BIS Economists Recommend 3 Crypto Policies for Regulators Worldwide to Adopt – Regulation Bitcoin News
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Cryptocurrencies have been gaining traction over the past few years, and regulators around the world are struggling to keep up with the rapid developments in the space. In a recent report, the Bank for International Settlements (BIS) has outlined three policy recommendations for regulators to consider when approaching the regulation of cryptocurrencies.
The BIS is an international organization that seeks to promote global economic stability and financial cooperation. The organization has been a vocal proponent of cryptocurrency regulation, and its report outlines three policy recommendations that should be adopted by regulators worldwide.
The first recommendation is to ensure that all cryptocurrency exchanges are subject to anti-money laundering (AML) and know-your-customer (KYC) regulations. The BIS believes that this will help to reduce the risk of money laundering and other financial crimes. Additionally, the BIS recommends that regulators ensure that the exchanges have adequate security measures in place to protect user funds.
The second recommendation is to ensure that all cryptocurrency transactions are reported to the relevant authorities. This will help to provide greater transparency and accountability in the cryptocurrency space. It will also help to prevent fraud and other illicit activities.
The third recommendation is to develop a framework for taxation of cryptocurrency transactions. The BIS believes that this will help to ensure that individuals and businesses pay the appropriate taxes on their cryptocurrency holdings.
Overall, the BIS believes that these three policy recommendations will help to ensure that the cryptocurrency space is well-regulated and that users are protected from fraud and other illicit activities. It is clear that the cryptocurrency space is here to stay, and regulators must take action to ensure that it is properly regulated. The BIS report provides a good starting point for regulators to consider when approaching the regulation of cryptocurrencies.
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