Crypto law – Forex Academy

California Treating Digital Assets as Securities

Senate Banking and Financial Institutions committee of California has passed a bill with the goal of defining digital assets as well as measure its impact on the state.
Assembly Bill 2150, which has the power to potentially influence how federal regulators approach crypto and digital assets, unanimously passed the Senate’s committee. The bill will be discussed in the Committee on Appropriations from August 17. The bill had also passed the California Assembly before moving through to the Senate.

The bill was first proposed by California Assembly Majority Leader Ian Calderon, who initially wanted to classify digital assets as non-securities. However, amendments to the bill that were made by the Senate refrained from further defining crypto assets. It now focuses on directing the California’s Department of Business Oversight to create and conduct a study to see if the state can enact policies similar to the SEC Proposed Securities Act Rule 195.

The study ultimately wants to see how treating digital assets as securities for a brief amount of time can impact consumer protections and benefits to the state.
The Department of Business Oversight also has to provide suggestions for regulatory frameworks as well as define key terms.

Citizens of China Now Able to Inherit Cryptocurrency

The Thirteenth National People’s Congress and Chinese People’s Political Consultative Conference has ended on May 28, bringing cryptocurrency holders an interesting feature. On that day, the parliament passed a new civil code, which brings China a legislation package that includes protecting civil rights such as inheritance, property, marriage, personality, contract, and infringement. What’s important to crypto users and holders is how the code was worded and what was implemented into it.

The new code states that when a natural person dies, their legacy is the personal legal property left by them. A Renmin University professor, Lixin Yang, said that this could be translated into the words: “internet property and virtual currency will be inherited.”
Dovey Wan, Primitive Ventures founding partner, has recently made a tweet stating that Bitcoin users should pay more attention to their Bitcoin private keys, regardless of what the new law says.

The new inheritance law that allows citizens of China to pass on their cryptocurrency, as well as other virtual assets, to their heirs will become active on January 1, 2021. This is seemingly just the start of China’s efforts to regulate Bitcoin, as they clearly stated that cryptocurrencies should be something guided by the law.