Crypto Daily: 3 August, 2021

  1. Cryptocurrency Exchange Independent Reserve has received an in-principle approval letter from the Monetary Authority of Singapore under the Payment Services Act for a Major Payment Institution Licence to function as a regulated provider for Digital Payment Token Services, making it Singapore’s first cryptocurrency exchange to function as a fully regulated virtual asset service provider. Singapore’s exchange regulatory framework mandates them to offer appropriate consumer safeguards and adhere to anti-money laundering regulations, notably the infamous travel rule of the Financial Action Task Force. Link
  2. Specific members of Congress want assurance that Bitcoin miners, as well as crypto software application designers, will not go through the recently suggested tax guidelines. Lawmakers in the USA have asked for caution about executing a proposed tax obligation policy that could have considerable implications for America’s crypto area. Link
  3. In a recent interview with Bloomberg, Gary Gensler, former government official and current chairman of the US Securities and Exchange Commission stated that he is considering a comprehensive regulatory framework for the crypto market. As he sets his sights on tougher regulation for the $1.6 trillion digital asset sector, Gary Gensler has said crypto can only become mainstream if authorities spell out clear standards. Investors require stronger fraud protection and digital assets can help the economy grow and become more extensively used according to Gensler. Source: https://news.todayq.com/news/sec-chairman-gary-gensler-considering-a-broad-regulatory-framework-for-crypto-sector

Topic: Cryptocurrency News, Bitcoin News

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