Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-09-24
Good Afternoon Dinar Recaps,
IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT
Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.
The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.
According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.
Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.
On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.
Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.
The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.
Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.
@ Newshounds News™
Source: The Block
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CZECH REPUBLIC IS NOW CRYPTO-FRIENDLY! HERE’S WHAT CHANGED
The Czech Republic has introduced new crypto-friendly laws, making it easier for crypto businesses to operate in the country.
These laws include easier access to bank accounts for crypto businesses and a three-year tax exemption on crypto investments.
These reforms aim to attract more crypto businesses to the Czech Republic and prevent them from moving to other countries.
The Czech Republic has made the news headlines with bold new crypto regulations aimed at transforming the sector. These changes address long-standing challenges for crypto businesses and could make the country a hotspot for digital asset innovation.
Crypto Firms Finally Get a Break
Crypto businesses in the Czech Republic have long struggled to open bank accounts due to skepticism from financial institutions. Banks, wary of crypto’s volatility, often denied these businesses basic banking services, making operations incredibly challenging.
That’s about to change. The new reforms will make it easier for crypto companies to access banking services, removing a major barrier to growth. This shift could pave the way for smoother operations and attract more businesses to the Czech market.
A Tax Break to Boost Investments
But wait, there’s more. A three-year tax exemption for crypto investments has also been introduced. This means that profits from crypto will be treated just like profits from stocks. So, crypto businesses can breathe a little easier, knowing they’re now on the same playing field as more traditional investments. It’s a big win, and it’s meant to make the Czech market way more attractive to investors—both local and international.
Why Act Now? The Clock’s Ticking
Deputy Speaker Jan Skopeček explained the need for swift action, emphasizing that the government had to act now to retain crypto businesses. Without these changes, many companies could relocate to countries with more favorable crypto laws, leading to economic losses.
The urgency also ties to the European Union’s upcoming Markets in Crypto Assets (MiCA) regulation. While MiCA aims to harmonize crypto rules across the EU, its rollout has caused uncertainty. Many companies are still awaiting approvals or navigating compliance challenges, and some have already left Europe or modified their operations to align with the evolving rules.
The Road Ahead Is Not Easy
These reforms show the Czech Republic’s determination to stay ahead in the digital revolution. By easing banking access and offering tax incentives, the country is positioning itself as a more attractive hub for crypto firms.
However, challenges remain. While the reforms are promising, businesses may still encounter unexpected hurdles as the new policies are implemented. The coming months will reveal whether the Czech Republic can truly establish itself as a crypto-friendly destination.
@ Newshounds News™
Source: Coinpedia
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FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW! | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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