US presidential candidate in elections 2020 year Michael Bloomberg has proposed to establish a new regulatory framework for cryptocurrencies as part of his plan for financial regulation, writes CoinDesk.
Bloomberg’s financial reform plan aims to introduce stronger consumer protection measures and strengthen the financial system. Thus, financial institutions may be required to monitor risk exposure and enter all transactions into a centralized database.. Besides, provides for the creation of a regulatory “sandbox” for startups and “provision of a clear regulatory framework for cryptocurrencies”.
“Cryptocurrencies have become an asset class worth hundreds of billions of dollars, but regulatory oversight remains segmented and undeveloped. The promises of blockchain, bitcoin and initial coin offerings are accompanied by significant levels of hype, fraud and criminal activity, “the proposal says..
According to Bloomberg’s plan, it is necessary to delimit the powers of the authorities in the supervision of the crypto space, to determine which tokens are securities, protect consumers from cryptocurrency-related fraud, clarify tax conditions and establish requirements for financial institutions when dealing with digital assets.
According to the portal 538, citing survey results, the founder of Bloomberg L.P. currently supported by 16.5% of voters, which puts him in second place among all candidates.
Earlier, entrepreneur Andrew Young announced his own plan to regulate the cryptocurrency industry, but he decided to refuse to participate in the presidential race..
- KPMG: Crypto Market Growth Needs To Stop $ 10 Billion Series Of Thefts At least $ 9.8 billion in digital assets have been stolen by hackers since 2017 due to security or code issues. Security is paramount to cryptocurrency distribution among institutional investors, analysts say.
- In Germany, it was proposed to allow banks to sell and store bitcoins In Germany, a bill has been presented that suggests the possibility of storing bitcoins in local banks from next year, writes the Handelsblatt edition.