The 2nd issue of our legal round-up.

We continue with a series of weekly round-ups prepared by Mercuryo Legal Counsel Adam Berker to keep you updated on cryptocurrency rules.

Uruguay Embracing Crypto 

Uruguayan regulators have drafted the bill to legalize certain crypto activities. If the bill is approved, not only will Uruguay make it possible to use crypto for payments but also create an infrastructure for crypto businesses issuing special licenses for exchanges, custody services, and ICOs.

Korean Regulators Getting Serious

Korean finance regulator started applying the statement that was published in January 2018. According to the regulation, crypto exchanges are obliged to identify their customers using bank accounts. Nevertheless, only several giant exchanges followed this rule.

Big Win For Russian Crypto Traders

Although virtual assets are recognized as property according to Russian laws, financial institutions still tend to ban crypto-related accounts, and even national courts used to support this practice. However, traders from Russia may now refer to the decision of the Sverdlovsk regional court to protect their rights in other similar cases.

The White House to Reduce Tax Evasion

In hopes of strengthening tax compliance, the US authorities are still polishing up their crypto tax laws. The White House’s new proposal will exclude PoW miners and wallet sellers. Yet, the crypto industry insists that crypto developers and PoS miners should also be excluded. The final version of the bill is expected to be ready on Saturday.

Spain Will Allow Mortgages in Crypto

Most of the states start regulating the crypto industry by implementing policies for businesses. However, Spain decided to establish rules for individuals first. In early July, the Spanish parliament has already approved a law on crypto tax declarations. Now, enabling mortgage payments in crypto may be the first step for giving the green light to crypto payments in other industries.

Want to receive our company’s updates? Follow Mercuryo on Linkedin.