Crypto Bill

Laurentino Cortizo, the President of Panama, has partially vetoed a bill that would have regulated Bitcoin and legalized decentralized autonomous organizations (DAOs). Local media outlet La Prensa reported yesterday after obtaining a copy of the 32-page veto. Cortizo vetoed Bill No. 697 (Crypto Law) for failing to adapt to rules that regulate the Panamanian banking system. While Cortizo admitted the proposal is new, he said it must adapt to Panama’s monetary system. According to him, this system has seen the…

This post was updated to clarify that most cryptocurrencies would still be governed by the SEC under the Lummis-Gillibrand bill.   Cynthia Lummis’s long-awaited regulatory bill has arrived, providing legal clarity across multiple major sectors of the crypto industry. Here are the biggest takeaways from the legislation, including info on which cryptos are securities, and taxation of crypto transactions. The Responsible Financial Innovation Act would – if passed – would classify the two top cryptocurrencies right now as commodities –…

Portugal’s parliament, Assembleia da República, has rejected two bills that sought to tax cryptocurrencies. Livre and Bloco, two Portuguese left-wing parties, proposed the bills. However, both parties had little representation in Congress. The ruling Socialist Party, which holds the majority of seats in the legislative assembly, has not yet submitted any bill. This news comes on the heels of Portugal’s Minister of Finance, Fernando Medina, announcing that cryptos will be subject to taxation soon. Explaining the need for crypto taxation,…

The Government of Cyprus has laid down its own digital assets laws to administer cryptocurrency transactions. It is very likely Cyprus could adopt the new bill before the EU reaches a consensus regarding its own regulatory structure. Kyriacos Kokkinos, an official of the Cyprus government, shared this information in a fintech meeting at Larnaca. Government Supports Crypto Usage Also a member of the European Union, Cyprus has a reputable position in the consortium when it comes to innovation. Just last…