Crypto Updates

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

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

Even though this winter continues to stress test the case for Bitcoin (BTC) advocation, some lawmakers strive to put their names on the crypto hot list among the likes of United States Senators Cynthia Lummis and Pat Toomey. State Senator Wendy Rogers, 68, introduced two bold bills in the Arizona legislature. One focuses on making BTC legal tender in the U.S. state. If passed into law, BTC will have the same status as the U.S. dollar, becoming an accepted medium of exchange for debt payment, public charges, taxes and dues in the state. The bill is not Rogers’ first attempt at making BTC legal tender, with a similar bill defeated in 2022.

Rogers also participated in introducing a bill that seeks to make crypto a tax-exempt property in the state. Alongside Senators Sonny Borrelli and Justine Wadsack, Rogers proposed to let Arizona residents decide on amending the state’s constitution regarding property taxes. Should the measure pass the legislature, voters could choose to make digital currencies — specifically tokens that are not “a representation of the United States dollar or a foreign currency” — tax-exempt.

Though not so bold, another important bill was introduced to the New York State Assembly. The bill would allow state agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees and other payments charged by the state. The bill does not obligate state agencies to accept crypto as payment, but it does clarify that state agencies can legally agree to accept such payments and that the courts should enforce these agreements.

The fate of crypto legislation will be decided by Panama’s Supreme Court

Panamanian President Laurentino Cortizo sent the crypto legislation passed last year to the high court for review, claiming the so-called “crypto bill” is unenforceable and violates the constitution’s core principle. President Cortizo also argued that the bill had been approved through an inadequate procedure following his partial veto of the legislation in June 2022. At the time, the president argued that the bill needed more work to comply with new regulations recommended by the Financial Action Task Force to improve fiscal transparency and prevent money laundering.

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South Korea to deploy cryptocurrency tracking system in 2023

South Korea’s Ministry of Justice has announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal…

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