According to a report by the Cyprus Mail, a new cryptocurrency legislation for safe cryptocurrency exchange could be introduced in the EU countries. By this new legislation, under the new guidelines, Bitcoin and other digital currencies will be named monetary instruments all through Europe. This means legal cryptocurrency exchange will be more transparent than ever. Moreover, it is said that this new legislation will encourage the innovation associated to crypto and blockchains sector, writes Graham Paul.
The European Union has been working to make an exchange regulatory and legal framework on cryptocurrencies for almost a year. In this regard, the European Commission opened a consultation in December 2019 during which it publicly asked about comments on crypto regulation. The consultation was attended by top private companies such as Google and PayPal. In is the consultation the EU commission discussed on how to make the regulation more feasible, the obstacles that they may face while implementing those regulation and how to tackle those obstacles in an organized and efficient way.
At the end of the long consultation, European Commission Executive President Valdis Dombrovskis said that it was the lack of legal certainty which was the main blockade in the development of a strong crypto asset market in EU. He also added that, with European companies as the leading front in the innovation for digital finance, there is a good chance for Europe to become a global standard setter and toughen its international standing with this new legislation.
Cryptocurrencies are to be categorized as financial objects
Bruno Schneider-Le Saout, the president of the Brussels-based Blockchain Federation said, the new enactment will uphold European computerized finance for a long time to come. He believes that this new legislation will bring legal certainty which is crucial for both crypto assets as well as for implementation of DLT (distributed ledger technology) services and tokenization of financial instruments. Schneider-Le Saou also added that, it is pivotal that cryptographic forms of money will be recognized as financial instruments. This would permit this benefit class to be included for the European Union's lawful instruments managing the business sectors. This new regulation will have a great impact over the previous one.
It is seen that often people shy away from using cryptocurrencies due to its ambiguous legal credibility. While exchange of cryptocurrencies is completely legal in Europe, some people still have the idea that, cryptocurrencies are mostly used for illegal exchange. The reason behind this is people’s misconception of crypto. A clear legislation that applies solid regulation will change people perspective of crypto. Bitcoin and other cryptocurrencies are being used for legal day to day transactions now more than ever and it’s uses will multiply significantly in the near future.
A new study by Bitfury’s analytics platform Crystal has revealed that the US has the most cryptocurrency transaction record between Jan 1 2013 and June 30 2019. Followed by UK and Honk Kong. The EU countries are also in the top list. It can be expected that this new legislation will shape the number of exchanges of currencies for EU countries to the peak.
Cryptocurrency is a currency system that does not require a third party to exchange money. Cryptocurrency reaches the recipient directly from the sender. This system is called ‘peer-to-peer’ network system. The transaction is completed using cryptography which is a very secure process. Since no third-party entity controls the transaction process, it is not possible to determine the transaction dynamics of cryptocurrency. This means that no one can know who is sending money to whom. Cryptocurrency transactions can be done with complete anonymity.
Bitcoin is currently the most popular and valuable cryptocurrency in the world. Ethereum, Dash, Litecoin, XRP, Tether, EOS are cryptocurrencies with a great potential. It can be expected that people in EU will engage in buying bitcoin and other cryptocurrencies more once this new legislation is passed.
With the use of cryptocurrency being more prominent day by day it would be useful to know some of its advantages.
Advantages of using cryptocurrency
Cryptocurrency is a completely decentralized currency system. Neither the govt nor any authority controls it. As a result of the peer-to-peer system, every user here is the real owner of their cryptocurrency. Nobody else can take ownership of their bitcoin network. Eliminates the chances of fraud or deceit.
The whole process of cryptocurrency transactions is anonymous. A crypto user can open multiple crypto accounts. No personal information, like username, address, etc. is required to open these accounts. As a result, the important identity of the user remains secret. This means no identity theft.
Creating a cryptocurrency account is very easy. During this case, there's no got to fill any troublesome form like opening a traditional checking account. No extra fees are required. No paperwork is required. The crypto transaction process is extremely fast. regardless of where the bitcoin is shipped from, it'll reach the recipient during a matter of minutes. This makes immediate settlement.
The cryptocurrency transaction process is completed very transparently. Records of every transaction are stored during a blockchain that anyone can view from any a part of the planet.
Since cryptocurrency removes the middle man in the transaction, no need of transaction fees.
Safe cryptocurrency exchange
One of the main concerns that people have about exchange of cryptocurrencies is safety. Safe cryptocurrency exchange can only be ensured from a licensed cryptocurrency exchange company or site or organization. Safety being one of the top objectives of this new cryptocurrency legislation, people can except a safer and easier use of cryptocurrencies. It will set a global standard and will possibly have a big positive impact in the days to come. No doubt legislations and security measures will make safe cryptocurrency exchange easier and more credible.
With the use of cryptocurrency increasing day by day more, people will more and more engage in buying bitcoin and other cryptocurrency. But before buying and investing in cryptocurrency it is crucial to understand its values and trends. There are a few precautions that needs to taken before buying or investing in cryptocurrencies. There are many paths can can lead you to unsure line which could you in trouble. There are a lot of ways safe ways to buy cryptocurrencies but there are also many which are unsafe.These unsecured sources can lead to malware scams, fake bitcoins, ponzi scheme, ICO scam.So it is best to do know about the seller’s credibility. It is highly essential to buy bitcoin from a licensed cryptocurrency exchange site or company. It is necessary that the owner, site, or company has a legal credibility.
No one can predict the future. Some of the famous economists think that in the future cryptocurrency will run the world, paper notes will not exist. There is no doubt that the graph of importance of blockchain and bitcoin in the world is upward.Considering it’s great potential, buying and investing in crypto might be a step in right decision for a profitable future.
Over 40 arrested in biggest-ever crackdown against drug ring smuggling cocaine from Brazil into Europe
In the early hours of the morning (27 November), more than a thousand police officers with the support of Europol carried out co-ordinated raids against the members of this highly professional criminal syndicate. Some 180 house searches were executed, resulting in the arrest of 45 suspects.
The investigation uncovered that this drug trafficking network was responsible for the annual importation of at least 45 tonnes of cocaine into the main European seaports, with profits exceeding €100 million over the course of 6 months.
This international sting, led by the Portuguese, Belgian and Brazilian authorities, was carried out simultaneously by agencies from three different continents, with coordination efforts facilitated by Europol:
- Europe: Portuguese Judicial Police (Polícia Judiciária), Belgian Federal Judicial Police (Federale Gerechtelijke Politie, Police Judiciaire Fédérale), Spanish National Police (Policia Nacional), Dutch Police (Politie) and the Romanian Police (Poliția Română)
- South America: Brazilian Federal Police (Policia Federal)
- Middle East: Dubai Police Force and Dubai State Security
Results in brief
- 45 arrests in Brazil (38), Belgium (4), Spain (1) and Dubai (2).
- 179 house searches.
- Over €12m in cash seized in Portugal, €300,000 in cash seized in Belgium and over R$1m and US$169,000 in cash seized in Brazil.
- 70 luxury vehicles seized in Brazil, Belgium and Spain and 37 aircrafts seized in Brazil.
- 163 houses seized in Brazil worth in excess of R$132m, two houses seized in Spain worth €4m, and two apartments seized in Portugal worth €2.5m.
- Financial assets of 10 individuals frozen in Spain.
In the framework of intelligence activities underway with its operational counterparts, Europol developed reliable intelligence concerning the international drug trafficking and money laundering activities of a Brazilian organized crime network operating in several EU countries.
The criminal syndicate had direct contact with drug cartels in Brazil and other South American source countries who were responsible for the preparation and the shipments of cocaine in maritime containers bound to major European seaports.
The scale of cocaine importation from Brazil to Europe under their control and command is massive and over 52 tonnes of cocaine were seized by law enforcement over the course of the investigation.
In April 2020, Europol brought together the involved countries who have since been working closely together to establish a joint strategy to bring down the whole network. The main targets were identified on either sides of the Atlantic Ocean.
Since then, Europol has provided continuous intelligence development and analysis to support the field investigators. During the action day, a total of 8 of its officers were deployed on-the-ground in Portugal, Belgium and Brazil to assist there the national authorities, ensuring swift analysis of new data as it was being collected during the action and adjusting the strategy as required.
Commenting on this operation, Europol’s Deputy Director Wil van Gemert said: "This operation highlights the complex structure and vast reach of Brazilian organized crime groups in Europe. The scale of the challenge faced today by police worldwide calls for a coordinated approach to tackle the drug trade across continents. The commitment of our partner countries to work via Europol underpinned the success of this operation and serves as a continued global call to action."
Navalny calls on Europe to follow the money
The European Parliament’s Foreign Affairs Committee held an exchange of views with representatives of the Russian political opposition and NGOs on the current political and socio-economic situation in Russia.
Among the speakers was Alexei Navalny, who has recently recovered from being poisoned with a nerve agent similar to the one used in the Salisbury attack targeted at Sergei Skirpal and his daughter.
Navalny called on Europe to adopt a new strategy towards Russia, that meets the new developments in Russian state leadership. He said that the forthcoming elections for the State Duma would be an absolutely crucial event and that everyone should be able to participate. If opposition politicians are not allowed to participate he asked the European Parliament and every European politician not to recognize the outcome.
Navalny told MEPs that it was not enough to sanction those responsible for carrying out his poisoning and that there was little sense in sanctioning those who didn’t travel a lot or who didn’t own assets in Europe. Instead, he said the main question that should be asked is who gained financially from Putin’s regime. Navalny pointed to the oligarchs, not just the old ones, but the new ones in Putin’s inner circle, with name-checks for Usmanov and Roman Abramovich. He said that these sanctions would be warmly welcomed by most Russians.
On the various decisions of the European Court of Human Rights that have been ignored by the Russian judiciary, Navalny said it would be very easy to sanction them to prevent them from traveling to Europe and it would be very effective.
Commission approves German scheme to compensate accommodation providers in the field of child and youth education for damages suffered due to the coronavirus outbreak
The European Commission approved, under EU state aid rules, a German scheme to compensate accommodation providers for child and youth education for the loss of revenue caused by the coronavirus outbreak. The public support will take the form of direct grants. The scheme will compensate up to 60% of the loss of revenues incurred by eligible beneficiaries in the period between the beginning of the lockdown (which started on different dates across the regional states) and 31 July 2020 when their accommodation facilities had to be closed due to the restrictive measures implemented in Germany.
When calculating the loss of revenue, any reductions in costs resulting from income generated during the lockdown and any possible financial aid granted or actually paid out by the state (and in particular granted under scheme SA.58464) or third parties to cope with the consequences of the coronavirus outbreak will be deducted. At the central government level, facilities eligible to apply will have at their disposal a budget of up to €75 million.
However, these funds are not earmarked exclusively for this scheme. In addition, regional authorities (at Länder or local level) may also make use of this scheme from the local budgets. In any event, the scheme ensures that the same eligible costs cannot be compensated twice by different administrative levels. The Commission assessed the measure under Article 107(2)(b) of the Treaty on the Functioning of the European Union, which enables the Commission to approve state aid measures granted by member states to compensate specific companies or specific sectors for the damages caused by exceptional occurrences, such as the coronavirus outbreak.
The Commission found that the German scheme will compensate damages that are directly linked to the coronavirus outbreak. It also found that the measure is proportionate, as the envisaged compensation does not exceed what is necessary to make good the damages. The Commission therefore concluded that the scheme is in line with EU state aid rules.
More information on actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here. The non-confidential version of the decision will be made available under the case number SA.59228 in the state aid register on the Commission's competition website.