Category Archives: blockchain legislation

Auto Added by WPeMatico

US Reintroduces Token Taxonomy Act Bill to Clarify Crypto Status

US Reintroduces Token Taxonomy Act Bill to Clarify Crypto Status

A bill designed to exclude cryptocurrencies being defined as securities has been reintroduced for consideration by representatives in the United States House of Representatives.

Warren Davidson (R) and Darren Soto (D) representatives in the United States House of Representatives, introduced the bill, the Token Taxonomy Act last December in an attempt to amend the Securities Act of 1933 and the Securities Act of 1934 to exclude cryptocurrencies.

The new bill has some carefully chosen amendments included; it clarifies the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) and attempts to challenge the right for jurisdictions to make what it calls “heavy-handed” regulations.

Soto, a long-time champion of blockchain, said that “it is time for the United States to step up and lead in blockchain technology”. He said:

“After months of public input, our Token Taxonomy Act and the Digital Taxonomy Act add critical definition and jurisdiction to create certainty for a strong digital asset market in the United States.  This is an important step to promoting innovation and maximizing the potential of virtual currencies for the US economy, all while protecting customers and the financial well-being of investors.”

Washington has seen a wave of lobby groups campaigning to promote blockchain technology over the past 12 months, to the extent that these number swelled, tripling over the course of 2018, with 33 projects in place by the close of 2018. Much of the growth is thought to be driven by an increase in securities regulation activity by government departments such as the SEC.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: bitcoinnews.com

The post US Reintroduces Token Taxonomy Act Bill to Clarify Crypto Status appeared first on BitcoinNews.com.

Vanuatu Seeks Maltese Help to Frame Blockchain Regulations

The tiny Pacific island of Vanuatu is to get some help from crypto dynamo Malta to assist with the drafting of its new blockchain legislation.

The island’s Minister of Foreign Affairs, Ralph Regenvanu, has sought support help from the Maltese government in framing blockchain legislation after a meeting with Maltese PM Dr Joseph Muscat and pro-crypto Parliamentary Secretary Silvio Schembri, where it was decided that regulatory structures would be crucial for a developing blockchain environment such as Vanuatu.

The Vanuatu archipelago, which is of volcanic origin, is 1,750 kilometers east of northern Australia, 540 kilometers northeast of Reserve Bank of Vanuatu, east of New Guinea, southeast of the Solomon Islands, and west of Fiji. Vanuatu is moving ahead with its blockchain and crypto plans having recently approved a stock exchange license to a crypto exchange on the island, making it the first such event in the South Pacific island’s business history.

The latest plans to accept Malta’s offers of assistance have disregarded the Reserve Bank of Vanuatu’s earlier warnings that virtual currencies are “not perceived as legitimate tender in Vanuatu and are not issued or controlled by the bank”.

The Maltese support will come in the shape of training for state regulators and students, as well as technical help with regulation. MaIta, highly experienced in legislating for emerging technologies could well become a go-to advisory for emerging blockchain territories. It is no accident that the Delta Summit 2018 held last week in Malta had been chosen for this particular time, given recent legislative moves to position itself a crypto/blockchain world leader.

This is not the first time that the tiny jurisdiction of Vanuatu has hit the press, as another crypto revelation earlier this year claimed that the nation would patriate new citizens to the islands for the sum of USD 200,000 payable in Bitcoin, a report refuted by local authorities.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Vanuatu Seeks Maltese Help to Frame Blockchain Regulations appeared first on BitcoinNews.com.