Author: David Attlee

BIS, Bank of England concludes blockchain int’l settlements pilot

David Attlee

The Bank of England and the Bank for International Settlements (BIS) Innovation Hub London Center have tested a distributed ledger technology-powered settlements system between the institutions. The insights of the project will be used by the Bank of England in its real-time gross settlement (RTGS) system. On April 19, BIS published a report about the joint pilot project with the Bank of England called Project Meridian. According to the 44-page document, the banks have successfully purchased houses in Wales and England through the synchronization network using distributed ledger technology (DLT).…

Montana ‘right to mine’ crypto bill passes the House

David Attlee

The bill, seeking to enshrine crypto miners’ rights in Montana, United States, successfully passed the third reading in the state’s House of Representatives. Now, the only thing that is required for it to become law is the Governor’s signature.  Bill number 178, prohibiting local authorities from obstructing the crypto mining operations, was voted in during the third reading by 64 votes versus 35 votes on Apr. 12. The legislation has already passed through Senate voting in February. It now will make it to the table of Governor Greg Gianforte. While…

Spanish tax agency to send over 328K notices to crypto holders

David Attlee

The Spanish Tax Administration Agency (AEAT) is increasing its efforts to charge the local holders of crypto assets. The AEAT intends to dispatch 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year. According to the local newspaper El Mundo, the number of notices increased by 40% in a year, with 150,000 warnings in 2022. However, the fiscal authorities appear to be taking the matter seriously only recently, with just 15,000 notifications in 2021. However, such activity isn’t focused solely on crypto, with…

China to launch national blockchain research center

David Attlee

Despite its ongoing crackdown on crypto, China continues to embrace blockchain technology — up to the point of launching the National Blockchain Technology Innovation Center in the capital city of Beijing.  According to the China Daily’s report from Feb. 8, the center will create a research network with local universities, think tanks and blockchain businesses to explore core blockchain technologies. The fruits of this research will be used to further the digitalization of China and expand its blockchain industry. In charge of the new institution is the Beijing Academy of…

U.K. includes crypto investments under the Investment Manager Exemption

David Attlee

The transactions of “designated crypto assets” entered into from the tax year 2022 to 2023 onwards will be qualified for the Investment Manager Exemption in the United Kingdom. Certain legislation was announced by the U.K. government back in April and is now executed by the Commissioners for His Majesty’s Revenue and Customs (HMRC).  On Dec. 20, the HMRC published its legislation to define ‘designated crypto assets’ and include them in the list of investment transactions that qualify for the Investment Manager Exemption. The regulation, coming into effect on Jan. 1,…

Russia intends to launch a ‘national crypto exchange’

David Attlee

Russian lawmakers are working on amendments to launch a national crypto exchange. This effort is reportedly supported both by the Ministry of Finance and the Central Bank of Russia which have a long history of disagreement over crypto regulation in the country.  As local media reported on Nov. 23, members of the lower chamber of the Russian parliament, the Duma, have been in discussions regarding amendments to the country’s existing cryptocurrency legislation “On digital financial assets” with market stakeholders. The amendments, which would lay down a legal framework for a national exchange,…

Uzbeki police get ‘how to seize crypto’ training from UN security org

David Attlee

The Organization for Security and Co-operation in Europe (OSCE) organized a five-day training course on cryptocurrencies and Dark Web investigation for Uzbekistan’s police and prosecution forces. The course is a part of OSCE’s consistent efforts to educate Central Asian law enforcers on the emerging technologies that criminals might abuse in a strategically important region for the global drug trade.  As the official press release from Oct. 21 goes, representatives from the General Prosecutor’s Office, the Ministry of Internal Affairs and the State Security Service attended the training from Oct. 17…

Australian regulators rattle their saber as adoption takes a major leap: Law Decoded, Aug. 22-29

David Attlee

Australia’s financial regulator, Securities and Investments Commission (ASIC), has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years. The regulator intends to focus on “digitally enabled misconducts” and to protect investors “from harms posed by crypto-assets.” Given the ASIC’s history of anti-crypto sentiments, such an announcement could be perceived as hostile, but at least it contains a promise to implement some regulatory framework that is still absent.  And, it is hardly a coincidence that the announcement came only days after Australia’s…

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

David Attlee

Reducing your initial debt of $820 million to just $0.013 over a month can’t be easy. And, it’s hardly surprising that such a heroic dash has led Celsius to bankruptcy. Last week, the crypto lending platform voluntarily filed petitions for Chapter 11 reorganization after closing off the last of its decentralized finance (DeFi) debts owed to Compound, Aave and Maker.  Although a Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations, and there are successful examples such as American Airlines, Delta, General Motors, Hertz and…