8 Countries That Don’t Tax Bitcoin Gains
Germany will control the turnover of cryptocurrency in the world
Germany took over the FATF presidency
The crypto community is waiting for a warming attitude towards coins
FATF will deal with regulation of stablecoins
Dr. Marcus Player from Germany has been appointed as the new President of the Financial Action Task Force (FATF), who succeeds Xianmin Liu from China. The next two years, he will shape the strategy for the turnover of cryptocurrencies in the world..
Germany is crypto-friendly
Player has already outlined a work plan for his term in the FATF. For example, he said the FATF will focus on the opportunities technology has to offer by launching a risk monitoring and opportunity exploration initiative. Compared to China, Germany is more crypto-friendly. Since the beginning of this year, the country’s government has begun to regulate the turnover of cryptocurrency within its territory, and 40 German banks have announced their readiness to offer customers cryptocurrency services..
At the plenary meeting, the FATF also released the results of its 12-month survey of how each country has implemented its new cryptocurrency standards. It is noted that “both the public and private sectors have made progress in implementing the revised FATF standards, in particular in the development of technological solutions to implement the” travel rule “for VASP [virtual asset service providers]”.
Insisting that there is currently no need for revised standards for cryptoassets, the FATF “stressed the need for further guidance on virtual assets and VASP.” The FATF believes that this will help the FATF global network members, many of whom have not yet fully implemented the revised standards, to make the necessary progress.
What will happen to stablecoins in the world
The topic of stablecoins was also discussed at the plenary session.
Those coins that could potentially be accepted by a large number of people around the world were especially scrutinized..
An example of a global stablecoin is a cryptocurrency developed by social media giant Facebook.In June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately attracted attention … More. The FATF has prepared a report on global stablecoins upon request from the G20. The Anti-Money Laundering Organization believes global stablecoins “have the potential to cause a shift in the virtual asset ecosystem and have implications for money laundering and terrorist financing risks.”.
The FATF has also confirmed that its cryptographic standards apply to stablecoins and no changes to the standards are required at this time. However, she acknowledges that “this is a rapidly evolving area and it is important to continue to closely monitor the ML / TF (money laundering / terrorist financing) risks of so-called stablecoins, including anonymous peer-to-peer transactions.”.