US presidential candidate Michael Bloomberg (8th place on the American Forbes list with a fortune of $64 billion)proposed creating a regulatory framework for the cryptocurrency industry as part of a massive financial reform.
</p>Bloomberg advocates tighter protectionconsumer rights, intends to oblige financial institutions to monitor risks and collect data on all transactions in a single database. The former mayor of New York also considers it necessary to create sandboxes for startups.
The Bloomberg campaign emphasized that regulators should clarify the following issues regarding cryptocurrencies:
- when the token is a security;
- how and when to pay taxes from cryptocurrencies;
- what standards industry service providers must adhere to.
Separately, they pointed out the need to protect consumers from criminal schemes related to cryptocurrencies.
Recall that earlier the apologist for cryptocurrencies and transparent regulation Andrew Young dropped out of the presidential race in the United States.
Read this:
U.S. presidential candidate Andrew Yang unveils cryptocurrency regulation plan
U.S. presidential candidate Andrew Young calls for clarity on cryptocurrency regulation
ECB representative suggests banks to develop cheaper payment solution to counter Libra Facebook
The Ministry of Finance has proposed a new way to regulate cryptocurrencies
Michael Novogratz: “Bitcoin needs to return above $ 7,500”
Cardano division will help Uzbek authorities develop regulation for security tokens