#BlockchainRegulation

[form1099]

Why Did the IRS Create Form 1099-DA?

Digital assets have become very popular. Many people are buying, selling, and trading cryptocurrencies. Because of this, the IRS needs a way to keep track of all these transactions. The goal is to make sure that people report their earnings from digital assets and pay the right amount of taxes. Before Form 1099-DA, it was harder to track these earnings, which made it easier for some people to avoid paying taxes. The new form aims to solve this problem.

[startanybusinessuae]

Cryptocurrency Regulations In The UAE: Navigating The Future of Digital Finance

Explore the evolving landscape of cryptocurrency regulations in the UAE, where innovation meets compliance. This guide delves into legal frameworks, government initiatives, and the future of digital finance. Stay informed about how the UAE is positioning itself as a global hub for blockchain technology and secure cryptocurrency investments.

[thecryptonewshub]

Nigeria Crypto Regulation: President Signs Law Classifying Cryptocurrencies as Securities

Nigeria Crypto Regulation Strengthens SEC Oversight and Enforces New Legal Framework Nigeria Crypto Regulation has taken a significant step forward as President Bola Ahmed Tinubu signed the Investments and Securities Act 2024 into law, officially classifying cryptocurrencies as securities. This move grants the Nigerian Securities and Exchange Commission (SEC) regulatory authority over digital assets, ensuring greater oversight and legal clarity in the rapidly growing crypto market. The newly enacted law replaces the previous ISA 2007 Act and significantly expands the SEC’s powers to oversee Nigeria’s capital markets, including cryptocurrency exchanges. The act also introduces stringent penalties against Ponzi schemes, which have been frequently linked to fraudulent crypto activities. Convicted offenders could face a minimum prison sentence of 10 years and fines ranging from N10 million (approximately $6,500) to N40 million (around $26,000), depending on the severity of the offense. Nigeria has emerged as a prominent hub for cryptocurrency adoption, with its tech-savvy population increasingly turning to digital assets to hedge against inflation and the declining value of the naira. Data from Chainalysis indicates that Nigeria received an estimated $59 billion in cryptocurrency value between July 2023 and June 2024, underscoring the country’s active participation in the crypto economy. Read More : BITGTIME, UXLINK, IP Rally as Binance Announces Round of “Vote to List” President Bola Tinubu, since taking office in 2023, has prioritized economic reforms aimed at boosting government revenue and reducing budget deficits. The introduction of Nigeria Crypto Regulation aligns with global trends, bringing the country’s regulatory framework in line with jurisdictions like the European Union, which has implemented the Markets in Crypto-Assets (MiCA) regulations to govern the digital asset space. The newly signed law represents a critical turning point for Nigeria’s cryptocurrency industry. While it provides legitimacy and safeguards for investors, some crypto enthusiasts worry that stringent regulations may stifle innovation and limit financial freedom. However, experts argue that clear legal guidelines will attract more institutional investors and foster a safer and more structured crypto market in the long run. In addition to regulating digital assets, the Investments and Securities Act 2024 also enhances Nigeria’s financial markets by introducing measures to improve transparency, accountability, and investor protection. Market participants, including exchanges and crypto service providers, are now required to comply with SEC guidelines, ensuring a more structured and reliable trading environment. As Nigeria navigates the evolving crypto landscape, the implementation of the Nigeria Crypto Regulation marks a new chapter in the country’s financial sector. With stronger oversight, increased investor confidence, and a crackdown on fraudulent activities, the future of cryptocurrencies in Nigeria appears to be entering a more structured and secure phase. Read the full article

[quicklycybermoon-blog]

EU Launches International Blockchain Association

On April 3, the European Union published on its official website that it had launched the INATBA (International Association of Trusted Blockchain Applications). According to our representative who graced the ceremony which was held in Brussels, at the EC (European Commission), the members who signed the charter were in excess of 100. Some of the members who signed the charter included Deutsche Telekom, IBM, and Accenture. Some of the blockchain-related members include IOTA, the Sovrin Foundation, ConsenSys, and Ripple. According to the European Union announcement, the aim of the INATBA is to bring together different industry SMEs (Small and Medium Enterprises), startups, standard-setting bodies, and regulators. That is done for the purpose of bringing distributed ledger technology (DLT) and the blockchain technology into the mainstream. During the ceremony held in Brussels, Mariya Gabriel, who is the Digital Economy and Society European Commissioner, acknowledged that the European Union is committed for the purpose of promoting and strengthening the blockchain development. She commented that unlike the past, it is now increasingly becoming difficult to build trust since the time available is becoming less and less. Therefore, to be able to confront our different issues such as balancing renewable energy, fighting cancer, and tracing good authenticity, the different actors must be able to trust one another without the need for a face-to-face meeting. This is able to be achieved through the use of blockchain. From the European Union website post, it is stated that the newly formed organization is readily willing to promote decentralized technologies use and of course, formulating the much needed dedicated regulatory framework. It is stated that the aim of the INATBA is to develop a framework that is able to promote the private and public sector collaboration, legal predictability, regulatory convergence, and the safeguarding of the integrity and transparency of the system. In the ceremony, it was noted that about 48 other organizations had applied for the membership of the organization on the launch day. As was reported earlier in the year, the EBA (European Banking Authority) had recommended that further research is carried out concerning cryptocurrency and to develop a document about the European Union law applicability and suitability in terms of crypto-assets. Moreover, it must not also be forgotten that in the same beginning of the year, an ECB Governing Council member warned that the cryptocurrency bubble was already in the process of collapsing. Of course, I must add that generally, crypto experts agree that we have never been anywhere from experiencing a crypto bubble. All we have witnessed is just a blip, a price crash. Read the full article

[thecryptonewshub]

Tornado Cash Developer Freed from Prison by Dutch Court: What This Means for Crypto Privacy

Dutch Court Rules in Favor of Tornado Cash Developer, Offering Hope for Crypto Privacy Advocates. In a groundbreaking ruling, the Dutch court has freed Tornado Cash developer Alexey Pertsev from prison, replacing his pretrial detention with electronic monitoring. This major development has sent shockwaves through the crypto community, particularly those advocating for privacy in blockchain technology. The ruling, which occurred on February 7, 2025, marks a significant turn in the legal battle surrounding Tornado Cash, a platform known for offering privacy to crypto transactions. The U.S. Treasury's Office of Foreign Assets Control (OFAC) had previously sanctioned the platform, accusing it of facilitating money laundering and illicit finance. Despite these allegations, Pertsev’s release highlights the challenges that developers face when building decentralized privacy tools.

Tornado Cash, which employs smart contracts to obfuscate transactions, was created to preserve users' financial privacy on the Ethereum blockchain. However, its characteristics made it a target for authorities, who said it might be used by bad actors for criminal operations such as money laundering and sanctions evasion. Pertsev's arrest in August 2022 generated extensive debate over the balance of privacy and regulatory supervision in the blockchain ecosystem. His detention sparked doubts about developers' responsibility for user actions on decentralised systems Also Read:   apple-removes-bybit-kucoin-bitget-from-japans-app-store-impact-on-crypto-exchanges The decision to replace Pertsev's pretrial confinement with electronic monitoring marks a shift in the case's direction. It also highlights the growing strain on developers in the privacy-focused sector, where the boundary between lawful and unlawful behaviour is frequently blurred. The release of Pertsev may pave the path for additional rights for developers working on privacy technologies, while Tornado Cash's legal difficulties are far from done. For supporters of cryptocurrency privacy, this ruling is a success. The issue has long been regarded as a test of the legal limitations governing cryptocurrencies and privacy technologies. As governments throughout the world ponder more stringent rules for cryptocurrency, Pertsev's freedom could herald a watershed moment in how the law treats privacy-enhancing technologies. Developers working on similar projects are likely to feel more empowered knowing that the legal landscape may improve for privacy-focused blockchain solutions. Despite this momentary success, Tornado Cash's future remains uncertain. The overall regulatory framework for privacy technologies is still in flux, and this case may have long-term repercussions for developers. The decision also raises doubts about the significance of decentralisation in cryptocurrency. If developers are held accountable for the usage of their platforms, it may result in increased scrutiny of decentralised projects and possibly hinder innovation in the sector. For the time being, Pertsev's release offers hope to people who value privacy in the digital age. Read the full article

[quicklycybermoon-blog]

Italy on the Verge of New Blockchain Regulation

The Italian authorities are finally getting serious about blockchain regulation. The Senate in the Mediterranean country is ready to adjust its policies regulating the industry, according to this official statement. The Committee of Constitutional Affairs and the Committee of Public Works have both drafted the decree, which might indeed turn into law if the Senate of the Republic and the Chamber of Deputies approve it. Only then the Agency for Digital Italy will be given green light on setting the technical standards, which will guideline blockchain-related businesses. The decree could indeed become pivotal for Italy's future in technology as it does not only discuss the proposed amendments in the law. It also pays much-needed attention to what distributed ledger technologies really are, how they can be implemented in the everyday life of Italians and how digital identities powered by working blockchain solutions could further boost the use of digitized versions of official documents, their verification, and legal distribution. Unsurprisingly, local media sees this move as the first step in the right direction. Many local news outlets believe that this step could be a sign of a bigger initiative related to the endorsement of blockchain technologies. Despite that the authorities in Italy have not been active on the regulatory front up until now, they seem to be exploring the space as the Ministry of Economic Development brought together a list of 30 blockchain experts, which are given the task of crafting the national strategy in the space. Furthermore, six other European states along Italy signed a memorandum in December 2018, which will see them all promote the adoption of blockchain technology. On top of that, back in September 2018, Italy was one of the 27 countries to form the European Blockchain Partnership (EBP). EBP itself should deliver a blockchain-powered cross-border platform, which is expected to build upon the existing security and privacy standards. And finally, the Italian Banking Association (ABI) has been testing blockchain technology since June last year in order to explore its potential in the field of interbank reconciliations. The trial itself is in its second phase at the moment. Read the full article

[quicklycybermoon-blog]

Riccardo Spagni Says Crypto Depends on Regulation

The core Monero developer Riccardo Spagni (aka Fluffypony) recently made some remarkable comments regarding the current state of the crypto space. For better or worse he notes that the regulations are going to have a crucial impact on the whole space in the years to come. He made his comments, while attending the “Innovate Finance” event in Davos, Switzerland on January 25. The event itself was hosted by E8 Partners, a digital assets liquidity provider. He kicked off his speech by cooling off the notion that pumps the blockchain/crypto hype in a bad way - “the very existence of crypto is going to cause governments to topple obviously ludicrous pipe dream”. Spagni notably emphasized that blockchain and decentralization cannot alone separate the political and military fields from the hands of the world's wealthiest families. In his own words, the change is not happening overnight and this is why it is more important to spread dev talents equally across the globe. The regulatory landscape is uneven too and due to these talents are fleeing certain regions in favor of others. He notes that companies are slowly but steadily reaching towards countries, which are “open to decentralized projects, through regulation tax breaks.” “This won’t necessarily lead to governments being toppled, but it’s going to lead to an interesting brain drain some of the smartest people on the planet are working and when they start clustering in places that are more friendly from a regulatory perspective, that’s going to create something very, very interesting,“ Fluffypony commented. Unsurprisingly, the brains behind Monero mentioned crypto-friendly countries like Malta, which has already made a name for itself being dubbed the blockchain island. Spagni pointed out that developers will always settle in destinations which offer transparent and robust regulatory frameworks. Last year, the prominent investment figure of Tim Draper made similar remarks in relation to the harsh anti-crypto stance of the Indian government. Draper warned the country's officials that their inadequate actions are most likely to lead to irreversible brain drain. So far Switzerland and Malta are considered to be the best places for emerging crypto and blockchain startups. Read the full article

[quicklycybermoon-blog]

Blockchain Developers Vs Lawmakers

A group of researchers from the University of Oxford claims that blockchain technologies are on a “silent collision course” with the law. They argue that developers and lawmakers should soon kickstart an open discussion about the regulation of blockchain development. The member of the EU Blockchain Observatory and Forum, Anastasios A. Antoniou, suggests that blockchain developers might do more harm than good by deploying sophisticated smart contracts in their efforts to achieve “order without law”. “The primary source of friction between blockchain and law can be traced to the implied proposition that code-driven frameworks running on blockchains can and should operate outside our jurisdictional legal orders. This is most clearly illustrated when considering the deployment of blockchain-based organizations running entirely on autonomous code, without human consensus,” writes Antoniou. The GDPR policies already put some blockchain projects out of the law. For the uninitiated, some of the guidelines in GDPR suggest that every piece of data should be deletable upon request. Needless to say, blockchain networks operate the other way around being immutable ledger systems. Plus, how do you define whether a token is a security or not? What happens when blockchain businesses fail? Who is in charge of auditing them? According to Antoniou, governments are capable of penetrating and adjusting the blockchain sector, despite that the hype deems this alternative impossible. He gives as an example KYC and AML policies, which are operating worldwide. Though in the down of blockchain cryptocurrency exchanges did not have to comply with them we see that in recent years more and more crypto marketplaces are set to either comply KYC and AML rules or feel the strong hand of the law. Antoniou posits that cooperating with the lawmakers would be more fruitful than trying to fight them. If distributed ledger technology seeks to attain its full potential, it should not attempt to evade or circumvent law,” he writes. “Code should rather embrace the law and engage in an interaction which advances them both.” Another persisting problem comes from the fact that different blockchain startups utilize different core protocols. That being said we may reach a point where each blockchain should be carefully and individually investigated by the authorities. In any case, blockchain needs regulation. We can only hope that it is going to be for the industry well-being. Read the full article

[quicklycybermoon-blog]

The EU Doesn't Know What To Do With Blockhains

Blockchain always finds a way to sneak into every conversation whether it is chit-chat over a cup of coffee or a discussion in the European Parliament in Strasbourg. Even though the EU officials gathered to discuss other European things, they found themselves arguing over blockchain technologies once again. We hope that MEPs finally set their stance on DLTs once and for all. It all started when somebody asked the European Commission whether it has something in mind when it comes to regulating the sector. It turned out that there are separate groups who have quite dissimilar views on the future of the blockchain industry. For instance, the representatives of Romania and France, Cristian-Silviu Busoi and Christelle Leechavalier argue that any regulatory frameworks would be pointless unless we have a matured and well-developed technology. Busoi's concerns are that of the EU is now to regulate the industry, its policies would negatively impact its development. On the other hand, Italian MEP Dario Tamburrano, warns that though innovation is crucial, the authorities cannot afford to “lose control” of immature technologies. Obviously, Tamburrano is for immediate legislation. In contrast, the center-right MEP Antanas Guoga from Lithuania is a little bit more extreme in his call for blockchain adoption. Though he might be considered a blockchain advocate he believes that EU institutions should not waste more time on discussions and should better get involved in the sector instead. Interestingly he is preaching the “resisting is futile” mantra, though he was somewhat unclear what the EU MEPs should do in embracing the technology. Despite that the European Parliament is polarized when it comes to dealing with developing technologies, the Digital Single Market Commissioner Andrus Ansip is satisfied that blockchain technologies are finally getting their fair share of discussions in the European Parliament. He keeps calling for blockchain adoption but in a rather neutral stance as he does not see it as the potential solution to every existing problem. The bad news is that we are unlikely to see any real work done in the near future. The EU has become notorious for constantly revising drafts and generally needing ages to pass a single. Having in mind how complicated blockchain is, we would be surprised if the EU comes to an agreement before the end of the century. Read the full article