Biden signs new crypto reporting measures into law with infrastructure bill
The $1 trillion bipartisan infrastructure bill signed into law by President Biden on November 15, included provisions relating to cryptocurrency know-your-customer (KYC) and tax reporting requirements. It takes a broad definition for broker, that includes any party facilitating the transfer of digital assets, which could include network validators, which is impossible, as validators are not in a position to collect KYC details. Another provision in the bill would require any recipient of more than $1,000 to verify the sender’s personal information, including Social Security number, and report the transaction to the government within 15 days. [Read more]
Meanwhile, Senator Cynthia Lummis, a Wyoming Republican, and Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat, introduced a bill that would limit the definition of the term “broker”, while Texas Republican Senator Ted Cruz introduced legislation that would eliminate the term altogether.
Philippines central bank eyeing central bank digital currency use in near future
The Bangko Sentral ng Pilipinas (BSP) is reportedly eyeing the use of wholesale central bank digital currency (CBDC) in the near future. Meanwhile, instead of looking at retail CBDC, the BSP is working on its other digital retail offerings, including InstaPay and PESONet electronic fund transfers, under its National Retail Payment System. [Read more]
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