Even as the trial for bitcoin (BTC) continues this winter, some lawmakers are scrambling to get their names on the crypto hot list, including US senators Cynthia Lumis and Pat Toomey. State Senator Wendy Rogers, 68, has introduced two bold bills in the Arizona legislature. One focused on converting BTC to legal tender in a North American state., If the law is passed, BTC will have the same status as the US dollar, becoming an accepted medium of exchange for the payment of debts, public fees, taxes and fees in the state. The bill is not Rogers’ first attempt to make BTC legal tender, as a similar bill was rejected in 2022.
Rogers was also involved in introducing a bill that seeks to make cryptocurrency a tax-exempt property in the state. Joined by Senators Sonny Borelli and Justin Vadsack, Rogers proposed letting Arizonans decide on changing the state constitution regarding property taxes. If the measure passes the legislature, voters could choose to exempt digital currencies from taxes, particularly tokens that “do not represent the US dollar or a foreign currency.”
Although not as bold, another important bill was introduced in the New York State Assembly. The bill would allow state agencies to accept cryptocurrency as payment for fines, civil penalties, taxes, fees, and other payments collected by the state., The bill does not require state agencies to accept cryptocurrencies as payment, but clarifies that state agencies can legally agree to accept such payments and that courts can enforce these agreements. needed.
The Fate Of Crypto Law Will Be Decided By The Supreme Court Of Panama
Panamanian President Laurentino Cortizo has sent the crypto law passed last year to the Supreme Court for review, claiming the so-called “crypto law” is inappropriate and violates a fundamental principle of the constitution. President Cortizo also argued that the bill was passed through an unfair process following his partial veto of the law in June 2022. At the time, the president argued that the bill needed more work to comply with the new rules. Action Task Force on Improving Financial Transparency and Preventing Money Laundering.
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South Korea to implement a cryptocurrency tracking system in 2023
The South Korean Justice Ministry has announced plans to introduce a crypto-surveillance system to combat money laundering initiatives and recover funds linked to criminal activities. A “virtual currency tracking system” will be used to monitor transaction history, extract transaction related information, and verify the origin of funds before and after shipment. While the system is scheduled to launch in the first half of 2023, the South Korean ministry shared plans to develop an independent monitoring and analysis system in the second half of the year.
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US Securities Regulator Investigates Wall Street Over Crypto Custody
The United States Securities and Exchange Commission (SEC) is investigating traditional Wall Street investment advisors who may be offering custody of digital assets to their clients without proper qualifications., Much of the SEC’s effort in this investigation examines whether registered investment advisors have complied with rules and regulations regarding the custody of clients’ crypto assets. By law, investment advisory firms must be “qualified” to offer custodial services to clients and meet the custodial guarantees set forth in the Investment Advisers Act of 1940.
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