canada and be fully fungible.

The new provisions also stipulate that assets must be insured and stored in cold purses. An annual review of the custodian’s internal management practices, conducted by a public accountant, will be implemented.

These amendments will be incorporated into National Instrument 81-102 on Investment Funds and its Complementary Policy. It should be noted that a national instrument in Canada represents a regulation or mandate adopted at the provincial and territorial level across the country.

In the words of the CSA: “These measures seek to facilitate the development of new products in the crypto-asset space, ensuring the incorporation of appropriate risk mitigation strategies into the regulatory framework of investment funds.”

These amendments are part of a draft that was announced in July. Proposals will be subject to a 90-day public consultation period, following which a consultation paper will be drafted and a broader regulatory framework for cryptoassets will be assessed.

K. Tovar

Source: Cointelegraph

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La entrada Canada to amend its rules on cryptoassets apareció primero en Bitfinance.

This Wednesday, the European Central Bank announced the start of the test phase for a possible digital euro starting next November 1.

Members of the ECB council indicated that with this preparation phase, aspects such as the necessary technologies and platforms, the regulatory framework, the providers and issuers of the digital euro, among others, will be investigated.

“After two years, the Governing Council will decide whether to move to the next stage of preparation, to pave the way for the possible future issuance and launch of a digital euro,” the ECB stated.

It is important to clarify that the beginning of the preparation phase does not mean that a digital currency will be issued. Nor is it a tool to decide whether to issue a digital euro, since it is the power of the Governing Council to make that decision “once the legislative process of the European Union has been completed.”

Since June of this year, the European entity has launched several initiatives related to this important decision. In any case, “the launch of any digital euro will likely attract the attention of regulators and legislators, who will have their elections for the European Parliament in June 2024.”

Regarding the crystallization of a digital asset in the community, 2026 is discussed as a possible scenario, after the relevant tests and studies.

M.Pino

Source: cointelegraph

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La entrada ECB will begin preparation phase for the digital euro apareció primero en Bitfinance.

Latin American experts met this week in New York, where they warned of the impact that the use of artificial intelligence can have on the region’s electoral processes and asked to address regulations and good practices in the use of these increasingly accessible and capable advances. to replicate human tasks.

The last day of the Global Forum of Latin America and the Caribbean, which was held for two days at the Union League Club in New York, dealt with artificial intelligence, its regulation for responsible use and how it can impact democracies and the elections.

The former Dominican president and president of the Global Foundation for Democracy and Development (Funglode), Leonel Fernández, considered that artificial intelligence can affect electoral processes, above all, because algorithms can be used that contribute to generating a wrong perception of reality and therefore misinform the voter.

Absence of regulations

“Democracy would be affected because it would no longer be the legitimate representation of the popular will, it would be a manipulated, uninformed, distorted will and then there would be a triumph of post-truth,” commented Fernández at the forum organized in New York during the General Assembly of the UN by Funglode and International IDEA.

To avoid distortions in the upcoming electoral processes due to artificial intelligence and so that this does not affect the world’s democracies, the lawyer and member of the Venice Commission, José Luis Vargas Valdez, has demanded agility in regulation, establishing with the non-negotiable minimum industry standards and create standards and institutions to match global efforts.

The professor of Constitutional Law at the Complutense University of Madrid, Mario Hernández, spoke about the two regulations that the European Union is making on the regulation of artificial intelligence and which are expected to be ready in May 2024.

A global concern

“They are not national regulatory processes but international ones, and in one of them other countries in the world outside the EU even participate,” said Hernández.

The expert on Freedom of Expression and Elections from the UNESCO Organization for Education, Science and Culture, Albertina Piterbarg, also joined this event, defending that freedom of expression is fundamental and that we must be very pending of the four “vs”: the volume of information communicated, the speed at which it spreads, virality and the plausibility of creating content that seems true, but that misinforms.

For Piterbarg, artificial intelligence impacts political and social processes in many ways, in addition to the free circulation of ideas, and he commented that UNESCO is working on regulatory frameworks for 2024.

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La entrada Artificial intelligence could have a negative effect on electoral processes apareció primero en Bitfinance.

European parliamentarians from the Green Party and socialist representatives propose to reform the law on Cryptoactive Markets, better known as the MiCA Law, to include non-fungible tokens (NFT) within the new regulatory framework, since the regulation does not contemplate issues related to digital collectibles.

The intention of the legislators, in reforming the regulation, is to incorporate NFT buying and selling platforms so that they can be regulated and protected “against money laundering (AML) in the European Union.”

According to what is expressed in the documentation presented by the group of legislators, it is necessary to consider it because “the regulations of the MiCA Law are designed to be complied with by service providers with cryptocurrencies.”

Assembly members also believe that it is important to regulate “decentralized autonomous organizations (DAO) and towards hardware wallets or cold purses.” The current legislation maintains “that the transfers made by the owners of the wallets with the exchanges must be notified to the regulatory entities.”

As will be recalled, the MiCA law was recently agreed by European negotiators with the fundamental purpose of “regulating issuers and service providers with crypto assets.” However, the new law must be sanctioned by the Committee on Economic and Monetary Affairs, with a full vote, and once it is approved, its general implementation in the eurozone will begin 18 months after it comes into force.

M. Rodríguez

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Source: noticiasdebariloche.com.ar

La entrada European Parliament proposes to reform the MiCA law apareció primero en Bitfinance.