Brian Nelson: “I Will Prioritize New Regulations Around Cryptocurrency”
Joe Biden (American President)’s nominee for the Treasury Department on Financial crimes and terrorism had said his main objective when confirmed would be to execute a piece of legislation that involves regulations around digital cryptocurrency.
Nelson revealed its intentions during today’s hearing of the Senate committee on Banking, Housing, and Urban Affairs. He also said if he is confirmed for the position, he will focus on other aspects of financial fraud even though its main focus would be cryptocurrency regulations. He opined that the U.S. Congress-approved 2020 Anti-Money Laundering Act has given financial regulatory agencies the authority to regulate any currency as required.
Nelson said, “if my nomination is approved, my priority would be to implement that legislation act, especially on new cryptocurrency policies.” The Financial Crimes Enforcement Network, a subsidiary of the Treasury Department, had requested approval for a financial fraud regulation proposal earlier this year. This proposal which was approved, would make digital asset trades or convertible cryptocurrency susceptible to financial fraud regulations.
In May 2021, the body requested that all exchanges and crypto custodians must report crypto transactions that are over ten thousand dollars to the internal revenue service (IRS).
Top Korean Crypto Exchanges Exclude Altcoins
In the meantime, tighter regulation on reporting and the use of specific financial transaction details in South Korea has caused leading crypto exchanges in South Korea to have started delisting small altcoins from their exchanges. Upbit (the biggest Korean crypto exchange based on trading volume) has revealed that it is delisting more altcoins such as Pica, Pixel, and Lambda despite delisting some earlier in the month, bringing the total of delisted altcoins on the platform to twenty-nine.
Coinbit and Bithumb also announced that they would be delisting eight and four altcoins, respectively. Coinbit even further added twenty-nine coins to its investment warning list (the last stage before any exchange delists any coin). Hence, over 50% of the coins listed on Coinbit have been delisted or on the warning list.
Indian Crypto Exchanges Motivated to Resolve Crypto Regulation Issues
In other news, leading crypto exchanges in India are getting set to collaborate with IndiaTech to push the authorities into regulating crypto. Most of these exchanges agreed that this partnership is the best and fastest way to increase awareness and ‘force’ authorities to create regulatory standards for crypto operations.
The latest exchange to join IndiaTech is ZebPay. IndiaTech, an umbrella for consumer internet startups, unicorns, and investors in India, has already joined firms such as Falcon Edge and SteadView Capital. However, these exchanges have revealed that they remain part of India’s blockchain and crypto-assets council (BACC).
IndiaTech had previously played a key role in helping startups list their offers on the authorities’ e-market channel, where they can reach out and sell their products or services to a broader audience. Crypto exchanges and the Internet and mobile association of India (IAMAI) all collaborate to quash any uncertainty regarding crypto regulations in the country and avoid being taken unawares by government policies regarding the fledgling industry.
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