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EXPLORING RECENT DEVELOPMENTS IN CRYPTOCURRENCY REGULATIONS ACROSS THE UNITED
STATES AND EUROPEAN UNION

Tech Planet Author 3 hours ago Follow


Crypto regulations and adoption significantly affect the crypto market
sentiment. Initially, the market was chaotic and self-regulated, ensuring the
complete decentralization and power of the crypto community. Still, rules are
tightening, influencing prices and users' satisfaction. Recently US and EU
governments have rolled out new regulation rules for the crypto market.
SpectroCoin will sift through them and analyze their possible impact on the
market.




CRYPTO REGULATIONS IN THE EU

The EU government had updated the tax reporting requirements putting more
control over transactions. Crypto asset service providers (CASP) should collect
information on crypto transfers regardless of the amount to establish a clear
record of transactions and detect any suspicious activity. So CASPs will gather
the name of the beneficiary, the beneficiary's distributed ledger address, and
the beneficiary's account number. Thus EU government wants to detect and prevent
illegal activity.

On May 31, 2023, EU officials signed the Markets in Crypto-Assets (MiCA) crypto
regulatory framework into law three years after its first draft appeared. The
rule provides legal clarity for the cryptocurrency industry and investors within
the EU jurisdiction and may cause multiple effects.



The law requires DeFi providers to comply with new regulations causing an
increase in compliance costs for service providers. Moreover, the regulations
are issued under a one-size-fits-all approach meaning different services are
forced to fit general requirements. Thus, small DeFi platforms may have to exit
the market, and the remaining ones will face restrictions on implementing
unregulated innovations.



Increasing costs influence the market competition since small start-ups can't
bear following compliance regulations which would result in decreasing the
innovative market development.

Also, the law forces privacy concerns since crypto service providers collect and
store more personal data and identify customers, making them potential victims
of hackers and fraudsters.

With more power comes more responsibility, and custodial CASPs bear more
responsibility over customers and transactions since they store and collect
data, assets, and transaction history.

For crypto users, this translates to increased legal protection and the ability
to address issues related to fraud, illegal activity, and theft in a more
regulated manner.


CRYPTO REGULATIONS IN THE US

Uncertainty of crypto regulations in the US forces some crypto companies to move
under EU jurisdiction.

The US crypto market is usually considered a tax gap and a major source of tax
evasion. Current US President Joe Biden is not that enthusiastic about crypto
and has offered a Bitcoin mining tax requiring miners to pay taxes equal to 10%
of used electricity in 2023 and 30% in 2026. Still, the proposal didn't make it
into a bill. Some think the president's administration won't give up and will
create tax regulations and restrictions for crypto service providers.



The US presidential election 2024 will be a decisive moment for the crypto
market since many candidates show a positive approach towards cryptocurrencies.
Currently, the US crypto market exposes uncertainty that will definitely change
soon.

The USA is one of the largest crypto markets. By January 2023, 37.7 million
Americans own crypto, approximately 10% of the world's crypto users. One person,
on average, invests $10,200 in cryptos, prioritizing centralized platforms. It's
important to consider any regulatory updates when trading and investing, as
changes in the US market can impact the entire market.


BOTTOM LINE

When making market forecasts and trading decisions, it's essential to use
fundamental analysis that considers factors like news, social issues, economic
trends, environmental concerns, political changes, and other factors. To stay
informed, follow Tech Planet Author & SpectroCoin on our blog and social media,
where we will be sharing important updates.

CRYPTO BLOCKCHAIN CRYPTOCURRENCY BITCOIN ETHEREUM

In case you have found a mistake in the text, please send a message to the
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