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Many countries are formulating rules and regulations for the cryptocurrency sector. El Salvador is one of the few countries that has legalized Bitcoin by adding a Bitcoin Law to its constitution.
Following the spring budget speech on February 06, 2024, the United Kingdom unveiled a consultation on its plan to implement the Organization for Economic co-operation and Development (OECD) crypto reporting framework.
As per the claims of the government’s finance arm, the treasury projected in its budget that enforcing the crypto reporting framework could draw in £35 Million between 2026 and 2027 and £95 Million between 2027 and 2028.
The website of the United Kingdom government states that “OECD Automatic Exchange of Information (AEOI) agreements are a key method by which the UK tackles offshore tax evasion. The Crypto Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS2) is the latest AEOI package that ensures we close gaps in existing transparency rules created by developments in fintech.”
These rules are expected to be implemented in 2026. The feedback window over the framework will be available till May 29, 2024.
The budget further highlights that “The government is also implementing international standards to close gaps in the tax transparency system that have emerged as a result of recent developments in financial technology and the global crypto-asset market.”
Other Market News
A regional media outlet in the Philippines recently wrote, “The National Telecommunication Commission (NTC) of the nation has started blocking access to such websites that offer investment products without a proper license.”
Martin Mizrahi, the chief executive officer of LV.Net, has been convicted on charges related to $8 Million in bank fraud. He is also accused over the charges of laundering money for fraud and illegal drugs.
Crypto Revolutionizing the Mainstream Finance Industry
Blockchain has debuted in the mainstream finance sector at an appropriate time. In the last few quarters, transaction systems have seen experimentation with a variety of digital technologies.
Many traditional banks have already opted for blockchain and ledger technology, but some are not convinced yet. Amid the growing adoption of decentralized technology, several governments have started reframing the rules and regulations to prevent economic troubles.
It is majorly claimed that the mainstream banking system has made significant advancements in the past few quarters.
Market Price Update
Crypto market capitalization, in the past three months, grew over 50%. At the time of writing, the market cap was $2.53 Trillion.
Market observers claim that market cap will continue to surge as many more prominent events are expected to attract funds and drive crypto adoption. The market leader, Bitcoin, is growing at an unstoppable speed; it has added over 55% to its price in the past month.
BTC has been rising sharply in March and it had already received a filip in the wake of the BTC Spot ETF approval.
Ethereum is trading near its 52-week high, and it is expected to cross the milestone of $4k. At the time of publication, ETH was trading at $3,804.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
