US Lawmakers Support Crypto Regulation

Despite the fact that the White House is far from the regulation of the cryptocurrency, members of parliament are interested in implementing of legislation  
19 February 2018   235

A number of congressional lawmakers who, despite their differences on many legislative matters, support implementing new rules to regulated cryptocurrency usage.

Carolyn Maloney, a Democratic senior member of the House Financial Services Committee (HFSC) said that people don’t realize there’s nothing backing these virtual currencies.

Tom MacArthur, an HFSC Republican stated that it is necessary to look carefully at all of the cryptocurrencies and make sure individuals don’t get taken advantage of.

Members of the most libertarian and anti-regulatory group in Congress, the House Freedom Caucus said that they were open to making an exception to address the perceived threats of cryptocurrencies.

I‘m a total free-marketer, so I don’t want to regulate. But if it’s a currency that could destabilize the whole economy, you’re going to have that conversation.

Dave Brat

Member of the conservative House Freedom Caucus

These comments follow several high-profile congressional committee hearings in which the chairmen of the Securities Exchange Commission and Commodity Futures Trading Commission testified that they were “open” to new federal cryptocurrency regulations.

Last week, Rob Joyce, White House cybersecurity official stated that the government was still studying and understanding the matter and was unlikely to pursue a new regulatory framework within the near future.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.