European Parliament Calls for Increased Blockchain Adoption in Trade

The European Parliament has called for measures to increase the adoption of blockchain technology in trade and administration with a provisional resolution published on Dec. 13. The resolution, dubbed “Blockchain: a forward-looking trade policy,” generally considers blockchain “as a private, permissioned distributed ledger technology (DLT)” but also admits that “various case studies and industries will derive different utility from a mixture of private/public, permissioned/permissionless blockchains.” The resolution notes that Free Trade Agreements (FTAs) in the EU are underutilized — only 67 percent of EU exporters and 90 percent of EU…

UK Parliament Member Suggests Making Bitcoin a Payment Option for Local Taxation System

A conservative member (MP) of the United Kingdom’s (U.K.) Parliament has said that making payments to local authorities and utility providers with Bitcoin (BTC) should be possible. The MP’s statements were reported by local news outlet Express.co.uk on Dec. 10. The article notes that Eddie Hughes, a member of the U.K. Parliament for the Walsall North constituency, described himself as a “crypto enthusiast with amateur knowledge.” He notes that blockchain gets a lot of attention and members of the parliament “have a duty to understand it.” Hughes further explained that…

Parliament Approves Crypto Bill to Combat ‘Financial Blockade’

The Constituent National Assembly of Venezuela has approved a bill on cryptocurrency regulation, the country’s Ministry for Communication and Information reported Nov. 21. The law was proposed by the country’s leader Nicolas Maduro and consists of 64 articles and five transitory provisions. It validates Petro, Venezuela’s controversial oil-backed cryptocurrency, as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro. According to Cuban state news agency Prensa Latina, the Assembly has also approved amendments to current anti-money laundering lawс. Under…

European Blockchain Foundation with TradeBits Ecosystem meets with parliament

A successful meeting with the European Parliament In a press release on October 11th, 2018 the European Blockchain Foundation visited the European Parliament together with partners from Tradebits Ecosystem and Cecil Alliance Foundation. This was in order to meet with one of the members of the European Parliament Caroline Nagtegaal, which aimed to have a discussion on the challenges and opportunities regarding regulations that can help growing projects move forward and join the growing Blockchain technology market. The Chairman of the EBF Mr. Bart Brands made a statement saying that: “Clear…

Chilean MPs Present Blockchain Adoption Resolution to Parliament

Two Chilean deputies have presented a resolution on blockchain adoption to the lower house of the country’s parliament (Camara de Diputados) on Thursday, October 4, local news website Fortin Mapocho reported. The proposed blockchain resolution project was first registered in late August. In the project proposal, the two presenting members of parliament (MPs) Miguel Angel Calisto and Giorgio Jackson, along with eight other MPs, appeal to the Chilean president Sebastian Pinera, urging him to implement blockchain in all public areas of the country. The document also offers to carry out…

Ukrainian Legislator Urges Parliament to Cut Crypto Taxes Until 2030

A Ukrainian legislator has urged parliament during a speech on Monday, October 1 to review his alternative bill on cryptocurrencies that offers to freeze taxes for crypto traders up to 2030. MP Yuriy Derevyanko, a member of the anti-corruption Movement of New Forces founded back in 2017 by former Georgian politician Mikheil Saakashvili, introduced his version of the bill at the conciliation board of The Verkhovna Rada of Ukraine, the country’s unicameral parliament. “The bill provides tax exemptions for all the participants of crypto market up to 31 December, 2029,”…

Ukrainian Parliament Proposes Tax Bill for Digital Currencies

The Verkhovna Rada, the parliament of Ukraine, has proposed a bill that, once passed into law, would tax operations with crypto assets, according to a draft law published September 14. The tax bill, which was initiated by 23 government officials, suggests a five percent tax on individuals and legal entities operating with virtual currency assets, such as cryptocurrencies and tokens. Starting Jan. 1, 2024 crypto-related profits by businesses would be taxed at 18 percent, which is a basic rate for corporate and personal income tax in Ukraine, according to Trading…

Ukrainian Parliament Proposes Taxing Crypto-Related Profits

The Ukrainian parliament wants to begin taxing residents’ cryptocurrency-related profits. Lawmakers proposed implementing a 5 percent tax on any cryptocurrency-related profits individuals and commercial entities see. These profits must be reported separately from other forms of income as well, according to the bill. Further, commercial entities would see their taxation rate jump to 18 percent beginning on Jan. 1, 2024, should the bill pass. The bill also suggests defining the concept of cryptocurrency within the country’s Taxation Code as “a virtual asset in a form of a token, which functions…

The Ukrainian parliament now wants crypto profits taxed

The Ukrainian parliament has proposed a bill that will see crypto profits taxed. Authorities in the country estimate that the residents own about $3.5 billion in crypto coins (98.7 billion in national currency). And they believe taxing cryptos can add up to $45 million annually between 2019 and 2024. The lawmakers are proposing a 5 percent tax on crypto profits that individuals and business entities realize from trading their crypto coins. According to the bill, these profits should be reported separately from other forms of income. The bill goes on…

European Parliament Members, Blockchain Experts Meet to Discuss ICO Regulation

Members of the European Parliament along with blockchain experts met Tuesday, September 4, to discuss possible regulations for Initial Coin Offerings (ICO). At the recent EU event entitled “Regulating ICOs — Is the Crowdfunding Proposal what we were looking for?” the attendees examined the potential complications currently arising in the ICO industry. Ashley Fox, a British Member of the European Parliament, pinpointed three main issues to consider at the meeting: challenges faced by ICOs in raising capital, the existing regulatory approaches on the matter, and the future perspectives of the…