US Government: Officials must disclose Crypto Holdings

The United States Office of Government Ethics (OGE) claims digital currencies should be declared by politicians in order to avoid conflicts of interest
19 June 2018   1803

This statement applies whether the holdings are described as coins or tokens. The letter affirms that politicians have been seeking guidance from the OGE about what to do about their cryptocurrency, and the office is thus aware that “virtual currencies are experiencing a surge in use and access”. It is also mentioned that the legal framework governing the assets is not yet solidified, and alerts that further guidance will likely need to be published.

The IRS, the country’s tax authority, estimates virtual currency as property, the Commodity Futures Trading Commission consider them as commodities, while the Securities and Exchange Commission is still making their desicion. It recently affirmed that while Ethereum is not a security (that caused the price of that token to jump by nine percent), many are being advanced as investment assets and thus would follow under its jurisdiction. Ripple, a major cryptocurrency firm, is presently facing a lawsuit over exactly this matter.

The OGE approves that it itself does not regard cryptocurrency to be legal tender, but according to the Ethics in Government Act of 1978 government employees must inform about any source of income. Thus, they are now demanded to report crypto holdings if those holdings exceed a value of $1000 and/or bring them $200 in profit during a specified reporting period.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   332

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.