U.S. presidential candidate Michael Bloomberg unveils cryptocurrency regulation plan

US presidential candidate Michael Bloomberg presented a new financial reform plan, proposing to createa clear regulatory framework for the regulation of digital assets.

Bloomberg's initiative aims to protectinterests of investors and strengthening the country's financial system. Bloomberg recommends that financial institutions record all transactions in a centralized database to monitor any risks and suspicious transactions. In addition, the politician proposed creating a regulatory sandbox for cryptocurrency startups and developing a clear framework for regulating digital currencies.

“Despite the youth of the industry, cryptocurrencieshave become an asset class worth hundreds of billions of dollars, so they require more regulatory oversight. Blockchain, Bitcoin and ICOs generate a lot of excitement, but always go hand in hand with fraud and crime,” — says Michael Bloomberg's proposal.

According to Bloomberg’s plan, it’s necessary to decide whichauthorities will monitor the cryptocurrency industry, as well as determine when tokens can be considered securities to protect consumers from cryptocurrency scams. In addition, a special tax regime should be established and requirements for financial institutions working with digital currencies developed.

Democratic presidential candidate Andrew Yang(Andrew Yang) has also called for greater clarity regarding cryptocurrency regulation, and last week, US Treasury Secretary Steven Mnuchin announced that the Financial Crimes Enforcement Network (FinCEN) will soon introduce new regulations for the crypto industry.

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