Arizona senator doubles down on crypto amid the winter of discontent: Law Decoded, Jan. 23-30

This winter he has continued to emphasize his Bitcoin (BTC) arguments, but has been trying to put his name on cryptocurrency hot lists like Senators Cynthia Ramis and Pat Toomey. Some lawmakers are. Senator Wendy Rogers, 68, has introduced two bold bills in the Arizona legislature. One focuses on making BTC legal tender in US states. If the law is passed, BTC will have the same status as the U.S. dollar and become a recognized medium of exchange for state debt payments, utilities, taxes and dues. This bill is not Rogers’ first attempt to make his BTC legal tender, as a similar bill was defeated in his 2022.

Rogers also participated in the introduction of a bill aiming to make cryptocurrency a tax-exempt property in the state. Along with Senators Sonny Borrelli and Senators Justin Wadsak, Rogers proposed that Arizona residents decide to amend the state constitution regarding property taxes. If the bill passes Congress, voters could choose to tax-exempt digital currencies, especially tokens that do not “represent US dollars or foreign currencies.”

Another less daring but significant bill has been introduced in the New York State Legislature. The bill would allow state agencies to accept cryptocurrency as a payment method for fines, civil penalties, taxes, fees, and other payments charged by the state. While the bill does not require state agencies to accept virtual currencies as payments, it does require state agencies to legally agree to accept such payments, and the need for courts to enforce those agreements. makes it clear that there is

Cryptography’s fate will be decided by Panama’s Supreme Court

Panama’s President Laurentino Cortizo has submitted a cryptocurrency-related bill passed last year to the High Court for review, calling the so-called “virtual currency bill” unenforceable and violating basic principles of the constitution. claimed. President Cortizo also claimed the bill was approved through improper procedures after he exercised his partial veto of the bill in June 2022. Increase financial transparency and prevent money laundering.

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South Korea to roll out cryptocurrency tracking system in 2023

South Korea’s Ministry of Justice has announced plans to introduce a crypto-tracking system to combat money laundering efforts and recover funds related to criminal activity. A “virtual currency tracking system” is used to monitor remittance history, extract information related to transactions, and verify the source of funds before and after remittances. The system is expected to be rolled out in the first half of 2023, but South Korea’s ministry has shared plans to develop an independent tracking and analysis system later this year.

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U.S. Securities Regulators Investigate Wall Street for Crypto Custody

The U.S. Securities and Exchange Commission (SEC) is investigating traditional Wall Street investment managers who may offer custody of digital assets to their clients without proper qualifications. Much of the SEC’s work in this investigation examines whether registered investment advisors meet rules and regulations regarding the custody of their clients’ crypto assets. By law, investment advisors must be “qualified” to provide custody services to their clients and to comply with the custody protections set out in the Investment Advisers Act of 1940.

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