us canada

US and Canadian Securities Regulators Coordinate ICO Probe in ‘Operation Crypto sweep’

US and Canadian state and provincial securities regulators have opened probes into potentially  crypto investment programs in what has been dubbed “Operation Cryptosweep”, according to a press release May 21. The latest crackdown on suspicious crypto investment products is reportedly the largest such coordinated investigation by state and provincial officials.

Regulators from across 40 jurisdictions coordinated by the North American Securities Administrators Association (NASAA) have initiated up to 70 investigations, with more to come in the following weeks. Securities regulators have reportedly warned as many as 35 companies about violations of state securities laws with some cases resulting in cease-and-desist actions.

NASAA, which released a warning for Main Street investors regarding the risks associated with crypto and ICOs early this year, said the probe is focusing on suspicious cases of initial coin offerings (ICOs).

According to the Washington Post, investigators discovered about 30,000 crypto-related domain names in recent weeks, most of which were registered last year when the Bitcoin (BTC) price reached its all-time-high of around $20,000.

Alleged scams have reportedly used fake addresses, flashy marketing materials, and guarantees of up to a 4 percent daily interest rate, while failing to report the potential risks of crypto-investments. Some fraudulent ICOs even used fake celebrity photos to endorse their product.

The president of NASAA Joseph Borg stated that regulators do their best to stay one step ahead of potential security violations, noting that not every ICOs or cryptocurrency investment is fraudulent.

“We’re putting ourselves in the shoes of investors. We’re seeing what’s being promoted to investors. And then we’re taking the next step and then we’re finding out whether they’re complying with securities laws.”

Founded in 1919, the NASAA is an association of state and provincial-level securities regulators in the US, Mexico, and Canada.

State securities regulators can coordinate and take part in multi-state enforcement actions. and share information.

Cryptocurrencies/bitcoinnewsboards

What is Canada’s say on cryptocurrency?

In Canada, cryptocurrencies can essentially be treated as money, a commodity, or even income. This makes things quite difficult. According to a report by a law firm, the current regulations on cryptocurrencies are not enough and people are struggling to figure out how they should be reporting these transactions.

At the World Economic Forum in Davos, Canadian Finance Minister Bill Morneau said his country isn’t planning on making changes to existing tax code to deal with cryptocurrencies. Rather, the main focus will continue to be on “making sure that we understand what’s going on underneath that market, to make sure that we aren’t introducing any risks into our economy, whether they be risks like money laundering or terrorist financing.”

Right there, in Canada, decade-old tax rules with no specific provisions for cryptocurrencies are being applied to a fast-changing online technology that presents its own complications. The existing system generally considers Bitcoin a commodity, and profits can be either a capital gain (half of which is taxed) or fully taxable income, like a salary. Really, it depends on the facts and circumstances of a particular taxpayer.

On the other hand, the Canadian governor warns people to stay away from virtual currencies saying, “Buyers should beware, it’s much closer to gambling than investing.” He said regulations will eventually come and they will be developing regulations around this space in due course while they’re being careful to do here is to not stifle innovation.

Read the talks with Poloz here: http://blocktribune.com/bank-canada-head-will-regulate-cryptocurrency/

Meanwhile, news like these are running the errands: Fried chicken chain KFC Canada is accepting bitcoin – for a limited time and for a cryptocurrency-themed bucket of chicken, that is. The limited-time marketing move sees the Canada-based chain advertising “The Bitcoin Bucket” complete with a Facebook-based live-tracker of the standing price for the product, which works out to roughly 20 Canadian dollars depending on the exchange rate with bitcoin.

Also, the Canadian government has launched a trial to explore the use of blockchain technology in making government research grant and funding information more transparent to the public.

It has been noted that Canada may soon be able to count itself among the world’s prime cryptocurrency mining destinations. Canada might be able to solve Bitcoin’s energy problem, as cryptocurrency mining becomes more prevalent, mining operations increasingly use more energy.

Let us wait to watch the picture of Canada with cryptocurrencies.

cryptocurrencies/bitcoinnewsboards

What is Canada’s say on cryptocurrency?

In Canada, cryptocurrencies can essentially be treated as money, a commodity, or even income. This makes things quite difficult. According to a report by a law firm, the current regulations on cryptocurrencies are not enough and people are struggling to figure out how they should be reporting these transactions.

At the World Economic Forum in Davos, Canadian Finance Minister Bill Morneau said his country isn’t planning on making changes to existing tax code to deal with cryptocurrencies. Rather, the main focus will continue to be on “making sure that we understand what’s going on underneath that market, to make sure that we aren’t introducing any risks into our economy, whether they be risks like money laundering or terrorist financing.”

Right there, in Canada, decade-old tax rules with no specific provisions for cryptocurrencies are being applied to a fast-changing online technology that presents its own complications. The existing system generally considers Bitcoin a commodity, and profits can be either a capital gain (half of which is taxed) or fully taxable income, like a salary. Really, it depends on the facts and circumstances of a particular taxpayer.

On the other hand, the Canadian governor warns people to stay away from virtual currencies saying, “Buyers should beware, it’s much closer to gambling than investing.” He said regulations will eventually come and they will be developing regulations around this space in due course while they’re being careful to do here is to not stifle innovation.

Read the talks with Poloz here: http://blocktribune.com/bank-canada-head-will-regulate-cryptocurrency/

Meanwhile, news like these are running the errands: Fried chicken chain KFC Canada is accepting bitcoin – for a limited time and for a cryptocurrency-themed bucket of chicken, that is. The limited-time marketing move sees the Canada-based chain advertising “The Bitcoin Bucket” complete with a Facebook-based live-tracker of the standing price for the product, which works out to roughly 20 Canadian dollars depending on the exchange rate with bitcoin.

Also, the Canadian government has launched a trial to explore the use of blockchain technology in making government research grant and funding information more transparent to the public.

It has been noted that Canada may soon be able to count itself among the world’s prime cryptocurrency mining destinations. Canada might be able to solve Bitcoin’s energy problem, as cryptocurrency mining becomes more prevalent, mining operations increasingly use more energy.

Let us wait to watch the picture of Canada with cryptocurrencies.