Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News

This bill includes a section that focuses on cryptocurrencies, specifically targeting crypto mixers and anonymous coins, as well as institutions involved in crypto trading. The amendment was proposed by a group of senators, and it aims to enhance oversight of crypto activities to prevent money laundering and ensure compliance with sanctions and laws. Additionally, the amendment requires a study by the US Treasury Department to crack down on anonymous crypto transactions like those facilitated by crypto mixers. The NDAA also contains another amendment that will mandate US companies to disclose their investments in China to help monitor the transfer of critical technology to potential adversaries.

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The government plans to spend up to $20 million on this project, and it aims to utilize the excess energy from the power plant, which has been causing energy losses since its launch in 2010. The president believes that the mining farm will help manage the remaining energy efficiently and generate income for the country's budget, benefiting ordinary people. However, it's worth noting that this decision comes despite a state of emergency being declared in Kyrgyzstan's energy sector due to climate challenges and energy consumption. The government intends to tariff crypto mining at the highest rate available in the country. The move to embrace cryptocurrency is seen as an effort to boost the local economy, even though there are concerns about its impact on the energy crisis in the region.

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The bill proposes including digital assets in Anti-Money Laundering (AML) laws to protect the US financial system. The BPI believes that the current AML framework does not cover digital assets and calls for more transparency in crypto transactions to prevent money laundering and terrorism financing. The bill, if passed, will require digital asset wallet providers, miners, and others to keep records of their customers' identities. It would also ban financial institutions from using crypto mixers that hide blockchain data. Warren argues that cryptocurrencies should be subject to the same regulations as banks to prevent illicit activities, while some in the crypto community want decentralized entities to be exempt from AML requirements.

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The license permits Binance to operate as a cryptocurrency exchange and offer broker-dealer services for virtual assets. However, the services are currently limited to eligible investors in Dubai, who must meet specific requirements, including having a minimum net asset value and providing necessary identification documents. Binance's new regulatory milestone follows the issuance of a provisional MVP license in 2022 and additional information requests from the regulatory authority.

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The Japan Blockchain Association (JBA) filed an official request, suggesting three major changes to reduce the tax burden on crypto holders. They want to eliminate taxes on unrealized gains for corporations holding crypto, change the taxation method for personal crypto trading profits, and remove income tax on profits from exchanging crypto assets. The JBA believes that current tax rules are a barrier for Web3 businesses and discourage people from using cryptocurrencies. Japanese officials have shown interest in supporting the Web3 industry, and Binance plans to launch its services on a new Japanese platform.

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