Bitcoin & Co. come under heavy pressure

EActually, everything in the United States revolves around the large infrastructure package that American President Joe Biden would like to see quickly passed by Congress. But in the course of this package there is also a draft called “The Digital Asset Market Structure and Investor Protection Act of 2021”. The Democrat Don Beyer from Virginia introduced it. The declared goal is to remove all the gray areas that still exist in American law – and there are some.

Christoph Hein

Business correspondent for South Asia / Pacific based in Singapore.

A legal definition for digital assets and digital securities is to be adopted so that the regulators CFTC and SEC can provide clarity on regulatory issues. In addition, these should be recognized as funds, similar to the case in Germany. It is intended to clarify that investments in digital currencies are not hedged, similar to what is the case in the stock market. In addition, the way is to be cleared for a digital dollar and the US Treasury Department should be given the power to ban stablecoins linked to the dollar.

So far, so good and expected. But the discussion currently revolves around a single word: brokers. Taxes on digital currencies are not yet planned, but every broker – in good German, broker – should be subject to comprehensive information obligations. Because investors can only be traced and taxed if this information is available. Congress estimates the revenue to be up to $ 30 billion a year.

Who is a broker?

Originally, all companies that “process blockchain transactions”, “develop digital currencies” or work with mining programs or devices were summarized under the term broker. However, it is estimated by observers that the entire company would not be able to implement these information obligations at all. That is why there are now various initiatives from different political camps to take this definition differently. The government is more in favor of a definition that encompasses as many companies as possible, while others are in favor of a more lax regime. Critics fear that if strictly interpreted, many entrepreneurs will migrate to other countries.

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