The world of crypto is always evolving and changing, with new developments, innovations, and challenges happening every day. In this article, we will summarize some of the most important and interesting crypto news that happened in September 2023, and what they mean for the future of the industry.
US Treasury, IRS propose cryptocurrency regulations for brokers
One of the biggest news of the month was the announcement by the US Treasury and the Internal Revenue Service (IRS) of a proposed rule that would require brokers of digital assets to report information on gains and losses incurred during the sale of crypto assets¹. The rule is part of the Biden administration's efforts to increase tax compliance and revenue, and to address the potential use of crypto for illicit activities.
The proposed rule defines brokers as "digital asset middlemen" who facilitate transactions between buyers and sellers of crypto assets, such as exchanges, custodians, peer-to-peer platforms, and decentralized applications. The rule would require brokers to report information such as the name, address, and taxpayer identification number of the seller and buyer, the date and amount of the transaction, and the cost basis and fair market value of the crypto asset.
The rule would also require brokers to verify the identity of their customers using know-your-customer (KYC) procedures, and to file information returns with the IRS and provide statements to their customers. The rule would apply to transactions involving any type of crypto asset, including cryptocurrencies, stablecoins, tokens, non-fungible tokens (NFTs), and any other digital representation of value.
The proposed rule has been met with mixed reactions from the crypto industry and community. Some have welcomed the clarity and certainty that the rule would provide, while others have criticized it as overly broad, burdensome, and intrusive. Some have also raised concerns about the privacy and security implications of sharing sensitive personal and financial information with third parties.
The Treasury and the IRS are seeking public comments on the proposed rule until November 7, 2023. The rule is expected to take effect in 2024.
Indian PM Modi calls for global cryptocurrency framework at G20 Summit
Another major news of the month was the call by Indian Prime Minister Narendra Modi for a global cryptocurrency framework at the G20 Summit in Rome². Modi said that crypto poses a challenge to global financial stability and governance, and urged the G20 leaders to work together to create a common set of standards and regulations for the emerging technology.
India has advocated for a global crypto framework for years despite its own crypto ecosystem still lacking a clear regulatory framework and simpler taxation. The country has seen a surge in crypto adoption and innovation in recent years, with over 100 million users and over 300 startups in the sector. However, it has also faced uncertainty and confusion over the legal status and treatment of crypto assets, with conflicting signals from various government agencies and authorities.
The Indian government is currently working on a draft bill that would regulate crypto assets in the country. The bill is expected to be introduced in the parliament in the winter session starting in November 2023. The bill is likely to define crypto assets as commodities or digital assets, rather than currencies or securities, and to allow their use for certain purposes such as payments, investments, utility, or innovation. The bill is also likely to impose certain restrictions and obligations on crypto service providers, such as licensing, registration, reporting, taxation, and consumer protection.
The Indian crypto industry and community have been lobbying for a progressive and inclusive approach to crypto regulation in the country, hoping that the government will recognize the potential benefits and opportunities that crypto can offer for economic growth, innovation, inclusion, and empowerment.
Conclusion
I hope you enjoyed this article and learned something new about crypto. If you did, please share it with your friends and followers on social media. And if you have any questions or feedback, please leave a comment below. Thank you for reading!
(1) US Treasury, IRS propose cryptocurrency regulations for brokers. https://br.advfn.com/noticias/COINTELEGRAPH/2023/artigo/91986399.
(2) Indian PM Modi calls for global cryptocurrency framework at G20 Summit. https://br.advfn.com/noticias/COINTELEGRAPH/2023/artigo/91904374.
(3) Crypto News: Latest Cryptocurrency News, Bitcoin News, Ethereum News .... https://cryptonews.com/.
(4) CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data. https://www.coindesk.com/.
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