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Should governments be doing more to regulate crypto? | Ticker VIEWS

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International governments must regulate cryptocurrency trading platforms. Here’s why

As cryptocurrency becomes an increasingly mainstream and valuable asset class, many experts are calling for increased regulation. 

Unlike fiat currencies, no government centrally regulates cryptocurrencies. This means that each government must individually enforce its own regulation standards on issues such as taxation and security.

Crypto public policy requirements 

The CEO of deVere, Nigel Green, says that the most effective way to regulate crypto is working with exchanges to enforce stricter regulation measures.

“When [cryptocurrency] flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid.”

Regulated exchanges could help make the sector more robust, protect investors and reduce instability, says Green. They could also make the market less susceptible to manipulation, adding value to existing currencies.

“There’s sustained interest in and demand for cryptocurrencies so what’s needed is a strong regulatory framework,” said Green.

Can criminals use crypto for illicit activities?

Earlier this year, US Treasury Secretary Janet Yellen said the government would need to “curtail” the use of crypto for criminal transactions.

The general manager of the Bank for International Settlements (BIS) has also expressed similar concerns, saying that crypto can be used to evade laws.

Many digital coins are “used to do some arbitrage, or to circumvent some regulations,” he said.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Business

This move is set to boost Australia’s crypto gains

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Coinbase is coming down under, in a major boost for the country’s crypto gains

The crypto platform is calling the country “a priority market”.

It will add its local payments platform so Australians can transfer dollars into their Coinbase account.

There will also be advanced trading tools and better pricing.

Users will also receive 24 hour support, where they can ask all about their accounts and concerns.

The exchange is registered with a local regulator to provide its digital currency exchange services.

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Business

Europe cracks down on crypto tax

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In a major development, the European Parliament has voted in favour of a coordinated and fair tax system for crypto-currencies

Around 80 per cent of lawmakers voted to start using blockchain tech to create a more robust way of stopping tax evasion

Only seven voted against the resolution, with 47 absent for the vote.

Europe has had crypto reform high on its agenda.

Lawmakers want crypto-users to be subjected to a fair and transparent taxing system.

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Business

Government-backed crypto could threaten the U.S. economy, report finds

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Government-backed cryptocurrencies could threaten the U.S. economy, that’s according to a new report

The Treasury Department believe that prices crypto are set by market speculation and don’t have much economic reality.

It’s found crypto-asset firms intersect with entities that have risky business profiles.

Treasury believes this is a concern for the U-S financial system.

Of course, Bitcoin is just one digital coin to swing and los much of its value since the start of this year.

But advocates think these stable-coins could be less volatile than traditional currencies.

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